Regulatory practice publications

	US Regulatory Reform: Key Dates This timeline summarizes final rules and notices of proposed rule for major financial regulatory topics.
	Alternative Investment Fund Managers Directive - Impact on US Managers This white paper is intended to inform US asset managers of the possible consequences of AIFMD, and answer some frequently asked questions.
	PwC's Financial services regulatory practice: How we can help advisers to real estate funds - February 2013 As a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act, many advisers to private funds, including certain real estate and private equity funds, are required to be registered as investment advisers with the SEC. After being exempt from registration for over 70 years, these private fund advisers are now subject to the full scope of the Investment Advisers Act of 1940. This includes having a compliance program, making increased disclosure and reporting to investors and the SEC, and undergoing examinations by the SEC.
	PwC's Financial services regulatory practice: How we can help mutual funds - February 2013 This brochure outlines the regulatory and compliance challenges for mutual funds, and how we can help mutual fund management, chief compliance officers and boards.
	PwC's Financial Services Regulatory Practice: How we can help private equity advisors - February 2013 Financial regulatory reforms passed in July 2010 will require most private equity (PE) fund advisors to register with the US Securities and Exchange Commission (SEC). After being exempt from registration for more than 70 years, PE advisors will be subject to the full scope of the Investment Advisers Act of 1940, increased disclosure and reporting requirements, and periodic inspections by the SEC. Importantly, because Congress left critical details for rule making to regulatory agencies, this adjustment will be a multiyear process.
	PwC's Financial services regulatory practice: How we can help asset managers - February 2013 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.
	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 - 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.
CFTC's Chief Counsel to the Division of Enforcement joins PwC's Financial Services Regulatory Practice - December 2012 PwC’s Financial Services Regulatory practice is pleased to announce that Phyllis Cela, former Chief Counsel to the Division of Enforcement of the Commodity Futures Trading Commission has recently joined our team.
	10Minutes on 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.
	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.
	CFPB national servicing standards proposal - 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).
	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.
	A fast take on the impact of the Dodd-Frank Act on asset management firms - 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.
Financial regulatory reform update - February 2012 An update on developments relating to financial services regulatory reform.
The SEC adopts final rule on hedge fund filing - October 2011 The Securities and Exchange Commission (SEC) unanimously approved a final rule requiring registered advisers to private funds to report detailed information on new Form PF. The information will be used by the Financial Stability Oversight Council to gain insight into the activities of advisers, enhance its risk monitoring of the financial markets, and assess systemic risk.
FDIC Board to Consider Volcker Rule Proposal on October 11th - October 2011 The FDIC's Board will consider Proposed Rulemaking on the Volcker Rule at its next meeting on Tuesday, October 11, 2011 at 10:00 AM. The FDIC is the first Agency (the others are the Federal Reserve Board, OCC, SEC and CFTC) to consider a Volcker Rule proposal. Industry sources indicate a 60-day comment period is likely.
	Integrating technology into your compliance program to improve effectiveness and efficiency - October 2011 This paper discusses how technology can help financial services firms implement robust compliance programs which are increasingly important in the wake of the Dodd-Frank Act and other regulatory changes.
	Avoiding the Headlines: How Financial Services Firms Can Implement Programs to Prevent Insider Trading Insider trading has become a top priority of prosecutors, with increased cooperation among civil and criminal regulators, both in the United States and abroad.
	The lull before the storm: AIFMD News Edition 8, Spring 2011 In this edition of AIFMD News we discuss the latest developments and consider what clients should be doing to prepare for the Directive's implementation.
	Financial reform, what's next? A US and global perspective examining the opportunities and challenges ahead PwC and Georgetown University's McDonough School of Business convened government decision makers, business executives, leading academics and students at Georgetown University for a two day conference to explore the impact of the new law and the next phase of regulation in a ground-breaking event, "Financial Reform: What's Next?" This conference highlights summarizes the dialogue and some of the views expressed.

Taking stock – AIFMD News Edition 7
The purpose of this briefing is to take stock, review the final terms of the directive, consider the next steps both in the legislative process and what the industry’s response should be.

