Financial Regulatory Reform

News & Analysis as of

New York City’s RBA Falls to Preemption Challenge

New York City banks are breathing a sigh of relief after a federal judge ruled that they would not have to provide detailed servicing disclosures under a preempted city law. The law, a gloss on top of the federal Community...more

"Evaluating the State of Financial Reform Five Years After Dodd-Frank"

July 21, 2015, marked the fifth anniversary of the signing of the landmark Dodd-Frank Act and provided a natural opportunity to evaluate the progress regulators have made in establishing the new regulatory regime as well as...more

The New EU Benchmark Regulation

There has been increased pressure on the EU to restore confidence in the integrity and accuracy of benchmarks following the LIBOR and EURIBOR market-rigging scandals. Multi-million Euro fines have already been levied against...more

ESMA Speech on Clearing the Way Towards an EU OTC Derivatives Union

On September 22, 2015, the European Securities and Markets Authority (ESMA) published a speech, given by Steven Majoor, ESMA Chair, on the regulation and supervision of the derivatives market. Points of interest in the speech...more

FMLC presents feedback on regulation reform

FMLC has issued an interim feedback statement following responses to its discussion paper on coordination in the reform of international financial regulation. The statement highlights both the comments critiquing FMLC’s...more

Banks Get Big Win in Challenge to New York Ordinance

Many big cities in the United States responded to the fallout from the 2008 financial crisis by passing local laws which pressure banks to invest more in low-income neighborhoods. Between 2010 and 2013, cities such as New...more

NYDFS Reaches Agreements with Four Banks on New Symphony Chat & Messaging Platform

On September 14, the New York State Department of Financial Services (NYDFS) announced that it had reached agreements with four financial institutions on record-keeping requirements and other protections intended to help...more

Scope of banking reform extended

The Financial Services (Banking Reform) Act 2013 (Transitional and Savings Provisions) (Amendment) Order 2015 makes amendments to the original transitional provisions order to include all PRA-authorised firms within its scope...more

Banking Trade Associations Urge Senate Leaders to Pass Regulatory Relief Legislation for Community Institutions

On September 8, four trade associations representing 14,000 financial institutions – the American Bankers Association, the Credit Union National Association, the Independent Community Bankers of America, and the National...more

The Regulatory State: May We Have A Little Humility, Please?

The Great Equity Correction of 2015 that is now being enjoyed by all of us is a correction, and not the beginning, of the Great Bear Market of 2015 (from my lips to God’s ears). It reminds me of just how little we know about...more

AML and Investment Advisers: Understanding FinCEN's New Anti-Money Laundering Rules

On August 25, 2015, the Financial Crimes Enforcement Network (FinCEN) proposed rulemaking that would require registered investment advisers, including certain hedge funds and asset managers, to establish anti-money laundering...more

Mid-Market Trends - Leveraged Lending and the Current Regulatory Environment

Financial institutions, institutional investors and liquidity providers to the leveraged loan markets are finding themselves increasingly subject to new regulation in the United States and abroad. Both global and U.S....more

New FCA Handbook and PRA Rulebook Websites to Launch Next Week

On August 17, the UK Financial Conduct Authority (FCA) announced on the front page of its online rulebook, which currently also includes the rules of the Prudential Regulation Authority (PRA) and guidance from both...more

Financial Consulting Firm Agrees to Pay $15 Million to Resolve NYDFS Investigation

On August 18, a Washington D.C.-based financial consulting firm agreed to pay $15 million to resolve allegations that the firm failed to meet the current requirements of the NY Department of Financial Services (NYDFS) for...more

Treasury Department Extends Comment Period for Online Marketplace Lending Information Request

The U.S. Department of the Treasury has extended the deadline for submitting comments in response to its request for information (RFI) regarding online marketplace lending. Initially set to close on August 31, 2015, the...more

FINRA Fines UBS for Muni-Interest Reporting Errors

The Financial Institutions Regulatory Authority fined a UBS unit $750,000 for mistakenly reporting customers’ municipal-bond-account interest was tax-exempt, when the firm’s handling of the trades made it taxable instead....more

Dodd-Frank Turns Five, What Comes Next?

The 2008 credit crisis was the beginning of an era of unprecedented government management of the capital markets. July 21, 2015 marked the fifth anniversary of the hallmark congressional response, the Dodd-Frank Wall Street...more

Senator Shelby's Push for Financial Regulatory Reform

Why it matters - Five years after the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, efforts on Capitol Hill seek to continue to turn back many of its regulatory restrictions. Sen. Richard...more

New Risks - the New Senior Manager and Senior Insurance Manager Regimes

From 7th March 2016 (and 1st January for insurers), a new regulatory financial services regime will be in place in the United Kingdom. The new regime is significant; it is intended to make it far easier for UK regulators; the...more

Moving out of the dog house? The case for easing punitive capital requirements on securitisations

Eight years on from the credit crisis, the drive to rehabilitate securitisation continues. The most recent body to speak up for the increasingly regulated structures is the European Banking Authority, which last month...more

Comptroller Discusses Efforts to Ease Regulatory Burden on Community Banks

On August 5, the Comptroller of the OCC addressed efforts to ease the burden of regulation on community national banks and federal savings associations....more

Dodd-Frank at 4: Where do we go from here?

Where do we go from here? As we mark another milestone in regulatory reform with the fourth anniversary of the enactment of the Dodd-Frank Act, it strikes us that although most studies required to be undertaken by the Act...more

2015 Florida Legislative Post-Session Report

Carlton Fields Jorden Burt’s Government Law and Consulting Practice Group released its 2015 Florida Legislative Post-Session Report detailing significant bills that passed during the 2015 Regular Session of the Florida...more

Full Steam Ahead for the Through-Train – Part Two: The Shenzhen-Hong Kong Stock Connect

The Shanghai-Hong Kong Stock Connect (“Shanghai Train”), a pilot program for establishing mutual stock market access between Mainland China and Hong Kong, was announced in April 2014 by Premier Li Keqiang at the Boao Forum...more

Abu Dhabi Global Market Publishes New Commercial Regulations and begins Financial Regulation Consultation

On 15 June 2015, the Abu Dhabi Global Market (Global Market), Abu Dhabi’s financial free zone, published the following six new regulations concerning the regulation of non-financial services in the Global Market: -...more

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