On February 21, 2014, Italy enacted Law No. 9 (the “New Law”), which, among other things:
- reduces the tax cost of taking security in connection with notes offerings;
- expands the array of security that can...more
A key new element of the Basel III framework for regulatory capital aims to improve banks’ management of their funding and liquidity profiles. Two new measures are proposed: a “net stable funding ratio,” and a “liquidity...more
Reducing excess “leverage” in the banking sector is a key component of the Basel III capital standards. “Leverage” for these purposes means the ratio between a bank’s non-risk-weighted assets and its capital. The ratio is...more
In this issue:
- EU Developments
- Italian Developments
- UK Developments
- US Developments
- Asian Developments
- International Financial Markets Regulation Developments
-...more
New laws requiring the ring-fencing of retail banking from investment banking have been enacted in the UK. The protection of retail businesses was one of many recommendations made by the Independent Commission on Banking in...more
The credit valuation adjustment charge in Basel III appears, at first glance, to be the preserve of quantitative analysts and the like. However, while complex, the CVA charge requires more widespread attention as it...more
In this issue:
- ASIAN DEVELOPMENTS
- HKEx publishes Amended Listing Rules to Complement the New IPO Sponsor Regime
- US DEVELOPMENTS
- SEC Developments
- Noteworthy US Securities Law...more
10/22/2013
/ Corporate Governance ,
Department of Justice (DOJ) ,
EMIR ,
Enforcement Actions ,
Equivalency Determinations ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Initial Public Offering (IPO) ,
IPO Sponsors ,
PCAOB ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Short Sales ,
Swap Clearing
In this issue:
- EU Developments
- Opinion on ESMA’s Powers under the Short Selling Regulation
- ESMA Publishes Third Country Advice on Equivalence
- ESMA Consults on the Clearing...more
The US and EU rules implementing Basel III follow many aspects of Basel III closely, but there are major differences in approach in several key areas. Financial institutions have been engaged in a “race to the top” to show...more
In this issue:
ASIAN DEVELOPMENTS -
- HKEx Launches Consultation on Reform of Connected Transaction Rules
US DEVELOPMENTS -
- SEC Developments
- Noteworthy US Securities Law...more
7/16/2013
/ China ,
Department of Justice (DOJ) ,
EMIR ,
Employee Benefits ,
Employer Mandates ,
Enforcement Actions ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Litigation
In This Issue:
- EU DEVELOPMENTS
..European Securities and Markets Authority (“ESMA”) Publishes an Update of the Committee of European
Securities Regulators (“CESR”) Recommendations Regarding Mineral...more