Regulatory Updates Archive

This article outlines the features of proposals to adjust the applicability of certain capital and liquidity tests and certain enhanced prudential standards for bank holding companies. More »

On June 14, the Board of Governors of the Federal Reserve System issued a final rule that establishes credit limits for single counterparties of US bank holding companies and foreign banking organizations with $250 billion or more in assets, and US intermediate holding companies of covered FBOs with $50 billion or more of consolidated assets. More »

On May 22, the House passed Senate bill S. 2155, which would amend certain Dodd-Frank provisions and, primarily for smaller banks and credit unions, provide additional regulatory relief. President Trump is expected to sign the bill, so that it will take effect as law.   More »

On May 14, the Basel Committee on Banking Supervision issued two documents entitled “Criteria for Identifying Simple, Transparent and Comparable Short-Term Securitisations” and “Capital Treatment for Simple, Transparent and Comparable Short-Term Securitisations.”  More »

Today, the Basel Committee on Banking Supervision issued two documents entitled “Criteria for Identifying Simple, Transparent and Comparable Short-Term Securitisations” and “Capital Treatment for Simple, Transparent and Comparable Short-Term Securitisations.” More »

In light of the increasing significance of cybersecurity incidents, the SEC published a press release and additional Commission-level guidance regarding disclosure obligations relating to cybersecurity risks and incidents, which reinforces and expands upon the SEC staff guidance provided in 2011 and addresses two additional topics. More »

The US Court of Appeals for the District of Columbia Circuit recently issued a decision in a case that involved a question of whether the risk retention requirements imposed by Section 941 of the Dodd-Frank Act required open market CLO managers to retain risk in those transactions they managed.  More »

In September, the IRS released proposed regulations that would not only change the types of instruments that are registration-required obligations, but also clarify when a registration-required obligation meets the requirements to be treated as issued in registered form. More »

On July 6, 2017, the Basel Committee on Banking Supervision issued two consultative documents entitled “Criteria for Identifying Simple, Transparent and Comparable Short-Term Securitisations” and “Capital Treatment for Simple, Transparent and Comparable Short-Term Securitisations.”  More »

Keeping track of the regulatory developments affecting asset-backed commercial paper (“ABCP”) conduits and their sponsors is a daunting task. This updated desk reference reviews regulatory and legislative developments affecting the ABCP market. More »

On June 12, the Department of Treasury issued the first report in a series regarding regulation of the financial system in a manner consistent with Core Principles set forth in Executive Order 13772 signed by President Trump on February 3, 2017. More »

On April 26, 2016, the Federal Deposit Insurance Corporation issued a proposed rule to implement the Net Stable Funding Ratio requirement. The Board of Governors of the Federal Reserve Board will consider the proposed NSFR rule at its meeting on May 3, 2016 and the Office of the Comptroller is also expected to to consider the proposed rule in the near future. More »

Today, the Basel Committee on Banking Supervision published a consultative document proposing revisions to its Basel III leverage ratio framework. Among other things, the Proposed Revisions provide that for purposes of calculating the denominator of the leverage ratio, off-balance sheet exposures of banks to securitization transactions are to be treated the same as such exposures are treated under the Basel Committee revisions to its securitization framework for risk-based capital. More »

On February 9, 2016, the SEC’s Division of Corporation Finance published a guide for issuers of Asset-Backed Securities addressing changes in EDGAR filing procedures to support new and updated filing requirements under Regulation AB II and Exchange Act Rule 15Ga-2. More »

On January 14, 2016 the Basel Committee on Banking Supervision published final rules related to the Fundamental Review of the Trading Book. Each member country, including the United States, will have to consider how it will give effect to the FRTB framework. More »

On November 2, 2015 President Obama signed the Bipartisan Budget Act of 2015, replacing a longstanding set of statutory provisions governing the audit and adjustment of partnership income tax returns. More »

At a meeting on October 22, 2015, the FDIC Board approved a final rule regarding Treatment of Financial Assets Transferred in Connection with a Securitization or Participation.  More »

At a meeting today the FDIC Board approved a joint final rule establishing margin requirements for swaps that are not cleared through a clearinghouse. More »

The FDIC has announced an open session meeting of its Board of Directors to take place at 10:00 AM on Thursday, October 22, 2015. More »

