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  • EBA Advises European Commission On The Use Of Prudential Backstops To Prevent The Building Up Of New NPLs

    Date 14/03/2018

    The European Banking Authority (EBA) published today its advice on the Commission's proposal for statutory prudential backstops on banks' provisioning practices for new loans that turn non-performing. The EBA notes that the backstop complements the existing prudential set of measures and the new accounting provisions under IFRS9 and the advice aims at providing some qualitative considerations as well as a conservative impact analysis of the proposed measures. 

  • SEC Proposes Targeted Changes To Public Liquidity Risk Management Disclosure

    Date 14/03/2018

    The Securities and Exchange Commission today proposed amendments to public liquidity-related disclosure requirements for certain open-end investment management companies.  Under the proposal, funds would discuss in their annual report the operation and effectiveness of their liquidity risk management program, replacing a pending requirement that funds publicly provide the aggregate liquidity classification profile of their portfolios on Form N-PORT on a quarterly basis. 

  • EBA Issues Opinion On Measures To Address Macroprudential Risk

    Date 14/03/2018

    The European Banking Authority (EBA) published today an Opinion following the notification by the French High Council for Financial Stability (HCSF) of its intention to tighten the large-exposure limits applicable to large and highly indebted non-financial corporations (NFCs) resident in France or groups of connected NFCs assessed to be highly indebted and based in France. Based on the evidence submitted, the EBA does not object to the adoption of the proposed measure, which the HCSF intends to apply only to global or other systemically important institutions (G-SIIs and O-SIIs) with the aim of accounting for changes in the intensity of macroprudential/systemic risk that could pose a threat to financial stability in France.

  • Brexit: EP Recommends Association Agreement For Future EU-UK Relations

    Date 14/03/2018

    • Respecting the integrity of the internal market, customs union and four freedoms
    • Securing equal and fair treatment for EU citizens living in the UK and British citizens living in the EU
    • Preserving the rights of citizens as set out in the Good Friday Agreement (Irish border)

  • SEC: Theranos, CEO Holmes, And Former President Balwani Charged With Massive Fraud - Holmes Stripped Of Control Of Company For Defrauding Investors

    Date 14/03/2018

    The Securities and Exchange Commission today charged Silicon Valley-based private company Theranos Inc., its founder and CEO Elizabeth Holmes, and its former President Ramesh “Sunny” Balwani with raising more than $700 million from investors through an elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology, business, and financial performance.  Theranos and Holmes have agreed to resolve the charges against them.  Importantly, in addition to a penalty, Holmes has agreed to give up majority voting control over the company, as well as to a reduction of her equity which, combined with shares she previously returned, materially reduces her equity stake.