News

Cadwalader and Sidley announce 2021 promotions in US and UK

2021 will see newly-promoted banking regulation partners at Cadwalader Wickersham & Taft and Sidley Austin, which have both made appointments in the United States and United Kingdom.

18 December 2020

Australia guides on Libor conduct risk, Singapore maps out Sibor end

Singapore’s financial regulator has announced a timeframe for its transition away from the Sibor benchmark, as the Australian Securities and Investments Commission (ASIC) urges banks to ensure their risk frameworks are flexible enough to handle the transition away from Libor.

18 December 2020

EU releases BlackRock ESG report despite “clear risk” of conflict of interest

The EU has released a report conducted by BlackRock on integrating environmental, social and governance (ESG) factors into banking regulation, despite the European Ombudsman warning of a “clear risk” that the asset manager’s interests could influence the outcome in its own favour.

16 December 2020

More departures from SEC

The United States’ Securities and Exchange Commission is set to lose both its general counsel and the director of its trading and markets division, only weeks after the regulator’s chair Jay Clayton announced he would be stepping down before the end of his five-year term.

16 December 2020

US to reform AML rules

The United States is set to reform its 50-year-old anti-money laundering framework, introducing a new beneficial ownership registration regime for shell companies, after both houses of Congress passed a bill including the measures by a veto-proof margin.

14 December 2020

Hong Kong regulator seeks to remedy “deteriorating” merger advice

Hong Kong’s securities watchdog has said it will raise the requirements for individuals advising on mergers and takeovers, after a rise in “unsatisfactory” work in recent years.

14 December 2020

CFTC ushers in new electronic trading rules

The United States’ derivatives regulator will require exchanges to increase their risk controls to minimise market disruption stemming from errors in electronic trading, although a dissenting Democratic commissioner says the regulator “can and should do better” to counter volatility under stressed market conditions.

11 December 2020

Hong Kong proposes client ID requirements

Hong Kong banks should submit names of their clients dealing in securities to a central repository, under proposals unveiled by the city’s securities regulator.

11 December 2020

EU opens CSDR buy-in regime to the floor

The European Commission has opened the door to amending its central securities depository regulation (CSDR), following industry criticisms over a controversial rule implementing mandatory buy-ins and cash penalties for settlement failures.

09 December 2020

Prudential roundup: Australia proposes capital adequacy updates

Australia’s prudential regulator has proposed changes to its capital adequacy framework as part of its delayed Basel III implementation, while its British counterpart has pressed ahead with plans for simplified recovery plan obligations for some banks, despite predictions they promise firms only “limited” cost savings.

09 December 2020

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