News & Analysis as of

Collateralized Debt Obligations Banks

Morrison & Foerster LLP

Agencies Issue Guidance on Capital Deduction Requirement under the Volcker Rule for Investments in Collateralized Debt Obligations...

by Morrison & Foerster LLP on

On Friday, March 4, 2016, the Volcker Inter-Agency Group posted a new frequently asked question (FAQ 21), clarifying the capital deduction requirement under the Volcker Rule for investments in Qualifying TruPS CDOs. FAQ 21...more

Carlton Fields

Florida Appellate Court Adopts Test to Distinguish Direct Shareholder Actions From Derivative Actions

by Carlton Fields on

Addressing what it acknowledged was a “murky question” under Florida law, Florida’s Fourth District Court of Appeal recently outlined the test for determining when shareholders may maintain a direct action against a...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

ESMA Publishes Table Showing Compliance with its Guidelines Relating to Global Supervisory Co-Operation on AIFs - On June 20, ESMA published a table showing which competent authorities comply or intend to comply with...more

Dorsey & Whitney LLP

The Benefits of Cooperation

by Dorsey & Whitney LLP on

Enforcement officials frequently emphasize the benefits of cooperation. The cases involving former Credit Suisse Managing Director David Higgs illustrate the point. U. S. v. Higgs, 1:12-cr-00088 (S.D.N.Y. Plea February 1,...more

Burr & Forman

Dodd-Frank News: May 2014: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

by Burr & Forman on

In This Issue: - RECENT CASES ..Preemption ..CFPB Involvement in Litigation ..CFTC Regulation of Retail Commodity Transactions ..Durbin Amendment ..Appraiser Disclosure Requirements Under...more

Carlton Fields

Final Volcker Regulations Ease Mutual Fund Concerns

by Carlton Fields on

Adopted in December 2013, the final interagency rulemaking to implement the Volcker Rule resolves a number of concerns raised by the mutual fund industry. Under the Volcker Rule, banking entities are generally prohibited from...more

Morrison & Foerster LLP

The Volcker Rule’s Trojan Horse for Smaller Banking Entities

by Morrison & Foerster LLP on

The final rules recently enacted to implement the Volcker Rule (‘‘the Final Rules’’) impose on the largest banking entities a highly detailed and complex compliance regime. As to those so-called ‘‘less active banking...more

Dechert LLP

CLOs under the Volcker Rule: New Exemptions, New Issues, New Obligations – Part I

by Dechert LLP on

Befitting the holiday season the regulators recently decided to bestow upon us all the much anticipated (dreaded?) Volcker Rule. At 1100 pages of truly riveting reading material, Volcker has certainly given all of us plenty...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Entering a New Regulatory Era Under the Final Volcker Rule"

In December 2013, five U.S. financial regulatory agencies adopted final regulations to implement the Volcker Rule. As expressed in the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Volcker Rule generally...more

King & Spalding

Dodd-Frank: The Volcker Vortex

by King & Spalding on

In its simplest form, the Dodd-Frank Act's Volcker Rule prohibits U.S. bank holding companies and their affiliates from engaging in "proprietary trading" and from sponsoring hedge funds and private equity funds. While the...more

Perkins Coie

Financial Services Bulletin: Action At Federal Agencies

by Perkins Coie on

Agencies Approve Interim Final Rules Exempting Certain Interests from the Volcker Rule - On Thursday, January 14, 2013, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation,...more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - Volume IX, Issue 3

by Katten Muchin Rosenman LLP on

In this issue: - CFTC Issues No-Action Relief to FCMs Relating to Enhanced Customer Protection Rules - Eleventh Circuit Upholds Directors’ Affirmative Defenses Based on FDIC’s Post-Receivership Conduct -...more

Morgan Lewis

Community Bank TruPS CDOs Exempted from the Volcker Rule

by Morgan Lewis on

Interim final rule exempts collateralized debt obligation vehicles that hold qualifying community bank trust preferred securities from the private fund sponsorship and investment prohibitions....more

Dorsey & Whitney LLP

This Week In Securities Litigation (The week ending January 17, 2014)

by Dorsey & Whitney LLP on

The high profile insider trading trial of Matthew Martoma moved forward in New York this week with testimony on behalf of the prosecution. The SEC and four other agencies joined in granting relief from a provision of the...more

Pepper Hamilton LLP

Observation 1.2 On The Volcker Rule: Foreign Banking Entities – Location, Location, Location

by Pepper Hamilton LLP on

On December 10, 2013, the Board of Governors of the Federal Reserve System (FRB), Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), the Securities and Exchange Commission (SEC) and...more

Skadden, Arps, Slate, Meagher & Flom LLP

Special Edition: Volcker Rule: Proprietary Trading Restrictions Under the Final Volcker Rule

Since the release of the proposed rule to implement the Volcker Rule (the Proposed Rule) more than two years ago, participants in the financial services industry have continued to express concern about the burden of complying...more

Goodwin

Five Federal Agencies Adopt Interim Rule Providing Relief from the Volcker Rule with Respect to Collateralized Debt Obligations...

by Goodwin on

The Federal Reserve Board, the OCC, the FDIC, the SEC and the CFTC (collectively, the “Agencies”) adopted an interim final rule (the “Interim Rule”) that provides relief from certain requirements of the Volcker rule for...more

Eversheds Sutherland (US) LLP

Legal Alert: Final Volcker Rule: Update and Key Takeaways for Private Funds

On December 10, 2013, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Securities and Exchange Commission, and the Commodity Futures...more

Eversheds Sutherland (US) LLP

Legal Alert: Final Volcker Rule: Update and Key Takeaways for Insurers

On December 10, 2013, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Securities and Exchange Commission, and the Commodity Futures Trading...more

Eversheds Sutherland (US) LLP

Legal Alert: Final Volcker Rule: Update and Key Takeaways

On December 10, 2013, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Securities and Exchange Commission and the Commodity Futures...more

Katten Muchin Rosenman LLP

Agencies Appear to Signal Retreat on CDO TruPS Issue

In the wake of the American Bankers Association’s lawsuit challenging the Volcker Rule’s treatment of collateralized debt obligations (CDOs) backed by trust preferred securities (TruPS), the Office of the Comptroller of the...more

Orrick - Structured Finance Group

Three Agencies Issue FAQ Regarding CDOs Backed by Trust Preferred Securities Under the Volcker Rule

On December 19, Fed, FDIC and OCC issued Frequently Asked Questions to clarify rules applicable to investments in covered funds and whether collateralized debt obligations backed by trust preferred securities (TruPS CDOs)...more

Ballard Spahr LLP

Controversy over the Volcker Rule and Trust-Preferred CDOs

by Ballard Spahr LLP on

The banking industry’s recent challenge to the newly promulgated Volcker Rule focuses on collateralized debt obligations backed by trust-preferred securities (TruPS CDOs). Even though TruPS CDOs do not represent the kind of...more

Goodwin

Federal Agencies Reviewing Treatment under Volcker Rule of Collateralized Debt Obligations Backed by TruPS

by Goodwin on

On December 27, 2013, the FRB, FDIC, OCC and SEC (the “Agencies”) jointly issued a statement which advised financial institutions that the Agencies were reviewing, in response to concerns expressed by community banks and...more

Katten Muchin Rosenman LLP

Banking Agencies Issue FAQ Document Regarding CDOs Backed by TruPS Under the Volcker Rule

by Katten Muchin Rosenman LLP on

On December 19, three federal financial institution regulatory agencies (the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the...more

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