Jeremy C. Jennings-Mares at Morrison & Foerster LLP

The European Alternative Investment Fund Managers Directive—a non-EU Fund Manager’s Perspective

Introduction - The European Member States must implement the Directive on Alternative Investment Fund Managers (the “AIFMD”), which came into force on July 21, 2011, into their national laws by July 22, 2013. Once the...more

5/20/2013 - AIFM AIFMD Disclosure Requirements EU Investment Funds Reporting Requirements

IOSCO Consultation Report on Financial Benchmarks

Background - As we have previously reported, a Task Force of the International Organization of Securities Commissions (“IOSCO”) published a consultation on financial benchmarks on 11 January 2013 in response, in part,...more

5/7/2013 - Benchmarks Consultation EU Governance Standards IOSCO Libor

Structured Thoughts -- Volume 4, Issue 5 -- April 12, 2013

In This Issue: FINRA’s 2013 Communication Rules and Revisions to MSDAs; Regulation R and Bank Sales of Structured Products; FCA Temporary Product; and Intervention Rules: Nipping It in the Bud. Excerpt from...more

4/15/2013 - Broker-Dealer Distribution Rules Financial Conduct Authority FINRA FSMA Gramm-Leach-Blilely Act Product Intervention Rules Public Communications Regulation R Structured Financial Products

The Basel Committee Proposes to Double Down on Counterparty Exposure Limits

On March 26, the Basel Committee on Banking Supervision (“Basel Committee”) published a Consultative Document in which it proposes a revised supervisory framework for measuring and controlling large counterparty exposures...more

4/4/2013 - Basel Committee CCPs G-SIFI International Banks Proposed Legislation SIFIs

The FSA and ESMA Get Technical on Prospectuses

The Prospectus Directive (the “PD”) and the Prospectus Directive Regulation (the “PD Regulation”) were recently amended, in each case with effect from 1 July 2012. These new rules introduced a number of significant changes...more

3/21/2013 - Disclosure Requirements ESMA EU Financial Services Authority Prospectus Risk Assessment

A European Financial Transaction Tax

In September 2011, the European Commission initially proposed that a financial transaction tax (“FTT”) be implemented by all 27 EU Member States, although it soon became clear that a significant proportion of the Member...more

3/18/2013 - EU European Commission Financial Transaction Tax Proposed Legislation

Protecting the CCP Egg Basket

Originally published in Derivatives Intelligence on February 25, 2013. The implementation of EMIR and the Dodd-Frank Act will mutualize large volumes of counterparty risk and, together with new requirements for trade...more

3/12/2013 - CCPs Dodd-Frank EMIR EU European Commission Risk Management

FDIC Proposes to Nix Insurance for Dually Payable Deposits—With an Upside and a Nod to International Cooperation

On February 12, the Federal Deposit Insurance Corporation (“FDIC”) proposed for public comment a rule that would exclude from federal deposit insurance coverage those deposits made at insured U.S. banks that are payable at a...more

2/22/2013 - Dually Payable Deposits EU FDIC Federal Deposit Insurance Act Financial Services Authority Foreign Banks Foreign Branches of U.S. Banks Uninsured Deposits

Avoiding Armageddon: Resolution Regimes for Central Clearing Counterparties

The September 2009 resolutions of the G20 nations at their Pittsburgh summit, as to the compulsory centralised clearing of standardised over-the-counter (OTC) derivatives, paved the way for the creation of some of the biggest...more

2/5/2013 - Derivatives Derivatives Clearing Organizations Dodd-Frank EMIR EU European Commission FSB IOSCO OTC

Liquidity Coverage Ratio: New Basel Measurement Published

On January 6, 2013, the Group of Governors and Heads of Supervision (“GHOS”), which oversees the Basel Committee on Banking Supervision (“BCBS”), approved a significantly revised version of the liquidity coverage ratio...more

1/11/2013 - Basel Committee Basel III Commercial Paper Covered Bonds Debt EU Liquidity Coverage Ratio RMBS

Dodd-Frank Implementation: Navigating the Road Ahead

Table of Contents: Introduction; Financial Stability Reform; Resolution Planning; Agencies and Agency Oversight Reform; Securitization Reform; Derivatives Regulation; Investor Protection Reform; Credit Rating Agency...more

12/29/2012 - Capital Requirements CFPB Corporate Governance Credit Ratings Derivatives Disclosure Requirements Dodd-Frank Financial Stability Acts Foreign Banks Mortgage Loan Originators Mortgages Securitization Servicing Policies Volcker Rule

Out of the Shadows and Into the Light

For the last four years, regulators and law makers have been focusing extraordinary efforts on ensuring that financial regulation is adequate to protect the financial system from risks emanating from the banking sector....more

12/28/2012 - Basel III EU European Commission FSB Money Market Funds Securitization Shadow Banking

Structured Thoughts -- Volume 3, Issue 14 -- December 18, 2012

In This Issue: Dividend Adjustments on the Way; Federal Court Decision Supports Use of “Big-Boy Letters”; FINRA Updates Its Suitability Questions and Answers; FINRA Rule 5123 Excludes Some, But Not All, Options;...more

12/19/2012 - Big-Boy Letters Commodity Pool Dividends ETFs FINRA Fiscal Cliff GFMA

Cross-Border Resolutions: FDIC and Bank of England Release White Paper

On December 10, 2012, the Federal Deposit Insurance Corporation (“FDIC”) and the Bank of England released a white paper, Resolving Globally Active, Systemically Important, Financial Institutions, describing how each would...more

12/18/2012 - Bank of England FDIC G-SIFI

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Jeremy C. Jennings-Mares

Morrison & Foerster LLP

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