Capital Thinking: Financial Services

LEGISLATIVE ACTIVITY

House To Vote On CFTC Reauthorization Bill

This week, the House is expected to debate and vote on the reauthorization of the Commodity Futures Trading Commission (CFTC) through September 2018 (H.R. 4413). Additionally, while the Senate Agriculture Committee has yet to unveil its CFTC reauthorization bill, the level of bipartisan support that H.R. 4413 receives in the House has potential to influence the Senate’s version of bill.

THIS WEEK’S HEARINGS:

  • Tuesday, June 24: The House Financial Services Committee will hold a hearing titled “The Annual Report of the Financial Stability Oversight Council.”
  • Wednesday, June 25: The House Financial Services Committee will hold a hearing titled “Examining Reauthorization of the Export-Import Bank: Corporate Necessity or Corporate Welfare.”
  • Wednesday, June 25: The Senate Banking Committee will hold a hearing titled “The Financial Stability Oversight Council’s Annual Report to Congress.”
  • Wednesday, June 25: The Senate Banking Subcommittee on Economic Policy will hold a hearing titled “Dreams Deferred: Young Workers and Recent Graduates in the U.S. Economy.”
  • Thursday, June 26: The House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises will hold a hearing titled “Oversight of the SEC’s Division of Trading and Markets.”

Regulatory ACTIVITY

FSOC to Hold Meeting

On Tuesday, June 24, the Financial Stability Oversight Council (FSOC) will hold a closed meeting to discuss recent market developments and provide an update on short-term wholesale funding markets.

SEC To vote on cross-border swaps rules

On Wednesday, June 25, the Securities and Exchange Commission (SEC) will hold an open meeting to vote on final rules governing international swaps transactions. Specifically, the SEC will consider whether to adopt rules regarding the application of “Security-Based Swap Dealer” and “Major Security-Based Swap Participant” definitions to cross-border security-based swap activities under the Securities Exchange Act of 1934 and Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

OCC Releases Volcker Rule Examination Procedures

The Office of the Comptroller of Currency (OCC) recently released procedures that its examiners will follow to ensure that banking entities are in compliance with the Dodd-Frank Act’s ban on proprietary trading, also known as the Volcker Rule. Banks with $50 billion or more in consolidated assets will be required to begin collecting their trade data starting July 1, to begin reporting the data to the OCC on September 2. Federal banking regulators are expected to issue formal guidance in the form of FAQs before the September 2 effective date.

 

Topics:  Banks, CFTC, Cross-Border, Financial Regulatory Reform, FSOC, OCC, Swaps, Volcker Rule

Published In: Elections & Politics Updates, Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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