Topic: Banking

CFTC and SEC Publish Final “Swaps” Definition; Countdown Begins for Regulatory Compliance

The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission published the final rules defining “swap” and other swap-related terms in the Federal Register earlier this week, setting into motion a countdown to compliance for a number of CFTC regulations governing the swap market. From law firm Skadden Arps: “The effective date and… Read more »

Doing Business in Europe: A JD Supra Legal Reader

For your convenience, here’s a roundup of recent legal advisories on the broad topic of doing business in the European Union and its member countries: Rewards and Penalties in Bond Covenant Consent Solicitations Under English Law (Skadden, Arps, Slate, Meagher & Flom LLP): “Two recent cases decided in the English High Court provide contrasting views… Read more »

LIBOR and the Manipulation Scandal: A Legal Analysis

From law firm McDermott Will & Emery, an in-depth look at the London Interbank Offered Rate (LIBOR), what it represents, and the continuing manipulation scandal: “[LIBOR] is considered one of the most important interest rates in the financial world. It underpins approximately £225 trillion of financial products ranging from interest rate swaps and corporate loans… Read more »

Government Issues Guidance on Cloud Computing Risks for Financial Institutions

Earlier this month, the Federal Financial Institutions Examination Council (FFIEC) – an interagency body of the U.S. government charged with standardizing federal examination of financial institutions – issued a statement on the risks of outsourced cloud computing for banks and other entities. It’s the first regulatory guidance for financial institutions on the specific risks associated… Read more »

CFPB Action Against Capital One Bank Sets Tone for Aggressive Enforcement

Earlier this month, the Consumer Financial Protection Bureau (CFPB) – the federal watchdog agency mandated by the Dodd-Frank Act to regulate consumer financial products and services – issued its first ever public enforcement action. Its target? Capital One Bank, which according to the CFPB engaged in deceptive marketing practices, pressuring consumers into purchasing credit card… Read more »

CFTC and SEC Finalize Swap Definition, Set Regulatory Reforms Into Motion

On July 7, 2012, the Commodities Futures Trading Commission (CFTC) finalized its definition of a “swap” as required by the Dodd-Frank financial reforms law, one day after the Securities and Exchange Commission approved its parallel version of the definition. For your reference, here’s a roundup of legal commentary on this latest Dodd-Frank development: CFTC-SEC Final… Read more »

European Regulations Taking Shape for Alternative Investment Funds

Europe’s Alternative Investment Fund Managers Directive (AIFMD), scheduled to be implemented by each member state no later than July 2013, will radically change the way funds are regulated in Europe. From law firm Harneys Westwood & Riegels: “ [The Directive] will overhaul the pan-European regulatory regime applicable to the managers of hedge funds, real estate… Read more »

European Banking & Finance News: A JD Supra Legal Reader

Barclays, ESMA standards, an amended Prospectus Directive, AIFMSD, FSA activities, and more… For your convenience, here’s a roundup of recent advisories on developments in the European banking and finance industry: Barclays / LIBOR FSA Fines Barclays £59.5 Million for Manipulation of LIBOR (Orrick, Herrington & Sutcliffe LLP): “On 27 June 2012, the FSA published the… Read more »

Finance Advisory: Greek Bailout, SEC Enforcement, FHFA, Whistleblowers, Money Laundering, Basel III, FATCA, and More

[Link: Greece’s Lawyer: EU Bailout Will Cost Trillion Euros & Cyprus Is Next – Bloomberg Law] For your reference, here’s a roundup of recent noteworthy advisories and updates on a wide range of finance, banking, and related matters, as published mid-week on JD Supra by leading lawyers and law firms. You should know: Government Enforcement… Read more »

Doing Business in Europe: A JD Supra Legal Reader

For your reference, here’s a roundup of recent legal advisories on the broad topic of doing business in the European Union and its member countries: EU Internal Energy Market Legislation Not Fully in Force (King & Spalding) “The Electricity and Gas Directives of the EU’s Third Energy Package were required to be implemented in EU… Read more »

RadLAX & Credit Bidding Rights: “One of the Most Important Business Bankruptcy Cases in a Decade”

On May 29, 2012, the Supreme Court ruled that debtors must allow lenders to “credit bid” when auctioning off assets as part of the bankruptcy reorganization process. Law firm Morrison & Foerster: “In a unanimous opinion in RadLAX Gateway Hotel, LLC v. Amalgamated Bank, the Court held that a Chapter 11 plan of reorganization that… Read more »

Feds Issue “Stress Test” Guidance for Large Financial Institutions

In mid-May, the Federal Reserve Board, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) published final guidelines on mandatory stress tests at banks and other financial institutions with more than $10 billion in assets. For your reference, a roundup of legal advisories on the new rules: Agencies… Read more »

Doing Business in the Middle East: A JD Supra Legal Reader

For your reference, here’s a roundup of recent legal advisories on the broad topic of doing business in the Middle East: Iraq Iraq Perspectives – May 2012 (Pillsbury Winthrop Shaw Pittman LLP) “Iraq is recovering from decades of war, sanctions and domestic unrest, and the country is in urgent need of all types of infrastructure… Read more »