The Dodd-Frank Wall Street Reform and Protection Act: Implications for fair lending compliance
Under Dodd-Frank, we expect regulatory scrutiny of fair lending to be raised to a whole new level. Even prior to Dodd-Frank, a heightended political and regulatory focus emerged on fair lending. How should banks respond? Institutions should consider assessing their existing fair lending compliance (and general consumer compliance) risk management programs against leading standards from across the federal bank regulatory agencies, identify areas of enhancement and work to ensure that enhancements are in place in a timely manner.

The Dodd-Frank Wall Street Reform and Consumer Protection Act: Mortgage Industry Considerations
When President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 ("Dodd-Frank" or the "Act"), July 21, 2010. the largest set of financial regulatory reforms since the Great Depression became law. The sweeping legislation will significantly impact every aspect of the financial services sector — and the mortgage industry is no exception.

Pay to play
“Pay-to-play” is the practice of making campaign contributions and related payments to elected officials in an attempt to influence the awarding of lucrative contracts for the management of public pension plan assets and similar government investment accounts.

Private fund advisers: Integrating testing into a risk-focused compliance program
The financial services industry that has emerged from the recent market turmoil is one that has stricter standards, greater regulatory scrutiny, and higher client expectations for alternative asset management firms. As part of the Dodd-Frank Wall Street Reform and Consumer Protection Act many hedge fund and private equity fund advisers (private fund advisers) will be required to register with the Securities Exchange Commission (SEC).

Navigating risk in the high-frequency trading environment
This report offers our firm's point of view on the compliance challenges of high-frequency trading and a framework for addressing the unique risk and control challenges that high-frequency trading strategies present.

Financial regulatory reform — The new regulatory architecture — Will it be a global blueprint?
On June 30th, the U.S. House of Representatives passed The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act"). It is expected that the U.S. Senate will vote on and pass the legislation the week of July 12th, sending it on to the President for his signature shortly thereafter.

• Publications archive

	European regulatory outlook - June 2013 This FS 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 FS Regulatory Brief describes this 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 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 - May 2013 This FS 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 FS Regulatory Brief (a) analyzes the guidance’s key points, and (b) 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 FS 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 - March 2013 This FS Regulatory Brief (a) analyzes the key overlaps and differences between EMIR and Dodd-Frank, and (b) suggests where separate effort will be needed to meet EMIR’s additional requirements.

	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 - March 2013 This FS 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.
	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. Although the case is currently in litigation, and the ultimate lessons may only be learned later, we think it’s important to describe some themes that will be of interest to fund directors and advisers, based on the SEC’s focus on valuation, as well as on boards’ own continuing scrutiny of valuation policies and practices.
	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 - 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. This FS Regulatory Brief briefly summarizes the Supplemental Guidance, highlights areas that warrant particular attention due to their importance to regulators, and suggests steps that institutions should begin taking now if they have not already begun improving their internal audit functions to meet regulatory expectations.
	Dodd-Frank stress testing requirements for mid-sized financial firms: Highlights and insights - February 2013 In this FS Regulatory Brief, we highlight the business implications of meeting regulatory expectations for stress testing and capital planning and delve 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 FS Regulatory Brief addresses the CFTC’s essential elements of good faith and provides guidance for translating them into a robust swap dealer compliance program. On December 31, 2012, registration requirements for swap dealers finally became a reality. Provisionally registered swap dealers became subject to various requirements under Title VII of the Dodd-Frank Act, and other requirements will roll into effect over the coming months. In a number of no-action letters, exemptive orders and final rules under Dodd-Frank, the CFTC signaled that good faith compliance will be a relevant consideration when it exercises its discretion in assessing compliance under the new rules.
	Basel III liquidity regime ─ More practical but not yet workable - January 2013 On January 7th, the Basel Committee on Banking Supervision ("BCBS") issued a finalized standard on the Liquidity Coverage Ratio (“LCR”), a short-term liquidity measure that considers a 30-day period of liquidity stress. The LCR forms one of the key components of the Basel III reform package. This FS Regulatory Brief summarizes the key changes to the LCR from the original BCBS proposal, and provides an early assessment of its US implementation and impact on financial institutions.To read this FS Regulatory Brief, please click here
	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 Brief describes 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 Brief describes 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.
	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.

