Financial Services Regulatory publications

Financial services regulatory reform: Key dates Financial services regulatory reform: Key dates
Timelines for major financial regulatory topics.


First take: TLAC First take: TLAC - November 2014
Ten key points from the FSB’s TLAC ratio.

First take: The new Republican Senate First take: The new Republican Senate - November 2014
Ten key points from last week’s elections.

Operational risk capital: Nowhere to hide Operational risk capital: Nowhere to hide - November 2014
Global banks should expect to hold about 50% more capital.

First take: Risk retention First take: Basel's final NSFR - November 2014
Ten key points from Basel’s final NSFR.

First take: Risk retention First take: SIFMU risk management standards - October 2014
Ten key points from the FRB's revised SIFMU risk management standards.

First take: Risk retention First take: Risk retention - October 2014
Ten key points from the final risk retention rule.

Recovery planning: Until the last gasp First take: CCAR Guidance and final Capital Plan amendments - October 2014
Ten key points from the 2015 CCAR Guidance and final Capital Plan amendments.

Recovery planning: Until the last gasp 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 First take: Supplementary leverage ratio - September 2014
Key points from the final US supplementary leverage ratio.

First take: Liquidity coverage ratio First take: Liquidity coverage ratio - September 2014
Ten key points from the final US liquidity coverage ratio.

First Take: Uncleared margin re-proposal First take: Uncleared margin re-proposal - September 2014
Ten key points from the US prudential regulators’ re-proposed uncleared margin rule.

Risk Governance: Banks back to school Risk Governance: Banks back to school - September 2014
The OCC's final rule emphasizes risk governance at the bank level.

First take: Resolution plan guidance to largest firms First take: Resolution plan guidance to largest firms - August 2014
Ten key points from regulators’ feedback to Wave 1 filers.

Foreign banks: US admission fee rising Foreign banks: US admission price rising - July 2014
The Fed expects detailed implementation plans from foreign banks.

First take: SEC’s money market reform 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 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 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: Basel large exposures framework First take: SEC’s cross-border derivatives rule - June 2014
Ten key points from the SEC’s final cross-border rule.

First take: Basel large exposures framework First take: Capital Plan rule - June 2014
The Fed proposes changes to the Capital Plan rule.

SEC sweep:  Liquid alternative funds SEC sweep: Liquid alternative funds - June 2014
Our perspective on the SEC's upcoming liquid alts review.

Asset manager SIFI designation: Enter SEC Asset manager SIFI designation: Enter SEC - June 2014
Expect more SEC scrutiny of asset managers.

Volcker rule clarity: Waiting for Godot 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' 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 Stress testing: A look into the Fed’s black box - April 2014
Making sense of the results from CCAR 2014.

First take: Basel large exposures framework First take: Basel III large exposures framework - April 2014
Ten key points about Basel’s new large exposures framework.

2014 Resolution Plans: The guidance you won’t receive 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.

First take: Supplementary leverage ratio First take: Supplementary leverage ratio - April 2014
Ten key points about the new supplementary leverage ratio.

Liquidity Coverage Ratio: No blood, but sweat and tears 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: CCAR stress testing First take: CCAR stress testing - March 2014
Ten key points from the Federal Reserve’s 2014 Comprehensive Capital Analysis and Review (CCAR)

First take: DFAST stress testing 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 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 Sanctions: US and EU action on Ukraine - March 2014
US and EU economic sanctions on Ukraine require action from banks.

Enhanced prudential standards first take: Our observations on the Federal Reserve's final rule 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.

Enhanced prudential standards first take: Our observations on the Federal Reserve's final rule First take: Enhanced prudential standards - February 2014
Ten things banks need to know about the Federal Reserve's enhanced prudential standards final rule.

Stress testing: First at bat for midsized firms 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 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? 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 EU regulatory outlook - January 2014
Several key European regulatory developments are expected this year.

Resolution planning: Category 3 debrief 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 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? 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.

Insurers: Is federal regulation coming? 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.

Insurers: Is federal regulation coming? Insurers: Is federal regulation coming? - December 2013
The Federal Insurance Office's report calls for state regulators to speak with one global voice.

