Director of the Office of Financial Research (“OFR”) Richard Berner discussed the importance of understanding how the financial system functions under stress. He emphasized the need to gather and standardize data for analysis and for policymakers to be able to respond to identified threats to market stability. The Director argued that financial stability is not about constraining market volatility, but is instead about resilience. He identified two aspects of resilience that must be examined: (i) does the system have enough shock-absorbing capacity so it can still function? and (ii) are

The SEC named Sanket J. Bulsara the Deputy General Counsel for Appellate Litigation and Adjudication. Prior to the appointment, Mr. Bulsara was a partner at the law firm WilmerHale where he litigated securities, contract, bankruptcy, and regulatory matters in state and federal court and represented clients in commercial and securities arbitrations. Bulsara succeeds Michael A. Conley who was appointed SEC Solicitor. Mr. Conley has been SEC’s Deputy General Counsel since 2011 and previously was its Deputy Solicitor. He came to the SEC in October 2000 from Pillsbury Madison and Sutro, where he

A number of financial services associations called for regulatory agencies to do "substantial additional work" on the Basel Committee on Banking Supervision's (“BCBS”) proposed framework, in advance of the U.S. consideration of the Fundamental Review of the Trading Book ("FRTB") rules. In a letter to the U.S. Department of the Treasury, the Office of the Comptroller of the Currency, the Federal Reserve Board of Governors and the FDIC, SIFMA et. al., warned of “potentially very negative impact[s] that the FRTB rules would have on the American financial markets, particularly as related to

Please see the Cabinet's list of significant effective dates, comment deadlines and filing deadlines. For more information on upcoming dates and deadlines, visit the Cabinet's Rule Calendars (available to subscribers only). Effective Dates November 30: All new requests to FINRA for the approval of proposed subordinated loan agreements and secured demand note agreements, including renewals of existing agreements, must be submitted in electronic form through Firm Gateway, pursuant to FINRA Rule 4517(a)("Member Filing and Contact Information Requirements") (FINRA Reg. Notice 15-42). Comment

The Board of Governors of the Federal Reserve System ("FRB") proposed amendments to Regulation D ("Reserve Requirements of Depository Institutions"). The amendments reflect the annual indexing of the reserve requirement exemption amount. The Regulation D amendments set the amount of total reservable liabilities of each depository institution subject to a zero percent reserve requirement in 2016 at $15.2 million (an increase from $14.5 million in 2015).