More Financial services regulatory publications

First take: Volcker Rule covered fund extension

December 2014

Ten key points from the Fed’s Volcker Rule covered funds extension.

First take: Resolution plan guidance for CIDIs

December 2014

Ten key points from the FDIC’s resolution plan guidance.

First take: Cuba sanctions

December 2014

Key points from the President’s announcement on Cuba sanctions.

First take: Swaps Push-Out

December 2014

Key points from Congress's roll-back of the Swaps Push-Out.

First take: Reg SCI

December 2014

Ten key points from the SEC’s final Reg SCI.

Asset managers: FSOC stands down, SEC stands up

November 2014

The SEC is poised to enhance its supervision of asset managers.

Broker-dealers: Countdown to new supervision rules

November 2014

Four new FINRA rules take effect on December 1st.

First take: The new Republican Senate

November 2014

Ten key points from last week’s elections.

Operational risk capital: Nowhere to hide

November 2014

Global banks should expect to hold about 50% more capital.

First take: Basel's final NSFR

November 2014

Ten key points from Basel’s final NSFR.

First take: SIFMU risk management standards

October 2014

Ten key points from the FRB's revised SIFMU risk management standards.

First take: Risk retention

October 2014

Ten key points from the final risk retention rule.

First take: CCAR Guidance and final Capital Plan amendments

October 2014

Ten key points from the 2015 CCAR Guidance and final revised Capital Plan rule.

Recovery planning: Until the last gasp

October 2014

New federal reserve guidance expects plans to cover the full stress continuum.

First take: Supplementary leverage ratio

September 2014

Key points from the final US supplementary leverage ratio.

First take: Liquidity coverage ratio

September 2014

Ten key points from the final US liquidity coverage ratio.

Risk Governance: Banks back to school

September 2014

The OCC's final rule emphasizes risk governance at the bank level.

First take: Uncleared margin re-proposal

September 2014

Ten key points from the US prudential regulators’ re-proposed uncleared margin rule.

First take: Resolution plan guidance to largest firms

August 2014

Ten key points from regulators’ feedback to Wave 1 resolution plan filers.

Foreign banks: US admission price rising

July 2014

The Fed expects detailed implementation plans from foreign banks.

First take: SEC’s money market reform

July 2014

Ten key points from the SEC’s final money market rule.

US regulatory outlook: The beginning of the end

July 2014

Four years since Dodd-Frank, several key rulemakings remain.

Mandatory margin on TBAs: TBD, but not for long

July 2014

Margin will soon be required for broker-dealers' To-Be-Announced transactions.

First take: Capital Plan rule

June 2014

Key points from the Fed’s changes to the Capital Plan rule.

SEC sweep: Liquid alternative funds

June 2014

Our perspective on the SEC's upcoming liquid alts review.

Asset manager SIFI designation: Enter SEC

June 2014

Expect more SEC scrutiny of asset managers.

First take: SEC’s cross-border derivatives rule

June 2014

Ten key points from the SEC’s final cross-border rule.

Volcker rule clarity: Waiting for Godot

May 2014

While banks continue to wait for regulatory guidance, five key questions need answering.

Mortgages: What you don’t know about “Know Before You Owe”

April 2014

Meeting the challenges of the CFPB's new rule.

Stress testing: A look into the Fed’s black box

April 2014

Making sense of the results from CCAR 2014.

First take: Basel III large exposures framework

April 2014

Ten key points from Basel’s new large exposures framework.

2014 Resolution Plans: The guidance you won’t receive

April 2014

Five suggestions for Category 1 firms deciding whether – and how – to revise their resolution plans before the July 2014 deadline.

Liquidity coverage ratio: No blood, but sweat and tears

April 2014

Expect changes to the US Liquidity Coverage Ratio when finalized this quarter.

First take: Supplementary leverage ratio

April 2014

Ten key points about the new US supplementary leverage ratio.

First take: CCAR stress testing

March 2014

Ten key points from the Fed’s 2014 Comprehensive Capital Analysis and Review (CCAR).

First take: DFAST stress testing

March 2014

Ten key points from the Federal Reserve's 2014 Dodd-Frank Act Stress Test (DFAST).

EU bonus cap: Restrictions nearly final for asset managers

March 2014

A bonus cap remains off the table for EU asset managers, but bonus restrictions may directly impact US fund managers.

Sanctions: US and EU action on Ukraine

March 2014

US and EU economic sanctions on Ukraine require action from banks.

Nonbank SIFIs: No solace for US asset managers

February 2014

A few, large US asset managers continue to be reviewed for designation as nonbank SIFIs.

First take: Enhanced prudential standards

February 2014

Ten key points from the Fed's enhanced prudential standards final rule.

Stress testing: First at bat for midsized firms

February 2014

Regulators will scrutinize midsized firms first stress testing submissions this spring.

Risk governance: OCC codifies risk standards, paving the way for increased enforcement actions

February 2014

The OCC's new risk governance proposal does more than codify heightened expectations.

Physical commodity activities: Too risky for banking organizations?

January 2014

Regulators are looking closely at new regulations for banks' physical commodity activities.

EU regulatory outlook

January 2014

Several key European regulatory developments are expected this year.

Resolution planning: Category 3 debrief

January 2014

The public portion of Category 3 US resolution plans reveal strikingly similar strategies.

Basel leverage ratio: No cover for US banks

January 2014

The latest Basel leverage ratio eases its approach and eliminates several differences with the US ratio.

Insurers: Is federal regulation coming?

December 2013

The Federal Insurance Office's report calls for state regulators to speak with one global voice.

EU bonus cap: Proposed expansion curtailed

December 2013

The EU banker bonus cap goes into effect on January 1, 2014 and will ultimately impact fewer people than previously proposed.

Derivatives: A first take on cross-border comparability

December 2013

CFTC’s comparability determinations bring some clarity to the cross-border compliance table, but several issues remain unaddressed.

More third-party guidance: When should you just do it yourself?

December 2013

The FRB's third-party guidance differs from the OCC's in some key ways.

Resolution planning: FDIC’s single point of entry

December 2013

The FDIC's proposal contains little new information, but shines light on the outstanding key issues even if only by its silence.

Volcker Shrugged

December 2013

The final Volcker rule seems manageable – but only if the regulators use their discretion wisely.

Volcker Shrugged

December 2013

The final Volcker rule seems manageable – but only if the regulators use their discretion wisely.

First take: Volcker Rule

December 2013

Ten key points from the final Volcker Rule's trading provisions.

Derivatives: Regulatory roulette

December 2013

Global entities scrambling to comply with the CFTC's latest cross-border pronouncements wish for regulatory certainty, but the best course of action in the meantime is prudent decision making.

Managing third-party relationships: It’s complicated

November 2013

The OCC's new third-party risk management standards go well beyond its prior issuances.

Capturing Model Risk & Uncertainty in Capital Planning: PwC Survey Results

November 2013

The results of PwC's survey provide an objective view of the range of practices being used to quantify model risk / uncertainty in the capital plans.

Volcker Rule: The day of reckoning is near

November 2013

The next version of the Volcker Rule is coming soon.

Stress testing: Failures on the horizon?

November 2013

Regulators released capital stress testing guidance that continues to raise the bar for large firms and signals that more failing grades are likely in the future.

Joint CFPB-State Supervision: No one is below the radar

November 2013

The CFPB-State Supervisory Coordination Framework coordinates federal and state supervision and enforcement activities for entities subject to supervision by both the CFPB and state financial regulators.

Liquidity coverage ratio: Another brick in the wall

October 2013

The US regulators' Liquidity Coverage Ratio forms one of the key components of the Basel III reform package, and came out much tougher than expected.

Resolution planning: Bail-in debt rule slowly taking form

October 2013

A bail-in debt proposal is expected from US regulators in the coming months.

Derivatives: Global discord extends to Asia

October 2013

A third wave of derivatives regulations, now from Asia, is about to impact global entities working to navigate Dodd-Frank and EMIR.