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

Volcker first take 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 first take Volcker Shrugged - December 2013
The final Volcker rule seems manageable – but only if the regulators use their discretion wisely.

Volcker first take First take: Volcker Rule - December 2013
Ten things banks need to know about the final Volcker Rule's trading provisions.

Managing third-party relationships: It’s complicated 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 Managing third-party relationships: It’s complicated - November 2013
The OCC's new third-party risk management standards go well beyond its prior issuances.

Stress testing: Failures on the horizon? 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? 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 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 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.

Derivatives: Global discord extends to Asia 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 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.

Resolution planning: A public peek into the plans 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 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.

Financial market utilities: Recovery, not resolution Derivatives: CFTC shutdown, SEFs open - October 2013
The CFTC grants limited relief for SEFs and market participants just before the October 2nd deadline.

Financial market utilities: Recovery, not resolution 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.

Stress testing: Midterm results improved, but it's all about the final 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 Stress testing: Midterm results improved, but it's all about the final - September 2013
Firms release their mid-cycle stress testing results.

Derivatives: Global convergence becomes global confusion - September 2013
The CFTC offers a road map and timeline for cross border derivatives regulation, but much uncertainty remains.

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

Living wills: Global resolution remains a reach 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 Living wills: Global resolution remains a reach - August 2013
The FSB's latest guidance completes the initial global framework for recovery and resolution planning.

Credit exposure: Affiliate transaction rule in sight 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 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 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 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.

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

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

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

Money market funds: The SEC’s long awaited proposal - July 2013
The SEC recently issued a proposed rule that would fundamentally alter money market fund regulation and disclosure.

Model risk mitigation and cost reduction through effective documentation - June 2013
This A Closer Look discusses regulatory requirements and leading practices around model documentation, and how high-quality documentation can help mitigate model risk and reduce model-related costs.

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

European regulatory outlook: PwC 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: PwC 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: PwC 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: PwC 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: PwC 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: PwC 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: PwC 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: PwC 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.

The evolution of model risk management - May 2013
This A Closer Look discusses what the new model risk management guidance means holistically for banks and provides a high-level roadmap for evolving the model risk management function.

SEC’s take on cross-border derivatives rules: PwC SEC’s Take on Cross-Border Derivatives Rules – Catalyst for global moderation or unwelcome complication? - May 2013
On May 1, 2013, the SEC issued proposed rules and guidance that would apply to cross-border security-based swap transactions.

CFTC Provides EBC Relief – Saves Prime Brokerage Arrangements 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 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? 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 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 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.

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

Bonus cap proposal advances in the EU 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.

Are banks keeping the [good] faith? Changes and more delays expected Are banks keeping the [good] faith? 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 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.

New Scrutiny of Mutual Fund Fair Value Practices 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 Hearing provides insight on regulatory timetable: But uncertainty remains the norm - February 2013
On February 14, 2013, the Senate Banking Committee held the first of what are likely to be many Congressional oversight hearings on the continued implementation of the Dodd-Frank Act during the new 113th Congress. The hearing provided a useful recap of status and more importantly gave us a glimpse into the regulatory timetable.

Enhanced Internal Audit Standards 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.

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.


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 (“LCR”), a short-term liquidity measure that considers a 30-day period of liquidity stress.


Being better informed Being better informed – November 2014
This month's publication focuses on the results of ECB's stress test, clarifications by EC on the contributions to resolution funds and recommendations by the IAIS on basic capital requirements for G-SIIs. The feature articles look at EMIR reporting and the competition remit of the FCA.

Regulatory Reform Review: An Asian perspective – November 2014
This publication focuses on the following: The Federal Reserve, FDIC and OCC have finalized a rule to strengthen liquidity positions in large financial companies; an E-Tax Guide to help Singapore FIs comply with FATCA proposed by MOF, MAS and IRAS; updates from the FCA MiFID II Conference 2014 on the implementation of MiFID II requirements; the FSB's study of the feasibility of various options for aggregating OTC derivatives trade repository data; and anticipated challenges arising from the Cross-Border Offering of CIS in Singapore, Thailand and Malaysia.

