The SEC set an effective date of January 2, 2024 and accompanying compliance dates for new Exchange Act Rule Rule 10c-1. The final rule was published in the Federal Register.
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Federal Reserve Board Vice Chair for Supervision Michael S. Barr promoted incorporating "exploratory scenarios" to address limitations in the FRB's current stress test program for the U.S. banking system.
The SEC adopted a new rule under the Securities Exchange Act which imposes reporting requirements on persons who lend "reportable securities."
Based on the most recent stress tests, the Federal Reserve Board concluded that large banks had enough capital to continue to lend to households and businesses, even if they were required to absorb more than $540 billion in losses.
President Joseph R. Biden urged banking regulators to adopt tougher capital rules to prevent the risk of future banking crises following the failure of Signature Bank and Silicon Valley Bank.