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.
  
  
• 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.
  
  
• 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.
  
  
• 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 Look pieces 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’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.
  
  
• Update: The SEC’s New Rules on “Pay to Play” Restrictions for Investment Advisers - July 2011
  The SEC’s new rule prohibiting “pay to play” by investment advisers (Rule 206(4)-5 under the Investment Advisers Act of 1940) seeks to protect public pension plan beneficiaries by limiting the ability of investment advisers to influence investment management decisions by state and local government officials through the use of political contributions.
  
  
• New SEC Rule 15c3-5 Bans Unfiltered Market Access - July 2011
  On November 3, 2010, the SEC voted unanimously to adopt the new Rule 15c3-5 under the Exchange Act, effectively eliminating "naked" or unfiltered market access. In general, the compliance date for Rule 15c3-5 is July 14, 2011.
  
  
• 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.
  
  
• Relief from July 16, 2011 Effective Date for Title VII Swap Provisions
  
  
• Amendments to Form ADV Part 2
  
  
• SEC Sweep Examination of Due Diligence processes for Alternative Investments
  
  
• Fund directors and the new proxy disclosure rules
  
  
• SEC sweep examination of structured products
  
  
• PwC FS regulatory partner Carlo di Florio named director of SEC's OCIE
  
  
• Private equity qualifications for acquisitions of failed banks
  
  
• Proposed changes to Regulation Z (Truth in Lending)
  
  
• How might the CFPA impact fair lending enforcement
  
  
• Private Fund Investment Advisers Registration Act of 2009
  
  
• The SEC adopts indexed annuity governance rule
  
  
• SEC and State Attorneys General focus on pay-to-play
  
  
• Federal charter bill introduced in Congress
  
  
• New SEC focus on fund expenses
  
  
• Will regulatory scrutiny of model risk management intensify?
  
  
• SEC sweep examination of custodial controls
  
  
• Regulators collectively deny life insurance industry's request for 2008 capital and surplus relief, leaving states free to exercise independent judgment
  
  
• New credit card rules issued by Federal Regulators
  
  
• The Emergency Stabilization Act of 2008
  
  
• The expansion of the SEC investigation of market manipulation and FBI probe into financial companies
  
  
• The new SEC and FSA actions on short selling and disclosure requirements
  
  
• The recent remarks by the Comptroller of Currency on compliance supervision
  
  
• The SEC's Emergency Order to limit short selling in certain financial entities
  
  
• New SEC investment advisor examination request list
  
  
• Best practices for the hedge fund industry
  
  

European financial regulation updates: Including updates on 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

Managing Upstream Risk
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.

European financial regulation updates: Including updates on 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: Including updates on 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: Including updates on 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

The asset manager's new normal: responding to tax risks and transparency – April 2013

This survey questions 30 global asset managers to see how asset managers are dealing with tax risk.

Financial Transaction Taxes: Developing a strategic response – April 2013

In the past 18 months a number of countries have either introduced or announced an intention to introduce domestic FTTs at a local country level. And because these taxes will have wide reaching implications for the business models of all financial institutions will fundamentally change the tax landscape.

Seizing back the people agenda – April 2013

As tough market conditions diminish the opportunities for short-term trading returns, successful firms will look at how to attract and nurture people with the mindset and ideas to develop lasting relationships, work within tougher risk and compliance demands and create value over the long-term.

European financial regulation updates: Including updates on 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

Navigating the complexity – Findings from a financial transactions transfer pricing global survey – April 2013

This PwC survey offers general guidance on a range of inter-company financial transactions-related transfer pricing issues and helps tax professionals navigate these complex laws in over 40 countries.