European financial regulation updates: Crowd funding and G20 summits European financial regulation updates: EBA's stress test and the ECB's asset quality review – November 2014
  • Stress tests in number: Failed the test
  • Base Case Worst Performers
  • Adjustments due to AQR
  • Non-Performing Loans by Banks with CET1 Ratios in the Range 5.5% - 8%
  • G-SIBs CET1 Ratio
  • AQR Adjusted Leverage Ratio
  • Net Income
  • Summary

European financial regulation updates: Crowd funding and G20 summits European financial regulation updates: Risk governance and bank lending – October 2014
  • Top-down risk management
  • Will banks start lending again?
  • And also on the EU regulatory horizon

Being better informed Being better informed – October 2014
This month’s feature article focuses on changes to the PRA’s approach in supervising international (non-EU) banks – in particular when the PRA will require the bank to establish a UK subsidiary rather than using a branch structure.

How we can help asset managers FS Viewpoint - Threat smart: Building a cyber resilient financial institution - October 2014
Cyber risk is more than an IT issue; it’s a business issue. This viewpoint helps in finding out how to build a cyber resilient organization.

How we can help asset managers How we can help asset managers - October 2014
PwC can help address regulatory compliance issues and manage regulatory risk effectively. Our asset management regulatory team, a part of the firm’s national financial services regulatory practice, is comprised of experienced professionalswith diverse backgrounds in the asset management industry.

Adam Gilbert, JP Morgan Head of Regulatory Policy, to join PwC as Global Regulatory Leader Adam Gilbert, JP Morgan Head of Regulatory Policy, to join PwC as Global Regulatory Leader – October 2014
We are pleased to announce that Adam Gilbert will join PwC as a partner and Global Regulatory Leader of the Financial Services Advisory Practice.

Michael Alix, NY Fed SVP, joins PwC as Financial Services Consulting Risk Leader Michael Alix, NY Fed SVP, joins PwC as Financial Services Consulting Risk Leader – October 2014
We are pleased to announce that Michael Alix has joined PwC as a partner and Financial Services Consulting Risk Leader.

Being better informed Being better informed – September 2014
This publication looks at the role of social media and how firms and regulators need to adapt their processes to generate good customer outcomes.

CFPB’s Integrated Mortgage Disclosures under RESPA/TILA – “Know Before You Owe” - September 2014
Understanding key elements of the new rules and preparing for potential operational and compliance impacts, particularly the new definition of an “application,” and its impact to the origination process, including interactions with applicants, borrowers, and business channels.

CFPB’s Proposed Rule Defining Larger Participants in a Market for Auto Finance - September 2014
Who will be a “larger participant” and how should they prepare for CFPB supervision? Exploring how the proposed rule could impact auto lenders and preparing for potential operational and compliance impacts.

Being better informed Being better informed – August 2014
In our continuing focus on MiFID II, this publication looks at dealing commissions. For asset managers and investment banks this issue is critical. We also focus on the continuing benchmark reform, where July saw a number of publications looking at how developed these reforms are and how well administrators are performing in their new roles.

State of compliance 2014: Financial services industry brief State of compliance 2014: Financial services industry brief – August 2014
Even though the corporate compliance function is better developed in the financial services sector than in other industries it continues to evolve.

Being better informed Being better informed – July 2014
This publication focuses on what firms should be doing now for MiFID II, HMT provides clarity on ring-fenced banks and Solvency II steams ahead.

European financial regulation updates: Crowd funding and G20 summits European financial regulation updates: Systemically important asset managers and protecting client money – July 2014
  • Are asset managers systemically important?
  • Protecting client money
  • Waiting for Godot

RiskMinds Americas conference RiskMinds Americas conference – June 2014
PwC is the lead sponsor of the RiskMinds Americas conference being held in Miami, Florida from June 16 - 20th.

CBI/PwC Financial Services Survey CBI/PwC Financial Services Survey June 2014
The 99th CBI/PwC FS survey shows that UK FS continue to enjoy an improving outlook, with economic growth stimulating confidence, demand and volumes of business. Most sectors expect to increase their headcount, although banking respondents are considering staffing reductions.

Being better informed Being better informed – June 2014
A monthly update on global regulatory issues, this issue includes: publication of MiFID consultation and discussion paper by ESMA, the new Banking Standards Review Council finalization, preparation for Solvency II by EIOPA and PRA and FCA's focus on asset managers' fees.

