SIFMA and the American Bankers Association updated their analysis of an SEC Staff Accounting Bulletin, which sets out the required accounting treatment for the holding of crypto-assets by a custodian.
In response to a Financial Stability Board Consultation Paper on the adequacy of central counterparty ("CCP") financial resources for recovery and resolution, three financial industry trade associations argued that a "better balance between loss allocation to clearing participants and loss allocation to CCPs would promote better outcomes..."
Senior officials from the Bank of England, the FDIC, the CFTC, the SEC and the Federal Reserve Board reviewed joint progress on central counterparty resolution issues and on the development of detailed operational planning to support prototype resolution strategies for UK and U.S. CCPs.
Treasury announced that, after the necessary consultation with the FDIC and the SEC, it is providing a retail broker-dealer with a conditional exemption from certain Dodd-Frank recordkeeping requirements for certain of its qualified financial contracts.
In Holliday v. Credit Suisse Securities USA LLC, United States District Court for the Southern District of New York Judge George B. Daniels affirmed the dismissal of state law transfer avoidance claims related to a leveraged securities buyout transaction.