Partner
Norton Rose Fulbright US LLP
Tim Byrne is a Partner based in New York. He advises major financial institutions on the bank regulatory aspects of financial products and corporate transactions.
Tim advises on a range of other issues from anti-money laundering enforcement matters to bank insolvency issues, capital requirements and outsourcing and vendor management. He is the immediate past chair of the Securities, Capital Markets and Derivatives Subcommittee of the American Bar Association Banking Law Committee.
Recent Articles & Comments
It is notable that an Advisory Committee of the CFTC is so overtly critical of a proposal put forward by the banking regulators and seems at least doubtful of the impact of the SEC's rule on central clearing of US Governments. The Advisory Committee's recommendations tend to be influential. With respect to the capital proposals, the report assesses both the Basel endgame and the GSIB surcharge and includes granular recommendations as to each.
FDIC Chair Gruenberg's remarks largely reiterated the regulatory agenda that has been established in response to the U.S. bank failures of 2023. No major new initiatives were announced. He emphasized that the intended combined impact of proposed regulatory initiatives is to make it unnecessary to invoke the systemic risk exception (which protected uninsured depositors) in the event of another failure of a U.S. regional bank.
The McKernan proposal is relevant to large asset management firms. The Chopra proposal to eliminate the filing exemption would impact a much larger number of investors in banks, although it would not eliminate the exemption for transactions that are subject to Federal Reserve review under the , which is a statutory exemption. Both proposals raise issues likely to attract the continued attention of the regulators. The rule proposal, for example, would have included 19 control-related…