Proposed “HOPE” Act To Provide Financial Assistance To CMBS Borrowers Through Preferred Equity Lending Facility

In the wake of the ongoing COVID-19 pandemic, Congress has enacted various legislation in an effort to provide critical assistance to individuals and businesses. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”)1 is the largest economic stimulus package in United States to date. Additionally, the Federal Reserve has instituted a number of loan facilities to provide certain borrowers access to alternative sources of financing during the economic challenges of the COVID-19 pandemic.2 However, […]

By | August 23rd, 2020 ||

FRB Approves Large Bank Capital Requirements

The Federal Reserve Board (“FRB”) voted to approve “individual large bank capital requirements.” The capital requirements were determined after the completion of stress tests, “which provide a risk-sensitive and forward-looking assessment of capital needs.” As described in an FRB press release, the announced capital requirements are comprised of several components, including a (i) 4.5 percent minimum capital requirement for each bank, (ii) stress capital buffer of at least 2.5 percent, and (iii) capital surcharge of at least […]

By | August 20th, 2020 ||

Regulation Round Up

The Financial Conduct Authority (“FCA”) updated its webpage on the High Court business interruption insurance test case.

The Prudential Regulation Authority (“PRA”) published a consultation paper (CP11/20) setting out its expectations and guidance relating to auditors’ work on the matching adjustment.

The FCA published a statement explaining its view of the risks and benefits of Employer Salary Advance Schemes, and setting out issues that both employers and employees should consider when offering or using these schemes.
29 July
The FCA published a guidance consultation on draft […]

By | August 14th, 2020 ||