U.S. Financial Industry Developments - Community Reinvestment Act: Revisions to Impact of Evidence of Discriminatory or Other Illegal Credit Practices on Community Reinvestment Act Ratings... ...more
ESMA Asks European Commission to Clarify Scope of Exemptions from EMIR Financial Obligations - On April 27, 2018, the European Securities and Markets Authority ("ESMA") published a letter from Steven Maijoor, ESMA Chair,...more
Home Mortgage Disclosure Act: FFIEC's Revised 'A Guide to HMDA Reporting: Getting It Right!' On March 14, 2018, the Office of the Comptroller of the Currency published an updated resource providing guidance for complying...more
On August 21, 2017, the European Commission published the text of a Delegated Regulation that amends the Capital Requirements Regulation (Regulation 573/2013) ("CRR"). The main amendment pertains to Article 496(1) of the CRR....more
Financial Industry Developments - Changes Proposed to CAS and STACR Programs - On May 8, 2017, Fannie Mae and Freddie Mac announced that they are considering certain changes to the structure of their CAS and STACR...more
On October 26, 2016, Fitch published its updated Criteria for Interest Rate Stresses in Structured Finance Transactions and Covered Bonds. Press Release. On October 26, 2016, Fitch published its updated Covered Bonds Rating...more
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
On September 27, 2016, Fitch issued a report entitled Criteria for Rating Non-Financial Corporates. Press release. On September 26, 2016, Fitch issued a report entitled Criteria for Country Risk in Global Structured Finance...more
Financial Industry Developments - Agencies Publish Study on Banking Activities and Investments under Dodd-Frank - On September 8, 2016, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance...more
On April 22, 2016, DBRS published an updated report on rating Canadian Covered Bonds. ...more
On March 8, 2016, Fitch updated its global rating criteria for single- and multi-name credit-linked notes. On March 8, 2016, DBRS published its methodology for rating European covered bonds. On March 4, 2016, DBRS published...more
Barclays and Wachovia Settle with NCUA - On October 19, 2015, Barclays PLC and Wachovia Capital Markets LLC agreed to pay $325 million and $53 million, respectively, to settle claims brought by the National Credit Union...more
SEC Updates Compliance and Disclosure Interpretations for Legacy Deals - On September 16, the SEC released its updated compliance and disclosure interpretations for the rules adopted under Regulation AB, the Securities...more
On May 22, DBRS released its methodology for rating entities in the real estate industry. On May 21, DBRS released its methodology for reviewing ratings of Canadian structured finance and covered bond transactions. On May 20,...more
On April 24, Fitch released its updated U.S. Auto Lease ABS Ratings Criteria. On April 27, DBRS released its Rating Canadian Covered Bonds Methodology. On April 27, S&P updated its Bank Rating Methodology and Assumptions to...more
On March 27, DBRS released its updated methodology for rating North American commercial mortgage-backed securities (CMBS). On March 27, Fitch released its updated criteria for analyzing U.S. wireless tower transactions....more
Originally published in International Financial Law Review in February 2013. Covered bonds’ dual recourse nature makes them a favoured instrument for investors seeking both safety and yield. If the issuing financial...more
On February 1, Fitch updated its methodology for analyzing non-performing loan securitizations. On February 1, Fitch updated the public sector liquidity and spread assumption addendum for its covered bonds criteria....more