Financial Services Regulatory Practice: How we can help private equity advisors

October 2013

Financial regulatory reforms require most private equity (PE) fund advisors to register with the US Securities and Exchange Commission (SEC). PE advisors must abide by the Investment Advisers Act of 1940 with disclosure and reporting requirements inspections by the SEC.

PwC's Financial services regulatory practice: How we can help advisers to real estate funds

October 2013

This brochure discusses regulatory and compliance challenges for real estate advisers in light of the Dodd-Frank regulations.

PwC's Financial services regulatory practice: How we can help mutual funds

October 2013

This brochure describes how PwC can help mutual fund managers, chief compliance officers, and boards deal with risk oversight, reputational damage, SEC whistleblower provisions, new reporting requirements, and more.

Resolution planning: A public peek into the plans

October 2013

Regulators released the public sections of the 11 Category 1 firms' annual resolution plans.

Nonbank SIFIs: Up next, asset managers

October 2013

A few large asset managers may be proposed for SIFI designation by the Financial Stability Oversight Council.

Derivatives: CFTC shutdown, SEFs open

October 2013

The CFTC grants limited relief for SEFs and market participants just before the October 2nd deadline.

Systemically important derivatives clearing organizations: The CFTC proposes recovery and wind-down plans

September 2013

The CFTC proposed rules to heighten regulatory standards for systemically important DCOs, which should be viewed in light of two other documents also released in August (by CPSS/IOSCO and by ISDA) focusing on SIDCO recovery and continuity planning.

EU Bonus Cap: Fewer bankers likely impacted in 2014

September 2013

The EU banker bonus cap will likely be limited to senior management and certain “material risk takers” upon implementation in 2014.

Stress testing: Midterm results improved, but it's all about the final

September 2013

Firms release their mid-cycle stress testing results.

Margin on uncleared swaps: Global agreement in theory but not yet in practice

September 2013

The global framework establishing margin requirements for non-centrally cleared swaps is complete.

Identity Theft Regulation: Are you under the SEC/CFTC microscope?

September 2013

Impacted organizations are beginning to finalize their approach to a joint SEC/CFTC rule for preventing identity theft.

Broker-dealers: New FOCUS on financial responsibility

September 2013

The SEC finalized two new rules for tightening controls over broker-dealers holding customer funds and securities.

Stress testing: Getting to credibility - Firms between $10 and $50 billion

August 2013

Analysis of the banking regulators' guidance on the Dodd Frank Act's stress testing requirements for firms between $10 and $50 billion.

Living wills: Global resolution remains a reach

August 2013

The FSB's latest guidance completes the initial global framework for recovery and resolution planning.

Basel & prudential standards: US moving faster than world

August 2013

The regulatory timeline for key US rulemakings related to prudential standards and whether other countries will follow suit.

Credit exposure: Affiliate transaction rule in sight

August 2013

Various provisions of Dodd-Frank require banks to incorporate credit exposures from derivatives and securities financing transactions when calculating prudential limits.

Systemically important insurers: Global follows US lead

July 2013

On July 18, 2013, the International Association of Insurance Supervisors published a methodology for identifying global systemically important insurers.

Asset managers: SEC and European regulators agree to share information and cooperate on oversight

July 2013

The SEC and the European Securities and Markets Authority finalized a supervisory cooperation agreement on July 18th to allow regulators to share supervisory information about investment advisers doing business internationally.

Swap dealer compliance "day two" roundtable: Highlights and key insights

July 2013

On July 18th PwC hosted an industry roundtable to talk about Dodd-Frank “day two” compliance, that included a discussion with Gary Barnett, CFTC Swaps Division Director.

Foreign banks: Hope is not a strategy – Time to act

July 2013

In December 2012, the Federal Reserve published a NPR describing how the Enhanced Prudential Standards under Dodd-Frank would be applied to foreign banking organizations.

Derivatives: CFTC finalizes cross border guidance and extends timeframe for conformance – July 12th deadline met

July 2013

The Commodity Futures Trading Commission continued its progress this week toward a scheme for regulating global swap transactions.

Heightened leverage ratio: US regulators unveil next act for regulating large banks – a long way until the end

July 2013

US regulators issued a Notice of Proposed Rule-making calling for a revised Supplementary Leverage Ratio for the eight most systemically significant US banking organizations.

EU bonus cap: UCITS asset managers narrowly escape bonus limits

July 2013

The European Parliament narrowly voted down rules limiting bonuses for certain asset managers.

Basel III capital rules finalized by Federal Reserve: But much more to come for the big banks

July 2013

This Regulatory Brief highlights the significant changes to the Basel III capital rule from its original proposal, and for the large banks, place the rule into the wider context of capital regulation yet to come.

EU bonus cap to take effect January 1, 2014

July 2013

This Regulatory Brief describes the EU bonus cap which has been moving its way through the EU legislative process as part of CRD IV (implementing Basel III in Europe) for much of this year.

Derivatives: Relief for documenting FX trading relationships? – It’s complicated

June 2013

On June 27, 2013, the CFTC provided welcome, if partial, relief from its swap documentation requirements.

US regulatory outlook: Second half of 2013 – Final enhanced prudential standards and Basel III rules

June 2013

This Regulatory Brief provides the “regulatory scorecard” for 2013 and our view of the Basel III and enhanced prudential standards rulemakings that will occur over the rest of 2013.

EU’s AIFMD: Impact on US Asset Managers – New regime starts July 22nd

June 2013

This Regulatory Brief describes the impact AIFMD will have on US managers and outlines the requirements in chart format in the Appendix.

Derivatives: Cross-border at the cross roads

June 2013

With less than one month to go before expiration of the Commodity Futures Trading Commission’s cross-border relief, anxiety is growing among global derivatives market participants.

European regulatory outlook

June 2013

This Regulatory Brief provides our view of the main developments to expect in key European regulatory areas.

Swaps Pushout: FBOs get needed relief – Level playing field for foreign banks

June 2013

On June 5, 2013, the Federal Reserve Board approved an interim final rule (with request for comment by August 4, 2013) on the treatment of uninsured US branches and agencies of foreign banks under section 716 of the Dodd-Frank Act - the so-called Swaps Pushout rule.

Derivatives: SEFs – Opening bell sounds

June 2013

This Regulatory Brief describes the new regulatory environment for mandatory electronic swaps trading and highlights considerations for the buy-side and sell-side.

Money market funds: SEC proposes new rules

June 2013

The SEC voted unanimously to propose new rules intended to reform money market funds.

Nonbank SIFIs: FSOC proposes initial designations – more names to follow

June 2013

On June 3rd, the Financial Stability Oversight Council met in a closed session and voted to provide written notice to three major US nonbank financial companies of the Council’s proposal to deem them as systemically important.

More Scrutiny for Financial Market Utilities

May 2013

During the financial crisis, global regulators recognized that Financial Market Utilities serve a critical role by reducing risk for their participants and counterparts, but as a result they can potentially transmit risk throughout the financial system.

EU Bonus Cap Update – Cap to Apply More Broadly

May 2013

The European Banking Authority recently approved draft regulations greatly expanding the number of EU bankers that would be impacted by the EU banker bonus cap.

SEC’s Take on Cross-Border Derivatives Rules – Catalyst for global moderation or unwelcome complication?

May 2013

This FS Regulatory Brief focuses on (a) the broad principles underlying the SEC and CFTC releases, with a focus on the obligations of dealers; (b) the primary discrepancies between the two regulators' approaches to cross-border transactions and substituted compliance; (c) whether (and the extent to which) the SEC proposal may shape final CFTC cross-border rules and guidance or simply complicate the picture; and (d) operational implications of the dueling proposals and what institutions should be doing now.

CFTC Provides EBC Relief – Saves Prime Brokerage Arrangements

May 2013

This Regulatory Brief describes the relief provided for EBC compliance by firms in prime brokerage arrangements and highlights the practical steps necessary to put this relief into action.

