Rules & Regs | The U.S. Treasury on Monday announced a collaborative undertaking to help revive housing mortgage markets. Amid investor focus on enhancing investor protections within existing Residential Mortgage-Backed Securities (RMBS) structures, the U.S. Treasury facilitated the effort over 18 months by a large number of mortgage market participants - including investors, mortgage originators and aggregators, mortgage servicers, trustees, rating agencies and others - to identify and address reforms needed to revive the non-agency U.S. residential mortgage markets. See the resulting "Deal Agent Framework" here.
(Feb 25) The TMPG published updated best practice guidance to address the use of financial benchmarks and clarifies when changes to reference rate used for fails charge take effect.
Financial Stability Board
(Feb 27) The Chairman of the FSBpublished a letter sent to G20 Finance Ministers and Central Bank Governors on the 2016 FSB work program in advance of their meeting in Shanghai on February 26-27.
actions past week | North America
Financial Industry Regulatory Authority
(Feb 23) Following up on its pledge to make firm culture a priority in 2016, relating to how firms manage risk and compliance, FINRA has begun to send targeted letters to firms asking them to describe their culture and policies, and how they handle rogue employees. The self-regulator asked firms eight questions, including how they handle breaches of cultural policy and subcultures that undermine the overall firm goals. It also asked firms to define how they create a "tone at the top."
Municipal Securities Rulemaking Board
(Feb 23) The MSRB filed a revamped Rule G-33 for interest payment calculations with the Securities and Exchange Commission. Municipal securities brokers and dealers will now have to use a new method to calculate the price of interest-bearing municipal securities with periodic interest payments.
Financial Accounting Standards Board
(Feb 24) FASB board members signalled that re-exposure of proposal for life insurance contracts is "likely," seek robust disclosure package that requires separate presentation for market risk benefits.
Financial Industry Regulatory Authority
(Feb 25) Retail investors could soon be able to better compare transaction costs in fixed-income securities, under a price disclosure proposal approved by FINRA.
Federal Reserve
(Feb 26) The Federal Reserve scheduled a meeting for March 4 to consider a proposal that would establish single-counterparty credit limits for big U.S. bank holding companies and foreign banking organizations.
North America | regulatory deadlines
Mar 6 | Municipal Securities Rulemaking Board
Comments due on proposed amendments to Rule G-12, which would require that open inter-dealer transactions be closed out no later than 30 calendar days after settlement.
Mar 7 | Commodity Futures Trading Commission
Comments due on draft technical specifications for certain swap data elements comment period extended.
Mar 7 | Commodity Futures Trading Commission
Comments due on draft technical specifications for certain swap data elements comment period extended.
Mar 31 | Municipal Securities Rulemaking Board
Comments due for proposed new regulatory guidance on how municipal securities dealers price bonds and calculate their compensation.
Apr 14 | Securities and Exchange Commission
Comments due for concept release on transfer-agent regulation which was extended from Feb. 29 to give people more time to analyze the issues.
Apr 18 | SEC
Comments dueon proposal to seek OMB approval for a continuing information collection request regarding the investment advisers code of ethics.
Apr 18 | SEC
Comments dueon proposal to seek OMB approval for a continuing information collection request regarding the investment advisers code of ethics.
(Feb 23)The FSB released, and is seeking feedback on, a reportwhich considers possible measures of the re-use of non-cash collateral.
Europe | regulatory deadlines
Mar 4 | European Banking Authority, European Insurance and Occupational Pensions Authority and European Securities and Markets Authority
Comments due for discussion paper on automation in financial advice, aimed at assessing what, if any, action is required to harness the potential benefits of this innovation and mitigate its risks.
Comments due for consultation on changes to how complaints are reported to and handled by regulators.
Mar 18 | European Commission
Consultation ends for green paper on retail financial services. (NEW)
Mar 18 | European Banking Authority
Consultation ends on proposed guidelines for stress testing addressed to both banks and supervisors, seeking to draw on lessons it has learned and harmonize procedures across the European Union.
Mar 18 | European Banking Authority
Consultation ends on proposed guidelines for stress testing addressed to both banks and supervisors, seeking to draw on lessons it has learned and harmonize procedures across the European Union.
Mar 18 | European Banking Authority
Consultation ends on proposed guidelines for stress testing addressed to both banks and supervisors, seeking to draw on lessons it has learned and harmonize procedures across the European Union.
Mar 31 | Basel Committee on Banking Supervision
Consultation ends on proposed guidance for the regulation and supervision of institutions relevant to financial inclusion.
Mar 31 | European Securities and Markets Authority
Comments due for consultation on draft guidelines on the market abuse regulation.
Mar 31 | European Securities and Markets Authority
Comments due for discussion paper on the benchmarks regulation.
Apr 20 | European Banking Authority
Consultation on draft guidelines on implicit support for securitization transactions.
Asia Pacific | regulatory deadlines
Mar 1 | Australian Prudential Regulation Authority
Comments due for discussion paper on proposed revisions to the prudential framework for securitization.
Source: Bloomberg Government. For subscription information: Anne Lenrow, 202.416.3619, alenrow@bloomberg.net
