Financial Regulatory Developments Focus - June 2015 #3

In This Issue:

- US Financial Stability Oversight Council Releases Guidance Regarding Calculations of Stage 1 Threshold

- US Federal Agencies Issue Final Standards for Assessing Diversity Policies and Practices of Regulated Entities

- US Federal Agencies Publish Volcker Rule Frequently Asked Questions 14 and 15

- US Consumer Financial Protection Bureau To Supervise Nonbank Auto Finance Industry

- US Commodity Futures Trading Commission’s Division of Market Oversight Extends Time-Limited, No-Action Relief for Swap Dealers and Major Swap Participants from Compliance with Reporting Obligations

- European Supervisory Authorities Consult Again on Margin for Uncleared Derivatives

- Assessment Report on Implementation of the Principles for Financial Market Infrastructures

- US Securities and Exchange Commission Publishes Request for Public Comment on Exchange-Traded Products

- UK Fair and Effective Markets Review Makes Recommendations in Final Report

- Bank of England Announces Open Forum on Assessment of the Reforms Impacting the FICC Markets

- Final UK Rules on Restrictions on Retail Distribution of CoCos and Mutual Society Shares

- European Banking Authority’s Technical Advice on Target Level and Initial Period for Contributions to the Single Resolution Fund

- Upcoming Events

- Excerpt from US Financial Stability Oversight Council Releases Guidance Regarding Calculations of Stage 1 Threshold:

On June 8, 2015, US Financial Stability Oversight Council staff released guidance providing additional information regarding the calculation of Stage 1 thresholds, used by the FSOC to help identify nonbank financial companies for potential supervision by the Board of Governors of the Federal Reserve System and to determine application of enhanced prudential standards to such companies. To assist its determination, the FSOC created a three-stage process, where it applies in Stage 1 six quantitative thresholds to a broad group of nonbank financial companies to assess whether any may be subject to further evaluation in Stage 2. The recent FSOC guidance describes the components of each of the thresholds, applicable accounting standards that are applied, data sources that are utilized, entities included in the calculations, the frequency of calculations and periodic review of the Stage 1 thresholds.

Please see full Newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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