Grace Vogel, former FINRA Executive, to join PwC Grace Vogel, former FINRA Executive, to join PwC – June 2014
We are pleased to announce that Grace Vogel will join PwC as a senior strategy and policy advisor in our Financial Services Regulatory Practice.

Regulatory Reform Review: An Asian perspective – May 2014
This publication focuses on the IMF's policy paper on global liquidity and issues for surveillance after the global financial crisis; A write-up on the Declaration on Automatic Exchange of Information in Tax Matters that was recently endorsed during the OECD's annual Ministerial Council Meeting in Paris; The ECB's draft regulation on supervisory fees on all Eurozone banks to recover the cost of supervising them under the Single Supervisory Mechanism; and IOSCO's consultation report on good practices for reducing reliance on CRAs in asset management.

Meeting the challenges of the crisis in Ukraine Meeting the challenges of the crisis in Ukraine – May 2014
The on-going crisis in Ukraine poses a number of challenges for businesses invested in the region. Not least of these issues is the rapid pace of change both on the ground and in the nature and extent of the regulatory responses adopted by the EU and US and the uncertainty which that creates. This paper looks at understanding current and potential exposure to the crisis in Ukraine and how to manage operational and practical issues, such as risk.

Basel III and beyond - stretched to the limit Basel III and beyond - stretched to the limit – May 2014
This publication looks at the challenges presented by the Net Stable Funding Ratio (NSFR), how these interact with other incoming changes and how banks will manage the impact on funding costs, maturity transformation and other fundamental aspects of the business model.

FS Viewpoint - The future ain’t what it used to be FS Viewpoint - The future ain’t what it used to be – May 2014
Investment banks today have their backs against the wall with cost and regulatory pressures. Read on to learn how shifting operating models can be the game-changing key to success.

Being better informed Being better informed – May 2014
A monthly update on global regulatory issues, this month we report on details of the European Parliament's "super Tuesday" where texts for Banking Union, MiFID II, PRIIPs and UCITS V were agreed; EIOPA, EBA and Bank of England reveal more information on this year's stress testing methodology for EU banks and insurers; European Commission consults on what are FX forward transactions; EIOPA and PRA consult on many of the details for Solvency II; and FCA took over regulating consumer credit firms from 1 April.

SRM - What to expect from Banking Union SRM - What to expect from Banking Union - May 2014
An overview of Banking Union legislation adopted by the European Parliament on April 15, 2004 including the Single Resolution Mechanism (SRM) and the Bank Recovery and Resolution Directive (BRRD).


Stress testing: April 2014 temperature check – April 2014
This ‘temperature check’ of key current topics, follows our stress testing survey published in January. The results are based on six of the eight banks participating in the 2014 Prudential Regulation Authority Concurrent Stress Test and describe the state of play at the end of April 2014.

Regulatory Reform Review: An Asian perspective – April 2014
This publication focuses on the BCBS' progress report on implementation of the Basel regulatory framework across member jurisdictions; a letter from the Financial Stability Board chair to the G20 Ministers and Governors on financial reforms; BCBS' final standard for calculating regulatory capital for banks' exposures to Central Counterparties (CCPs) and the final report published by the Joint Forum of the BCBS, IAIS and IOSCO on Point of Sale Disclosure in the insurance, banking, and securities sectors.

Banking Banana Skins 2014 Banking Banana Skins 2014 – April 2014
Banking Banana Skins 2014 is sponsored by PwC and conducted by the Centre of the Study of Financial Innovation to explore what risks bankers worldwide are facing in the current climate and how they prioritise them.

European financial regulation updates: Crowd funding and G20 summits European financial regulation updates: Crowd funding and G20 summits – April 2014
  • Crowding out supply-side constraints to investment
  • G20 summits: do markets care?

Being better informed Being better informed – April 2014
A monthly update on global regulatory issues, this month we report on a number of important regulatory developments that will reshape the financial services landscape, including crowdfunding, the FCA's business plan, and EMIR.