Resolution Planning - New guidance, more time, no specificity

April 2013

This Regulatory Brief analyzes the new guidance’s key points, and offers our view that further written regulatory detail is unlikely to be provided in the near term because of the guidance’s link to the Too Big To Fail debate in Washington and because of lack of agreement between the regulators.

Inter-Affiliate Swaps Clearing Exemption: A trade worth making?

April 2013

On April 1, 2013, the CFTC released a final rule providing an exemption from the clearing requirement for swaps between affiliated entities within a corporate group.

Collateral damage: Impact of margin for uncleared swaps will not be marginal

April 2013

The drumbeat for global mandatory margin requirements on uncleared swap transactions is quickening.

EU banker bonus cap is near final – Asset manager cap for UCITS under consideration

March 2013

This Regulatory Brief highlights the key requirements of the EU's asset manager bonus cap proposal.

Bonus cap proposal advances in the EU

March 2013

The EU’s proposal to cap bankers’ bonuses as part of CRDIV – the EU’s Basel III implementation – advanced on March 5, 2013. EU Banks should now be planning for the consequences of a January 1, 2014 implementation date.

Changes and more delays expected

March 2013

This Regulatory Brief provides our view of (a) where banks stand right now in preparing for Volcker, (b) the timing of the final rule and what it may look like, (c) the response of foreign regulators, and most important (d) what banks should be doing now.

Provisional Bonus Cap Added to EU Basel III Implementation Proposal - Major Impact on London and EU Banks Possible

February 2013

EU negotiators on CRDIV – the EU Basel III implementation proposal – reached a preliminary agreement on February 27, 2013 to include a provision that would limit European bankers’ bonuses. Specifically, bonuses for senior management and material risk-takers – so-called “identified staff” – would not be able to exceed a banker’s fixed salary.

New Scrutiny of Mutual Fund Fair Value Practices

February 2013

The SEC recently charged eight former directors of a mutual fund with failing to oversee the valuation of portfolio securities.

Hearing provides insight on regulatory timetable: But uncertainty remains the norm

February 2013

The US Senate Banking Committee held oversight hearings on the implementation of the Dodd-Frank Act. The hearing provided an update on the regulatory timetable.

Enhanced Internal Audit Standards

February 2013

On January 23, 2013, the Board of Governors of the Federal Reserve System issued the Supplemental Policy Statement on the Internal Audit Function and its Outsourcing to the Officers in Charge of Supervision at each Federal Reserve Bank.

Derivatives – Enter EMIR: You’re going to need a bigger boat

February 2013

This Regulatory Brief analyzes the key overlaps and differences between EMIR and Dodd-Frank, and suggests where separate effort will be needed to meet EMIR’s additional requirements.

FSR Insights: Dodd-Frank stress testing requirements for mid-sized financial firms: Highlights and insights

February 2013

This Regulatory Brief highlights the business implications of meeting regulatory expectations for stress testing and capital planning and delves into the large-bank regulatory expectations that are now being applied to other financial companies.

CFPB “Ability-to-Repay” standard

January 2013

The CFPB issued the final “Ability-to-Repay” rule. Lenders have 12 months to implement the new requirements which become effective January 10, 2014. To provide some insights as to the Ability-to-Repay rule, this document from PwC provides a summary of the key provisions of the rule, identify impacts, and offer suggestions on how to adapt to the new rule.

Good faith – What’s your story? New derivatives reports will put it to the test

January 2013

This Regulatory Brief addresses the CFTC’s essential elements of good faith and provides guidance for translating them into a robust swap dealer compliance program.

Basel III liquidity regime ─ More practical but not yet workable

January 2013

On January 7th, the Basel Committee on Banking Supervision issued a finalized standard on the Liquidity Coverage Ratio, a short-term liquidity measure that considers a 30-day period of liquidity stress

Certain foreign-owned US banks may avoid registration under swap dealer aggregation rule

December 2012

Certain US banks engaged in limited swap dealing activities were granted relief from swap dealer registration by the Commodity Futures Trading Commission (CFTC). This FS Regulatory Brief describes the aggregation rule and the relief to US banks with registered foreign bank parents.

Proposed US/UK resolution strategy – more questions than answers: We are a long way from a global resolution regime

December 2012

The FDIC’s Systemic Resolution Advisory Committee held an open meeting concerning a Joint Paper by the FDIC and Bank of England which proposed a joint US/UK resolution regime for globally systemically important financial institutions. This FS Regulatory Brief highlights key points from the Joint Paper and places them within the broader context of the Federal Reserve action.

Cross-Border Clarity: CFTC provides guidance and additional time for industry to address cross-border swaps

December 2012

The Commodity Futures Trading Commission (“CFTC”) issued a final “Exemptive Order” and “Further Proposed Guidance” to clarify its approach to regulating cross-border swaps activities under Title VII of the Dodd-Frank Act. This FS Regulatory Brief discusses the CFTC’s approach and offers insight into the impacts on foreign and US swap dealers.

CFTC delivers holiday gift to Wall Street - Delays EBC and Documentation Requirements

December 2012

This FS Regulatory Brief describes the impact of the Interim Final Rule on registering swap dealers as well as the significant deadlines that remain. The Commodity Futures Trading Commission (CFTC) gave swap dealers a reprieve from the year-end deadline to comply with most of the external business conduct and swap documentation duties to counterparties.

Is Your Counterparty Documented? ISDA Protocol adherence slower than expected

December 2012

This FS Regulatory Brief provides a snapshot of participation rates for the ISDA DF Protocol and information about the protocol.

Advisers' key concerns on Form PF implementation

November 2012

Through its Form PF work with several first-time filers, and a recently conducted survey of private fund adviser clients, PwC has identified key trends and issues that are valuable to all filers as the reporting requirement continues to phase in for registered private fund investment advisers. This FS Regulatory Brief describes these key concerns in detail, provides analysis of the survey, and suggests what filers should do.

Fed to raise requirements for foreign banks: Not waiting for home country regulators

November 2012

Federal Reserve Governor Daniel Tarullo spoke before the Yale School of Management Leaders Forum to outline a new “modified” regulatory approach. This FS Regulatory Brief describes the proposal in detail, which FBOs would likely be affected, and what these FBOs should be doing now.

CCAR 2013: Highlights and insights

November 2012

2013 Comprehensive Capital Analysis and Review (CCAR), issued by the Board of Governors of the Federal Reserve, contain a number of notable updates to the CCAR process.

More intense SIFI supervision called for in FSB’s G-SIB update

November 2012

This FS Regulatory Brief describes new G-SIBs supervision, G-SIBs designation and the expected impact.

FSB on Living Wills Progress - G-SIFIs: You've only just begun; NBFCs: You're next

November 2012

November 2012 - In this FS Regulatory Brief, we summarize recent reform and the impact for global systemically important financial institutions and non-bank financial companies.

FSOC moves swiftly on money market reform

November 2012

On November 13, 2012, the Financial Stability Oversight Council (FSOC) unanimously voted to issue proposed recommendations for structural reforms to money market funds (MMFs) intended to make them more resilient to runs. The FSOC is proposing three alternatives including a floating NAV, a capital buffer, redemption holdbacks and enhanced portfolio diversification, liquidity and disclosure requirements.

Treasury exempts FX swaps and forwards from most derivatives regulation

November 2012

The US Treasury Department issued a final determination that exempts foreign exchange (FX) swaps and forwards from most of the requirements in Title VII of the Dodd-Frank Act, effective November 20, 2012. This FS Regulatory Brief describes the new Treasury exemption for FX swaps and forwards and offers insights as to its expected impact.

The FSB pushes for enhanced risk disclosures

November 2012

The Financial Stability Board recently sponsored the creation of the Enhanced Disclosure Task Force (EDTF) to establish principles, recommendations and leading practices to enhance bank risk disclosures. The EDTF recommendations mark a further step towards the inclusion of risk-based information in financial reporting. In this FS Regulatory Brief, we summarize the EDTF recommendations, their impact, and how banks should respond.

