Weekly Regulatory Highlights (June 23rd – June 30th)

This is the summary of this week’s regulatory updates and changes:

  • The Federal Financial Institutions Examination Council (FFIEC) launched a Web page on Cyber Security awareness. The Web page is a central repository for current and future FFIEC – related materials on Cyber Security - See more details.

  • Proposed revisions to Pillar 3 disclosure requirements published by the Basel Committee. The proposed revisions aim to enhance comparability across banks by ensuring greater consistency in the way they disclose information about risk exposures - See more details.
  • The European Banking Authority (EBA) issued a revised list of validation rules in its Implementing Technical Standards (ITS) on supervisory reporting, which also includes several rules which have been deactivated – See more details.
  • MAS (Monetry Authority of Singapore) published a consultation Paper on the proposed framework for systemically important banks in Singapore.

Proposed Framework for Systemically Important Banks in Singapore

  •  SEC Adopts Cross-Border Security-Based Swap Rules - The rules and guidance explain when a cross-border transaction must be counted toward the requirement to register as a security-based swap dealer or major security-based swap participant. The rules also address the scope of the SEC’s cross-border anti-fraud authority – See more details.
  • The Federal Reserve Board on Wednesday announced that Regions Bank, Birmingham, Alabama, will pay a $46 million penalty for misconduct related to the process followed by the bank in the first quarter of 2009 for identifying and reporting non-accrual loans – See more details.
  • Independent audit regulators from Europe – including the CSSF – have entered into a series of structured meetings with the largest European networks of audit firms. The meetings shall contribute to a better understanding of network structures and procedures and the networks’approaches to maintain and improve the quality of their audits of financial statements or group accounts of Public Interest Entities – See more details.
  • The Securities and Exchange Commission today charged a West Palm Beach, Fla.-based hedge fund advisory firm and its founder with fraudulently shifting money from one investment to another without informing investors.  The firm’s founder and another individual later pocketed some of the transferred investor proceeds to enrich themselves – See more details.