On December 10, 2013, the Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Securities Exchange...more
Last week, the five agencies that jointly issued the final regulation implementing the Volcker Rule (the Final Rule) in December issued an interim final rule (the Interim Rule) that exempts collateralized debt obligations...more
In Observation 1.1.1, we discussed the surprise treatment under the new Volcker Rule regulations of collateral debt obligations (CDOs) backed by trust preferred securities (TruPS) as “covered funds,” which would force banking...more
UK Financial Services Regulatory Handover - On April 1, the long-awaited handover of power from the FSA to the "twin-peaks system," consisting of the Prudential Regulation Authority (PRA) and Financial Conduct Authority...more