News
CFTC green-lights Brexit swap relief after ISDA recommendation
The United States’ derivatives regulator has announced it will allow UK firms to transfer swaps without subjecting them to margin requirements when the Brexit transition period expires this month, after a request from the International Swaps and Derivatives Association.
07 December 2020
White & Case promotes in Frankfurt; Davis Polk in New York and Hong Kong
White & Case and Davis Polk & Wardwell have both named new counsel practising in banking regulation.
07 December 2020
Libor administrator proposes extending US dollar transition to 2023
The administrator of the London Interbank Offered Rate has proposed extending the transition date for its most widely-used US dollar tenors for another 18 months to June 2023, offering a “longer runway” for banks as they make the transition.
03 December 2020
Australian regulator slams “immature and reactive” Westpac for persistent risk failures
Australia’s prudential regulator has threatened the country’s third-largest lender Westpac with court action if it does not address its “immature and reactive” risk culture and unclear accountability framework, days after ordering the bank to raise its cash reserves in light of a failure to meet prudential requirements.
03 December 2020
Weil practice head joins Squire Patton Boggs
Squire Patton Boggs has hired the head of Weil Gotshal & Manges’ financial institutions regulatory practice as of counsel in its New York office.
02 December 2020
EU bailout fund to get greater powers over bank rescues
European finance ministers have agreed to the long-awaited reform of the EU’s bailout fund, giving it greater powers over future bailout programs and positioning it as a backstop in the case of another financial crisis.
02 December 2020
DBS India absorbs Lakshmi Vilas as court rejects shareholder stay plea
The Reserve Bank of India has completed its plan to fold crisis-hit lender Lakshmi Vilas into Singapore’s DBS, after courts in Mumbai and Chennai rejected shareholder pleas to stay the US$335 million merger.
30 November 2020
Basel finalises NPL securitisation rules
The Basel Committee on Banking Supervision has issued specific capital requirements rules for non-performing loan securitisations, addressing what it calls a “gap” in its regulatory framework.
30 November 2020
EU unmoved on derivatives obligation, leaving UK to “sort out its own mess”
EU regulator ESMA has refused to budge on rules that will disallow derivatives trading on UK venues once the Brexit transition period ends, leaving the UK at risk of losing its dominance of the multi-trillion dollar global derivatives market.
26 November 2020
Libra hires GC from Credit Suisse
Facebook’s crypto-currency project Libra has hired Credit Suisse’s former global head of regulatory affairs.
26 November 2020
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