European Central Bank

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European Court Sides with the United Kingdom on Euro Clearing

On March 4, Europe’s second-highest court ruled in favor of the United Kingdom in a long-running dispute with the European Central Bank (ECB) regarding the latter’s right to mandate that central counterparties (CCPs) clearing...more

Orrick's Financial Industry Week in Review

FHFA Updates Requirements for Freddie and Fannie Sales of Non-Performing Loans - On March 2, FHFA announced changes to requirements for sales of non-performing loans (NPLs) by Freddie and Fannie to reduce the number of...more

Bridging the Week - March 2015 #2

FCA Sanctions Bank of Beirut, Former Compliance Officer and Former Internal Auditor for Providing Misleading Information Regarding AML Systems and Controls Remediation - The Bank of Beirut was fined GBP 2.1 million...more

European Court Rules in Favor of the UK in ECB Dispute Over the Relocation of Clearing Houses

After a three year dispute over the place of the City of London in Europe’s single market, the EU General Court has ruled that the European Central Bank (“ECB”) lacked the legal powers to enforce a ban on clearing and...more

ECB Launches Landmark €1.1 Trillion Quantitative Easing Program

The ECB announced on Thursday that it would start its purchase of sovereign bonds on March 9 to support an accelerating economic recovery in the Eurozone, and would continue to do so until there was a “sustained adjustment in...more

ECB Publishes Eurosystem Oversight Report

On February 27, 2015, the European Central Bank (“ECB“) published its 2014 Eurosystem oversight report, the third such report, reviewing the oversight that the Eurosystem has performed in the period from 2011 to mid-2014. The...more

Financial Regulatory Developments Focus - February 2015 #3

In this issue: - Bank Prudential Regulation & Regulatory Capital - Regulatory Capital Tool for Securitization Exposures - European Banking Authority Reports on Implications of Regulatory Reforms for...more

The ECB Published a Recommendation on Dividend Distribution Policies

On January 28, the European Central Bank (“ECB”) published a recommendation to establish dividend policies using conservative and prudent assumptions in order, after any distribution, to satisfy the applicable capital...more

New EU Law Authority For ECB Intervention In The EU Government Bond Markets Strengthens European Financial Markets

The ECB Governing Council will meet on 22 January and is expected to discuss implementing a quantitative easing (QE) policy which would result in national central banks buying Euro denominated government bonds from their own...more

CrunchedCredit.com’s 5th Annual Golden Turkey Awards

This is our fifth annual Golden Turkey Awards at CrunchedCredit. It just gets easier and easier. There are simply so many worthy contenders for an award this year. You know, we don’t stop and take a moment often enough to...more

Financial Regulatory Developments Focus - November 2014 #4

In this issue: - Bank Prudential Regulation & Regulatory Capital - Bank Structure - Compensation - Consumer Protection - Derivatives - Enforcement - Financial Market...more

Banking Supervision Within the Eurozone: The Single Supervisory Mechanism

On 4 November 2014, the European Central Bank became the prudential regulator for all Eurozone banks under the Single Supervisory Mechanism. The SSM does not introduce another layer of substantive regulation but significantly...more

Banking and Finance Litigation Update - Issue 81 (Global)

The Banking & Finance Litigation Update is published monthly and covers current developments affecting the Group's area of practice and its clients during the preceding month. In This Issue: - Domestic Banking...more

The Continuing European Banking Crisis and Hidden Capital Shortfalls

Who says that Europeans don’t get Halloween? After more than a year in the making, the European Central Bank (“ECB”) just finished its most recent stress test and found that pretty much everything was kinda OK. Sure, a few...more

European Finance Directors: Alternative Finance Now A Major Source Of Funding – More Alternatives Needed

Research published by Allen & Overy today reveals the extent to which alternative finance has already become a significant contributor to the funding mix for European corporates – having risen to rival bank lending in the...more

Financial Regulatory Developments Focus - October 2014 #5

In this issue: - Bank Prudential Regulation & Regulatory Capital - Derivatives - Recovery & Resolution - Shadow Banking - People - Events - Excerpt from Bank Prudential...more

Financial Regulatory Developments Focus - October 2014 #3

In this issue: - Derivatives - Bank Prudential Regulation & Regulatory Capital - Recovery & Resolution - Financial Services - Funds - People - Excerpt from...more

Global Financial Markets Insight

Change continues to be the main theme running through Summer 2014. There is the usual raft of new regulations to contend with but also welcome noises from policy makers including the European Central Bank and the Bank of...more

"European Central Bank Publishes Final List of 'Significant Supervised Entities' in Preparation for Banking Union"

On 4 September 2014, the EU’s European Central Bank (ECB) published its final list of significant supervised entities and less significant institutions for the purposes of the Eurozone’s single supervisory mechanism (SSM),...more

Banking and Finance Litigation Update - Issue 79, September 2014

In This Issue: - Domestic Banking - Domestic General - European Banking - European General - International Banking - International General - Press Releases - Excerpt from Domestic...more

Russian Legislation Update - 21 July – 17 August 2014

In This Issue: - Corporate: Register of Shareholders - Investment Partnership - Dual Citizenship - Economic Partnership - Excerpt from Corporate: Register of Shareholders: On 31 July 2014 the...more

Financial Regulatory Developments Focus - July 2014 #3

In this issue: - Derivatives - Compensation - Bank Prudential Regulation and Regulatory Capital - Recovery & Resolution - Credit Ratings - Insurance - Financial Services...more

ECB Opines on the Proposed Money Market Funds Regulation

On June 4, the European Central Bank (ECB) published an opinion on the European Commission’s proposed regulation on Money Market Funds (MMF). The MMF regulation, which is aimed at enhancing the liquidity and stability of MMF,...more

Orrick's Financial Industry Week in Review

FMLC Publishes Response on Bail-in Powers - In response to a consultation by HM Treasury, the UK's Financial Markets Law Committee (FMLC) published a letter on June 4 relating to the bail-in powers introduced by the...more

ECB Publishes Draft Consultation on Charging a Supervisory Fee

On May 27, the European Central Bank (ECB) published a consultation paper and accompanying questions and answers on its website concerning its draft regulation on supervisory fees. Under the draft regulation, the ECB would...more

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