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The International Swaps and Derivatives Association (ISDA) and the Association for Financial Markets in Europe (AFME) submitted a joint letter to the European Commission asserting that the EU's interpretation of the international Basel standards would "materially increase" regulatory capital requirements for European institutions, both as clearing members and as clearing customers. Regulators are transcribing the Basel III framework into European law through the fourth Capital Requirements Regulation and Directive. However, ISDA and AFME argue that the European capital rules are inconsistent

The Federal Reserve Board launched the 2013 capital planning and stress testing program, issuing instructions to firms with timelines for submissions and guidelines. The goal is to ensure that large, complex banking institutions have robust, forward-looking capital planning processes that account for their unique risks, and to that end, such institutions have sufficient capital to continue operations throughout times of economic and financial stress. The program includes the Comprehensive Capital Analysis and Review (CCAR) of 19 firms as well as the Capital Plan Review (CapPR) of an additional

SIFMA, the American Bankers Association ("ABA"), and the Financial Services Roundtable ("FSR") submitted a joint comment letter to multiple federal agencies on the capital treatment of TBA transactions in mortgage securities. View letter in full here (links externally to SIFMA website).

SIFMA, American Bankers Association (ABA) and Financial Services Roundtable (FSR) (collectively, the "Associations") submitted a letter on three notices of proposed rulemaking issued by the OCC, the Federal Reserve Board and the FDIC ("Agencies") which would comprehensively revise the regulatory capital framework for all U.S. banking organizations. The proposals include: (i) Basel III Numerator NPR; (ii) Standardized Approach NPR; and (iii) Advanced Approaches NPR (collectively, the "proposals"). In the letter, the Associations asserted that the Agencies have employed an overly conservative

SIFMA submitted the attached comments to the Federal Reserve Board, the FDIC, and the OCC on the proposed CVA capital requirements, including the simple CVA approach and the advanced CVA approach under Regulatory Capital Rules: Standardized Approach for Risk-Weighted Assets; Market Discipline and Disclosure Requirements. View comment letter here (links externally to SIFMA website).