Financial Services Spotlight

September 2016 Developments

Posted by Roy Andersen on Oct 4, 2016 12:00:00 PM

Overview

Two developments signal for the first time in my memory a cut back in bank powers.  The Fed is restricting physical commodities activities and merchant banking activities in its proposed rule just below.  In the same vein, the OCC is restricting national bank activities in industrial metals—i.e., copper.  These proposals are reversing decisions made many years ago and have seemingly operated without any appreciable losses to the banking industry.  The Fed is exempting certain banks from the full range of capital requirements and stress test is a proposed rule.

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Topics: OCC, Derivatives Clearing Organizations, Bank Holding Company Act, Japan, Regulation Q

About the Spotlight


The Financial Services Spotlight examines the regulatory and technology developments impacting banks, asset managers and other financial services providers—where challenges meet opportunities.

 

Meet the Authors


Roy C. Andersen, of counsel in Sullivan & Worcester's New York office, is a member of the Corporate Department. Mr. Andersen focuses on bank regulatory and compliance matters, including international banks and their branches and agencies in New York.

Joel Telpner, partner in the firm's New York office, is a seasoned advisor, strategist and problem solver. Mr. Telpner brings more than 30 years of legal experience in a career that includes time as an AmLaw 100 partner, the former U.S. general counsel of a global financial institution, and a venture capitalist. He is recognized for his ability to deftly manage complex financial transactions, especially those involving sophisticated structured finance and derivatives matters and has an extensive and unique combination of transactional and regulatory experience.

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