In this issue:

- US Financial Stability Oversight Council Adopts Supplemental Procedures for Nonbank Financial Company Designations

- UK Government to Proceed with Giving Financial Policy Committee Powers for Leverage Ratio Framework

- European Securities & Markets Authority Seeks Evidence on the Credit Rating Industry

- International Organization of Securities Commissions Seeks Information on Other Products Provided by Credit Rating Agencies

- US Securities and Exchange Commission Proposes Rules for Hedging Disclosure

- European Securities & Markets Authority Halts Clearing Obligation for NDFs

- European Commission Intends to Extend Exemption Period from the Clearing Obligation under EMIR for Pension Schemes

- European Securities & Markets Authority Publishes Final Technical Advice under New EU Market Abuse Regulation

- UK Financial Conduct Authority Reviews Regulatory Regime for Crowdfunding Platforms

- Joint Forum Proposes Recommendations on Credit Risk Management Across Sectors

- US Securities and Exchange Commission Names New Head of Investment Management Division

- Events

- Excerpt from US Financial Stability Oversight Council Adopts Supplemental Procedures for Nonbank Financial Company Designations -

On February 4, 2015, the US Financial Stability Oversight Council (“FSOC”) adopted certain changes relating to the process of reviewing nonbank financial companies for systemically important financial institution (“SIFI”) designation to make the process more transparent and collaborative. Section 113 of the Dodd-Frank Wall Street and Consumer Protection Act (“Dodd-Frank Act”) enables the FSOC to identify a nonbank financial company for supervision by the Board of Governors of the Federal Reserve System (“Federal Reserve Board”) and be subject to enhanced prudential standards.