Orrick's Financial Industry Week in Review - October 14, 2013

by Orrick, Herrington & Sutcliffe LLP
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Financial Industry Developments

FHFA Common Securitization Platform

On October 7, the FHFA announced that the joint venture between Fannie Mae and Freddie Mac to build and create a new common securitization platform has reached certain milestones, including the filing of a certificate of formation for the legal entity created by the joint venture as well as leasing office space.  FHFA Release.   

Joint Release on Borrowers Affected by Government Shutdown

On October 9, the Fed, CFPB, FDIC, NCUA and OCC issued a release encouraging financial institutions to work with borrowers affected by the government shutdown to provide workout arrangementsJoint Release.

New Flood Insurance Rule Proposed by Joint Regulators

On October 11, five agencies issued a joint notice of proposed rulemaking to amend regulations related to loans secured by property located in flood hazard areas.  The proposed rule would implement portions of the Biggert-Waters Act with respect to private flood insurance, the escrow of flood insurance payments and the forced-placement of flood insurance if borrowers let their own insurance lapse.  Among other changes, the proposed rule would require lending institutions to accept private flood insurance to satisfy the mandatory purchase requirements and to escrow flood insurance payments and fees for any new or outstanding loans secured by residential improved real estateFDIC ReleaseProposed Rule.

Rating Agency Developments

On October 9, Fitch released its U.S. RMBS surveillance criteria.  Fitch Report. 

On October 9, S&P released a request for comment on its methodology and assumptions for rating Japanese CMBS.  Comments must be submitted by November 11.  S&P Release.

Note: Free registration is required for rating agency releases and reports.

Asset Management

PCAOB Adopts Standards for Broker-Dealer Audits and for Auditing Supplemental Information

On October 10, the Public Company Accounting Oversight Board adopted two attestation standards pertaining to audits of brokers and dealers intended to help protect customer funds by enhancing the quality of compliance information provided to the Securities and Exchange Commission and used in its regulatory oversight of broker-dealers.  News Release.

European Financial Industry Developments

UK Treasury Announces Policy on New Payment Systems Regulator

On October 9, the UK Treasury (HM Treasury) published its response to feedback on its March 2013 consultation paper on opening up UK payments, announcing the details of the new Payment Systems Regulator.

In its March 2013 consultation, HM Treasury set out proposals for bringing payment systems under formal economic regulation and establishing a new competition-focused utility-style regulator for retail payment services.  In the response, HM Treasury sets out its policy decisions on the roles, responsibilities and powers of the new regulator, which will be established by the Financial Services (Banking Reform) Bill 2013-14. 

HM Treasury intends for the Regulator's powers to come into force in late 2014, with the Payments System Regulator fully operational by spring 2015.  Response.  

FCA Second Consultation on Implementing CRD IV For Investment Firms

The FCA published a second consultation paper on proposals to implement CRD IV for investment firms (CP13/12).  CRD IV is a package of major reforms to EU legislation on prudential requirements for credit institutions and investment firms.  The effect of the reforms will be to replace the existing CRD with a regulation (the CRR) and a directive (the CRD IV Directive).

In CP13/12, the FCA consults on proposals applying to investment firms that are currently subject to the Capital Requirements Directive (2006/48/EC and 2006/49/EC) (CRD), and to management companies (as defined under the UCITS Directive (2009/65/EC) (UCITS IV) and alternative investment fund managers (AIFMs).  Second Consultation Paper.

Events

The Politics of Restructuring

Please join us in our Washington D.C. office on October 24 for an afternoon discussion looking at the intersection of distressed debt and political decision making.  Our first panel, Restructuring Infrastructure, will discuss the unique issues raised by the challenging task of restructuring distressed infrastructure projects.  Our keynote panel, The Politics of Restructuring, will look at the impact that politics has on a range of entities, including municipalities, corporations and tribal entities.  We will also focus on the increasing role of governments – federal, state and local – in the restructuring process.  The discussion will be followed by a networking reception.  For more information and to register for this event, please click here.

 

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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