Events listed in United States
Russia-related Designations; Issuance of Amended Russia-related Directive 4, ...
ID 23332
In view of the ongoing aggression of Russia towards Ukraine, the U.S. Department of the Treasury has drawn up – in coordination with the other G7 states- a new massive sanctions package targeting Russia, the Russian economy, and Russian firms and individuals, which consists of nearly 400 new designations, the issuance of a new Directive under Executive Order 14024, several determinations, and other measures. ...
Agencies issue host state loan-to-deposit ratios
ID 23324
On May 19, 2023, the Board of Governors of the Federal Reserve System (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) published the new 2023 host state loan-to-deposit ratios which are used „to evaluate compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994.“ According to section 109 of the ...
South Sudan Sanctions Regulations
ID 23316
The Office of Foreign Assets Control, OFAC, has published in the Federal Register a new regulation which entirely replaces Statutory Instrument 31 CFR Part 558, a sanctions regulation to set out the legal framework for sanctioning South Sudan and South Sudanese entities and persons that pose a threat on the U.S. economy, U.S. people, and the country as a whole. **The reissued Statutory Instrument ...
Acting Comptroller of the Currency Testifies on Bank Supervision
ID 23312
In view of the recent bank failures in the U.S. (and globally), the Acting Comptroller of the Currency (OCC), Mr. Michael J. Hsu, recently „testified on bank supervision before the Committee on Banking, Housing, and Urban Affairs of the U.S. Senate“. In its corresponding written statement, the Comptroller highlights the following key points: (1) Despite the fact that none of the failing banks were ...
Annual Reporting and Disclosure
ID 23311
The Employee Benefits Security Administration (EBSA) of the U.S. Department of Labor has published in the Federal Register a final rule to make rather technical revisions to a previously issued rule pertaining to the reporting requirements of employee pension plans. Specifically, the previous rule was issued on February 24, 2023 and implemented new reporting and auditing requirements for defined contribution groups and multiple-employer retirement ...
SEC Proposes Rule Amendments and New Rule to Improve Risk Management and Resilience ...
ID 23298
The U.S. Securities and Exchange Commission (SEC) has published a press release to announce an upcoming consultation on proposed modifications under the Securities Exchange Act of 1934 – in this particular case to 17 CFR Part 240 (general rules and regulations under the Act) – **to modify margin handling requirements of clearing agencies and implement new rules to specify the content of wind-down plans ...
CFTC Staff Issues an Advisory Related to Prime Brokerage Arrangements and ...
ID 23291
On May 17, 2023, the U.S. Commodity Futures Trading Commission (CFTC) published a press statement to inform that its Division of Clearing and Risk (DCR) has issued an advisory (CFTC Letter No. 23-06) which is addressed at firms engaged in prime brokerage activities that „provide credit substitution on a centralized basis“. Therein, the Division urges such firms, particularly swap execution facilities (SEFs), to check ...
Cyber-related Designation
ID 23256
The Office of Foreign Assets Control (OFAC) has published a press release to inform about a new sanction measure. Specifically, the Office added one person to its Specially Designated Nationals and Blocked Persons List (SDN List) due to being engaged in cyber-related ransomware activity affecting U.S. police and critical infrastructure. The placement is based on existing sanction regulations, namely Executive Order 13694, created by ...
Commissioner Pham Announces Proposed Work Program for CFTC Global Markets Advisory ...
ID 23238
The Commodity Futures Trading Commission, CFTC, has published a press statement in which it presents and seeks comments on the 2023 – 2025 work program for its Global Markets Advisory Committee (GMAC) which itself consists of three sub-committees, namely the Global Market Structure Subcommittee, the Digital Asset Markets Subcommittee, and the Technical Issues Subcommittee*. The work program outlines key activities the sub-committees will engage ...
Proposed Exemption for Certain Prohibited Transaction Restrictions Involving UBS AG ...
ID 23233
The Employee Benefits Security Administration, EBSA, of the U.S. Department of Labor (DOL) published in the Federal Register its [proposal](https://www.federalregister.gov/documents/2023/05/12/2023-10289/proposed-exemption-for-certain-prohibited-transaction-restrictions-involving-ubs-ag-ubs-and-credit) to grant a new Prohibited Transaction Exemption (PTE) to allow qualified professional asset managers (QPAMs) of UBS AG and Credit Suisse Group AG related entities to continue t ...