On May 16, the European Commission published a consultation paper on reforms to the structure of the EU banking sector, which focuses on policy options for structural separation. The Commission is seeking views on policy options…more
On May 13, the European Securities and Markets Authority (ESMA) published a letter (dated April 22, 2013) from Jonathan Faull, European Commission Director General of Internal Market and Services, to Steven Maijoor, ESMA Chair…more
HM Treasury Responds to Consultation on Transposing AIFM Directive -
On May 13, HM Treasury published its response to its January 2013 consultation on transposing the Alternative Investment Fund Managers Directive…more
On May 14, the UK Prospectus Regulations 2013 and an accompanying explanatory memorandum were published. These regulations amend sections of the Financial Services and Markets Act 2000 (FSMA) as part of the implementation of the…more
On May 10, Justice Sherwood of the Supreme Court of the State of New York dismissed on statute of limitations grounds an RMBS putback action brought against Nomura Credit & Capital, Inc. (Nomura)…more
On May 13, Justice Kornreich of the Supreme Court of the State of New York denied DB Structured Products, Inc.’s (DBSP) motion to dismiss an RMBS putback action brought against it by the trustee for the relevant RMBS trust…more
On May 10, Treasury and HUD released the April 2013 housing scorecard,which provides information on the housing market and the Obama Administration’s foreclosure prevention programs…more
On May 17, DBRS released its criteria for rating market-linked securities. On May 17, DBRS released a criteria report relating to Canadian bankruptcy and restructuring legal considerations. On May 15, Moody’s released its…more
On May 6, Judge Mariana Pfaelzer of the United States District Court for the Central District of California allowed American International Group, Inc. (AIG) to proceed with several of its claims against Bank of America and…more
On May 6, the European Commission published a roadmap for legislative changes. This follows the October 2012 publication of the Liikanen report, which provided a set of recommendations on banking reform sponsored by the…more
On May 8, Judge Jed Rakoff of the United States District Court for the Southern District of New York dismissed claims by the United States for damages and civil penalties under the False Claims Act against Countrywide and Bank…more
On May 7, New York’s First Department appellate court reinstated CIFG Assurance North America, Inc.’s fraud claim against Goldman Sachs & Co. and M&T Bank. Last May, a New York trial court dismissed CIFG’s claim for fraudulent…more
On May 6, the FHFA announced that it is directing Fannie Mae and Freddie Mac to limit future mortgage acquisitions to loans that fall under the requirements for a qualified mortgage. Starting on January 10, 2014, Fannie and…more
On May 6, monoline insurer Assured Guaranty Ltd. announced a $358 million settlement with UBS and its affiliates stemming from losses on residential mortgage-backed securities that were issued, sponsored or underwriten by UBS…more
On May 9, Fitch released its guidelines for rating tender option bonds. On May 9, Moody’s released its methodology for rating CLOs. On May 8, Fitch released its surveillance criteria for franchise loan ABS…more
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