In his recent speech that we have covered in a series of blog posts, Federal Reserve Vice Chair for Supervision Randal Quarles announced that he would like the Federal Reserve to achieve “meaningful simplification of our framework of loss absorbency requirements,” referring to both the Federal Reserve’s capital and
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Gabriel D. Rosenberg
Mr. Rosenberg is a partner in Davis Polk’s Financial Institutions Group. [Full Bio]
A Clearer Path Ahead? New Survey on Incentives to Centrally Clear OTC Derivatives
The Financial Stability Board, Basel Committee on Banking Supervision, Committee on Payments and Market Infrastructures and International Organization of Securities Commissions announced late last week a survey focusing on the effects of post-crisis regulatory reforms on incentives to centrally clear over-the-counter (OTC) derivatives.
The G20 agreed in 2009 to promote…
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Basel Committee Finalizes Basel III Reforms
Six years after finalizing the first set of Basel III reforms to the capital framework for banking organizations, the Basel Committee on Banking Supervision has agreed on and released the final set of revisions to the Basel III capital standards (sometimes referred to as “Basel IV”).
The reforms include the…
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Federal Reserve Maintains 0% Countercyclical Capital Buffer
Posted in U.S. Basel III
The Federal Reserve Board announced today that it will continue its policy of not deploying the countercyclical buffer (CCyB), a decision it reached after assessing the considerations in its September 2016 CCyB policy statement and consulting with the FDIC and OCC.
The CCyB is a macroprudential policy tool that the…
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CFTC Chairman Requests Additional Year to Evaluate the Swap Dealer De Minimis Threshold
CFTC Chairman Giancarlo testified this morning that he intends to delay for an additional year a decision on whether to modify the currently effective swap dealer de minimis registration threshold of $8 billion notional of dealing swaps.[1] This request follows on the heels of a recommendation by the U.S. Treasury,…
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Volcker Rule Commenters Largely Support Reforms
By Randall D. Guynn, Jai R. Massari, Gabriel D. Rosenberg, Alison M. Hashmall, Craig D. Kennedy & Kirill Lebedev on
Posted in Volcker Rule
The Office of the Comptroller of the Currency (the “OCC”) took a first formal step in evaluating how the regulations implementing the Volcker Rule should be revised by issuing a request for public input on the regulations in early August, with comments due in late September. Of the 55 comment…
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Webcast: Cyber Security and Data Management (The evolving law and practice on deleting large volumes of old data to reduce cyber risk)
By Avi Gesser, Gabriel D. Rosenberg & Matthew Kelly on
Posted in Fintech
Wednesday, October 11, 2017
12:00 pm – 1:00 pm ET
Please join us for a discussion on the evolving law and practice on the document management aspects of cyber security, including:
- Regulators’ expectation for companies regarding deleting old non-public data to reduce cyber risk.
- The interactions between
Key Takeaways from CFTC Enforcement Director’s Speech and Q&A on Self-Reporting
There has been significant attention to the first major policy speech by the CFTC’s newly-minted Enforcement Division Director, James McDonald on September 25, 2017. Mr. McDonald’s speech outlined the Enforcement Division’s updated approach to self-reporting and cooperation, as described in an enforcement advisory update issued to coincide with his speech…
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Banking Agencies Propose To Simplify U.S. Basel III Capital Rules for Non-Advanced Approaches Firms
The U.S. banking agencies this week released a proposal that would significantly amend the U.S. Basel III capital rules of all three agencies by simplifying the capital treatment of several items, primarily for non-advanced approaches banking organizations. The proposed rule represents the agencies’ next step in the agencies’ efforts, discussed…
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New CFTC Enforcement Director Emphasizes Benefits of Self-Reporting
By Jai R. Massari, Annette L. Nazareth, Gabriel D. Rosenberg, Lanny A. Schwartz, Meghan E. King & Linda Chatman Thomsen on
Posted in CFTC
In the August 25th episode of the CFTC podcast, CFTC Talks, the new Director of the CFTC’s Enforcement Division, James McDonald, discussed his priorities for the Division (transcript here), including providing incentives for entities to self-report non-compliance issues to the CFTC.
McDonald stressed that as part of…
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