Capital Requirements

News & Analysis as of

European Parliament Adopts Resolution on Finalization of Basel III

On November 23, 2016, the European Parliament published a provisional version of the text of the resolution it has adopted on finalization of Basel III. Among other things, in the resolution, the Parliament:...more

US Federal Reserve Board Votes to Affirm the Countercyclical Capital Buffer at Current Zero Percent Level

The US Federal Reserve Board announced that it had voted to affirm the countercyclical capital buffer at the current level of zero percent. The release notes that the CCyB is a macroprudential tool that can be used to raise...more

NCUA to Consider Supplemental Capital

At the NCUA’s October board meeting, senior staff of the NCUA submitted a briefing report (the “Report”) to the NCUA Board (the “Board”) on the issues concerning the use of supplemental capital by federally insured credit...more

UK Bank of England Finalizes MREL Requirements

The Bank of England published the final rules on implementing the EU Minimum Requirement for own funds and Eligible Liabilities (MREL). This is the equivalent of the US Total Loss Absorbing Capacity (known as TLAC) rule. ...more

European Central Bank Aims to Harmonize Approach to Options and Discretions for All Banks within the Single Supervisory Mechanism

The European Central Bank launched a consultation on proposals to harmonize how Euro member state national regulators of less significant banks exercise the options and discretions available to them under the Capital...more

Econ Vote on Resolution on Basel III Revisions

On November 10, 2016, the European Parliament published a press release on a vote taken by its Committee on Economic and Monetary Affairs (“ECON“) in relation to revisions to Basel III, which are currently under consideration...more

European Banking Authority Proposes Guidelines on Internal Governance

The European Banking Authority launched a consultation on draft revised Guidelines on internal governance for credit institutions and investment firms. The EU Capital Requirements Directive imposes governance requirements on...more

EU Consultation on Assessing the Suitability of Management

The European Banking Authority and the European Securities and Markets Authority launched a joint consultation on proposed Guidelines on the Assessment of the Suitability of the Members of Management Body and Key Function...more

UK Prudential Regulation Authority Confirms Rules on Passporting and Algorithmic Trading under MiFID II

The Prudential Regulation Authority published its final rules for transposing passporting and algorithmic trading aspects of the Markets in Financial Instruments legislative package, which comprises the Markets in Financial...more

EU Recommendations on the Appropriateness of the Prudential Regime for Investment Firms

The European Banking Authority published an Opinion on the criteria for identifying investment firms to which the EU regulatory capital requirements legislation should apply...more

US Board of Governors of the Federal Reserve System Releases Proposed Rule to Modify Capital Plan and Stress Testing Rules

The US BoG of the Federal Reserve System issued a proposed rule modifying the capital plan and stress testing rules for the 2017 test cycle. The proposed changes include eliminating the qualitative portion of Comprehensive...more

US Commodity Futures Trading Commission Chairman Speaks to SIFMA Annual Meeting Regarding the Agency’s Ongoing Work and Rulemaking...

Timothy Massad, Chairman of the CFTC, spoke at the SIFMA annual meeting about clearinghouse regulation, technological changes and finishing Dodd-Frank rulemaking. Massad first highlighted ongoing CFTC work regarding stress...more

European Securities and Markets Authority Publishes Final Guidelines on Remuneration Practices 

The European Securities and Markets Authority published two sets of final Guidelines on Sound Remuneration Policies under the Undertakings for Collective Investments in Transferable Securities Directive and the Alternative...more

The Financial Report, Volume 5, Number 19

A recent article by Todd Ehret, the Senior Regulatory Intelligence Expert for Thomson Reuters Regulatory Intelligence, points out that the SEC’s Office of Compliance, Inspections, and Examinations (OCIE), in its “2015...more

European Securities and Markets Authority Consults on Draft Guidelines for Management of Exchanges and Data Reporting Service...

The European Securities and Markets Authority published draft Guidelines on the requirements for the management body of market operators and Data Reporting Services Providers respectively...more

Monarch - A royal reprieve or a stay of execution?

On Wednesday 12 October it was reported that Monarch secured an extension to its ATOL licence following in-depth negotiations with the CAA and a £165 million injection of capital from its major shareholder, Greybull Capital....more

European Banking Authority Draft Guidance on Information and Communication Technology Risk

The European Banking Authority launched a consultation on the proposed Guidelines for the assessment of Information and Communication Technology risk under the Supervisory Review and Evaluation Process. ...more

UK Regulator Finalizes Standards for Underwriting Buy-to-Let Mortgages

The Prudential Regulation Authority published a Policy Statement and Supervisory Statement setting out its final policy approach to underwriting standards for buy-to-let mortgage contracts. The Supervisory Statement sets out...more

EU Legislation Amending Technical Standards for Reporting of Financial Information to Regulators Published

A Commission Implementing Regulation amending Regulatory Technical Standards on the reporting of financial information under the Capital Requirements Regulation was published in the Official Journal of the European Union...more

Orrick's Financial Industry Week in Review

SEC Adopts Rules for Enhanced Regulatory Framework for Securities Clearing Agencies - On September 28, 2016 the Securities and Exchange Commission ("SEC") voted to adopt new rules to establish "enhanced standards for the...more

US Board of Governors of the Federal Reserve System Sets Framework for Setting the Countercyclical Capital Buffer

The Federal Reserve Board issued a policy statement setting forth the framework for setting the Countercyclical Capital Buffer for private-sector credit exposures in the United States. The CCyB is a macroprudential tool that...more

House Subcommittee Supports Revised Treatment of Reciprocal Deposits

On Tuesday, a bipartisan group of legislators expressed their support for a bill (H.R. 4116) that would attempt to codify and expand a measure regarding reciprocal deposits that was included in FDIC’s final rule on small bank...more

EU Final Draft Technical Standards on the Exchange of Information between Regulators Regarding Qualify Holdings

The European Banking Authority published final draft Implementing Technical Standards on the common procedures, forms and templates for the consultation process between the relevant national regulators when carrying out the...more

Nutter Bank Report, September 2016

The Federal Reserve Board has released a policy statement that details the framework it will follow in setting the Countercyclical Capital Buffer (“CCB”) for private-sector credit exposures located in the United States. The...more

SEC’s Proposed Rules for Expedited Settlement May Impact Long-Standing Exception for Firm Commitment Offerings

The SEC has agreed to propose rules that would shorten the standard settlement cycle for most broker-dealer transactions from three business days after the trade date (also known as T+3 settlement) to two business days after...more

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