European financial regulation updates: Single Resolution Mechanism and FX market investigations European financial regulation updates: Single Resolution Mechanism and FX market investigations – April 2014
  • Political agreement on SRM
  • F(i)X market investigations

Former SEC Commissioner Troy Paredes joins PwC Former SEC Commissioner Troy Paredes joins PwC – April 2014
We are pleased to announce that Troy A. Paredes, former SEC Commissioner, has joined PwC as a senior strategy and policy advisor in our Financial Services Regulatory Practice.

Regulatory Reform Review: An Asian perspective – March 2014
Featuring ESMA's first report on trends, risks and vulnerabilities, looking at the performance of EU securities markets; a comprehensive section on AML and Financial Crime; BCBS final standards on the standardised approach for measuring counterparty risk exposures; EBA's final guidelines for the calculation of the discount rate for variable remuneration and clarifying how it should be applied; and a keynote address by EIOPA Chairman on the evolution of regulatory standards in insurance worldwide.

Being better informed Being better informed – March 2014
A monthly update on global regulatory issues, this month we report on a number of important regulatory developments that will reshape the financial services landscape, including the FCA's finalized conduct of business rules for consumer credit firms and MiFID II.

Retail Banking 2020: Evolution or Revolution? Retail Banking 2020: Evolution or Revolution? – March 2014
Insights into the future of the retail banking industry that are important for your actions today, and your plans for the future.

17th Annual Global CEO Survey: Banking & Capital Markets Industry Summary 17th Annual Global CEO Survey: Banking & Capital Markets Industry Summary – February 2014
A summary of key findings in the banking & capital markets industry, based on interviews with 133 banking & capital markets CEOs in 50 countries.

17th Annual Global CEO Survey: Asset Management Industry Summary 17th Annual Global CEO Survey: Asset Management Industry Summary – February 2014
A summary of key findings in the asset management sector, based on interviews with 123 asset management CEOs in 37 countries.

17th Annual Global CEO Survey: Insurance Industry Summary 17th Annual Global CEO Survey: Insurance Industry Summary – February 2014
A summary of key findings in the insurance industry, based on interviews with 74 insurance CEOs in 39 countries.

Asset Management 2020 Asset Management 2020: A Brave New World – February 2014
The asset management industry stands on the edge of a number of fundamental shifts that will shape the future of the industry. This report sets out how the operating landscape for asset managers will change by 2020 and explains how asset managers can prepare for the challenges ahead and turn them into competitive advantages.

Special issue: Preparing for real change European financial regulation updates: Special issue: Preparing for real change – February 2014
  • New era for crisis management for banks
  • Basel Committee brushes up leverage and liquidity rules
  • Central banking in a world of flux

Regulatory Reform Review: An Asian perspective – February 2014
Featuring a special contribution from PwC Singapore’s US Regulatory and FATCA Leader, Michael Brevetta, on the OECD’s Common Reporting Standards and recent FATCA developments; an excerpt of PwC Singapore’s Budget Commentary 2014 and Asset Management 2020: A Brave New World; and updates on the outcomes from the FATF Plenary Meeting in Paris held over 12 to 14 February 2014.

FDIC Deputy Director for Complex Financial Institutions joins PwC FDIC Deputy Director for Complex Financial Institutions joins PwC – February 2014
We are pleased to announce that Mary Patricia Azevedo, recent Deputy Director of the FDIC's Office of Complex Financial Institutions, has joined PwC as a managing director in our Financial Services Regulatory Practice.

The EU's Bank Recovery & Resolution Directive The EU's Bank Recovery & Resolution Directive – February 2014
This paper explains why the BRRD is such an important milestone for Europe, within the context of the wider regulatory reforms taking place in the industry, and also highlights controversial and concerning aspects of the deal.

Being better informed Being better informed – February 2014
A monthly update on global regulatory issues, the regulatory agenda was a bit quieter in January than in recent months, but international and EU regulators issued some significant proposals to advance the long-running G20 initiatives.

FDIC Deputy Director for Complex Financial Institutions joins PwC FDIC Deputy Director for Complex Financial Institutions joins PwC – February 2014
We are pleased to announce that John F. Simonson, recent Deputy Director of the FDIC's Office of Complex Financial Institutions, has joined PwC as a partner in our Financial Services Regulatory Practice.

