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Nonbank Firms Systemically Important Financial Institution

Carlton Fields

FSOC Rescinds Prudential’s Designation As Systemically Important Financial Institution

Carlton Fields on

The Financial Stability Oversight Council (“FSOC”) announced on October 17, 2018 that it has voted unanimously to rescind the designation of Prudential Financial Inc. (“Prudential”) as a systemically important financial...more

Carlton Fields

The Judicial Rescission of MetLife’s SIFI Designation and the Possible Implications of the SIFI Process for Reinsurers

Carlton Fields on

The designation of MetLife as a systemically significant nonbank financial institution (SIFI) by the Financial Stability Oversight Council (FSOC) was recently rescinded by the United States District Court for the District of...more

Orrick - Finance 20/20

Federal District Court Rules against Designation of MetLife as a “SIFI” under Dodd-Frank Act

On March 30, the D.C. federal District Court ruled against the designation by the Financial Stability Oversight Counsel (“FSOC”) of MetLife as a “systemically important financial institution” under the Dodd-Frank Act. The...more

Morrison & Foerster LLP

Float Like a Butterfly, Sting Like a Non-SIFI: Round One Goes to MetLife

On March 30, 2016, the U.S. District Court for the District of Columbia (the “U.S. District Court”) handed down its decision regarding MetLife’s challenge to the Financial Stability Oversight Committee’s (“FSOC”) designation...more

Carlton Fields

FSOC’s Designation of Nonbank SIFIs: More New Developments

Carlton Fields on

The end-of-year holidays failed to slow the pace of developments surrounding the Financial Stability Oversight Council’s (FSOC) process for designating nonbank Systemically Important Financial Institutions (SIFIs) for Federal...more

Dechert LLP

U.S. FSOC Proposes Qualified Financial Contract Rules and Creates a New Challenge for Large Financial Companies that are not SIFIs

Dechert LLP on

The Financial Stability Oversight Council (Council) proposed regulations (Rule) on January 7, 2015, which create a new challenge for all nonbank financial companies with assets of $50 billion or more. While the four companies...more

Dechert LLP

FSOC Criticized by Government Accountability Office, but GAO Report Misses Critical Substantive Improvements; FRB Begins to...

Dechert LLP on

The U.S. Government Accountability Office just issued a report on the Financial Stability Oversight Council's (“FSOC”) systemically important financial institution (“SIFI”) designation process, entitled “Further Actions Could...more

Goodwin

Covered Funds Aspects of the Volcker Rule – Frequently Asked Questions

Goodwin on

The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission (the "SEC") issued a final rule, and the Commodity Futures...more

Baker Donelson

Federal Regulators Set to Name Firms as "Systemically Important"

Baker Donelson on

On June 3, several media outlets reported that the Financial Stability Oversight Council (FSOC) voted to provide notice to certain nonbank financial firms that they would be deemed "systemically important."...more

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