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SIFMA, SIFMA AMG Comment On Long-Term Debt Requirement Proposal

Date 11/01/2024

Today, SIFMA and SIFMA AMG submitted a comment letter to the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation, regarding their proposal to extend long-term debt (LTD) requirements to large banking organizations and amend the terms of eligible long-term debt to include a minimum denomination requirement, amongst other changes. SIFMA and SIFMA AMG expressed strong concerns with the proposal and its resulting adverse effects on banking funding costs and liquidity in bank funding markets.
SEC Charges Future FinTech CEO Shanchun Huang With Fraud And Disclosure Failures

Date 11/01/2024

The Securities and Exchange Commission today charged Shanchun Huang with manipulative trading in the stock of Future FinTech Group Inc., using an offshore account shortly before he became Future FinTech’s CEO in 2020. The SEC also charged Huang with failing to disclose his beneficial ownership of Future FinTech stock as well as transactions in such stock.
ISDA - Overview Of OTC Equity Derivatives Markets: Use Cases And Recent Developments

Date 11/01/2024

This paper examines the benefits and use cases of over-the-counter (OTC) equity derivatives (EQDs). Additionally, it analyzes developments in the OTC EQD market, including the size and changes based on geography, product offerings and maturities of the notional outstanding.
Canadian Securities Administrators Announces Final Amendments And Changes To Implement An Access Model For Prospectuses Of Non-Investment Fund Reporting Issuers

Date 11/01/2024

The Canadian Securities Administrators (CSA) today published in final form amendments and changes to several national instruments and companion policies concerning the implementation of an access model for prospectuses of non-investment fund reporting issuers (the Access Model).
BIS: Inequality And The Zero Lower Bound

Date 11/01/2024

Recent decades have been characterised by a surge in wealth inequality and a persistent decline in real rates. This has partially reversed in the current inflationary spike although it is expected to return once price pressures abate. These two observations suggest that: (i) the zero lower bound (ZLB) on nominal interest rates may have highly heterogeneous effects across households with different levels of ; and (ii) changes in wealth inequality could be driving real rates closer to the ZLB.

The EBA Responds To Law Firm On The Prudential Treatment Of A BNP Paribas Legacy Instrument

Date 11/01/2024

The European Banking Authority (EBA) published today a response to the letter received from a law firm on 11 September 2023, regarding the case of the prudential classification as Tier 2 instrument of a legacy perpetual bond (so-called ‘Discos’) of an institution established in France (BNP Paribas).
Testimony Of US Deputy Secretary Of The Treasury Wally Adeyemo Before The Energy And Natural Resources Committee, U.S. Senate

Date 11/01/2024

Chairman Manchin, Ranking Member Barrasso, and members of the committee, thank you for having me here today. I look forward to discussing Treasury’s efforts to implement recent legislation in ways that help American workers and companies build an effective supply chain to support our transition to clean energy and improve our energy security.
The World Federation Of Exchanges Opens Registration For Its 2024 Market Infrastructure Certificate Program

Date 11/01/2024

The World Federation of Exchanges (“The WFE”), the global industry group for exchanges and CCPs, today opened registration for its 2024 Market Infrastructure Certificate (MIC) programme, following the success of its inaugural year. The programme is the first and only one of its kind, which aims to educate the next generation of financial services leaders around the world.
UK Prudential Regulation Authority Takes Action Against The Former Chief Executive Officer Of Wyelands Bank Plc For Multiple Breaches Of The PRA’s Conduct Rules

Date 11/01/2024

The Prudential Regulation Authority (PRA) has fined Mr Iain Mark Hunter, the former Chief Executive Officer (CEO) of Wyelands Bank Plc (Wyelands), £118,808 for breaching three PRA Conduct Rules between 7 March 2016 and 28 May 2020. Mr Hunter failed both to act with due skill, care and diligence, and to take reasonable steps to ensure that Wyelands had adequate systems and controls in relation to the large exposures regime and PRA record keeping requirements. Today’s announcement follows on from the PRA’s decision in April 2023 to publicly censure Wyelands (which entered wind down in March 2020) for significant regulatory failings.
Three Members Reappointed To The UK Prudential Regulation Committee

Date 11/01/2024

The three external members have been reappointed by the Economic Secretary to the Treasury.