On March 9, 2021, the Federal Reserve Board published a Supervision and Regulation Letter (SR 21-7) (the "SR Letter") containing guidance for examiners in assessing supervised firms'.
Who wants to see digitalisation of legal contracts? Well certainly the derivatives contingent of the financial services industry which is battling increasingly complex standard documentation..
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On March 5, 2021, the ICE Benchmark Administration (IBA), UK
Financial Conduct Authority (FCA) and International Swaps and
Derivatives Association (ISDA) made important announcements
regarding the timelines of the cessations of the London Interbank
Offered Rate (LIBOR).
LIBOR cessation dates
The IBA, which administers LIBOR, confirmed in its feedback
statement on its consultation regarding the cessation of its
publication of LIBOR that the majority of LIBOR panel banks would
not be willing to contribute to LIBOR in the future and announced
that it will cease publishing the LIBOR rates described below, as
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The CFTC and the DOJ both now pursue enforcement
actions against trading in commodities based on misappropriation of
confidential information.
Among the many changes resulting from the Dodd-Frank Wall Street
Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), one
that has been slow to develop, but broad in its significance, is
the assertion of authority by the Commodity Futures Trading
Commission (CFTC) to police insider trading and misappropriation of
confidential information in commodities markets. As the primary
regulator for derivatives across a wide range of markets, spanning
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On March 9, 2021, the US Board of Governors of the Federal
Reserve System ( FRB ) issued SR 21-7,
Assessing Supervised Institutions Plans to
Transition Away from the Use of the LIBOR, providing
guidance to its bank examiners on how to assess the progress of
supervised institutions in preparing to transition away from U.S.
dollar (USD) LIBOR as a reference rate.
1 This guidance is
intended to complement the
Interagency Statement on LIBOR Transition
that FRB issued in November 2020, which encouraged supervised firms
to cease entering into new contracts that reference LIBOR as soon