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U.S. Regulator Suggests Easing Post-Crisis Derivatives Rules

By Neil Bloomfield. In another sign of progress, the Federal Deposit Insurance Corporation (FDIC) proposed easing a rule that requires banks to put cash aside to safeguard derivatives trades among affiliates. The proposal would remove the current requirement for members…

WCIRA News Clips: SEC Staff Issues Statement on Preparing for Impending LIBOR Transition

As government authorities around the world create a constantly evolving regulatory environment, conduct overlapping investigations, and bring parallel proceedings, our goal is to serve as a leading-edge resource for companies navigating these waters. Moore & Van Allen’s WCIRA News Clips…

WCIRA News Clips: “At the Next Critical Stage in the Transition Away from LIBOR” – Federal Reserve Vice Chair Urges Companies, Financial Institutions to Begin Shift from LIBOR to Secured Overnight Financing Rate (SOFR)

As government authorities around the world create a constantly evolving regulatory environment, conduct overlapping investigations, and bring parallel proceedings, companies are facing perhaps the most challenging regulatory and criminal enforcement environment. Our goal is to serve as a leading-edge resource…

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Is the Trump Administration Charting a New Course Away from the Duplicative Fines of the Financial Crisis?

By Neil Bloomfield and Kristen Kenley  Double jeopardy prevents criminal defendants from being convicted of the same crime twice.  Res judicata prevents civil litigants from facing repeated claims by an overly aggressive plaintiff. Unfortunately, in the years after the financial crisis financial institutions were essentially unprotected from receiving multi-million dollar demands by multiple regulators for the … Continue reading

Transitioning Away from LIBOR: What Is Coming and What Can We Do Now?

By Neil Bloomfield and Elena Mitchell.  The potential transition away from LIBOR has raised significant concerns in the financial markets, including whether LIBOR will end in 2021, what may replace it, what fallback language should be included in contracts in the interim, and how transition risks can be managed.  I was fortunate enough to participate … Continue reading

Bloomfield and O’Keefe Coordinate Panel with Regulatory and Industry Leaders on the LIBOR Transition

Neil Bloomfield and Ed O’Keefe are coordinating a panel titled “LIBOR and the Potential Replacement Reference Rates: Where Do We Go from Here?” for the UNC Banking Institute on March 22 at the Ritz-Carlton in Charlotte, NC. Speakers on the panel include Ann Battle of the International Swaps and Derivatives Association, Inc., David Bloom of … Continue reading