News & Analysis as of

TLAC

A New Category of Debt Securities in Belgium: Senior Non-Preferred Notes

by Jones Day on

On July 20, 2017, Belgium adopted legislation establishing a new category of debt securities available to credit institutions and investment firms ("banking institutions"). The law provides for a new Article 389/1 into the...more

Legal and regulatory issues adversely affecting banks in Trade and Supply Chain Finance

by Sullivan & Worcester on

Following a meeting of the Basel committee in March this year, the Chairman Stefan Ingves, announced that the committee has made further progress towards the finalization of the Basel III accord are stricter capital rules and...more

Structured Thoughts: News for the financial services community, Volume 8, Issue 6

Canadian Bail-in and TLAC Rules: Impact on Structured Notes Offered in the United States - Introduction - In June 2017, the Canadian government released draft regulations relating to “bail-in instruments” issued by...more

Canadian Bail-In Regulations: What You Need to Know

On June 16, 2017, Canada’s Department of Finance and the Office of the Superintendent of Financial Institutions (OSFI) published for comments a package of draft regulations and guidelines setting out the final details of...more

Financial Services Report - Spring 2017

by Morrison & Foerster LLP on

EDITOR’S NOTE - In like a lion, out like a lamb—it works for weather; does it work for new administrations? We’ll have to wait and see. We’ll have to wait and see about the length of CFPB Director Richard Cordray’s...more

Understanding TLAC - The Federal Reserve’s final bank capital rules have been hailed as the end of too big to fail

by Morrison & Foerster LLP on

The Federal Reserve Board’s final rules regarding total loss absorbing capacity (TLAC) requirements for global systemically important banks (GSibs) in the US will require levels of capital and other loss-absorbing capacity...more

Financial Regulatory Developments Focus - January 2017

by Shearman & Sterling LLP on

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

Uncertain Seas: European Financial and Regulatory Developments into 2017

Charting New and Dangerous Waters - Lloyd George and Epictetus may be long gone but their words have much resonance with the events of 2016. The political fallout from the UK’s vote to leave the European Union (“EU”)...more

European Banking Authority Publishes Final Report on MREL Framework 

by Shearman & Sterling LLP on

The European Banking Authority published its final Report on the design and implementation of the minimum requirement for own funds and eligible liabilities framework. MREL is the EU equivalent of the US Total Loss Absorbing...more

Financial Stability Board Consults on Internal Loss-absorbing Capacity of G-SIBs

by Shearman & Sterling LLP on

The Financial Stability Board published a consultative paper containing draft Guiding Principles on the internal total loss-absorbing capacity or Internal TLAC of global systemically important banks. The FSB is proposing the...more

Structured Thoughts: News for the financial services community - Special Issue

Final TLAC Rules and Structured Products - On December 15, 2016, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued its final rules regarding long-term debt and total loss absorbing...more

A Closer Look at the Final TLAC Rule’s Requirements for IHCs

by Morrison & Foerster LLP on

On December 15, 2016, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued final rules requiring global systemically important banks (“G-SIBs”) in the United States, including bank holding...more

IRS Provides Guidance on TLAC

by Morrison & Foerster LLP on

On December 16, 2016, the Internal Revenue Service (“IRS”) issued Revenue Procedure 2017-12 (the “Revenue Procedure”), which provides that certain instruments issued by global systemically important banking organizations...more

Brussels Regulatory Brief: December

by K&L Gates LLP on

January will bring some important changes in the internal composition and current leadership of the European Parliament (“EP”). Such changes are expected to shake the EP’s internal life, even without a shift in the general...more

TLAC’s Back! Sifting Through the Federal Reserve’s Final TLAC Rule

by Morrison & Foerster LLP on

On December 15, 2016, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued its final rules regarding total loss absorbing capacity (the “Final TLAC Rule”) requirements for global systemically...more

Shaping MREL for European (and non-European) Banks

by Morrison & Foerster LLP on

The European Commission (“Commission”), on 23 November 2016, released its legislative proposals to amend the EU’s Bank Recovery and Resolution Directive (“BRRD”) to provide more detailed rules relating to the setting of MREL...more

New EU Banking Legislation Reforms

by Morrison & Foerster LLP on

On 23rd November 2016, the European Commission released a package of banking legislation reforms. Some of these were expected – in particular those related to the minimum requirement for eligible liabilities and own funds...more

Brussels Regulatory Brief: November

by K&L Gates LLP on

The European Commission (“Commission”) has recently published statistics concerning the European Union (“EU”) merger control review process. Typically, the Commission examines larger mergers with an EU dimension, meaning that...more

UK Bank of England Finalizes MREL Requirements

by Shearman & Sterling LLP on

The Bank of England published the final rules on implementing the EU Minimum Requirement for own funds and Eligible Liabilities (MREL). This is the equivalent of the US Total Loss Absorbing Capacity (known as TLAC) rule. ...more

Draft EU Technical Standards on MREL Reporting

by Shearman & Sterling LLP on

The European Banking Authority published for consultation draft Implementing Technical Standards on the reporting requirements of the minimum requirements for own funds and eligible liabilities. The ITS set out the procedures...more

International Standard for TLAC Holdings Published

by Shearman & Sterling LLP on

The Basel Committee on Banking Supervision published the final Standard for Total Loss Absorbing Capacity holdings. The Financial Stability Board published the TLAC requirements for global systemically important banks in...more

Structured Thoughts: News for the financial services community, Volume 7, Issue 9

Updating Unregistered Structured Note Programs: How Frequently? - For some types of securities offering programs, we have “black letter law” that instructs issuers how frequently the program documentation should be...more

UK Financial Regulatory Developments - April 2016 #26

by Dentons on

Commission reports on CMU - The Commission has published a working report on the progress and momentum around the CMU action plan since its launch in September 2015. The first report also sets out 11 key initiatives...more

Bankers' poll: TLAC and the future of bank debt

by Morrison & Foerster LLP on

To say bank bonds had a rocky start to 2016 would be an understatement. Over the first weeks of January, the market’s significant gains from last year were essentially wiped out, with European issuers hit particularly hard....more

US Internal Revenue Service and US Treasury Department Issue Anti-Inversion Regulations

by Shearman & Sterling LLP on

The US Internal Revenue Service issued a proposal under Section 385 of the Internal Revenue Code with respect to the treatment of instruments issued by corporations in related-party transactions as debt or equity for federal...more

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