The Standard Formula Podcast | Unpacking the IAIS’ Adoption of the Insurance Capital Standard
The Standard Formula Podcast | Insurers in Difficulty: Staying Compliant Under Solvency II
The Standard Formula Podcast | Using an Internal Model to Calculate the Solvency Capital Requirement
The Standard Formula Podcast | Bermuda Monetary Authority Proposes Enhancements to its Regulatory Regime
Williams Mullen's Comeback Plan: Part II - How Banks Think About Loan Defaults: Lessons for Borrowers in Troubled Times
CFTC Proposal Poses “Monumental” Challenge to FCMs
Directive 2024/1619 (CRD VI) will (among other things) establish a new and more prescriptive EU regulatory regime for EU branches of non-EU banks. New harmonised licencing, authorisation, capital, liquidity, booking, and...more
On July 22nd, the Federal Reserve Board (“FRB”) hosted the Integrated Review of the Capital Framework for Large Banks Conference. The Conference appears to be a first of its kind for the FRB, and as Chair Jay Powell noted in...more
What is new: The UK government has proposed a new regulatory framework for captive insurance companies, aiming to simplify regulations and enhance competitiveness in the financial services sector. Why it matters: The...more
The UK Prudential Regulation Authority (PRA) has published its final policy statement in relation to amendments being made to the UK framework on capital buffers. Together with the Capital Buffers and Macro-prudential...more
On June 27, the Fed released the results of its annual supervisory stress test, evaluating how large banks would perform under hypothetical adverse economic conditions. The Fed conducts stress tests annually as part of its...more
On an aggregate basis, banking industry net revenue improved in Q1 despite flattish NIM on near-record non-interest income and expense improvements....more
This chapter discusses prudential insurance regulation in Japan. Japan is the fourth-largest insurance market in the world, with a broad customer base and a varied range of offerings. This profile, coupled with ongoing...more
The Prudential Regulation Authority (PRA) has published a Dear CFO letter outlining its prudential expectations regarding practices related to illiquid and structured financing portfolios. The PRA focuses on significant risk...more
On January 16, 2025, Representative Andy Barr (R-KY) introduced a bill aimed at increasing the formation of new banks by easing regulatory requirements, particularly for de novo and rural financial institutions. The...more
The 2025 National Association of Insurance Commissioners (NAIC) President and North Dakota Insurance Commissioner Jon Godfread has stated that...more
The UK Financial Conduct Authority (FCA) has updated its webpage on its consultation paper CP23/24: capital deduction for redress: personal investment firms. The consultation was issued in response to the FCA identifying...more
On January 16, U.S. Representative Andy Barr (R-KY) introduced H.R. 478, the “Promoting New Bank Formation Act,” which was referred to the Committee on Financial Services. This bill aims to support the establishment and...more
The Prudential Regulation Authority has announced that, in consultation with HM Treasury, it has decided to delay the implementation of Basel 3.1 in the U.K. by one year until January 1, 2027. The PRA explains that it has...more
As the new administration settles in, it has begun to catalyze significant changes in the bank supervisory and regulatory environment. The FDIC is the first mover in this effort. Longtime director and sometime Chairman Martin...more
The Prudential Regulation Authority ("PRA") has set out its 2025 expectations for UK insurers, by way of a Dear CEO Letter. The areas are not exhaustive but do represent "thematic priorities". The themes will not come as a...more
Significant risk transfer transactions or SRTs are one of the fastest growing corners of the financial markets. In this update, the opening of the US market, increasing international regulatory scrutiny and updates to the UK...more
EXECUTIVE SUMMARY - Section 23A of the Federal Reserve Act and its implementing regulation, Regulation W, impose restrictions on banks concerning “covered transactions” with their affiliates. With the increasing...more
The EMIR 3 Regulation and Directive have been published in the Official Journal of the European Union and will enter into force on December 24, 2024. The EMIR 3 Regulation amends the European Market Infrastructure Regulation...more
Undertakings in difficulty, in the context of Solvency II, refers to insurers that are either failing or likely to fail to meet their solvency capital requirement (SCR) or their minimum capital requirement (MCR) (together,...more
As a lending lawyer for more than a quarter century at this point, I have seen that deposit accounts and deposit account control agreements are a routine component of virtually every transaction. Deposit accounts are a source...more
“The Standard Formula’s” Rob Chaplin once again gives listeners a look at how to address some of the intricacies of Solvency II. In this episode, he is joined by Feargal Ryan for a discussion on how insurers should navigate...more
On Tuesday, September 10, the Federal Reserve announced a reproposal of the much discussed and awaited Basel III Endgame. However, before we dive into the reproposal, it is important to take a step back and look at how we got...more
The Situation: Prior to the enactment of Capital Requirements Directive ("CRD") VI, corporate governance rules for the financial services industry were not harmonized across EU Member States....more
This article, updated quarterly, looks ahead to the areas expected to be prioritised by financial services regulators across the globe; we look at the key regulatory trends emerging from the past year which inform our...more
The PRA has released an important statement on its approach to funded reinsurance. Our view is that the statement endorses the conceptual principle that funded reinsurance (particularly to offshore counterparties) should best...more