Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

ISS Publishes Results of 2015–2016 Annual Global Policy Survey

Posted in SEC/Corporate

On September 28, Institutional Shareholder Services (ISS), a leading proxy advisory firm, published the results of its 2015–2016 global voting policy survey. The survey, which received 421 responses from a combination of institutional investors, corporate issuers and advisors and other corporate governance stakeholders, is an important component in ISS’ voting policy formulation process. Continue Reading

FINRA Files Proposed Rule Change to Amend Margin Requirements for the TBA Market

Posted in Broker-Dealer

The Financial Industry Regulatory Authority proposed to amend FINRA Rule 4210 to establish margin requirements for to-be-announced transactions, specified pool transactions and collateralized mortgage obligations that are issued in conformity with a program of an agency or government-sponsored enterprise (collectively, Covered Agency Transactions). Continue Reading

CFTC Extends Relief from Electronic OCR Requirements

Posted in CFTC, Derivatives, Dodd-Frank Developments

The Division of Market Oversight of the Commodity Futures Trading Commission has extended no-action relief from certain of the CFTC’s ownership and control reporting (OCR) regulations, including electronic reporting via new Form 71, revised Form 40/40S and revised Form 102 (which includes Form 102A, Form 102B and Form 102S). CFTC Letter No. 15-52 replaces CFTC Letter No. 15-03, which previously granted similar relief. Continue Reading

CFTC Extends Relief for Eurex Clearing and US Clearing Members

Posted in CFTC, Derivatives, Dodd-Frank Developments

The Division of Clearing and Risk of the Commodity Futures Trading Commission has further extended temporary no-action relief to Eurex Clearing AG and its clearing members that are US persons, which authorizes US clearing members to clear for their proprietary accounts certain interest rate swaps that are specified in an attachment to the no-action letter. The relief further provides that if a US clearing member submits for clearing a swap that has been reported to a CFTC-registered swap data repository (SDR), then Eurex Clearing must report the resulting beta and gamma swaps to an SDR. Continue Reading

CFTC Permits ICE Trade Vault to Accept Interest Rate and Foreign Exchange Swaps

Posted in CFTC, Derivatives, Dodd-Frank Developments

The Commodity Futures Trading Commission has issued an order to ICE Trade Vault, LLC that adds two additional asset classes of swaps—interest rate and foreign exchange—to the list of asset classes that ICE Trade Vault may accept as a provisionally registered swap data repository. ICE Trade Vault has already been approved to accept swap data for swaps in the credit and other commodity asset classes. Continue Reading

CFTC and Korean Regulators Sign MOU Regarding Cross-Border Clearing Organizations

Posted in CFTC

The Commodity Futures Trading Commission has signed a memorandum of understanding (MOU) with two Korean regulators, the Korean Financial Services Commission and the Korean Financial Supervisory Service to enhance the oversight of clearing organizations operating in both the United States and the Republic of Korea. The MOU emphasizes the importance of working collaboratively as clearing organizations become more globalized and face the ongoing risks associated with financial crises and other emergency events. The MOU seeks to foster increased information exchange through event-triggered notifications, request-based information sharing and periodic meetings. Continue Reading

OCC Announces Update to Accounting Interpretations On TDRs, OREO and Pushdown Accounting

Posted in Banking

On September 29, the Office of the Comptroller of the Currency (OCC) released an update to the Bank Accounting Advisory Series (BAAS). The BAAS covers a variety of topics and promotes consistent application of accounting standards among national banks and federal savings associations. This update includes recent answers to frequently asked questions from the industry and examiners covering areas such as troubled debt restructurings, other real estate owned and pushdown accounting. Continue Reading

Banking Agencies Announce EGRPRA Meeting

Posted in Banking

On September 28, the Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (FDIC) (collectively, federal banking agencies) announced that they will hold an outreach meeting on Monday, October 19 at the Federal Reserve Bank of Chicago as part of their regulatory review under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). The meeting is the fifth in a series of outreach sessions that the federal banking agencies are holding throughout the country. The meeting will feature panel presentations by bankers and consumer and community groups. Interested persons also may present their views on any of the 12 categories of regulations listed here. Continue Reading

CFPB Finalizes Rule to Ease Rules for Small Creditors

Posted in Banking

On September 21, the Consumer Financial Protection Bureau (CFPB) finalized several changes to its mortgage rules to increase the number of financial institutions able to offer certain types of mortgages in rural and underserved areas, and give small creditors time to adjust their business practices to comply with the rules. Continue Reading