European financial regulation updates: Including updates on 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: Including updates on 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

Sharing deal insights - European Financial Services M&A news and views, March 2013 – March 2013

This PwC publication 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: Including updates on the Single Supervisory Mechanism, Client Money and RWAs – February 2013

• Making good on SSM
• Filling in the gaps: EC propose new anti-money laundering rules
• Protecting client money
• Variation in Risk Weight Assets

European financial regulation updates: Including updates on the financial transaction tax, suitability of complex products and our annual CEO survey – February 2013

• FTT clears first negotiation hurdle
• IOSCO finalises global suitability and disclosure principles for intermediaries
• State of the financial system: On the front foot

European financial regulation updates: Special edition: Regulating Benchmarks – January 2013

• Special edition: Regulating benchmarks- fall-out from the LIBOR and EURIBOR scandal continues

European financial regulation updates: Special edition on the Liquidity Coverage Ratio – January 2013

• Special issue: Regulators fine-tune LCR to keep credit flowing

European financial regulation updates: Including updates on the Fed's new approach to regulating foreign subsidiaries, UK/US cooperation on RRPs and OTC derivatives – December 2012

• Fed plans to overhaul the regulation of foreign subsidiaries
• Bank of England and FDIC agree operational strategies for resolving cross-border banks
• ECB gets behind the Recovery and Resolution Directive
• International regulators agree to cooperate on OTC regulations
• The changing world of central banking

European financial regulation updates: Including updates on LIBOR reform, the Financial Transaction Tax and the Single Supervisory Mechanism – December 2012

• ESRB gets behind LIBOR/EURIBOR reforms
• Update on the Financial Transaction Tax
• Draghi considers how SSM will work

European financial regulation updates: Including updates on CRD IV's progress and the Legal Entity Identifier – November 2012

• CRD IV close to completion?
• Harnessing the Legal Entity Identifier

European financial regulation updates: Including updates on OTC derivative reform, recovery and resolution plans and G-SIFIs – November 2012

• FSB sees progress on OTC derivatives
• FSB consults on Recovery and Resolution Plans
• FSB outlines progress in implementing G-SIFIs framework

European financial regulation updates: Including updates on short selling, Basel III and the new UK regulatory structure – November 2012

• Short Selling Regulation comes into force
• Unfinished business: global regulatory reform
• Basel III implementation progresses
• CRD’s impact on SME lending
• The dangers of liquidity regulations
• The UK’s new approach to financial regulation

European financial regulation updates: Including updates on systemic risk, balance sheet repair and short selling – October 2012

• ESRB issue first risk dashboard
• ESRB calls on banks to repair their balance sheets
• Disclosure requirements in the Islamic capital market
• ESMA consults on short selling exemptions

European financial regulation updates: Including updates on measuring the impact of regulatory reforms, Libor and short selling – September 2012

• Estimating the impact of regulatory reforms
• Regulatory Round-up

Are you taking control of the MiFID II agenda? – September 2012

PwC's latest point of view outlines the strategic and commercial impacts of MiFID II for asset managers, retail banks and broker dealers as well as the operational and technological impacts.

European financial regulation updates: Including updates on single supervisory plans for the Eurozone and Libor reform – September 2012

• EC propose transferring supervisory powers to the ECB
• EC consults on LIBOR reform

European financial regulation updates: Including updates on OTC Derivatives, the Financial Conglomerate Directive and short selling – September 2012

• ESRB advises on the use of OTC Derivatives for non-financial firms and Collateral in EMIR
• ESAs consult on calculating capital at the conglomerate level
• FSA prepares UK regime for the Short Selling Directive

European financial regulation updates: Including updates on shadow banking and improving financial market surveillance – September 2012

• ECON publishes draft report on shadow banking
• IOSCO consults on technology challenges to market surveillance

European financial regulation updates: Including updates on resolution regimes; FX transactions and Libor – August 2012

• FSB starts its peer review on resolution regimes
• Settlement of FX transactions
• ECON seeks input into ‘fixing’ Libor

European financial regulation updates: Including updates on LIBOR reform, recovery and resolution plans and FINREP – August 2012

• Regulators respond to LIBOR rigging
• FINREP delayed
• RRPs for financial market infrastructure providers
• ESAs strengthening cross border supervision of payment institutions

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