Passing the stress test – PwC Survey on regulatory stress testing in banks – January 2014
Regulatory stress testing is moving to the forefront of an ongoing public debate about how banks restore trust and improve their financial health. To assess our client’s capabilities in this process we surveyed 24 of the leading financial institutions from 12 different countries across 5 continents to gauge their level of preparedness for the onset of regulatory stress testing.

Regulatory Reform Review: An Asian perspective – January 2014
  • A roadmap of the European Regulatory Agenda from PwC’s FS Regulatory Brief: A European Outlook
  • A commentary on the EU and G20’s agenda for 2014 and the state-of-play on key reform initiatives
  • Updates on the EC’s endorsement of BCBS technical documents in relation to the Basel III regulatory framework and the respective amendments made in the final form
  • An excerpt from PwC’s 17th Annual Global CEO Survey with statistics on the banking industry’s forecasted big bets and threats

Including updates on M&A activity and bankers pay Being better informed – January 2014
A monthly update on global regulatory issues, this month we report on a number of important regulatory developments that will reshape the financial services landscape, including the UK’s newly minted Banking Reform Act and the US Volcker Rule.

Anti-Money Laundering: Know Your Customer Quick Reference Guide Anti-Money Laundering: Know Your Customer Quick Reference Guide – January 2014
The Know Your Customer (‘KYC’) quick reference guide provides easy access to detailed AML and KYC information for 80 different countries.

Regulatory Reform Review: An Asian perspective – December 2013
  • End of year review of financial regulations that we've been tracking, impact on the region and what to expect in 2014
  • PwC's report "Deleverage Take 2" on capital shortfall that European banks are facing through combined Basel III requirements and an analysis of the potential requirements for European banks to raise capital
  • A timetable documenting the progress of all US regulations throughout 2013 and going forward in 2014
  • Excerpt from PwC’s regulatory brief, “Volcker Shrugged”, on the rule’s delivery and key changes from proposal to final rule
  • The BIS Joint Forum’s final report on Longevity Risk transfer markets: market structure, growth drivers and impediments, and potential risks

Including updates on M&A activity and bankers pay European financial regulation updates: M&A activity and bankers pay – December 2013
  • Come together right now…over SSM
  • More money, more problems

FS Viewpoint: Hope for the best plan for the worst - A survey of financial institution preparedness FS Viewpoint: Hope for the best plan for the worst - A survey of financial institution preparedness – November 2013

This paper discusses the possible affects of the onset of a single supervisory mechanism for the financial institutions within the Eurozone- most of which appear to be in a state of flux, with little guidance on what to expect or how best to prepare. PwC surveyed 30 of the leading financial institutions with operations in Europe to gauge their level of preparedness for a new shock or crisis in the Eurozone.


Regulatory Reform Review: An Asian perspective – November 2013
  • The BCBS updated list of G-SIBs and its second consultative document on the fundamental review of capital requirements for the trading book
  • Coverage on the ACGA's 13th Annual Conference in Seoul with the theme “Corporate Sustainability and Responsible Investment in North Asia”
  • CPSS and IOSCO's consultative report on the public quantitative disclosure standards for central counterparties, proposing disclosures that are intended to support the objectives of enabling stakeholders, including authorities, participants and the public
  • The FSB's Global Shadow Banking Monitoring 2013 report using end-2012 data from 25 jurisdictions and the euro area as a whole

Including updates on Benchmarking, EMIR and Solvency II European financial regulation updates: Benchmarking, EMIR and Solvency II – November 2013
  • Benchmarking on reform
  • And their off: countdown to EMIR reporting
  • Are you ready for Solvency II?

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

European financial regulation updates: Including updates on crowdfunding and MiFID II European financial regulation updates: Crowdfunding and MiFID II – October 2013
  • Regulating Crowdfunding
  • MiFID II on the horizon: a tectonic shift

Regulatory Reform Review: An Asian perspective – October 2013
  • MAS issuance of the final Securities and Futures (Reporting of Derivative Contract) Regulation 2013
  • The president’s summary of the the FATF and G20’s Anti-Corruption Working Group Experts Meeting on Corruption
  • Impact of Dodd-Frank's and EMIR's derivative regulatory requirements and trade reporting rules in Asia
  • The BCBS’ progress report update on the implementation of the Basel framework, setting out the Basel regulations for each BCBS member jurisdiction

What is the state of information security in the Financial Services sector? What is the state of information security in the Financial Services sector? – October 2013
Explore PwC's insight and key findings for the Financial Services sector inside The Global State of Information Security® Survey 2014.