Swap regulation commences - Day 1 closes with a flurry of CFTC relief: What does it all mean?

October 2012

On Friday, October 12, 2012, regulation of swaps under the Dodd-Frank Act by the CFTC officially began. Some market participants remain confused about the scope and impact of this change. This FS Regulatory Brief summarizes the CFTC actions and, as important, what is still not addressed.

How we can help commodity pool operators

October 2012

In February 2012, the CFTC approved rules that will require some private fund managers and investment companies to register with the CFTC as commodity pool operators.

OCIE sends new advisers a letter describing “presence exams”

October 2012

On October 9, 2012, the Office of Compliance Inspections and Examinations (OCIE) posted an open letter to new adviser registrants on its website, and its regional offices sent the same letter to new registrants in the region. The OCIE letter describes what it terms its “Presence Exams initiative” for these advisers.

What mutual fund CCOs and GCs are talking about now

October 2012

PwC sit down with Chief Compliance Officers (CCOs) and General Counsels (GCs) of large mutual fund firms to discuss the current regulatory and compliance environment. Dodd-Frank Mutual Funds: CFTC, Money market reforms, LIBOR

Financial services regulatory practice: Form PF - How we can help asset managers

September 2012

The SEC and the CFTC adopted final rules to require registered advisers to private funds to file reports that would help the agencies assess systemic risk. Improved systems, processes and controls will enable information reporting and deliver benefits management reporting, investor reporting, financial reporting and risk management.

The SEC proposes new rules to allow issuers making private offerings to advertise

September 2012

September 2012 - On August 29, 2012, the SEC proposed new rules to implement the JOBS Act. The SEC’s proposed rule would permit the use of general solicitation when offering or selling private securities under Rule 506 of Regulation D, provided that certain conditions are satisfied.

CFPB Issues New Mortgage Proposals: Analysis and Next Steps

August 2012

August 2012 - On July 9, 2012, the Consumer Financial Protection Bureau issued two Notices of Proposed Rulemaking to implement key residential mortgage reforms of the Dodd-Frank Act. We briefly describe these proposals – which total almost 1400 pages combined.

A Closer Look: The Dodd-Frank Wall Street Reform and Consumer Protection Act

August 2012

Financial service firms and related organizations are just beginning to understand Dodd-Frank's many facets and its full impact. PwC's extensive research and analysis can help.

Dodd-Frank Swap Regulation Starts October 12, 2012: Or Does It?

August 2012

This FS Regulatory Brief discusses the registration deadline issue in broad terms. It explores the ramifications that different dealer registration deadlines will have on sell- and buy-side firms, including on the start of swap data reporting. Additionally, there are updated timelines showing the key compliance dates for US swap dealers and foreign swap dealers.

G-SIIs vs. G-SIFIs: Lines blur between insurance and banking

July 2012

July 2012 - As a part of a global initiative to help prevent a repeat of the 2008 financial crisis and reduce the threat posed by global systemically important financial institutions, the International Association of Insurance Supervisors has released its proposed assessment methodology for the identification of global systemically important insurers.

US Basel III Regulatory Capital Regime and Market Risk Final Rule - July 2012

July 2012

July 2012 - The three federal banking agencies released three notices of proposed rulemaking that will revise regulatory capital rules for US banking organizations and align them with the Basel III capital standards that were issued in December 2010 and subsequently updated in 2011 (Basel III).

The Tipping Point: Swap Product Definitions Finalized

July 2012

July 2012 - The CFTC and SEC released final definitions of what is a 'swap' or 'security-based swap' under the Dodd-Frank Act. This FS Regulatory Brief discusses the projected timing for swap dealers (and major swap participants) to comply with the CFTC's regulation of swaps.

Extraterritorial derivatives guidance proposed by CFTC: More analysis required, impact unclear

July 2012

July 2012 - On June 29, 2012, the CFTC released its much anticipated proposed cross-border guidance to interpret when Dodd-Frank Act derivatives regulations reach beyond US shores. It also released a proposed exemptive order that would grant temporary relief from compliance dates for certain regulations.

23A revisited: Significant changes to affiliate transaction rules are coming

June 2012

June 2012 - This PwC FS Regulatory Brief is a summary of the changes made by Dodd-Frank to bank affiliate transaction rules, the status of regulatory efforts, what banks can do to assess its impact and related issues.

Expense Practices for Private Fund Advisers

May 2012

May 2012 - This FS Regulatory brief provides important information to assist hedge fund and private equity fund advisers in understanding the general risks around expense practices, and creating and maintaining a sound control framework to address those risks.

The Volcker Rule: How much faith is good faith?

May 2012

May 2012 - 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.

SEC Issues Exemptions from the Large Trader Reporting Rule

April 2012

April 2012 - 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.

Cross-Border Clarity: CFTC provides guidance and additional time for industry to address cross-border swaps - December 2012
On December 21, 2012, the Commodity Futures Trading Commission (“CFTC”) issued a final “Exemptive Order” and “Further Proposed Guidance” to clarify its approach to regulating cross-border swaps activities under Title VII of the Dodd-Frank Act. In issuing this release, the CFTC continues to juggle the competing tasks of regulating US swaps activity, avoiding competitive inequity, discouraging evasion and deferring to local regulation. This FS Regulatory Brief discusses the CFTC’s approach to important cross-border questions and offers insight into some of the expected practical impacts on foreign and US swap dealers.To read this FS Regulatory Brief, please click here

Certain foreign-owned US banks may avoid registration under swap dealer aggregation rule - December 2012
Certain US banks engaged in limited swap dealing activities were granted relief from swap dealer registration by the Commodity Futures Trading Commission (CFTC) on December 20, 2012. Without this relief, these US banks were facing the prospect of either registering as a swap dealer, modifying their activities to fit into registration exemptions, or ceasing swap dealing all together. This FS Regulatory Brief provides a description of the aggregation rule and the relief provided to US banks with registered foreign bank parents.To read this FS Regulatory Brief, please click here

Proposed US/UK resolution strategy – more questions than answers: We are a long way from a global resolution regime - December 2012
The FDIC’s Systemic Resolution Advisory Committee held an open meeting concerning a Joint Paper by the FDIC and Bank of England which proposed a joint US/UK resolution regime for globally systemically important financial institutions. This FS Regulatory Brief highlights key points from the Joint Paper and places them within the broader context of the Federal Reserve action.To read this FS Regulatory Brief, please click here

CFTC delivers holiday gift to Wall Street -- Delays EBC and Documentation Requirements - December 2012
The Commodity Futures Trading Commission (CFTC) gave swap dealers a just-in-time reprieve from the year-end deadline to comply with most of the external business conduct and swap documentation duties to counterparties. This FS Regulatory Brief describes the impact of the Interim Final Rule on registering swap dealers as well as the significant deadlines that remain.To read this FS Regulatory Brief, please click here

Is Your Counterparty Documented? ISDA Protocol adherence slower than expected - December 2012
New rules adopted by the CFTC require a swap dealer to vet each counterparty, update documentation, and deliver notices and disclosures to each of its counterparties before each trade. In other words, thousands of swap dealers’ accounts are affected. The industry has deployed a uniform solution to streamline efforts surrounding this challenging task. ISDA and Markit have teamed up to create a standardized, electronically managed documentation and disclosure solution called the ISDA DF Protocol. This FS Regulatory Brief provides a snapshot of participation rates for the ISDA DF Protocol and information about the protocol.To read this FS Regulatory Brief, please click here

Fed to raise requirements for foreign banks: Not waiting for home country regulators - November 2012
Federal Reserve Governor Daniel Tarullo spoke before the Yale School of Management Leaders Forum to outline a new “modified” regulatory approach. This FS Regulatory Brief describes the proposal in detail, which FBOs would likely be affected, and what these FBOs should be doing now. To read this FS Regulatory Brief, please click here

Advisers’ key concerns on Form PF implementation - November 2012
Through its Form PF work with several first-time filers, and a recently conducted survey of private fund adviser clients, PwC has identified key trends and issues that are valuable to all filers as the reporting requirement continues to phase in for registered private fund investment advisers. This FS Regulatory Briefdescribes these key concerns in detail, provides analysis of the survey, and suggests what filers should do. To read this FS Regulatory Brief, please click here

CCAR 2013: Highlights and insights - November 2012
The recently published instructions for the 2013 Comprehensive Capital Analysis and Review (CCAR), issued by the Board of Governors of the Federal Reserve, contain a number of notable updates to the CCAR process. This FS Regulatory Brief describes the CCAR updates in detail and next steps for bank holding companies. To read this FS Regulatory Brief, please click here

More intense SIFI supervision called for in FSB’s G-SIB update - November 2012
On November 1, 2012, the Financial Stability Board released its 2012 list of 28 Global Systemically Important Banks (G-SIBs) as part of its periodic assessment. This FS Regulatory Brief describes new G-SIBs supervision, G-SIBs designation and the expected impact. To read this FS Regulatory Brief, please click here.
 

