The Managed Funds Association criticized an FSOC proposal that would eliminate “key aspects” of current interpretive guidance on the process for designating nonbank financial institutions for heightened Federal Reserve Board supervision.
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In extensive comments, the GFMA, FIA, the Institute of International Finance, ISDA, the Bank Policy Institute, the International Capital Markets Association and the Financial Services Forum expressed support for the Basel Committee on Banking Supervision design of a prudential framework for the treatment of cryptoasset exposures.
ISDA CEO Scott O'Malia highlighted potential issues affecting derivatives trading obligations following Brexit in the absence of an equivalence determination.
SIFMA recommended a new approach to strengthen cross-border cooperation among regulators to "enhance the coherence of their respective regulations" and "enshrine[] cooperation within legally binding trade agreements."
The Institute of International Bankers ("IIB") released a memorandum intended to help non-U.S. banking organizations obtain approval from the SEC to hold reserve account assets for SEC-registered broker-dealers. The memorandum provides a summary of standards foreign banks must satisfy to be eligible to establish a U.S. branch, and a general overview of how U.S. branches of foreign banks are regulated and supervised. Non-U.S. banks have historically been able to hold reserve account assets for broker-dealers. However, under a recent SEC's rule making, non-U.S. banks would essentially have to