Basel III American style: US regulatory capital framework changes

On December 10 2013, the five US bank regulators issued the long-awaited final rule construing the Volcker Rule. This rule generally prohibits banking entities – a broad term that includes banks, bank holding companies, foreign banks treated as bank holding companies, and their respective affiliates – from (i) engaging in proprietary trading, and (ii) acquiring or retaining ownership interests in, or acting as sponsors to, certain hedge funds and private equity funds.

The final rule incorporates significant changes to the proposed rule, published on November 7 2011, which were made in response to the large number of comments received on the original proposal.

This webcast is will summarise certain impacts of the final rule on banking institutions, including foreign banking organisations. We shall address aspects of the final rule, including:
• the exemption for proprietary trading
• limitations on permitted trading and fund activities
• fund investment and sponsorship
• impact on foreign banking organisations
• definition of a covered fund
• impact on securitisations
• compliance programmes
• conformance period

Speakers are:
• Henry M Fields, Morrison & Foerster
• Oliver I Ireland, Morrison & Foerster
• Kenneth E Kohler, Morrison & Foerster
• Daniel A Nathan, Morrison & Foerster
• Gary Rosenblum, Bank of America Merrill Lynch
• Danielle Myles, IFLR (moderator)

New York and California CLE credit will be offered for this webinar

Three-and-a-half years have passed since the enactment of the Dodd-Frank Act. Join us as we examine the most significant developments from 2013 including finalisation of the US regulatory capital rules, the regulatory framework for the mortgage market, and the Title VII framework for the regulation of derivatives.

We will also discuss the key rules expected to be finalised in 2014, including:
• the liquidity coverage ratio requirement, a long-term debt requirement, and measures to address reliance on short-term wholesale funding;
• enhanced prudential standards;
• risk retention requirements;
• the Volcker Rule, derivatives push-out and the remaining pieces of the derivatives regulatory regime under Title VII; and
• other significant Dodd-Frank milestones.

Speakers:
• Anna Pinedo, Morrison & Foerster
• James Schwartz, Morrison & Foerster
• Kenneth Kohler, Morrison & Foerster
• Robert Dilworth, Bank of America Merrill Lynch
• Danielle Myles, IFLR (moderator)

New York and California CLE credit will be offered for this webinar

All IFLR Women in Business Law Group members are invited to join the first Group webinar. Topics:
• LinkedIn – making yourself contactable and showing
yourself in the best light; and using Twitter and Facebook;
• Social networking and keeping in touch with old colleagues;
• How are your clients and colleagues using social media;
• Winning business and promoting your services through social media and finding the right communities for you

Speakers: Sarah Lawrence, senior associate, DLA Piper; Lucy McNulty, managing editor, IFLR; Callum Sinclair, partner, DLA Piper; and Marissa Pick, senior social media marketing manager, Euromoney Institutional Investor

Federal income tax rules for financial products are constantly developing and changing, and 2013 has been no different.
This webinar will provide an update on recent US tax developments involving structured notes, swaps, options, futures and other financial products.
We will also discuss the mark-to-market system for financial derivatives that is being floated in Congress as part of fundamental tax reform, and consider what it might mean for various types of financial products.

Speakers:
Thomas A Humphreys, Morrison & Foerster
Remmelt A Reigersman, Morrison & Foerster
Danielle Myles, IFLR (moderator)

The UK central bank’s Andrew Haldane tells IFLR why breaking-up-the-banks shouldn’t be the only resolution option for today’s banking behemoths

According to the UK central bank’s Andrew Haldane, leverage ratios must be part of the solution to the regulatory quest to simplify the existing risk-based capital standards. Here’s why

The Bank of England’s Andrew Haldane outlines how best to regulate the burgeoning shadow banking sector

The Bank of England’s Andrew Haldane discusses the unintended consequences of an extended period of low interest rates and reveals why the threat of bursting bubbles as interest rates normalise does not concern him

As we near the third anniversary of the passage of the Dodd-Frank Act, many of the principle elements of the regulatory framework for OTC derivatives in the US have been finalised. That being said, given the need for many interpretative releases and no-action or exemptive relief, and various implementation delays, market participants are still grappling with new requirements. This webinar will review the status of:

Swap Dealer and MSP registration;
Swap data recordkeeping;
Swap data reporting; and,
Mandatory clearing;

Panelists will discuss the major unfinished rulemaking areas. These include:

OTC margin requirements;
Swap execution facilities;
Extraterritoriality;
Additional mandatory clearing designations;
SEC Title VII implementation;
Related areas such as the Volcker Rule, Lincoln Amendment; and,
Proposed legislation/future prospects.

