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A&O recruits from Latham and Twitter for US payments practice

Allen & Overy has hired a Latham & Watkins partner who once featured in GBRR’s 45 under 45 to lead its US payments practice from its Washington, DC office, shortly after it hired a former Twitter in-house payments counsel into the same office.

15 March 2023

Swiss banking sector preparing private digital franc

As its central bank considers issuing a wholesale CBDC, Switzerland’s banking industry body has proposed a private digital version of the Swiss franc, in the form of a token issued by a consortium of the country’s commercial banks – but admitted it would need regulatory buy-in to avoid the product being labelled a security.

14 March 2023

FDIC invokes systemic risk exception for SVB and Signature depositors

The US Federal Deposit Insurance Corporation, along with other US regulators, took rapid measures to address the collapses of the Silicon Valley Bank and law firm favourite Signature Bank, with law firms including Sullivan & Cromwell, Clifford Chance, Ashurst and Slaughter and May acting for banks and regulators on both sides of the Atlantic.

13 March 2023

OSFI rejects prescriptive rules in its first climate risk guidelines

The Canadian financial regulator has again opted for a “principles-based” approach over prescriptive rules in its first-ever climate-sensitive prudential framework.

13 March 2023

Barr warns over small bank crypto exposures amid Silvergate collapse

Speaking as crypto-focused bank Silvergate enters liquidation, Federal Reserve vice-chair Michael Barr has indicated that the Fed’s thinking about crypto is “consistent” with the recent Basel framework, and warned against the vulnerability of “light-touch”-regulated smaller banks to crypto shocks.

10 March 2023

Subjecting EU’s banks to new cyber act would undermine DORA, industry body says

Subjecting the financial sector to the EU’s Cyber Resilience Act would lead to “confusion, duplications and overlaps” with the recently-passed DORA, a banking lobby group has warned.

09 March 2023

DLA Piper hires in Bangkok, Deacons in Hong Kong

Hong Kong firm Deacons has rehired a recent departure from its financial services practice; meanwhile in Bangkok, DLA Piper has hired a new financial regulatory practitioner from Baker McKenzie.

09 March 2023

Over a quarter of EU financial institutions still have no diversity policy, EBA finds

On International Women’s Day, the European Banking Authority has revealed over a quarter of EU institutions still have not produced their CRD IV-mandated diversity policy and only 18% of executive directorships are held by women – despite also finding a correlation between firms with greater gender balance and higher return on equity.

08 March 2023

The "lemon" problem: SEC’s Uyeda calls for regulatory action on misinformation

Regulators need to do more to address information mismatches between investors trying to deploy capital and firms trying to raise it, SEC commissioner Mark Uyeda has told the Institute of International Bankers’ annual conference in Washington, DC, while calling for more cross-border collaboration to avoid legal ambiguity between different jurisdictions' capital markets frameworks.

08 March 2023

From BCCI to FTX: OCC’s Hsu says global oversight needed for “everywhere and nowhere” crypto

US acting comptroller Michael Hsu has compared last year’s collapse of FTX to that of BCCI in the 1990s, saying regulators should revisit the lessons learned from the bank's 1991 collapse as a model for creating a global supervisory architecture for crypto firms.

07 March 2023

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