News

ISDA announces fallbacks protocol, seeking to catalyse Ibor transition

After receiving antitrust clearance, the International Swaps and Derivatives Association has announced a series of fallback provisions for when existing interest rate benchmarks fall out of use – a development that practitioners hope will accelerate the move to new risk-free-rates.

28 October 2020

New data measures aim to shed light on illicit transactions

The US Federal Reserve and enforcement agency FinCEN will require banks to record more data on cross-border transactions to combat terrorist financing under newly-announced proposals, as the latter announces the first fine against a crypto service provider for violating Bank Secrecy Act protocols.

28 October 2020

China moves closer to digital yuan

China is closing in on its goal of issuing a digital version of its currency, publishing a draft regulatory framework that would outlaw privately-issued yuan-pegged tokens while legalising a new official digital yuan – days after The Bahamas became the first country in the world to roll out a full-scale CBDC.

26 October 2020

FSB finalises “more proportionate” cyber response toolkit

The Financial Stability Board has published a finalised cyber response toolkit, after critics said its earlier draft guide could prove to be a financial burden for smaller banks.

26 October 2020

US regulators approve new-look liquidity rule despite opposition

US financial regulators have approved measures requiring major banks to prove their funding can endure one year of stress, amid objections from minority members of the Federal Reserve and FDIC boards that the revamped rule “defeats the purpose” of the original proposal.

22 October 2020

Banks must report security law violations, Hong Kong regulator says

The Hong Kong Monetary Authority has told banks they should report violations of the territory’s controversial National Security Law as they would anti-money laundering/counter-financing of terrorism violations.

22 October 2020

Community round-up: Promotions at Ashurst and FinCEN

Ashurst has named two new partners in its London and Sydney offices, while the US Financial Crimes Enforcement Network has appointed a new associate director to lead its policy division.

20 October 2020

Digital euro could threaten bank business models, ECB says

The European Central Bank has warned that a digital euro could alter banks’ entire business models and encourage greater risk-taking behaviours.

20 October 2020

Amid bank scepticism, EBA announces three-year software capital relief period

The European Banking Authority has proposed to allow banks to include the value of software assets in their capital calculations, despite banks saying the changes would still bring about an “unlevel playing field” for EU banks in an international context.

15 October 2020

DFS calls for regulators to target social media companies after Twitter hack

New York’s Department of Financial Services has called for social media companies to be regulated as systemically important institutions, saying a July hack of multiple public figures’ Twitter accounts raised serious cybersecurity concerns.

15 October 2020

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