As we head into the July 4th holiday and the heart of summer approaches, we have updated our brief deck summarizing the leadership and staffing changes among federal financial regulators, including announced nominations, resignations and expiring terms. The first slide summarizes the state of play for the agencies’ principals;
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Davis Polk Financial Services Regulatory Reform Tool—Summer Beach Read Edition
Posted in Administrative Law, Anti-Money Laundering, Bank Capital, Bank Regulation, CFPB, CFTC, Community Reinvestment Act, Cost-Benefit Analysis, Dodd-Frank, Economic Sanctions, FDIC, Federal Reserve, FSOC, Legislation, Liquidity, OCC, OFAC, Stress Testing, Swap Regulation, TLAC, U.S. Basel III, U.S. Congress, Volcker Rule
Financial services regulatory reform in 2018 continues to evolve. For those of you who have been thinking you might catch up over the summer lull, here is the summer beach read edition of our reference tool, which provides context and summarizes current developments across a range of key regulatory areas,…
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Status of Financial Regulatory Leadership Changes
By Paul E. Means on
As mid-year 2018 approaches, we have updated our brief deck summarizing the leadership and staffing changes among federal financial regulators, including announced nominations and resignations and expiring terms. The first slide summaries the state of play for the principals, and the later slides provide a deeper dive on an agency-by-agency…
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CFTC Chairman Giancarlo’s White Paper on Swap Regulation Reform Envisions Near-Term Changes and Longer-Term Enhancements
CFTC Chairman J. Christopher Giancarlo and CFTC Chief Economist Bruce Tuckman released a White Paper on April 26, 2018 that reflects the authors’ personal views on the need for swaps regulatory reforms in the United States in five key areas:
- swap execution on swap execution facilities (“SEFs”);
- trade
LIBOR Fallbacks in Focus
Market participants are undertaking significant work to prepare for a transition away from LIBOR. This publication focuses on the legal framework and other issues related to fallback language. To give a more tangible sense of what may be at stake and the efforts required to transition, it provides in-depth analyses…
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Davis Polk Blockchain Bulletin: A Cryptocurrency and DLT Newsletter
A Cryptocurrency and DLT Newsletter – April 5, 2018
Authored by Jai R. Massari, Christophe Perchet, Byron B. Rooney, Daniel Arroche, Trevor I. Kiviat, Daniela Dekhtyar-McCarthy and Andrew Ruben
| Market Developments |
Web Platforms Continue to Ban ICO-Related Advertisements
The SEC increasingly is focusing its enforcement authority not only on companies…
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SEC Proposes Equity Market Study: Beginning of the End for the Maker-Taker Model?
In the first major trading and markets initiative under SEC Chairman Jay Clayton, on March 14, 2018, the SEC proposed to establish a transaction fee pilot program to study the effects of maker-taker fee structures. A pilot study was initially recommended by the SEC’s Equity Market Structure Advisory Committee in…
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Davis Polk Blockchain Bulletin: A Cryptocurrency and DLT Newsletter
Authored by Jai R. Massari, Annette L. Nazareth, Byron B. Rooney, Jeanine P. McGuinness, Zachary J. Zweihorn, Trevor I. Kiviat, Zachary B. Shapiro, Daniela Dekhtyar-McCarthy and Andrew Ruben
We are pleased to publish this first Blockchain Bulletin, which we expect to be the first in a series of periodic posts …
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Delegation, Not Abdication: The CFTC Fines AMP Global Clearing LLC for Failing to Supervise a Third-Party Service Provider
By Avi Gesser & Gabriel D. Rosenberg on
Posted in CFTC
For the first time, the CFTC has fined a company for poor cybersecurity practices that resulted in a third-party breach of the company’s information systems. This development is consistent with an increasing trend of regulators holding companies responsible for the cybersecurity failures of third-party service providers.
AMP Global Clearing LLC…
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FINRA Seeks Comment on Applying Various Rules to U.S. Treasuries and Extending Certain Equity Market Rules to All Debt Securities
Posted in Broker-Dealer, SEC
Responding to a 2016 request by the SEC (in consultation with the Treasury Department), FINRA recently reviewed the extent to which various FINRA rules apply to U.S. Treasury securities. Following up on that analysis, on February 6, 2018, FINRA issued Regulatory Notice 18-05, requesting comment on whether it should…
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