Sky Blog
On February 25, 2014, Chairman of the House Committee on Ways and Means, Representative Dave Camp (R.-Mich.), published the proposed Tax Reform Act of 2014 and an accompanying technical explanation written by the Joint Committee on Taxation (together, the “Camp …
On March 6, 2014, the Division of Clearing and Risk (the “DCR”) of the Commodity Futures Trading Commission (the “CFTC”) issued a time-limited no action letter, extending the temporary alternative compliance frameworks available to “Eligible Affiliate Counterparties” (as defined in …
The Federal Reserve’s recent Dodd-Frank enhanced prudential standards final rule subjects foreign banking organizations with ≥ $50 billion in U.S. assets (“Foreign Bank”) to a qualitative liquidity framework. Among other things, the qualitative liquidity framework requires a Foreign …
The following remarks were delivered by Commissioner Daniel M. Gallagher of the U.S. Securities and Exchange Commission in Washington, D.C. at the Institute of International Bankers 25th Annual Washington Conference on March 3, 2014. A copy of the speech is …
The following post comes to us from Kevin S. Haeberle, Post-Doctoral Research Scholar, Program in the Law & Economics of Capital Markets, Columbia Law School & Columbia Business School.
It is well understood that society is better off when …
It is well known that the Fed injected massive amounts of liquidity into the financial system during the 2007-2009 financial crisis. Far less well known is that the Fed was not the only place banks obtained government-backed liquidity when market …
Although Davis Polk does not yet accept Bitcoin, we have been closely following the rapid-fire booms, busts and arrests in the Bitcoin and the larger cryptocurrency space.
Cryptocurrencies – including Bitcoin, Ripple, Litecoin, Dogecoin and about a hundred others – …
The Basel Committee on Banking Supervision (the “Basel Committee”) has published a second Consultative Document containing revised proposals for the Basel securitisation framework (the “Revised Proposals”).[1] The Revised Proposals describe a revised set of approaches for determining the regulatory capital …
The following post is based on an article by Professor Steven Schwarcz of Duke Law School entitled Intrinsic Imbalance: The Impact of Income Disparity on Financial Regulation, which documents and examines the consequences of the extraordinary two-to-one income disparity …
On February 18th, the Board of Governors of the Federal Reserve System (Federal Reserve) voted unanimously to approve a final rule (Final Rule) implementing the enhanced prudential standards contained in Section 165 of the Dodd-Frank Act. This Client Alert discusses …
The following post comes to us from Charles Korsmo, Assistant Professor of Law, Case Western University School of Law and is based on his recent article, “Venture Capital and Preferred Stock,” 78 Brook. L. Rev. 1163 (2013). The full paper …
The following post is based on a memo originally published by Davis Polk & Wardwell on January 8, 2014. The original publication is available here.
Financial Industry Regulatory Authority (“FINRA”) rules require broker-dealer members to establish and maintain a …
The following post comes to us from Marcelo M. Prates, an Attorney at the Central Bank of Brazil. The full article, which is now published as the Central Bank of Brazil Working Paper no. 335 and has been recently noted …
The following comes to us from Annelise Riles, Jack G. Clarke Professor of Far East Legal Studies and Professor of Anthropology, Cornell Law School.
American International Group (AIG), the very name of this company screams out its US origins. And …
The Office of the Comptroller of the Currency (OCC) has issued for public comment proposed guidelines (Guidelines) to establish minimum standards for risk management governance at large insured national banks, insured federal savings associations, and insured branches of non-U.S. banks
The following post comes to us from Charles K. Whitehead, Professor of Law at Cornell Law School, and is based on his recent paper, “Paying for Risk: Bankers, Compensation, and Competition,” which is co-authored by Simone M. Sepe, Associate Professor …
The Commodity Futures Trading Commission (“CFTC”) Division of Market Oversight (the “Division”) announced yesterday that Javelin SEF, LLC’s (“Javelin”) self-certification of available-to-trade determinations (“MAT Determinations”) for certain benchmark interest rate swap contracts is deemed certified. Under CFTC regulations, the swaps …
Following a robust 2012, the financing markets in 2013 continued their hot streak. Syndicated loan issuances topped $2.1 trillion, a new record in the United States. However, as in 2012, financing transactions in the early part of 2013 were devoted …
The Jumpstart Our Business Startups Act (the “JOBS Act” or “the Act”) was signed into law in the spring of 2012, amidst the ongoing fallout from the 2008 financial crisis as well as a hotly-contested presidential election. Having received uncharacteristic …
Now that the final rule[1] implementing Section 619 of the Dodd-Frank Act,[2] commonly known as the “Volcker Rule,”[3] has been implemented, banking entities engaged in swaps activities must plan how they will navigate the two different and overlapping regulatory regimes