Dentons partner Tom Eldridge discusses financing trends in Africa, and how Chinese investment into the continent will develop

White & Case’s Kirsti Massie outlines how Nigeria’s power sector is changing and explains the key considerations for foreigners financing Nigerian Projects

The South Africa panel from the IFLR Africa Forum, May 14, 2013. Recent political and regulatory developments; Investment trends in South Africa; South Africa as a springboard for investment into the rest of the continent; Developments in onshore versus offshore debt capital markets.

The debt capital markets panel from the IFLR Africa Forum, May 14, 2013; Dealing with the demands of African sovereign deals; Structuring international debt for African borrowers; A role for sukuk to play?; How the continent is coping with global economic constraints

Financial institutions in Europe and the US are considering a range of products to address their funding needs. It’s a difficult task, as it’s still not known which products will receive beneficial regulatory capital treatment. National regulators also have provided guidance on additional or so-called buffer capital, as well as contingent capital products.

European banks have recently issued contingent capital products – or CoCos – and we expect additional offerings to be forthcoming. These issuances face an uncertain regulatory framework, and evolving market practice. This webinar will discuss these considerations, focusing on:

· Basel III guidance and status of implementation;
· Bail-in capital, including national guidance;
· Contingent capital products and structures;
· Market experience;
· Tax, ratings, corporate governance and other considerations relating to contingent capital; and
· Investor perspective.

Speakers:
· Anna Pinedo, Morrison & Foerster
· Tom Humphreys, Morrison & Foerster
· Anthony Ragozino, UBS
· Danielle Myles, IFLR (moderator)

A panel from the IFLR European Capital Markets Forum on April 9 at the Waldorf in London.

• Prime Collateralised Securities initiative - lessons from first issuances
• Opportunities to revive the CMBS market?
• Dodd-Frank and its impact on commodity pools
• Solvency II interpretation
• Increase in fixed rate deals and deals structured without need for swap counterparty
• Developments: covered bonds and project bonds

Jerry Marlatt, senior counsel, Morrison & Foerster (chair)
Brad Duncan, director and deputy general counsel, Citigroup
Steven Gandy, managing director and head of securitisation, Santander Global Banking & Markets

For more information and coverage of the event, please visit www.iflr.com/ecm2013

Audio recording of the first panel of the IFLR European Capital Markets Forum 2013 at the Waldorf in London on April 9.

• Structuring and planning liability management exercises
• Banks and links to sovereigns
• The differences between bail-in bonds and contingent capital: more activity?
• Sovereign new issues: what to look out for

Michael Doran, partner, White & Case (chair)
Bruce Duncan, managing director and counsel, banking and capital markets origination legal, Citigroup
AJ Davidson, managing director and head of hybrid capital & balance sheet solutions - EMEA & APAC, Royal Bank of Scotland
Gavin McLean, partner, White & Case

For more information and coverage of the event, please visit www.iflr.com/ecm2013

A reform-minded Politburo Standing Committee, the introduction of a new payments system and the potential future full convertibility of the renminbi all point towards an explosion of activity in China’s capital markets this year. Though the long-awaited International Board of the Shanghai Stock Exchange has no clear timeline yet to proceed, foreign companies are expressing strong interest to listing in China.

This webinar will provide a practical guide to opportunities in China’s capital markets. The speakers will focus on:

- Existing listing regime in China
- International Board of the Shanghai Stock Exchange: closer or not?
- Potential benefits for international companies
- Key terms of the draft Listing Rules
- Comparison of listings in China and Hong Kong

Speakers:

Matthew Bersani, Asia Managing Partner, Shearman & Sterling
Colin Law, Head of Hong Kong Law Practice, Shearman & Sterling
Liu Gang, Partner, Commerce & Finance Law Offices (Tongshang)
Lucy McNulty, IFLR (moderator)

CPD & New York and California CLE credit will be offered for this webinar