Financial services regulatory practice

The Volcker Rule: How much faith is good faith? The Federal Reserve Board of Governors released a policy statement intending to clarify expectations for covered banking entities regarding the Volcker Rule. What constitutes “good faith” efforts toward compliance is unclear. The largest banks have been undertaking a “good faith” approach to Volcker since the passage of Dodd-Frank. Read more

SEC Issues Exemptions from the Large Trader Reporting Rule On April 20, 2012, the SEC issued an order temporarily exempting broker-dealers from the recordkeeping, reporting and monitoring requirements of new Rule 13h-1 under the Securities Exchange Act of 1934 and granting a permanent exemption for certain securities transactions. To read this edition, please click here

Final Swap Dealer and MSP Definitions: To Register or Not to Register - Closer to an Answer On April 18, 2012, the CFTC and SEC approved a final rule that defines the terms "swap dealer," "major swap participant" and "eligible contract participant" under the Dodd-Frank Act. The CFTC has laid out a series of fast-approaching compliance deadlines in October. Whether you are swept into or remain out of the swap dealer/MSP definitions, you need a strategy to navigate through Title VII. This FS Regulatory Brief offers guidance and answers key questions on what to do next for sell- and buy- side derivatives players alike. To read PwC's FS Regulatory Brief about this topic, please click here.

Volcker, for now, just good faith The Federal Reserve Board issued a formal Policy Statement confirming that covered banking entities, "by statute," have the full two years from July 21, 2012, i.e., until July 21, 2014, to conform all of their activities and investments to the Volcker Rule. As with any Volcker Rule matter, there are always more questions than answers. To read PwC's FS Regulatory Brief about this topic, please click here.

FSOC finalizes rules for designating nonbank financial companies as SIFIs In this FS Regulatory Brief, we review and analyze the Financial Stability Oversight Council's final rules for designating nonbank financial companies as SIFIs, the designation process and how companies can prepare. To read this edition, please click here.

A fast take on the impact of the Dodd-Frank Act on asset management firms Several provisions of the Dodd-Frank Act impact the asset management industry, either directly as regulated investment advisers, or indirectly as participants in the markets. Here is a summary of how Dodd-Frank impacts asset managers. Click here to read a summary of how Dodd-Frank impacts asset managers.

A Closer Look: SIFI standards: Single counterparty exposure limits In this A Closer Look, we review and analyze the Federal Reserve Board's new standards for systemically important financial institutions (SIFIs) that introduce a single counterparty exposure (concentration) limit. To read this edition, please click here.

Swap Data Reporting: Ready to Deliver? -- March 2012 Swap data reporting is fast approaching in the United States as a leading edge of Dodd-Frank derivatives reform. Click here for some key action steps that you can take now to get ready to report swap data in a post-Dodd-Frank world. Read more >

CCAR 2012: Analysis of results Comprehensive Capital Analysis and Review (CCAR) 2012 results indicate that the new methodology is the most severe, comprehensive and rigorous of the three rounds of stress tests conducted by US banks. Results show a highly capitalized US banking segment and CCAR institutions continue to enhance their capital management processes. Read more >

Here's Why Banks Don't Like the Volcker Rule The Volcker Rule would forbid banks from making bets on their own money, and former Fed chief Paul Volcker has fired back at critics of the proposed rule that bears his name. Dan Ryan, Chairman of PwC's Financial Services Regulatory Practice, discusses with Evan Newmark on Wall Street Journal's Mean Street. Watch the video >

Will the Volcker Rule Hurt Markets? PwC's Dan Ryan discusses criticism of the Volcker rule with Maria Bartiromo on CNBC's "Closing Bell." Watch Dan's interview >

SEC and CFTC Adopt Final Rules Requiring Registered Advisers to Private Funds to File New Form PF The SEC and the CFTC adopted final rules as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act to require registered advisers to report on new Form PF information concerning the private funds they advise. This A Closer Look describes the final rules requiring new Form PF and their impact. Read more >

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How PwC can help you navigate regulatory complexity

The increasingly broad range of products, services, customers, and global markets served by today's financial services firms is expanding the volume and complexity of regulatory and compliance risks facing these firms.

Additionally, in an environment where the financial, legal, and reputational consequences of non-compliance are frequently front page news, key stakeholders -- such as Boards of Directors, investors, regulators, customers, and the public in general -- are increasingly questioning the effectiveness of existing internal risk management and compliance programs.

Your need to meet the expectations of these stakeholders in today's complex business environment will require more than just the "regulator's" perspective on compliance and risk management. It will also require innovative operational approaches that are not only effective for your current needs, but are flexible to adapt to future internal and external challenges.

PwC's financial services (FS) regulatory practice is aligned with your needs.

• Our diverse regulatory knowledge (banking, broker/dealer, insurance, investment management) covers the range of complex regulatory challenges facing large financial services firms.
  
  
• We can draw on our global network of regulatory knowledge and practitioners to address regulatory requirements in major and regional financial centers.
  
  
• We have first-hand compliance and regulatory knowledge and experience - most of the members of our FS regulatory team have either previously worked for a financial services regulatory agency or have been a compliance professional at a major financial institution.
  
  
• Our services do not end with regulatory risk identification. We bring the full capabilities of PwC Advisory to address these risks through program and system design and/or process improvement.
  
  
• We do not sell generic products or "one-size fits all" solutions. We offer practical regulatory solutions that are tailored to each client's business.
  
  
• We are leaders in leveraging technology to lower the cost, and improve the quality, of large-scale transaction and customer-level compliance testing.
  
  
• We have a national reputation for thought leadership, as evidenced by our numerous publications in the financial press and technical journals, our invited presentations at national conferences, and our proactive outreach to various clients and friends of the firm to present our views on emerging regulatory challenges.