At the start of June 2022, the prevailing rate for the sterling overnight index average (SONIA) was 0.94%. Just 12 months later, SONIA has risen to 4.43%, and comparable increases in the equivalent reference rates have been...more
General Motors announced on Thursday its ambitious plans to “phase out petroleum-powered cars and trucks and sell only vehicles that have zero tailpipe emissions by 2035, a seismic shift by one of the world’s largest...more
Citigroup has chosen it President, Jane Fraser, to replace CEO Michael Corbat when he retires in February 2021. Fraser will become “the first woman to lead a major financial institution in the United States.” She’s been with...more
The EU Single Resolution Board has published a revised policy on minimum requirements for own funds and eligible liabilities. The policy is applicable to Eurozone banks and reflects the changes made in 2019 to the EU Banking...more
The COVID-19 crisis threatens to stress test the world’s financial institutions in new ways. Firms are far more robust than before the 2007-8 financial crisis as a result of strong management action and global coordination...more
The European Central Bank has published an updated Recommendation requiring the largest Eurozone-based banks to suspend the payment of any dividends and buyback of shares until at least October 1, 2020. The Recommendation is...more
The Banking Supervision arm of the European Central Bank has set out its expectations of Eurozone banks regarding their dividend distribution and variable remuneration policies. The ECB is responsible for direct prudential...more
The European Central Bank has opened a consultation on proposed guidelines on the materiality threshold for credit obligations past due for less significant institutions based in the Eurozone. The EU Capital Requirements...more
The Eurozone Single Resolution Board has published a series of three opinions setting out its own internal rules for the circumstances in which it may restrict the rights of data subjects under Regulation (EU) 2018/1725, data...more
The Eurozone Single Resolution Board has launched a public consultation on its proposed “Expectations for Banks”, a draft document outlining best practice for banks in implementing resolution planning. The consultation is...more
The European Central Bank's Banking Supervision arm has published the 2020 supervisory priorities of the Single Supervisory Mechanism and a risk assessment for 2020. ECB Banking Supervision has identified the following risks...more
The European Central Bank has issued a statement on the results of its 2019 supervisory stress test. The European Central Bank is responsible for direct prudential supervision of certain significant banks based in the...more
Shifting environment presents the chance to unearth value and should pave the way to boost the number of mid-market deals. The Spanish M&A market in 2018 has been characterised by a series of large-cap transactions, helped...more
The European Central Bank has published a report on recovery plans. The ECB is responsible for direct prudential supervision of certain significant banks based in the Eurozone as part of the Single Supervisory Mechanism....more
The European Central Bank has launched a consultation on a proposed Regulation on the materiality threshold for credit obligations past due under the Capital Requirements Regulation. The CRR risk quantification provisions set...more
The European Central Bank has published a revised version of its manual on the methodology for phase 2 of its Asset Quality Review, which forms part of the Comprehensive Assessment that the ECB and national regulators must...more
The European Central Bank has published a report on the thematic review on effective risk data aggregation and risk reporting. The ECB launched the thematic review in 2016 to carry out an in-depth assessment of credit...more
The European Central Bank has launched a consultation on draft "cyber resilience oversight expectations" for financial market infrastructures....more
The European Banking Authority has commenced a consultation on draft Guidelines on the management of non-performing and forborne exposures. The Capital Requirements Directive requires in-scope banks and investment firms to...more
The Single Resolution Board has published its second policy statement on the minimum requirement for own funds and eligible liabilities (MREL). MREL is the EU equivalent of the minimum amount of loss-absorbing capacity that...more
In this newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and...more
The European Central Bank has published a Report on the supervision of less significant institutions under the Single Supervisory Mechanism. The SSM is made up of the ECB and national regulators of Eurozone member states, and...more
Equifax is not exactly ending the week on a high note. The credit reporting agency revealed yesterday that a cyberattack [uncovered nearly 2 months ago] rendered potentially vulnerable the information of 143 million people....more
A Commission Delegated Regulation on the contributions to the Single Resolution Fund has been published in the Official Journal of the European Union. The Single Resolution Mechanism and the SRF provide for the resolution of...more
ECB Consultation Paper - On 23 November 2016, the European Central Bank (the “ECB”) launched a public consultation in relation to draft guidance for Eurozone banks intended to develop clear and consistent definitions,...more