Capital Requirements

News & Analysis as of

Orrick's Financial Industry Week in Review

SEC Adopts Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants - On April 15, 2016, the Securities and Exchange Commission adopted final rules modifying regulations "for...more

US Board of Governors of the Federal Reserve System Staff Working Paper Concludes Both Capital and Liquidity Need to be Regulated

In early April, the Board of Governors of the Federal Reserve System's Divisions of Research and Statistics and Monetary Affairs released a staff working paper entitled “Bank Regulation under Fire Sale Externalities,”...more

Corrigendum to Technical Standards on Supervisory Reporting of Institutions of Liquidity Coverage Arrangements

A corrigendum relating to the format and frequency of the reporting of liquidity requirements under the Capital Requirements Regulation was published in the Official Journal of the European Union. The corrigendum corrects...more

European Banking Authority Consults on Amendments to Approaches for Determining Proxy Spreads and Market Loss

The European Banking Authority published a consultation paper proposing amendments to the regulatory technical standards for determining proxy spread and the specification of a limited number of smaller portfolios for credit...more

UK Prudential Regulation Authority Consults on Implementing Aspects of MiFID II

The Prudential Regulation Authority published its proposals for transposing certain aspects of the Markets in Financial Instruments legislative package, which comprises the Markets in Financial Instruments Directive and the...more

UK Prudential Regulation Authority Consults on Implementing Aspects of MiFID II

The Prudential Regulation Authority published its proposals for transposing certain aspects of the Markets in Financial Instruments legislative package, which comprises the Markets in Financial Instruments Directive and the...more

European Banking Authority Reports on Implications of the EU Compensation Requirements and Bonus Cap

The European Banking Authority published its Benchmarking of Remuneration and High-Earners 2014 report. Under the Capital Requirements Directive, as amended, banks are subject to compensation requirements for staff who have a...more

EU Extension of Exemption for Commodity Dealers Confirmed

The European Council announced that it had agreed to extend an exemption for commodity dealers under the Capital Requirements Regulation, until December 31, 2020. The CRR currently exempts commodity dealers from large...more

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

Central Bank Letter Regarding Conflict of Interest (“COI”) Risks in Investment Firms - The Central Bank issued a letter (the “Letter”) to all investment firms providing feedback on the findings of their thematic...more

Bridging the Week - March 2016 #3

Industry Comments to Regulation AT Argue CFTC Proposed Rules Too Prescriptive; Registration and Source Code Requirements Particularly Objectionable - After declining multiple requests to extend the comment period that...more

Ontario Minister of Finance Accepts Recommendations to Amend Credit Union Legislation

Ontario’s Minister of Finance recently announced that the Ontario government will accept the 15 recommendations set out in a legislative review report (Report) to amend Ontario’s credit union legislation, The Credit Unions...more

US Board of Governors of the Federal Reserve System Governor Brainard Remarks on US Economic Outlook, Market Liquidity and...

US Board of Governors of the Federal Reserve System Governor Lael Brainard provided an outlook on US economic conditions, an overview of the importance of financial market liquidity and the resilience and resolvability of...more

EU Standards on Supervisory Reporting Requirements for the Liquidity Coverage Ratio Published

Commission Implementing Regulation was published in the Official Journal of the European Union, which amends the Implementing Technical Standards on supervisory reporting by providing for significant changes to the existing...more

European Banking Authority Proposes Amendments to the EU Standards on Supervisory Reporting

The European Banking Authority published final draft Implementing Technical Standards to amend the ITS on supervisory reporting under the Capital Requirements Regulation. The amending ITS make changes to the reporting...more

European Commission Publishes a List of Planned Initiatives for 2016

On March 7, the European Commission (EC) published a document containing a list of planned EC initiatives (List). The List sets out the scope, objectives and expected adoption dates of legislative and non-legislative...more

UK Financial Regulatory Developments - March 2016 #9

CRR liquidity reporting metrics published in OJEU - The Implementing Regulation relating to additional monitoring metrics for liquidity reporting under the CRR has been published in the OJEU. The new text sets out the...more

UK Financial Regulatory Developments - March 2016 #8

Administrator’s charge not covered by mis-selling redress payment - A company’s former administrators sought an order under the Insolvency Act 1986 that their remuneration and expenses should be payable out of a sum owed...more

Agencies Issue Guidance on Capital Deduction Requirement under the Volcker Rule for Investments in Collateralized Debt Obligations...

On Friday, March 4, 2016, the Volcker Inter-Agency Group posted a new frequently asked question (FAQ 21), clarifying the capital deduction requirement under the Volcker Rule for investments in Qualifying TruPS CDOs. FAQ 21...more

European Banking Authority Consults on Proposed Amendments to Technical Standards on Supervisory Reporting

The European Banking Authority launched a consultation on proposed amendments to the Implementing Technical Standards on supervisory reporting to incorporate the new requirements for prudent valuation reporting and...more

Amendments to EU Technical Standards on Supervisory Reporting Published

Commission Implementing Regulation was published in the Official Journal of the European Union, which amends the Implementing Technical Standards on supervisory reporting by providing for additional monitoring metrics for...more

Orrick's Financial Industry Week in Review

EBA Publishes Results of the CRDIV-CRR/Basel III Monitoring Exercise as of June 30, 2015 - On March 2, the European Banking Authority ("EBA") published its report of its ninth Basel III monitoring exercise, particularly...more

UK Financial Regulatory Developments - March 2016 #4

Treasury Committee scrutinises appointments - The House of Commons Treasury Committee has published its eighth report of session 2015/16 on the scrutiny of appointments. It covers the appointments of various chairs and...more

ECB Publishes Opinion on Proposed Regulation Extending Exemptions for Commodity Dealers under CRR

On March 4, the European Central Bank (“ECB”) published an opinion on the European Commission’s legislative proposal for a Regulation amending the Capital Requirements Regulation (CRR) to extend certain exemptions for...more

EBA Publishes Results of the CRDIV-CRR/Basel III Monitoring Exercise as of June 30, 2015

On March 2, the European Banking Authority (“EBA”) published its report of its ninth Basel III monitoring exercise, particularly on the impact of the fully implemented Capital Requirements Directive and the Capital...more

UK Financial Regulatory Developments - March 2016 #2

Regulators issue compliance statement for Sound Remuneration Policies PRA and FCA have issued a joint statement notifying EBA that the regulators will fully comply with EBA guidelines on Sound Remuneration Policies with...more

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