FSB on Living Wills Progress - G-SIFIs: You’ve only just begun; NBFCs: You’re next - November 2012
The Financial Stability Board released a report on November 2, 2012, describing the progress made by jurisdictions thus far in implementing its Key Attributes of Effective Resolution Regimes for Financial Institutions.In this FS Regulatory Brief, we summarize recent reform and the impact for global systemically important financial institutions and non-bank financial companies.
 

Treasury exempts FX swaps and forwards from most derivatives regulation- November 2012
The US Treasury Department issued a final determination that exempts foreign exchange (FX) swaps and forwards from most of the requirements in Title VII of the Dodd-Frank Act, effective November 20, 2012. This FS Regulatory Briefdescribes the new Treasury exemption for FX swaps and forwards and offers insights as to its expected impact.
To read this FS Regulatory Brief, please click here.

FSOC moves swiftly on money market reform - November 2012
On November 13, 2012, the Financial Stability Oversight Council (FSOC) unanimously voted to issue proposed recommendations for structural reforms to money market funds (MMFs) intended to make them more resilient to runs. The FSOC is proposing three alternatives including a floating NAV, a capital buffer, redemption holdbacks and enhanced portfolio diversification, liquidity and disclosure requirements. To read more about the FSOC's action - and how the focus now shifts back to the SEC -please click here.

The FSB pushes for enhanced risk disclosures - November 2012
The Financial Stability Board recently sponsored the creation of the Enhanced Disclosure Task Force (EDTF) to establish principles, recommendations and leading practices to enhance bank risk disclosures. The EDTF recommendations mark a further step towards the inclusion of risk-based information in financial reporting. In this FS Regulatory Brief, we summarize the EDTF recommendations, their impact, and how banks should respond. To read this FS Regulatory Brief, please click here.
 

Swap regulation commences – Day 1 closes with a flurry of CFTC relief: What does it all mean? - October 2012
On Friday, October 12, 2012, regulation of swaps under the Dodd-Frank Act by the CFTC officially began. Some market participants remain confused about the scope and impact of this change. This FS Regulatory Brief summarizes the CFTC actions and, as important, what is still not addressed. To read this FS Regulatory Brief, please click here.
 

OCIE sends new advisers a letter describing “presence exams” - October 2012
On October 9, 2012, the SEC’s OCIE posted an open letter to new adviser registrants on its website, and its regional offices sent the same letter to new registrants in the region. The OCIE letter describes what it terms its “Presence Exams initiative” for these advisers. To read this FS Regulatory Brief, please click here
 

What mutual fund CCOs and GCs are talking about now - October 2012
Recently, PwC had a chance to sit down with a number of Chief Compliance Officers (CCOs) and General Counsels (GCs) of large mutual fund firms to talk about the current regulatory and compliance environment. Among the topics that were most on their minds now were the following: CFTC registration, money market reforms, LIBOR, global compliance programs and board reporting. To read this FS Regulatory Brief, please click here
 

Money market reform in flux
Reading the tea leaves on money market fund regulation - October 2012
The mutual fund industry, securities regulators, the Department of the Treasury and banking regulators are engaged in a contentious debate about whether reforms are needed to make money market mutual funds more resilient and resistant to “runs,” and if so, what type of reforms would be best. In this A Closer Look, we summarize the existing options for reform and their impact, and handicap possible next steps. 
 

The creation and usage of Legal Entity Identifiers (LEIs) - September 2012
The recent financial crisis has created a universal awareness of reference data and helped elevate it from a back office concern to a critical business function. Specifically, global regulators have recognized that the consistent identification of clients and counterparties must be a key foundational component in any effort to manage systemic risk. Enter the global legal entity identifier (the “LEI”).
 

The SEC proposes new rules to allow issuers making private offerings to advertise - September 2012
The “Jumpstart Our Business Startups Act” (“JOBS Act”), enacted in early April of 2012, required the SEC to lift the prohibitions on general solicitation and to allow issuers to advertise private offerings, as long as all purchasers of such interests are accredited investors (as already required). On August 29, 2012, the SEC proposed new rules to implement the JOBS Act.
 

CFPB Issues New Mortgage Proposals: Analysis and Next Steps - August 2012
On July 9, 2012, the Consumer Financial Protection Bureau issued two Notices of Proposed Rulemaking to implement key residential mortgage reforms of the Dodd-Frank Act. We briefly describe these proposals – which total almost 1400 pages combined. To read this FS Regulatory Brief, please click here. 
 

Dodd-Frank Swap Regulation Starts October 12, 2012: Or Does It? - August 2012
This FS Regulatory Brief discusses the registration deadline issue in broad terms. It explores the ramifications that different dealer registration deadlines will have on sell- and buy-side firms, including on the start of swap data reporting. Additionally, there are updated timelines showing the key compliance dates for US swap dealers and foreign swap dealers.
 

G-SIIs vs. G-SIFIs: Lines blur between insurance and banking- July 2012
As a part of a global initiative to help prevent a repeat of the 2008 financial crisis and reduce the threat posed by global systemically important financial institutions, the International Association of Insurance Supervisors has released its proposed assessment methodology for the identification of global systemically important insurers.

The Tipping Point: Swap Product Definitions Finalized- July 2012
On July 10, 2012, the CFTC and SEC released final definitions of what is a “swap” or “security-based swap” under the Dodd-Frank Act. While the content of the product definitions rule is important and of interest, this FS Regulatory Brief discusses the projected timing for swap dealers (and major swap participants) to comply with major segments of the CFTC’s regulation of swaps. To read this FS Regulatory Brief, please click here. 
 

Extraterritorial derivatives guidance proposed by CFTC: More analysis required, impact unclear- July 2012
On June 29, 2012, the CFTC released its much anticipated proposed cross-border guidance to interpret when Dodd-Frank Act derivatives regulations reach beyond US shores. It also released a proposed exemptive order that would grant temporary relief from compliance dates for certain regulations. To read this FS Regulatory Brief, please click here. 
 

US Basel III Regulatory Capital Regime and Market Risk Final Rule - July 2012
In a long-anticipated but not eagerly-awaited action, the three federal banking agencies released three notices of proposed rulemaking that will revise regulatory capital rules for US banking organizations and align them with the Basel III capital standards that were issued in December 2010 and subsequently updated in 2011 (Basel III). In this A Closer Look, we review and analyze the new regulatory capital rules.
To read this A Closer Look, please click here
 

23A revisited: Significant changes to affiliate transaction rules are coming- June 2012
This PwC FS Regulatory Brief is intended to serve as a summary of the changes made by Dodd-Frank to bank affiliate transaction rules, the status of regulatory efforts, what banks can be doing now to assess possible impacts, and some significant open issues from our perspective. To read this FS Regulatory Brief, please click here.


 

  • Expense Practices for Private Fund Advisers - May 2012
    This FS Regulatory brief provides important information to assist hedge fund and private equity fund advisers in understanding the general risks around expense practices, and creating and maintaining a sound control framework to address those risks. To read this FS Regulatory Brief, please click here.

