United States

    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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