The subtler aspects of the Volcker Rule continue to emerge. One of the subtleties is the extraterritorial reach of the Rule in connection with underwriting, investments in, and market making for covered bonds by foreign...more
On December 10, 2013, the Federal Reserve, FDIC, OCC, SEC and CFTC (the “Agencies”) issued the long-awaited final rule (the “Final Rule”) implementing the Volcker Rule. The Volcker Rule generally prohibits banking entities —...more
On October 23, 2013, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (the “Agencies”) published a notice of proposed rulemaking...more
Originally published in International Financial Law Review in February 2013.
Covered bonds’ dual recourse nature makes them a favoured instrument for investors seeking both safety and yield. If the issuing financial...more