  • The Volcker Rule: How much faith is good faith? - May 2012
    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.

  • SIFI standards: Single counterparty exposure limits - April 2012
    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.

  • SEC Issues Exemptions from the Large Trader Reporting Rule- April 2012
    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- April 2012
    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 this edition, please click here.

  • Volcker, For Now, Just Good Faith- April 2012
    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 this edition, please click here.

  • FSOC finalizes rules for designating nonbank financial companies as SIFIs - April 2012
    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.

  • CCAR 2012: Analysis of results - March 2012
    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.

  • 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.

  • CFTC Adopts New Rules Requiring Advisers to Investment Companies and Private Funds to Register - March 2012
    On February 9, 2012, the CFTC adopted amendments to its rules to require private fund managers and SEC-registered investment companies that have portfolio holdings in commodity interests to become registered with the CFTC, unless they meet new criteria for exemption. The CFTC also proposed "harmonization" rules intended to ease the burden of complying with both the Securities and Exchange Commission (SEC) and CFTC requirements.

  • Broker-Dealer and Investment Adviser Compliance Programs: More Similar Than Different - February 2012
    The separate regulatory requirements governing advisers’ and broker-dealers’ compliance programs are summarized in this FS Regulatory Brief, as well as the common features -- or "minimum elements."

  • Volcker Rule hearing: Continued uncertainty is the only certainty - January 2012
    Five regulatory agency leaders discussed the Volcker Rule at a congressional hearing in January 2012. The regulators confirmed prior conclusions about the impact of the Volcker Rule and how financial services firms, insurance companies, and investment firms should prepare.

  • Final CFTC Rules Addressing Swap Dealer - MSP Registration and Business Conduct - January 2012
    On January 11, 2012, the CFTC approved a framework for registering swap dealers and major swap participants under Dodd-Frank and outlined their duties to swap counterparties. Swap dealers and MSPs need to evaluate their registration readiness and develop a strategy for registration and compliance with the numerous operational, disclosure and conduct requirements associated with registration.

  • SEC Staff Provides Guidance on the Use of Social Media by Advisers - January 2012
    Reflecting the fact that many registered investment advisers and their personnel use social media in various forms to communicate with existing and potential clients and to promote their services, the SEC staff recently issued a National Examination Risk Alert providing suggestions for complying with the antifraud, compliance, and recordkeeping provisions of the federal securities laws.

  • The Federal Reserve’s proposal to implement enhanced prudential standards for large bank holding companies - December 2011
    The Federal Reserve Board (FRB) issued a proposal to implement Sections 165 and 166 of the Dodd-Frank Act (Dodd-Frank or the Act) that it views as "package of enhanced prudential standards” on bank holding companies and on nonbank financial companies (NBFCs) that are designated for supervision by the FRB. Comments are due on the proposal by March 31, 2012.

  • Banking Supervision at the Federal Reserve: The Times are a Changing - December 2011
    The executive vice president responsible for Bank Supervision at the Federal Reserve Bank of New York (FRBNY) recently addressed the New York Bankers Association and her address focused on the changes that the FRBNY has made to enhance the supervisory process both in terms of their staffing and supervisory approach.

  • The FSOC SIFI Designation Proposal for Nonbank Financial Companies - December 2011
    In this A Closer Look, we review and analyze this latest guidance on the process and key factors leading to designation. In addition for NBFCs that believe they may be vulnerable to a SIFI designation, we also describe steps that can be taken to assess the likelihood of designation and the types of information likely to be necessary to counter any such designation in the FSOC three-stage process.

    This edition should be of particular interest to insurance companies, specialty lenders, hedge funds, asset managers and other NBFCs that may be concerned about being designated as a SIFI.

  • The Volcker Rule Proposal: Regulators Propose Restrictions on "Covered Funds" - December 2011
    In October 2011, the FRB, OCC, FDIC, and SEC issued a Proposed Rule to implement the Volcker Rule provisions of the Dodd-Frank Act, which prohibits proprietary trading by banking entities and restricts those entities from sponsoring, investing in, or having certain relationships with hedge funds and private equity funds.

    Following our earlier A Closer Look titled The Volcker Rule Proposal: A Focus on Proprietary Trading, this A Closer Look describes the proposed prohibition on banking entities’ sponsoring, investing in, or having certain relationships with hedge funds or private equity funds.

  • SEC and CFTC Adopt Final Rules Requiring Registered Advisers to Private Funds to File New Form PF - November 2011
    In October 2011, 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. Focused on private funds’ basic operations and strategies, the information reported on Form PF will aid the SEC, the CFTC, and the FSOC in their assessment of systemic risk. While the final rules on Form PF were anticipated, they are complex, and will have significant operational impact on registered advisers to private funds. This A Closer Look describes the final rules requiring new Form PF and their impact.

  • Supervisory Expectations on Capital Assessment - Stepping Up To Basel III - November 2011
    On November 4th, Governor Daniel Tarullo delivered a speech entitled "The International Agenda for Financial Regulation" before the ABA Banking Law Committee. While Governor Tarullo touched upon a number of topics including the additional efforts to complete international and domestic reform on capital and liquidity, cross boarder resolution, reliance on wholesale funding and OTC derivatives reform, his comments on capital, particularly how the US Supervisors will deal with the interim period, are of particular note.

  • The SEC’s New Large Trader Reporting Requirements Place New Regulatory Obligations on Both Asset Managers and Broker-Dealers - November 2011
    In July 2011, the SEC adopted a new rule and accompanying form to establish a method for the SEC to identify large traders, obtain trading information for such traders and analyze such activity. The "Large Trader Rule" became effective October 3, 2011. The new rule will have significant impact on large traders, as well as on the sell-side firms that interact with large traders.

  • Anti-corruption laws: Private equity not exempt - November 2011
    Over the past few years, there has been increased national and international attention directed at bribery and corruption related to business activities that involve government and pseudo-government entities and individuals. This heightened scrutiny has resulted in a greater focus by countries’ regulatory and law enforcement agencies on the financial services industry, including private equity firms.

  • New reporting requirements for "exempt reporting advisers" - October 2011
    In June, the SEC adopted final rules as mandated by the Dodd-Frank Act to require many previously exempt advisers to private funds to become registered as investment advisers with the SEC. The final rules also establish new exemptions from the adviser registration rules.

  • The Volcker Rule Proposal: A focus on proprietary trading- October 2011
    The Financial Crisis Inquiry Commission cited a plethora of causes for the financial crisis. Proprietary trading, however, was not one of them. Notwithstanding the FCIC’s findings—or lack thereof—the Federal Reserve, FDIC, OCC and SEC recently issued the long-awaited proposed rule implementing the Volcker Rule of the Dodd-Frank Act. The Proposed Rule, which closely follows the language and presumptions spelled out in the Act, constructs the most far-reaching regulatory prohibition in US financial history by prohibiting proprietary trading not only in FDIC-insured institutions, but also in any affiliate thereof—irrespective of its business or geographic location. In a surprise to many foreign banks, the Proposed Rule not only applies to their US branches and agencies (insured or uninsured) and their US affiliates, but it would also draw in their businesses located outside of the US to the extent that they engage in transactions which have a US nexus, defined very broadly. This A Closer Look focuses primarily on the proprietary trading aspects of the Proposed Rule—we will cover the fund aspects of the Proposed Rule in a future A Closer Look. Our objective here is not to provide a detailed analysis of the Proposed Rule, but rather to try and help answer the broader question - "what should I do now?"
  • Domestic SIFIs: Resolution Plan Requirements Final Rule - September 2011
    The FDIC approved its final resolution plan rule for systemically important financial institutions (SIFIs) and an interim final rule regarding resolution plans for insured depository institutions (IDIs). This FS Regulatory Brief addresses the changes in the Final SIFI resolution rule from the earlier versions.

