Benchmarks

News & Analysis as of

The Long Long Game: The EU Financial Regulatory Agenda Into 2016 and Beyond

2016 will mark the eighth anniversary of the collapse of Lehman Brothers and the raft of regulatory reforms introduced in the aftermath of that event and the wider financial crisis will continue to be implemented during the...more

FCC Releases 2016 Broadband Progress Report

According to the Federal Communications Commission, 90 percent of Americans have access to broadband Internet access service at the FCC’s benchmark speeds of 25 Mbps for downloads/3 Mbps for uploads. But the FCC also found...more

2-Midnight Rule Updates

- CMS Adopts Change to Benchmark and Shift in Enforcement - CMS Explains Reasoning Behind 0.2% Payment Reduction CMS has published discussions of the 2-midnight rule in two recent Federal Register publications. In the...more

IBA feeds back on LIBOR evolution

IBA has published a feedback statement to its summer update on the evolution of ICE LIBOR (see FReD 7 August). Views received on the update suggest that benchmark submitters should transmit eligible transaction data to IBA,...more

Council approves Benchmarks Regulation text

The Council has published a note to the Permanent Representatives Committee (COREPER) on the proposed Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of...more

Council explains tougher benchmarks regulation

The Council has confirmed its agreement with EP that the approved benchmarks Regulation needs to be strict in order to restore trust in the integrity of benchmarks. The Council laid out the three categories of benchmarks...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Other EU Developments – Deal Reached on Benchmark Regulation and Revisions to Prospectus Directive - Benchmark Regulation - The European Commission and the Luxembourg Presidency reached agreement with the...more

3 Things We Can Learn From Whistleblower Lawsuits

While compliance professionals may not like what whistleblower plaintiff’s counsel have to say about ethics and compliance programs, their insights are invaluable for organizations who want to increase their program...more

ISS Ignores Contrary Studies In Adopting Overboarding Policy Change

ISS released its 2016 Benchmark Policy Recommendations last Friday. I had previously criticized ISS for its proposal to change its recommendation on withholding votes with respect to directors who sit on too many boards...more

BoE responds to SONIA reform consultation

BoE has published the revised arrangements for its new sterling money market data collection. This reflects feedback received on BoE’s consultation (see FReD 7 August). Respondents expressed broad support for BoE’s plans to...more

New California Energy Use Disclosure Program for Commercial and Multifamily Buildings Approved

Current Disclosure Requirements for Building Owners and Tenants Repealed - A complicated energy reporting requirement for owners and tenants of commercial and multifamily buildings is ending under a new law that takes...more

Tribunal backs complainant in identification case

The Tribunal has ruled in favour of Christian Bittar’s claim that FCA’s Decision Notice in respect of Deutsche Bank AG’s benchmark manipulation activities included reasons which identified him and were prejudicial to him and...more

Commons scrutinises benchmarks regulation

The European Scrutiny Committee has assessed the proposed Regulation on benchmarks used in the financial services sector. It acknowledged an update from Harriett Baldwin, telling the Committee that: - the trilogue...more

Useful Metrics & Benchmarking

The path to success in a law firm or law department has changed, yet many continue to rely on outdated metrics to track performance. Both buyers (law departments) and sellers (law firms) rely on billable hours as a proxy for...more

“Contractor?” I Do Not Think That Employers’ Liability Exclusion Means What You Think It Means

Over the summer, this blog reported on how the Supreme Court of Pennsylvania managed to parse an employer’s liability exclusion to find that it did not exclude claims by employees of additional insureds. As the leaves started...more

FMLC updates on benchmark reform

FMLC has written to the Commission on non-deliverable forward (NDF) rate sources under the proposal for a Benchmark Regulation proposal. FMLC considers legal uncertainties that may arise in relation to foreign exchange rate...more

ISS Launches 2016 Benchmark Policy Consultation

ISS has made available for public comment certain proposed voting policies for 2016. In the United States ISS has proposed policies relating to unilateral board actions, director overboarding and compensation at...more

Friends With Benefits: The Opportunities for Compliance in Getting Cozier with Marketing

One of the most frequently visited topics in the compliance space is how to build, and defend, the case for compliance resources. It’s an agenda item or topic of focus in nearly every conference, webinar list, or resource...more

Financial Services Weekly News - October 2015 #3

Regulatory Developments: FINRA Requests Comment on Rules Relating to Financial Exploitation of Vulnerable Adults - On Oct. 15 FINRA published Regulatory Notice 15-37, requesting comment on proposed amendments to...more

Entertainment and Media Litigation Update - October 2015

The "Dancing Baby" Case—Ninth Circuit Rules That "Fair Use" Must First Be Considered Before Sending Takedown Notices Under the DMCA - Why it matters: On September 14, 2015, the Ninth Circuit ruled in Lenz v. Universal...more

EBA consults on MCD benchmark rate

EBA is consulting on the benchmark rate under the Mortgage Credit Directive (MCD), which requires creditors to create two illustrative examples in the European Standardised Information Sheet for variable rate mortgages on the...more

EBA Consults on its Benchmark Rate Under the MCD

The Mortgage Credit Directive (2014/17/EU) (MCD) requires that creditors create two illustrative examples for variable rate mortgages on the basis of a benchmark rate specified by the EBA. Consequently, the EBA has developed...more

Orrick's Financial Industry Week in Review

EBA Updates Single Rulebook Q&As - On October 16, 2015, the European Banking Authority (EBA) updated its Q&As on the single rulebook, publishing four new questions. The single rulebook Q&As relate to the CRD IV package...more

Commerce Department Survey of Financial Services Transactions with Foreign Persons Due November 1, 2015

The Commerce Department’s BE-180 Survey of Financial Services Transactions is a mandatory benchmark survey conducted every five years and administered by the Bureau of Economic Analysis (the “BEA”). Reports are required by...more

Why Mitigation Should Be a Dirty Word: The Implications of a Compliance Industry Evolving Away From Risk and Towards Strategy

It used to be a compliance officer’s primary job could be boiled down to two words: risk mitigation. This was true of General Counsels, Chief Compliance Officers, Chief Legal Officers, and other C-level leaders....more

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