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“Low risk is not zero risk”: BIS and IOSCO take aim at CCP non-default losses

The Bank for International Settlements and the International Organization of Securities Commissions are looking into central counterparty (CCP) practices to address non-default losses, saying the sophistication of their approaches “varies significantly”.

04 August 2022

FATF plans for trust ownership rules criticised as “vague”

Industry bodies have complained the Financial Action Task Force’s plans to tighten rules around beneficial ownership of trusts are too “truncated” to properly tackle the matter.

04 August 2022

Gibson Dunn financial institutions co-chair heads to King & Spalding

King & Spalding has hired Matthew Biben, co-chair of Gibson Dunn & Crutcher’s financial institutions practice, as a partner in its New York office.

04 August 2022

ISSB urged to clarify disclosure standards

The International Sustainability Standards Board has received responses from across the globe on its proposed sustainability standards, with several industry figures saying they lack specificity and clarity.

03 August 2022

China enacts “historic” futures and derivatives law

China has enacted its first “fundamental” futures and derivatives statute, making it a clean netting jurisdiction for the first time – but there are fears its new status could run its firms up against a rapidly-approaching global deadline.

03 August 2022

Heating up: the race to regulate climate risk

As financial regulators move to expand their climate oversight of financial institutions, views on how far that supervision can go, and regulators' ability to directly regulate banks' carbon-intensive activities, are beginning to diverge between jurisdictions. GBRR asked practitioners and academics in the US, UK, European Union, Japan and Singapore to discuss whether and how regulators should get a handle on climate change.

01 August 2022

No, Voyager: Fed and FDIC slam “misleading” crypto platform deposits claim

The US Federal Reserve have ordered crypto brokerage Voyager Digital to stop telling customers their deposits are protected from losses, prompting the Federal Deposit Insurance Corporation to urge banks to do more to ensure the reach of deposit insurance is not misrepresented.

01 August 2022

“Greening the economy is more important than growing the green economy”: MAS release annual green report

The head of Singapore’s regulator has pledged to focus on “greening the economy” while announcing tightened-up disclosure requirements to prevent greenwashing.

01 August 2022

Barclays announces US notes buyback after billion-dollar blunder

Barclays has announced plans to buy back billions of dollars’ worth of securities sold in excess of SEC limits on the bank’s structured note selling.

28 July 2022

Saudi Arabia unveils shariah compliance overhaul

Saudi Arabia’s capital markets regulator has issued a set of rules aiming to streamline how sharia compliance is monitored in the Kingdom, with the status quo creating “uncertainty” in how products are classified.

28 July 2022

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