Featured Product

    ECB and SEC Sign Memorandum for Security-Based Swap Entities

    August 16, 2021

    The European Central Bank (ECB) and the U.S. Securities and Exchange Commission (SEC) signed a memorandum of understanding (MoU) to prepare for the registration of ECB-supervised entities as security-based swap dealers or major security-based swap participants in the U.S. The cooperation will provide a basis for relevant euro area entities to minimize duplication of compliance efforts and to continue focusing on compliance with EU requirements, while ensuring compliance with U.S. requirements. The U.S. regulation requires non-US security-based swap dealers and major security-based swap participants with significant business in the U.S. to register with the SEC by November 01, 2021 and December 01, 2021, respectively.

    This memorandum is a statement of intent to consult, cooperate, and exchange information in connection with the supervision, enforcement, and oversight of covered firms and their covered activities in a manner that is permitted by, and consistent with, the laws and requirements that govern each authority. The authorities anticipate that cooperation primarily will be achieved through ongoing consultations and exchanges of information related to covered firms with respect to their covered activities, supplemented by formal cooperation. The provisions of this memorandum are intended to support informal and ongoing consultations and request-based cooperation, and to facilitate the written exchange of non-public information in accordance with the applicable laws. A primary goal of this memorandum is to foster cooperation and the exchange of information between the authorities to benefit the supervision and oversight of the covered firms.

    With respect to cooperation pursuant to this memorandum, at the date this memorandum is executed, no bank secrecy, blocking laws, or other regulations or legal barriers, should prevent an authority from providing assistance to the other Authority pursuant to this memorandum, or otherwise adversely affect or hinder the operation of this memorandum. Cooperation in accordance with this memorandum will become effective on the date this memorandum is signed by both authorities. Either authority may terminate this memorandum by delivering written notice to the other authority of its intention to terminate. An authority that delivers such a notice may withdraw it by written notice to the other authority delivered not more than 30 days after delivery of the termination notice. 

     

    Related Links

    Keywords: Europe, Americas, EU, US, Banking, Security Based Swaps, MoU, Swaps, Derivatives, International Cooperation, ECB

    Related Articles
    News

    OSFI Issues Results of Pilot on Climate Risk Scenario Analysis

    The Office of the Superintendent of Financial Institutions (OSFI) published an update on the discussion paper that intended to engage federally regulated financial institutions and other interested stakeholders in a dialog with OSFI, to proactively enhance and align assurance expectations over key regulatory returns.

    January 20, 2022 WebPage Regulatory News
    News

    EC Issues Regulation on Adjustments to K-Factor Coefficients Under IFR

    The European Commission (EC) published a report summarizing responses to the targeted consultation on the supervisory convergence and the single rulebook in the European Union (EU).

    January 20, 2022 WebPage Regulatory News
    News

    ECB Issues Opinions on Green Bonds Standard and CRR Proposals

    The European Central Bank (ECB) published its opinion on a proposal for a regulation on European green bonds, following a request from the European Parliament.

    January 19, 2022 WebPage Regulatory News
    News

    ESRB Explores Policy Response to Risks Arising from Digitalization

    The Advisory Scientific Committee (ASC) of the European Systemic Risk Board (ESRB) published a report that explores the expected impact of digitalization on provision of financial and banking services, and proposes policy measures to address the risks stemming from digitalization.

    January 18, 2022 WebPage Regulatory News
    News

    HKMA Consults on FIRO Code, Revises Policy on Foreign Exchange Risk

    The Hong Kong Monetary Authority (HKMA) is consulting on the draft Financial Institutions (Resolution) Ordinance (Cap. 628), or FIRO, Code of Practice chapter on liquidity and funding in resolution, until March 14, 2022.

    January 18, 2022 WebPage Regulatory News
    News

    FI Publishes Multiple Regulatory and Reporting Updates

    The Swedish Financial Supervisory Authority (FI) announced that the capital adequacy reporting as at December 31, 2021 must be done by February 11, 2022.

    January 17, 2022 WebPage Regulatory News
    News

    EU Authorities Address COVID-19 Reporting, MCD, and PSD2 Issues

    The European Banking Authority (EBA) announced that the guidelines on the reporting and disclosure of exposures subject to measures COVID-relief measures shall continue to apply until further notice.

    January 17, 2022 WebPage Regulatory News
    News

    BSP Tackles Aspects of Lending and Islamic, Open & Sustainable Finance

    The Central Bank of the Philippines (BSP) issued communications covering developments related to online lending platforms, open finance framework and roadmap, and on the expected regulations in the area sustainable finance.

    January 16, 2022 WebPage Regulatory News
    News

    US Agencies Issue Regulatory Updates, FDIC Launches Tech Sprint

    The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.

    January 13, 2022 WebPage Regulatory News
    News

    EBA Issues Guide on Bank Resolvability, Consults on Transferability

    The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).

    January 13, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 7903