Regulatory Reform Review: An Asian perspective – September 2013
  • MAS proposed amendments to the corporate governance regulations taking in consideration developments in corporate governance requirements for banks, insurers and financial holding companies
  • An in-depth summary of key findings in the BCBS’ 4th Basel III implementation progress report
  • The final framework for margin requirements for non-centrally cleared derivatives by BCBS and IOSCO that aims to reduce systemic risks related to the OTC derivatives markets
  • An update from PwC UK on the EC’s proposed regulations for money market funds

European financial regulation updates: The G20 summit and shadow banking – September 2013
  • Much done, more to come: global regulatory reforms
  • Buffering Money Market Funds
  • Global response to shadow banks

Sharing deal insights - European Financial Services M&A - Data card, September 2013 – September 2013
This data card from PwC Financial services provides perspectives on recent trends - and future developments - in the M&A market, including analysis of the latest transactions and insights into emerging investment opportunities.

European financial regulation updates: Don’t make a meal of it: EU regulatory negotiations enter crucial stage – September 2013
  • EU financial services lawmakers face a staggering autumn workload with twenty nine legal texts currently being negotiated or expected to be tabled by the European Commission (EC) in the near future. To make any progress, legislators will need to prioritise but agreeing these priorities may not be straightforward in all areas. If some dossiers fail to make the priority list, we could end up with in incomplete regulatory regimes, and possibly market distortion, for years to come.

Regulatory Reform Review: An Asian perspective – August 2013
  • A summary of the FCA’s annual report on Anti-Money Laundering and Financial Crime
  • An update on the OECD’s peer review of jurisdictions with regard to FATCA and International Taxation
  • The list of Globally Systemically Important Insurers released by the FSB

Let’s make a difference: Managing compliance and operational risk in the new environment FS Viewpoint: Let’s make a difference: Managing compliance and operational risk in the new environment - August 2013
How can banks manage compliance and operational risk in a changing regulatory landscape?

European financial regulation updates: Liquidity reporting, EMIR and FICOD – August 2013
  • Liquidity outflows: How many buckets does it take?
  • EMIR proposals narrow impact outside of EU
  • FICOD and CRR

European financial regulation updates: Letting banks fail, G-SIIs and risk appetite – July 2013
  • Breaking the taboo: letting banks fail
  • Hello G-SIIs
  • Risky business

Regulatory Reform Review: An Asian perspective – July 2013
This series of documents provide updates covering regulatory reforms in the global landscape. Created by our Singapore regulatory team on a monthly basis, we hope you will find this useful in providing insights and our views around the various regulatory reforms impacting your territories.

Insurance Banana Skins 2013 – July 2013
The July 2013 issue provides readers with a comprehensive map of the G20’s July 2013 meeting in Russia and their plans for the year, a write-up on our discussion with Professor Karel Van Hulle, former Head of the EC’s Insurance and Pensions Unit, on Solvency II and the future of the insurance industry, an illustrative guide to the effective dates under EMIR and estimated roll-out progression of the law, and a special report by PwC India on simplified norms for foreign portfolio investors.

European financial regulation updates: Cross-border OTC reforms, AIFMD and bank resolution – July 2013
  • US and EU regulators strike a deal on regulating cross-border derivatives
  • Don’t wait ‘til it’s too late: complying with AIFMD
  • Steps in resolving a Eurozone bank

European financial regulation updates: The leverage ratio, priorities of the Lithuanian Presidency and more – July 2013
  • Banking on the leverage ratio
  • No surprises: Lithuanian Presidency outlines its priorities
  • A rising economy lifts all banks

Global Private Banking and Wealth Management Survey – July 2013
PwC's 2013 Global Private Banking and Wealth Management Survey offers insight into industry trends and strategic priorities for global wealth and asset managers.

Swap dealer compliance 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.

