SEC Adopts Cross-Border Security-Based Swap Rules

On June 25, the SEC adopted the first of a series of rules and guidance on cross-border security-based swap activities for market participants.  The rules and guidance explain when a cross-border transaction must be counted toward the requirement to register as a security-based swap dealer or major security-based swap participant.  The rules also address the scope of the SEC’s cross-border anti-fraud authority.  Press ReleaseFinal Rules.

Treasury Department Announces Effort to Revive Private Label Securities Market

On June 26, the Department of the Treasury announced an effort to revive the residential mortgage-backed private label securities market to improve the overall efficiency of the U.S. housing finance system.  In connection with this effort, the Treasury Department published a request for comment soliciting input from investors, securitizers and other market participants and plans to host a series of upcoming meetings to further explore ways to increase private lending.  Comments are due on August 8, 2014.  Press Release.

SEC Adopts Updated EDGAR Filer Manual

On June 16, the SEC adopted revisions to the EDGAR manual and related rules. Among other changes, the revisions change the ABS Asset Class value from “Corporate Debt” for ABS-15G and ABS-15G/A to “Debt Securities.”  The EDGAR system was scheduled to be upgraded the same day.  Rule.

FDIC Releases Proposal to Amend Stress Test Rule

On June 16, FDIC announced it is seeking comment on a notice of proposed rulemaking amending the Annual Stress Test rule. This proposed rule would shift the timing of the annual stress testing cycle by approximately 90 days and clarify that institutions covered by the rule will not have to calculate their regulatory capital ratios using the Basel III until the testing cycle beginning on January 1, 2016. The public comment period closes 60 days from publication in the Federal Register.  Press Release.  Proposed Rule.

The Fed Invites Comment on Proposal to Modify the Regulations for Capital Planning and Stress Testing

On June 12, the Fed invited comments on a proposal to modify the regulations for capital planning and stress testing.  The proposed rule includes a number of measures that would alter the capital planning and stress test processes.  Comments on the proposed rule will be accepted until August 11, 2014.  Press ReleaseProposal.

Bank Regulatory Agencies Seek to Identify Reductions to Regulatory Burden

On June 4, the Fed, FDIC and OCC published the first of several requests for comments to identify outdated, unnecessary or unduly burdensome regulations imposed on insured depository institutions.

The Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) requires the federal banking regulators to review regulations issued by the agencies at least every 10 years. It also requires the regulators to break down the regulations by category, present each category for comment and identify areas of regulations that are outdated, unnecessary or unduly burdensome.

The regulators have divided the regulations into 12 categories and will request comments with respect to each category over the next two yearsFed Press ReleaseRule Notice.