17 Aug
Chapter News

FSB Continuity of Access to FMIs for firms in resolution: streamlined information collection to support resolution planning

This questionnaire provides common template for gathering information about continuity of access to financial market infrastructures (FMIs) for firms in resolution. The template takes the form of a questionnaire that all FMIs are encouraged to complete. The responses to the questionnaire should be published or made available in other ways to firms that use the FMI services and their resolution authorities to inform their resolution planning. The use of a common questionnaire should reduce the “many to one” nature...

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17 Aug
Member News, Trade & TTIP Related

GDLSK | USTR Revises List of EU Goods Subject to Large Aircraft SEC. 301 Retaliatory Tariffs

On August 12, 2020, the United States Trade Representative (“USTR”) issued the modified list (Annex 2, section 2) of European Union (“E.U.”) goods subject to Sec. 301 retaliatory tariffs in connection with the World Trade Organization (“WTO”) case against E.U. large aircraft subsidies. While approximately 24,000 comments were filed in response to the USTR’s request for comment regarding changes to the list, only minor changes were implemented. The USTR removed certain products from Greece and the United Kingdom and added an...

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14 Aug
Chapter News, COVID-19 News

Coronavirus: Commission reaches first agreement on a potential vaccine

Today, the European Commission has reached a first agreement with the pharmaceutical company AstraZeneca to purchase a potential vaccine against COVID-19 as well as to donate to lower and middle income countries or re-direct to other European countries. This is following the positive steps regarding the conclusion of exploratory talks with Sanofi-GSK announced on 31 July and with Johnson & Johnson on 13 August. Once the vaccine has proven to be safe and effective against COVID-19, the Commission now has agreed the basis...

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14 Aug
Member News

Vulcan Insight | U.S. upholds tariffs on European goods in long-running state aid dispute

In a blow to transatlantic trade this week, the United States announced it will maintain a 15% tariff on aircraft and 25% tariff on other European goods, despite efforts by the European Union to resolve a long-running dispute over state aid subsidies. The US will not, however, impose a threatened increase in tariffs on new European products, ahead of expected EU retaliatory tariffs on American goods this Autumn. Following a landmark ruling by the World Trade Organisation (WTO) in October 2019, certain...

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13 Aug
Member News

Troutman Pepper | Federal Reserve Adds Nonprofit Loan Facilities and Other Updates to the Main Street Lending Program

MSLP Facilities for For-Profit Businesses Since mid-July, the Boston Fed has updated the business MSLP FAQs twice (releases on July 15 and July 31) with additional details and clarifications. Significant changes and additions to the existing FAQs for MSLP facilities to for-profit Eligible Borrowers include: A new FAQ was added confirming that when a Borrower is acquired or merged into another business, the acquiring or resulting entity must also comply with the certifications and covenants applicable to such Borrower’s Main...

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13 Aug
New York Related News

Governor Cuomo Announces $15.1 Million in Federal Funding to Support Emergency Planning and Response

Funding Supports Emergency Planning Efforts and Operational Readiness Deadline for Applications is August 31, 2020 Governor Andrew M. Cuomo today announced $15.1 million in federal funding is being made available to New York State and county emergency management agencies to support planning and operational readiness for any type of disaster New York may experience. Through the federal Emergency Management Performance Grant, an annual grant program, awardees are able to access funding to support efforts ranging from the development and implementation of...

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12 Aug
Member News

Troutman Pepper | SEC Proposes to Improve the Retail Investor Experience Through Modernized Fund Shareholder Reports and Disclosures

In a substantial August 5, 2020, release, the U.S. Securities and Exchange Commission proposed changes to the existing disclosure framework for mutual funds and ETFs, that, if adopted, would represent a comprehensive refinement to the current framework. The proposal follows the SEC’s 2018 release seeking industry comments on the current disclosure framework, which received comment from notable industry participants and retail investors who were invited to submit a short “feedback flier” questionnaire. Improvement of the Main Street or retail...

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12 Aug
Chapter News

U.S. Federal Reserve Board announces individual large bank capital requirements, which will be effective on October 1

Following its stress tests earlier this year, the Federal Reserve Board on Monday announced individual large bank capital requirements, which will be effective on October 1. Under its framework for large banks—those with more than $100 billion in total assets—capital requirements are in part determined by stress test results, which provide a risk-sensitive and forward-looking assessment of capital needs. The below table shows the total common equity tier 1, or CET1, capital requirements for each large bank, which is comprised...

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12 Aug
Chapter News

U.S. Federal Reserve Board announces revised pricing for its Municipal Liquidity Facility

The Federal Reserve Board on Tuesday announced revised pricing for its Municipal Liquidity Facility (MLF). The revised pricing reduces the interest rate spread on tax-exempt notes for each credit rating category by 50 basis points and reduces the amount by which the interest rate for taxable notes is adjusted relative to tax-exempt notes. Today's changes will ensure the MLF continues to provide an effective backstop to assist U.S. states and local governments as they weather the pandemic. The MLF was established...

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11 Aug
Member News

ACG Resources | How to Work from Home with Kids

Despite the stereotypes, having a career and being an engaged member of your family are absolutely possible. As with all important things in life, you have to learn how to balance and prioritize your responsibilities. Remote working, or working from home, is a great way to start bringing your career closer to your family and make it easier for you to stay near your kids. Of course, setting up your office at home presents a whole new set of...

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