  • Dodd-Frank act resolution plan final rule and interim FDIC final rule on resolution of large insured depository institutions - September 2011
    At its meeting on September 13, 2011, the board of the Federal Deposit Insurance Corporation approved a Final Rule on resolution plans required by the Dodd-Frank Act for systemically important financial institutions. The Federal Reserve Board is also expected to approve the Final Rule in the near future.

  • FDIC Insured Depository Institution Resolution Plan Interim Final Rule - September 2011
    The Federal Deposit Insurance Corporation Interim Final Rule on resolution plans for insured depository institutions contains a number of significant changes from the related Notice of Proposed Rulemaking issued by the Federal Deposit Insurance Corporation on May 17, 2010, before passage of the Dodd- Frank Act. This regulatory brief discusses all the significant changes in detail.

  • How the SEC’s custody rule impacts private fund advisers - August 2011
    This FS Regulatory Brief describes the Custody Rule and some considerations for private fund advisers as they prepare to register with the SEC. It complements our earlier A Closer Lookpieces describing the impact of Dodd-Frank on asset managers, including SEC Adopts Final Rule for Investment Adviser Registration (July 2011) and Impact on Advisers to Private Equity Funds (May 2011).
  • SEC Adopts Final Rules for Investment Adviser Registration- July 2011
    On June 22, 2011, the SEC adopted final rules as mandated by the Dodd-Frank Act to require many advisers to private funds -- which were previously exempt from registration -- to become registered as investment advisers with the SEC. The final rules also establish new exemptions from the adviser registration rules. The deadline for advisers to register is March 30, 2012. In addition, the final rules will require advisers to submit new information to the SEC periodically -- even those advisers that are exempt from registration. These final rules, while anticipated, will have significant impact on advisers to private funds. This A Closer Look describes the final rules and their impact on investment advisers.

  • SEC’s current views related to trade allocation practices - July 2011
    This article analyzes the specific allocation practices challenged by the SEC and provides guidance on how investment advisers may fortify their investment allocation practices by: (1) implementing and following effective written allocation policies and procedures; (2) ensuring proper disclosure of allocation practices to clients and investors; and (3) keeping proper books and records with respect to trade orders and allocations.

  • SEC Proposes Amendments to Broker-Dealer Financial Reporting Rule
    Amendments call for broker-dealers’ assertion of compliance with the Financial Responsibility Rules, new reviews by independent auditors, and additional regulatory reporting requirements related to custody.
  • Impact on Advisers to Private Equity Funds- May 2011
    The Dodd-Frank Act will for the first time bring private equity fund advisers under the oversight of the SEC. The SEC recently indicated that private fund advisers—including advisers to private equity funds—will have until the first quarter of 2012 to complete their SEC registration and come into compliance with their new obligations under the Advisers Act. Advisers should use this brief additional time to ensure that they have implemented effective controls and compliance programs and are fully ready for registration. This A Closer Look describes the impact of Dodd-Frank on private equity advisers and looks into some of the particular issues they’ll face.

  • Impact on Disclosures Related to the Use of “Conflict Minerals" - April 2011
    While Dodd-Frank is predominantly focused on financial regulatory reform, it also includes a number of corporate governance and disclosure requirements that are designed to achieve other public policy objectives. Among these is Section 1502, which requires new procedures and disclosures by all issuers (domestic and foreign) who use so-called “conflict minerals” in their products or manufacturing processes. In this A Closer Look, we focus on the potential impact on all companies that use these types of minerals.

  • Incentive-Based Compensation Requirements for Certain Firms- April 2011
    The Dodd-Frank Act requires enhanced disclosure of incentive-based compensation arrangements by certain banks, credit unions, investment advisers, brokerage firms, and other financial institutions. It also prohibits any type of incentive-based compensation that, in the regulators determination, encourages inappropriate risks by providing excessive compensation, or has the potential to cause material financial loss to the covered firm. Regulators are directed to jointly adopt rules and guidelines to implement this provision. This A Closer Look provides a description of the incentive-based compensation restrictions and describes the proposed rule and its impacts, should the rule become final in its present form.

  • Reporting by Private Fund Advisers on Form PF- March 2011
    The SEC and the CFTC recently proposed a new rule that would require registered investment advisers to private funds to file new reports that would help the agencies assess those advisers’ systemic risk. The proposal is intended to implement Section 404 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If adopted, the rule would impose substantial reporting burdens on affected advisers, particularly those with over $1 billion in assets under management. This A Closer Look describes the proposal and its possible impact on advisers to hedge funds, private equity funds, and liquidity funds.

  • Impact on Human Capital- March 2011
    A stated goal of the Dodd-Frank Act was to improve transparency and accountability in the US financial system. Due to the Act’s breadth and the time regulators will need to interpret and implement its many provisions, industry experts anticipate that it will take several years for changes to be fully instituted. This A Closer Look will look at the impact of Dodd-Frank to an organization and its human capital.

  • A Uniform Fiduciary Standard for Broker-Dealers and Investment Advisers: The SEC's Study- March 2011
    The SEC recently released Study on Investment Advisers and Broker-Dealers, its staff’s study evaluating the standards of care for broker-dealers and investment advisers when providing personalized investment advice and recommendations about securities to retail customers. This A Closer Look describes the study, as well as some of the implications of its recommendations.

  • SEC Study on Investment Adviser Oversight- March 2011
    On January 19, 2011, the SEC released its study on the need for enhanced examination and enforcement resources for investment advisers, as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. This A Closer Look describes the study and the three options it proposes in more detail.

  • Special Edition: Dodd-Frank at the Six-Month Milestone, A Work in Process- March 2011
    As a part of our ongoing Dodd-Frank A Closer Look series, we are pleased to provide you with a special edition in our A Closer Look series. This special edition A Closer Look, Dodd-Frank at the Six-Month Milestone, A Work in Process, summarizes the key progress on Dodd-Frank at the six-month milestone.

  • Impact on Thrifts & Thrift Holding Companies - February 2011
    While many financial and nonfinancial companies will see their businesses change under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank, or “the Act”), perhaps no group faces more substantial challenges to its business model’s long-term viability than thrifts and thrift holding companies. Technically, thrift holding companies are regulated as "savings and loan holding companies." We use instead "thrift holding companies" to reflect the fact that thrift is a more encompassing description of institutions with a savings association charter. This A Closer Look explores the impact of Dodd-Frank on thrifts and thrift holding companies.

  • Impact on Swap Dealers and Major Swap Participants - January 2011
    Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, a person who engages in significant swap activities may be regulated as a “swap dealer” or “major swap participant”. Swap dealers and major swap participants must register and comply with numerous regulatory requirements that include reporting, recordkeeping, business conduct, collateral management, capital, liquidity, and margin standards. This A Closer Look offers PwC's perspective on how swap dealers and participants will be defined and regulated.

  • Impact on Asset Managers - December 2010
    The SEC proposes new rules to implement the investment adviser registration and exemption requirements of Dodd-Frank and to require reporting by both registered and exempt advisers. This A Closer Look provides our perspective on the new rules.

  • Impact on Executive Compensation - December 2010
    Dodd-Frank will require some major changes in executive compensation arrangements at public companies. These new provisions will have a direct impact on the way corporate America seeks input from shareholders on the terms of executive compensation programs and discloses information about those programs. In this A Closer Look, we focus on the Act’s requirements associated with executive compensation arrangements, and explore some of the strategic, operational, and financial reporting decisions companies will face as implementation of the Act gets underway in 2011.

  • Impact on Nonfinancial Companies - December 2010
    Most nonfinancial companies are aware of the corporate governance provisions of Dodd-Frank that will require certain near-term changes; however, many companies may not have focused on other ways the Act will directly or indirectly impact their operations and strategy. At this early stage of implementation, the key question for many nonfinancial companies is "What is the Act's potential impact on my business?" -- whether in the form of more regulation, increased costs, or having to adapt to new structural features, ways of doing business, and managing risk in the financial markets. This A Closer Look provides context and perspective on areas of Dodd-Frank of particular concern to nonfinancial companies.