The FDIC has announced an open session meeting of its Board of Directors to take place at 10:00 AM on Thursday, October 22, 2015. More »

On September 17, 2015, the SEC adopted final amendments to Rule 2a-7 under the Investment Company Act of 1940. The amendments eliminate references to credit ratings in the Rule and make changes to the issuer diversification requirements of the Rule. More »

On May 18, 2015, the Board of Governors of the Federal Reserve System issued guidance indicating when a banking organization that determines its risk-based capital using the advanced approaches may apply the simplified supervisory approach rather than the supervisory formula approach when determining the risk weight of a securitization exposure for risk-based capital purposes. More »

On May 4, 2015, the U.S. Commodity Futures Trading Commission published a letter providing clarification of an issue that has been of acute interest to the auto and equipment securitization industry. Section 2(h)(7)(A) of the Commodity Exchange Act permits certain qualifying entities to elect not to clear a swap that is otherwise subject to a Clearing Determination. More »

On March 31, 2015, the U.S. Commodity Futures Trading Commission issued no-action relief stating that, with respect to certain legacy special purpose vehicle swaps, swap dealers would be exempt from complying with certain CFTC regulations. These Specified Regulations relate to external business conduct standards and swap trading documentation that swap dealers would otherwise be required to adhere to. More »

On February 18, 2015, the European Commission issued two publications which begin a three-month consultation with member states, capital market participants, and other stakeholders towards the development of an action plan for a fully functioning European Capital Markets Union by 2019.  More »

On January 21, 2015, the FDIC proposed a rule that would clarify the requirements of its Securitization Safe Harbor Rule regarding retention of an economic interest in the credit risk of securitized financial assets upon and following the effective date of the credit risk retention regulations adopted under Section 15G of the Securities Exchange Act.   More »

The final credit risk retention rule was published in the Federal Register today, December 24, 2014, setting the compliance dates for the final rule. More »

The Federal Reserve Board announced today that it has acted under the Volcker Rule to give banking entities until July 21, 2016, to conform investments in, and relationships with, covered funds and foreign funds that were in place prior to December 31, 2013, with the requirements of the Volcker Rule.  More »

On December 11, 2014, the Basel Committee on Banking Supervision published final revisions to the securitization framework for determining regulatory capital requirements on exposures arising from securitization transactions. More »

On December 11, 2014, the Basel Committee on Banking Supervision and the International Organization of Securities Commissions issued a Consultative Document proposing criteria that may be used by transaction parties and regulators to assist in the development of simple and transparent securitization structures. More »

On December 9, 2014, the Board of Governors of the Federal Reserve System proposed a framework to establish risk-based capital surcharges for the largest, most interconnected U.S. bank holding companies pursuant to Section 165 of the Dodd-Frank Act. More »

On October 31, 2014, the Basel Committee on Banking Supervision issued the final standard for a Net Stable Funding Ratio requirement. More »

At an open meeting this morning, October 21, 2014, in a 4-1 vote, the Federal Deposit Insurance Corporation adopted final rules to implement the credit risk retention requirements of Section 15G of the Securities Exchange Act of 1934, which were added to that statute pursuant to Section 941 of the Dodd-Frank Act. More »

The Board of Governors of the Federal Reserve System announced today that it is holding an open meeting at 3:30pm (EST) on Wednesday, October 22, 2014, to vote on adoption of a final risk retention rule under Section 941 of the Dodd-Frank Act. More »

This morning, Regulation AB II was published in the Federal Register. More »

Chapman and Cutler hosted a regulatory update program on September 10, 2014, regarding the recently adopted final rules implementing Regulation AB II and the Liquidity Coverage Ratio. More »

On September 3, 2014, the OCC, the Federal Reserve Board and the FDIC (collectively, the "Agencies") adopted final rules implementing revisions to the denominator measure for the supplementary leverage ratio.  More »

This morning, September 3, 2014, the Federal Reserve Board adopted final regulations implementing the liquidity coverage ratio (LCR) requirement in the United States. More »

On August 27, 2014, in a 3-2 vote, the SEC approved final rules applicable to nationally recognized statistical rating organizations (NRSROs). More »

