Events listed in United States
CFTC Issues Statement on the Ongoing Impact to Reporting
ID 21823
In view of the recent cyber-related incident at ION Cleared Derivatives who is „a subsidiary of ION Markets), a third-party service provider of cleared derivatives order management, order execution, trading, and trade processing“ several Divisions of the U.S. Commodity Futures Trading Commission (CFTC) have issued a joint statement. Thereafter, the weekly Commitments of Traders report will be postponed as several market participants are still ...
Cyber-related Designations; Iran-related Designations
ID 21813
The Office of Foreign Assets Control (OFAC) has published a press release to inform about new sanction measures. Specifically, the Office added several individuals and entities to its Specially Designated Nationals and Blocked Persons List (SDN List) pursuant to existing sanction regulations (Executive Order 13694 and Executive Order 13846) for their engagement in the development or deployment of a range of ransomware actions targeting ...
OCC Releases Dodd-Frank Act Stress Test Scenarios for 2023
ID 21802
On February 9, 2023, the Office of the Comptroller of the Currency (OCC) issued a press statement to announce the publication of the stress test scenarios 2023 for OCC supervised institutions. The scenarios „include baseline and severely adverse scenarios“ with high unemployment rates, sharply decreasing asset prices, and low economic activity to simulate different economic and financial market conditions. These scenarios must be used ...
Issuance of Syria General License
ID 21790
In light of the recent earthquake in Syria and Turkey, the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury has published a press release to inform of the issuance of a new Syria-related General License (GL 23). The license permits all financial transactions related to earthquake relief measures for the benefit of Syria and the Syrian people that would ...
Federal Reserve Board releases hypothetical scenarios for its 2023 bank stress tests
ID 21787
The Board of Governors of the Federal Reserve System (FED) has published the stress test scenarios 2023 for FED supervised institutions; a corresponding list of affected banks is attached. The stress tests this year include severely adverse scenarios to simulate a global economic recession and extremely negative financial market conditions. Specifically, they feature a severe global downturn (slowdown in economic activity and thus GDP) ...
Regulation A: Extensions of Credit by Federal Reserve Banks
ID 21785
The Board of Governors of the Federal Reserve System (FED) has made a publication in the Federal Register to announce the adoption of final amendments to its Regulation A to increase the rate for primary credit (overnight credit) at each Federal Reserve Bank. The secondary credit rate for those institutions not qualifying for the primary rate is thereby increased implicitly as well by a ...
New Treasury Report Assesses Opportunities, Challenges Facing Financial Sector ...
ID 21784
In view of a recent trend towards the use of third party cloud service providers by financial market participants, particularly banking institutions, the U.S. Department of the Treasury has released a new report entitled The Financial Services Sector’s Adoption of Cloud Services. The report outlines the findings from its investigation as regards the „current state of cloud adoption in the financial sector“ and primarily ...
Regulation D: Reserve Requirements of Depository Institutions
ID 21783
The Board of Governors of the Federal Reserve System (FED) published in the Federal Register modifications to Regulation D – Reserve Requirements of Depository Institutions – with immediate effect to adjust the rate of interest on reserve balances (IROB) to 4.65 percent. The new rate represents a 0.25 percentage point increase from the prior level and is applicable to both required and excess balances ...
Transnational Criminal Organizations Designations and Designations Removals; ...
ID 21773
The Office of Foreign Assets Control (OFAC) has published a press release to inform about new sanction measures. Specifically, the Office announced that it has added two persons to its Specially Designated Nationals and Blocked Persons List (SDN List) and removed several others from same list for (no longer) participating or (no longer) being part of criminal networks and organizations which pose a threat ...
Branch Closings: Revised Comptroller’s Licensing Manual Booklet
ID 21769
The Office of the Comptroller of the Currency, OCC, has published an updated version of its Licensing Manual: Branch Closings. The Manual sets out the notification requirements of (foreign) national banks and savings associations seeking to close down a branch. The Manual thereby describes in detail, among other things, – the requirement of affected banks and savings associations to provide an advance notice to ...