Financial Stability Oversight Council

News & Analysis as of

SEC Proposes Enhanced Regulatory Framework for Certain Registered Clearing Agencies

The proposal is consistent with international recommendations and Basel III criteria. On March 12, the Securities and Exchange Commission (SEC) proposed new rules and rule amendments (the Proposal) that would enhance...more

FIO Focus, Issue No. 48

Congressional Hearing on Capital Requirements for Insurers Subject to Federal Reserve Regulation On March 11, 2014, the Subcommittee on Financial Institutions and Consumer Protection of the U.S. Senate Committee on...more

Federal Reserve Board Finalizes Enhanced Prudential Standards For Large Bank Holding Companies, Foreign Banks

On February 18, the Federal Reserve Board issued a final rule that incorporates elements of two previously proposed rules related to U.S. bank holding companies with assets of $50 billion or more and foreign banking...more

Despite the Best of Intentions, Paving the Way for the Next Financial Meltdown Part II: Getting Ready

As discussed in Part I of our Client Alert, “Despite the Best of Intentions, Paving the Way for the Next Financial Meltdown,” dated August 22, 2013, the Financial Stability Board (FSB) is studying the application of the key...more

Private Fund Update - February 18, 2014

In this issue: - The 113th Congress - Securities and Exchange Commission - Commodity Futures Trading Commission (CFTC) - The Administration - Congressional Budget Office (CBO) - Small...more

Capital Thinking: Financial Services

This Week’s Hearings: - Tuesday, February 11: The House Financial Services Committee will hold a hearing titled, “Monetary Policy and the State of the Economy.” The Honorable Janet Yellen will testify at the hearing for...more

Five Senators Slam OFR Asset Management and Financial Stability Report

In a stinging letter to Treasury Secretary Jacob J. Lew, five Senators criticized the study by the Office of Financial Research (OFR), Asset Management and Financial Stability, alleging that the study contained “troubling...more

Federal Reserve Board Seeks Comment On Designated Utilities’ Risk Management Standards, Payment System Risk Policy

On January 10, the Federal Reserve Board proposed revisions to the Regulation HH risk-management standards for certain financial market utilities that have been designated as systemically important by the Financial Stability...more

SEC Commissioner Gallagher and Money Fund Capital Requirements

The question of capital requirements and how to best backstop money market funds has lingered since the Primary Reserve Fund became the first to “break the buck” at the outset of the market crisis. The SEC initially...more

OFR Releases Interagency Data Inventory

The Office of Financial Research, or OFR, has released the Interagency Data Inventory of data that member agencies of the Financial Stability Oversight Council collect from industry. The Interagency Data Inventory project is...more

Covered Funds Aspects of the Volcker Rule – Frequently Asked Questions

The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission (the "SEC") issued a final rule, and the Commodity Futures...more

Fed Proposed Rule on Liquidity Positions

On October 24, the Fed issued a proposed rule which would create a standardized minimum liquidity requirement for large and internationally active banking organizations and systemically important non-bank financial companies...more

Orrick's Financial Industry Week in Review - October 28, 2013

Joint Release on QM Fair Lending Risks - On October 22, the Fed, CFPB, FDIC, NCUA and OCC issued a joint statement to address industry questions on fair lending risks associated with offering only qualified mortgages. ...more

Capital Thinking: Financial Services

Swaps Push Out and Fiduciary Duty Bills Likely To Get A House Vote This Week - Two important bills are expected to be voted on by the House this week. The first is the commonly known “swaps push out” bill or H.R. 992....more

Government Publishes Study of Systemic Risks in Asset Management

On September 30, the US Treasury’s Office of Financial Research published a study (Study) commissioned by the Financial Stability Oversight Council (FSOC) that explores possible ways in which asset management firms and their...more

Money Market Fund Reform: The Next Crossroads

The period for comments on the Securities and Exchange Commission’s proposed money market fund reforms ended September 17. The tone of the comment letters, as well as the large quantity of responses, should serve to remind...more

Office of Financial Research Delivers Report Identifying Asset Management Industry Activities That Could Pose Financial Stability...

The Treasury’s Office of Financial Research (the “OFR”) delivered a report to the Financial Stability Oversight Council (the “FSOC”) discussing ways that activities in the asset management industry might create, amplify, or...more

U.S. Office of Financial Research Issues Report on Asset Management and Financial Stability

The Office of Financial Research (“OFR”), an office of the U.S. Department of the Treasury, recently issued a report that may provide a roadmap for future designations by the Financial Stability Oversight Council (“FSOC”) of...more

OFR Report: Asset Managers Potentially Threaten Financial Stability

Asset managers create vulnerabilities “that could pose, amplify, or transmit threats to financial stability,” according to the Treasury Department’s Office of Financial Research (OFR) in a September 2013 report....more

SEC Requests Public Comment on OFR Study of Risks in the Asset Management Industry

On September 30th, the Securities and Exchange Commission requested comments from the public regarding a recently released study by the Treasury Department’s Office of Financial Research (OFR). The study, Asset Management and...more

Office Of Financial Research Studies Systematic Risk Of Asset Managers

The Financial Stability Oversight Council, or FSOC, decided to study the activities of asset management firms to better inform its analysis of whether—and how—to consider such firms for enhanced prudential standards and...more

Insurance Regulatory Update - Holding Company Supervision, Designation of Prudential Financial as Being "Too Big to Fail,"...

The National Association of Insurance Commissioners ("NAIC") 2013 Summer National Meeting, which was held in late August, saw a continuation of the debate over major insurance regulatory reforms. The first of these reforms...more

Financial Services Legislative and Regulatory Update -- September 23, 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - Welcome to fall, which used to be marked by events like apple...more

Capital Thinking: Financial Services

LEGISLATIVE ACTIVITY - Terrorism Risk Insurance Reauthorization Gets Congress’ Attention - Last week the House Financial Services Committee addressed the issue of reauthorization of the Terrorism Risk Insurance...more

Capital Thinking - Financial Services

LEGISLATIVE ACTIVITY - This Week’s Hearings: Tuesday, September 10: The Senate Banking Committee will hold a hearing on the nominations of Ms. Wanda Felton to be First Vice President of the Export-Import...more

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