The FDIC has announced an open meeting on September 3, 2014, at 2:00 p.m. Eastern time to vote on final regulations implementing the liquidity coverage ratio (LCR) and changes to the supplementary leverage ratio (SLR). More »

At an open meeting this morning, August 27, 2014, the SEC unanimously adopted final rules under Regulation AB that substantially revise the offering process, disclosure and reporting requirements for registered offerings of asset-backed securities (ABS). More »

On August 27, 2014, the Federal Reserve Board announced that an open meeting will be held on September 3 to vote on final regulations implementing the liquidity coverage ratio (LCR) requirement in the United States More »

This evening, the SEC announced that it is holding an open meeting at 10:00 a.m. (EST) on Wednesday, August 27, 2014, to vote on adoption of Regulation AB II and additional Dodd-Frank implementing regulations. More »

On July 23rd, the SEC adopted final amendments to Rule 2a-7 under the Investment Company Act of 1940. More »

The Basel Committee on Banking Supervision released its final Supervisory Framework for Measuring and Controlling Large Exposures (Large Exposures Framework) today. More »

On April 8th, each of the OCC, the Federal Reserve Board and the FDIC (collectively, the "Agencies") voted to adopt a final rule that strengthens supplementary leverage ratio standards for large, interconnected U.S. banking organizations (the "Final Rule").   More »

On April 8, the OCC, the Federal Reserve Board and the FDIC (collectively, the "Agencies") adopted a notice of proposed rulemaking (the "Proposed Rule") to implement revisions to the denominator measure for the supplementary leverage ratio ("SLR").  More »

On April 7th, the Federal Reserve Board (the Board) announced that it intends to allow banking entities two additional one-year extensions to conform their ownership interests in and sponsorship of certain collateralized loan obligations (CLOs) covered by the Volcker Rule.   More »

The FDIC has announced that the Board of Directors will meet in open session at 2:00 PM on April 8th to discuss, among other things, a notice of proposed rulemaking to implement revisions to the denominator measure for the supplementary leverage ratio (“SLR”).  More »

Today, the SEC has extended the comment period on Regulation AB to April 28, 2014.  More »

On February 26, 2014, Representative David Camp, chair of the House Ways and Means Committee, released draft legislation referred to as the Tax Reform Act of 2014 that proposes to amend major portions of the Internal Revenue Code to provide for comprehensive tax reform. More »

This afternoon, Commissioner Michael S. Piwowar released a Statement supporting the SEC's decision to re-open the comment period on Regulation AB II, noting that market practices have continued to evolve since the financial crisis and the importance of obtaining the most recent data and information possible to inform and guide the SEC's decision-making process.   More »

Today, the SEC announced that it is re-opening the comment period on Regulation AB II to solicit further public comment on an approach to disseminate potentially sensitive asset-level data. More »

On February 12, 2014, 17 members of the House of Representatives Committee on Financial Services, including the chair, Maxine Waters, wrote a letter to the federal regulators implementing the Volcker Rule asking that interpretive guidance be issued with respect to the treatment of certain CLO debt securities. More »

The SEC has announced that it is removing Regulation AB II off the agenda for its February 5th open meeting.   More »

The SEC has announced that it is holding an open meeting at 3:00 pm on Wednesday, February 5th to adopt Regulation AB II. More »

On January 14, 2014, five federal agencies approved an interim final rule to permit banks to retain certain collateralized debt obligations backed primarily by trust preferred securities (TruPS CDOs) from the investment prohibitions of the Volcker Rule.   More »

On January 12, 2014, the Basel Committee on Banking Supervision (BCBS) issued a consultative document proposing revisions to the Net Stable Funding Ratio (NSFR) under Basel III. More »

On January 12, 2014, the Basel Committee on Banking Supervision published guidance to assist national banking supervisions in implementing the liquidity ratio requirement (LCR) under Basel III. More »

On January 12, 2014, the Basel Committee on Banking Supervision issued final requirements for banks' disclosures relating to the liquidity coverage ratio. More »

Industry participants are concerned that the Volcker Rule's prohibition of banks acquiring or retaining "ownership interests" of CLO covered funds will prohibit banks from owning rated debt securities that include the right to replace the collateral manager for cause and appoint a replacement.   More »