News & Analysis as of

CLO Market: The Volcker Rule and Risk Retention

Collateralized Loan Obligations (CLOs) are a type of Collateralized Debt Obligation (CDO) created by pooling large commercial loans and debt instruments. This pool is divided into various tranches with different risk–return...more

Final Volcker Rule Places More Emphasis on Compliance Programs

Following over two years of comment and debate, the final Volcker Rule officially went into effect on April 1, 2014. While most banks have until July 21, 2015 to reach Volcker Rule compliance, those with over $50 billion in...more

Dodd-Frank News: May 2014: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

In This Issue: - RECENT CASES ..Preemption ..CFPB Involvement in Litigation ..CFTC Regulation of Retail Commodity Transactions ..Durbin Amendment ..Appraiser Disclosure Requirements Under...more

Final Volcker Regulations Ease Mutual Fund Concerns

Adopted in December 2013, the final interagency rulemaking to implement the Volcker Rule resolves a number of concerns raised by the mutual fund industry. Under the Volcker Rule, banking entities are generally prohibited from...more

Federal Reserve Board Announces Volcker CLO Conformance Period Extension

On April 7, the Federal Reserve Board issued a statement that it intends to exercise its authority to give banking entities two additional one-year extensions to conform their ownership interests in, and sponsorship of,...more

The Volcker Rule’s Trojan Horse for Smaller Banking Entities

The final rules recently enacted to implement the Volcker Rule (‘‘the Final Rules’’) impose on the largest banking entities a highly detailed and complex compliance regime. As to those so-called ‘‘less active banking...more

Agencies Issue Interim Final TruPs CDOs Rule, Effective April 1

On January 14, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Securities and Exchange Commission and the...more

CLOs under the Volcker Rule: New Exemptions, New Issues, New Obligations – Part I

Befitting the holiday season the regulators recently decided to bestow upon us all the much anticipated (dreaded?) Volcker Rule. At 1100 pages of truly riveting reading material, Volcker has certainly given all of us plenty...more

"Entering a New Regulatory Era Under the Final Volcker Rule"

In December 2013, five U.S. financial regulatory agencies adopted final regulations to implement the Volcker Rule. As expressed in the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Volcker Rule generally...more

Dodd-Frank: The Volcker Vortex

In its simplest form, the Dodd-Frank Act's Volcker Rule prohibits U.S. bank holding companies and their affiliates from engaging in "proprietary trading" and from sponsoring hedge funds and private equity funds. While the...more

Regulators Alter Volcker Rule On TruPS CDOs

On January 14, the Federal Reserve Board, the CFTC, the SEC, the OCC, and the FDIC issued an interim final rule to permit banking entities to retain interests in certain collateralized debt obligations backed primarily by...more

“Interim Final” Volcker Rule Approved

On December 10, 2013, the Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Securities Exchange...more

The Financial Report - Volume 3, No. 2 • January 23, 2014 (Global)

IN THIS ISSUE: • Discussion and Analysis • News from the Americas • News from Asia and the Pacific • News from Europe • Global Regulators • US Securities and Exchange Commission...more

Private Fund Update - January 22, 2014

In this issue: - The 113th Congress - Securities and Exchange Commission - Commodity Futures Trading Commission (CFTC) - The Administration - Association for Corporate Growth (ACG) -...more

Agencies Retreat on TruPS CDOs

Following the filing of a lawsuit by the American Bankers Association (ABA) and others, on January 14, five federal agencies approved an interim final rule to permit banking entities to retain interests in certain...more

Volcker Rule Agencies Issue Interim Final Rule Exempting TruPS-backed CDOs

Last week, the five agencies that jointly issued the final regulation implementing the Volcker Rule (the Final Rule) in December issued an interim final rule (the Interim Rule) that exempts collateralized debt obligations...more

Financial Services Bulletin: Action At Federal Agencies

Agencies Approve Interim Final Rules Exempting Certain Interests from the Volcker Rule - On Thursday, January 14, 2013, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation,...more

Volcker Rule Exclusion for TruPS CDOs

On January 14, the Fed, CFTC, FDIC, OCC and SEC issued an interim final rule which will permit banking entities to retain interests in certain collateralized debt obligations backed primarily by trust preferred securities...more

Volcker Rule Regulations Issued: Understanding the Practical Implications for U.S. and Foreign Banking Entities, Funds and...

The Volcker Rule (“Volcker Rule” or “Rule”) is intended to limit risks to the financial system that Congress believes may be created by (i) proprietary trading operations of insured depository institutions, foreign banking...more

Orrick's Financial Industry Week in Review - January 20, 2014

BCBS Finalizes Risk Management Guidelines on AML and Terrorist Financing - On January 15, the Basel Committee on Banking Supervision (BCBS) issued risk management guidelines relating to anti-money laundering (AML) and...more

Observation 1.1.1.1 On The Volcker Rule: Community Banks – Compliance Redux

In Observation 1.1.1, we discussed the surprise treatment under the new Volcker Rule regulations of collateral debt obligations (CDOs) backed by trust preferred securities (TruPS) as “covered funds,” which would force banking...more

House, Senate Bills Seek To Ease Volcker Rule Impact On TruPS CDOs

On January 8, House Financial Services Committee chairman Jeb Hensarling (R-TX) and committee member Shelly Moore Capito (R-WV) introduced a bill, H.R. 3819, that would clarify that the Volcker Rule will not require banking...more

Community Bank TruPS CDOs Exempted from the Volcker Rule

Interim final rule exempts collateralized debt obligation vehicles that hold qualifying community bank trust preferred securities from the private fund sponsorship and investment prohibitions....more

This Week In Securities Litigation (The week ending January 17, 2014)

The high profile insider trading trial of Matthew Martoma moved forward in New York this week with testimony on behalf of the prosecution. The SEC and four other agencies joined in granting relief from a provision of the...more

Observation 1.2 On The Volcker Rule: Foreign Banking Entities – Location, Location, Location

On December 10, 2013, the Board of Governors of the Federal Reserve System (FRB), Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), the Securities and Exchange Commission (SEC) and...more

43 Results
|
View per page
Page: of 2