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Enforcement
US SEC Opens Preliminary Investigation into Archegos Collapse
By Manesh Samtani | 06/04/2021
Credit Suisse expects a $4.7bn loss from the collapse of Archegos. The bank has suspended share buybacks, cut its dividend, and announced the departure of seven key executives.
ESG / Sustainability
IOSCO Forms Working Group to Aid IFRS Sustainability Project
By Editors | 31/03/2021
The MAS and US SEC will co-lead the new technical working group, which will help develop technical recommendations needed for new sustainability reporting standards.
Securities / Derivatives
Hedge Fund Collapse Sparks Billions in Losses for Banks
By Manesh Samtani | 30/03/2021
The SEC, FSA, and FINMA are monitoring the situation, after the collapse of Archegos Capital Management left Nomura and Credit Suisse with billions in losses.
Market Infrastructure
ARRC Publishes Guidance on Swap Rate, Business Loans, ABS
By Editors | 29/03/2021
The ARRC has published a formula to calculate fallbacks from the USD LIBOR ICE Swap Rate, simplified fallback language for business loans, and a model for using SOFR in ABS products.
ESG / Sustainability
US Fed Creates Financial Stability Climate Committee
By Sanday Chongo Kabange | 29/03/2021
The Financial Stability Climate Committee will compliment the Supervision Climate Committee, which focuses on addressing risks at individual banks.
Securities / Derivatives
US Securities Regulator Opens Inquiry into SPAC Listings
By Sanday Chongo Kabange | 29/03/2021
The SEC has reportedly written to banks seeking information on how underwriters are managing the risks involved.
Capital / Liquidity
Federal Reserve to Lift Dividend Restrictions from 30 June
By Editors | 28/03/2021
If a bank remains above all of its minimum risk-based capital requirements in this year’s stress test, the restrictions will end after 30 June.
AML / KYC
US Sanctions Holding Companies Backing Myanmar Military
By Editors | 26/03/2021
The new sanctions target the Myanmar military’s control of significant segments of the country’s economy, which is a vital financial lifeline for the military junta.
Fintech / Regtech
BIS, SWIFT Announce Winners of ISO 20022 Hackathon
By Editors | 25/03/2021
The winners were Atomic Wire, Mojaloop, Virtusa and AWS for solutions that help to enhance cross-border payments using ISO 20022 and APIs.
Market Infrastructure
Continued LIBOR Use Presents ‘Safety and Soundness’ Risks
By Manesh Samtani | 25/03/2021
ARRC will not be able to recommend a forward-looking SOFR term rate by mid-2021. New York has approved legislation to facilitate transition for tough legacy contracts.
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