Insurance 2020: A quiet revolution - The future of global insurance M&A Insurance 2020: A quiet revolution - The future of global insurance M&A - July 2013
Insights into recent developments in the global insurance markets and the growth prospects in both emerging and mature economies.

Conflict minerals survey: How companies are preparing Conflict minerals survey: How companies are preparing - July 2013
In the spring of 2013, PwC surveyed companies to determine their level of understanding of the conflict minerals rule and their progress towards compliance. The results provide an early benchmark for companies working through their compliance efforts.

Regulatory Reform Review: An Asian perspective – June 2013
The June 2013 issue marks the official launch of the publication on the global platform, and also acts as a mid-year review for the series. This edition contains a special commentary by PwC Singapore’s Asia Financial Services Leader, Dominic Nixon, on regulatory reform, its impact on your business and strategies to consider; our experts’ views on what’s next for your firm; and a special feature on key regulatory themes with timelines and cross-border comparative analyses.

European financial regulation updates: Pending EU reforms, CRD IV and credit rating agencies – June 2013
  • Next stop, Vilnius: what FS reforms are coming down the tracks in Europe
  • Are you still relying on credit ratings?
  • It’s raining RTSs

European financial regulation updates: Pending EU reforms, CRD IV and credit rating agencies – June 2013
  • Next stop, Vilnius: what FS reforms are coming down the tracks in Europe
  • Are you still relying on credit ratings?
  • It’s raining RTSs

Regulatory Reform Review: An Asian perspective – May 2013
This series of documents provide updates covering regulatory reforms in the global landscape. Created by our Singapore regulatory team on a monthly basis, we hope you will find this useful in providing insights and our views around the various regulatory reforms impacting your territories.

Alternative Investment Fund Managers Directive - Impact on US Managers Alternative Investment Fund Managers Directive - Impact on US Managers - May 2013
This white paper is intended to inform US asset managers of the possible consequences of AIFMD, and answer some frequently asked questions.

European financial regulation updates: MiFID, retail bank accounts and valuing CIS – May 2013
  • Black smoke on MiFID II
  • Moving towards a single retail bank account market in Europe
  • Effectively valuing Collective Investment Schemes

European financial regulation updates: CRD IV, financial transaction tax and resolution plans – May 2013
  • Staying on top of hot topics: FTT and CRD IV
  • Managing intraday liquidity
  • Europe and the US lag behind others in Basel III implementation
  • The long road to resolution

European financial regulation updates: Global systemically important insurers and money market funds – April 2013
  • Stick to the knitting: systemically important insurers
  • Wide deviation in supervising MMFs
  • Clouds still hang over the EU financial system

European financial regulation updates: The new UK supervisory structure, AIFMD and CRD IV – April 2013
  • FSA makes way for ‘twin peaks’ model
  • Some much-needed clarity provided on AIFMD
  • Get ready for CRD IV

European financial regulation updates: The regulation of non-bank activities and risk management at insurers – March 2013
  • Beyond traditional banking
  • Insuring against the low interest rate environment

European financial regulation updates: Bankers’ bonuses, the progression of regulatory reforms and MMFs – March 2013
  • Bankers’ bonuses capped under CRD IV
  • The progress of financial regulatory reforms
  • Preparing liquidity standards under CRR
  • ESRB makes recommendations on MMFs
  • ESMA recommends EU Code of Conduct for proxy advisor industry

CFPB Mortgage Servicing Standards: Analysis for RESPA (Reg. X) and TILA (Reg, Z) final rules CFPB Mortgage Servicing Standards: Analysis for RESPA (Reg. X) and TILA (Reg, Z) final rules - February 2013
In this joint Point of View from our Consumer Finance & Financial Services Regulatory Group, we provides our insights into key provisions of the new servicing rules both under RESPA and under TILA, including the relationships between the final rules and the rules as proposed. We also provide our perspectives on the operational impacts servicers face integrating compliance with each new provision into their servicing operations.

CFPB 'Ability-to-Repay' standard CFPB “Ability-to-Repay” standard - January 2013
On January 10, 2013, the CFPB issued its much anticipated 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, we summarize the key provisions of the rule, identify some possible impacts of those provisions; and describe some specific steps lenders can take to successfully adapt to the new rule.