  • Impact on Advisers to Real Estate Funds - November 2010
    Dodd-Frank impacts investment advisers in multiple ways. Some of these ways are quite clear, such as the requirement for hedge fund and private equity fund managers to register with the SEC; others will become clear once regulators begin setting rules to define the Act and the scope of its coverage. This A Closer Look provides an initial perspective on the impact the Act may have on advisers to real estate funds.

  • Impact on Securitization Activities: the Retention Requirements - October 2010
    Subtitle D of Title IX of Dodd-Frank is intended to prompt improved practices and enhanced disclosures with respect to securitization activities. The Act is expected to significantly impact the activities and reporting of entities involved in the securitization of financial assets - including issuers of asset-backed securities and their sponsors, as well as originators of the underlying collateral sold to such securitizers. In this A Closer Look, we focus on Section 941 of Subtitle D, which deals exclusively with credit risk retention.

  • Impact on Information Technology and Data - October 2010
    While there is still much to be done by regulatory agencies regarding Dodd-Frank mandated rulemaking, it is clear that there will be an impact on IT platforms and the associated data architecture. These impacts start with required changes to business operating models and extend to the underlying business applications and data structures that support them. This A Closer Look provides an initial perspective on the impact the new rules may have on financial services firms and IT service providers to the Financial Services industry and how they will need to address these IT and data changes.

  • Impact on Credit Rating Agencies - September 2010
    Dodd-Frank will have a significant impact on the activities, organization, and practices of the nationally recognized statistical rating organizations (NRSROs or credit rating agencies). The Act imposes new liability exposure on the credit rating agencies, mandates new internal control requirements, places specific prohibitions to address conflicts of interest, and provides for increased SEC oversight. This A Closer Look provides some context and perspective on the new law and its implications for NRSROs.

  • Impact on Non-US Asset Managers - August 2010
    Dodd-Frank is likely to have significant impact on non-US asset managers who have clients in the US. Managers that were formerly exempt from registration will need to register as investment advisers with the SEC. This A Closer Look continues our examination on how Dodd-Frank will likely impact asset managers, particularly those not based in the US.

  • Impact on Foreign Banking Organizations and Foreign Nonbank Financial Companies - August 2010
    Dodd-Frank applies US national treatment policies to foreign banking organizations (FBOs) that do business in the United States. The Act also reaches foreign nonbank financial companies (NFCs) that are predominantly engaged in financial activities in the United States and that are found by the FSOC to be systemically important and required to be supervised by the FRB. ThisA Closer Look continues our review of the "systemically important" provisions of Dodd-Frank and examines the impact some of these provisions may have on FBOs and foreign NFCs.

  • Impact on The SEC's Enforcement and Examination Activities - August 2010
    Dodd-Frank enhances the enforcement and oversight powers of the Securities and Exchange Commission (SEC) in many respects. It provides the SEC’s Division of Enforcement with a host of new legal tools, some of which it has sought for years. This A Closer Look provides our initial perspective on how Dodd-Frank—along with the new rules that the SEC will adopt to implement it—will impact financial services firms and other securities market participants.

  • Impact on Systemically Important Bank Holding Companies, Nonbank Financial Companies, Financial Market Utilities and Payment, Clearing and Settlement Services - August 2010
    Several parts of Dodd-Frank are focused on systemic risk concerns. Bank holding companies (BHCs) with $50 billion or more in consolidated assets are automatically designated as systemically important. Other categories — nonbank financial companies (NFCs), financial market utilities (FMUs) and payment, clearing, and settlement services — must be designated as systemically important. What is likely to trigger such designations? Will size always be the dominant factor?

  • Impact on Banks, Thrifts, and Their Holding Companies - August 2010
    While much attention has been paid to Dodd-Frank’s new provisions relating to systemically important firms, other provisions of the Act affect all banking and thrift institutions. Those are the issues we highlight in this A Closer Look, putting specific emphasis on regulatory consolidation; capital adequacy considerations; the Volcker Rule; compensation standards; and new corporate compliance requirements for banks, thrifts, and their holding companies.

  • Impact on OTC Derivatives Activities - August 2010
    Dodd-Frank will significantly change the oversight and structure of the US over-the-counter (OTC) derivatives markets. As regulatory implementation and supervisory determinations occur during the transitional periods over the next several years, the US derivatives markets’ scope, structure, execution mechanisms, pricing, margin/collateral requirements, and supervision will be reshaped. This A Closer Look provides some context and perspective on these key changes.

  • Impact on Consumer and Mortgage Banking - August 2010
    Dodd-Frank will have wide-ranging impact on anyone providing retail financial services in the United States. Dodd-Frank creates a new independent regulator and supervisor, the Consumer Financial Protection Bureau (CFPB), which will have the authority to promulgate rules designed to ensure that US consumers receive clear, accurate information to help them evaluate mortgages, credit cards, and other financial products, and to protect them from hidden fees, abusive terms, and deceptive practices.

  • Impact on Insurance Companies - August 2010
    This A Closer Look provides an initial perspective on the impacts of Dodd-Frank may have on insurance companies, from an overall regulatory structure standpoint as well as via new requirements that are applicable to portions of certain insurance companies’ business. Particularly for large global insurers and insurance companies that own thrift institutions, the potential designation as a systemically important nonbank financial institution will have a significant impact on how insurers navigate through their regulatory future. This A Closer Lookprovides an initial perspective on the impact some of these considerations may have on insurance companies.

  • Impact on Alternative Asset Managers - August 2010
    All hedge fund and private equity fund advisers that are required to register with the SEC must do so before July 21, 2011, and must be fully compliant with requirements under the Investment Advisers Act of 1940 (Advisers Act). The SEC will draft rules to implement the Act, and will likely require advisers to private funds to file reports containing such information as the SEC dee


 

Derivatives reform for non-financial services companies

December 2012

For non-financial services companies, regulations introduced by the Dodd-Frank Wall Street Reform and Consumer Protection Act and Basel III will result in significant changes to the derivatives market. Every aspect of a corporation using derivative to manage risk will ultimately be affected—from risk strategies and corporate funding to operations and accounting. This 10Minutes provides insight on the impacts of new regulation on corporate entities and what those entities need to do now in order to meet impending reform deadlines and ensure they're well equipped to manage increased costs and compliance responsibilities.

FATCA and KYC: Similar yet different

November 2012

FATCA extends customer due diligence and reporting requirements well beyond what is typically performed for "Know Your Customer" (KYC) purposes. This whitepaper highlights four key challenges that Anti-money-laundering (AML) and KYC professionals should understand as their financial institutions begin to implement FATCA alongside existing account opening and AML/KYC capabilities.

How we can help commodity pool operators

October 2012

In February 2012, the CFTC approved rules that will require some private fund managers and investment companies to register with the CFTC as commodity pool operators.

Financial services regulatory practice: Form PF - How we can help asset managers

September 2012

The SEC and the CFTC adopted final rules to require registered advisers to private funds to file reports that would help the agencies assess systemic risk. Improved systems, processes and controls will enable information reporting and deliver benefits management reporting, investor reporting, financial reporting and risk management.

CFPB national servicing standards proposal

September 2012

September 2012 - The Consumer Financial Protection Bureau (CFPB) released proposed national servicing standards for comment for the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA).

A fast take on the impact of the Dodd-Frank Act on asset management firms

April 2012

April 2012 - 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.

The SEC adopts final rule on hedge fund filing

October 2011

In October 2011, the SEC approved a final rule requiring registered advisers to private funds to report detailed information for the Financial Stability Oversight Council. Here’s what you need to know.

FDIC Board to Consider Volcker Rule Proposal on October 11th

October 2011

The FDIC will discuss the Volcker Rule at its upcoming meeting on October 11th.

Avoiding the Headlines: How Financial Services Firms Can Implement Programs to Prevent Insider Trading

June 2011

For financial services firms, the consequences of an employee, officer, or director being accused of insider trading can be highly damaging. Learn how to review programs and controls to protect your business.