Georgetown Law Professor Chris Brummer’s written statement on Facebook’s cryptocurrency, Libra, will be delivered at 10am, on Wednesday, July 16, 2019. His testimony is entitled ” 99 Problems.”
US Treasury Secretary Steven Mnuchin called a surprise press conference this afternoon in Washington DC to tell the public that Facebook and all other providers of “digital financial services” must observe the same financial integrity regimes as banks. Mnuchin called illicit use of cryptocurrencies “a national security issue” and said the Treasury has been holding ongoing … Read more
July 15 will mark the first day in the office for the United States Commodity Futures Trading Commission’s (CFTC) new chairman, Heath Tarbert. As the crypto community is bidding farewell to the regulator’s outgoing head, J. Christopher Giancarlo, his successor’s stance on digital assets remains unknown. Turning to Tarbert’s record as a civil servant and … Read more
A drafted bill entitled “Keep Big Tech out of Finance” has surfaced online, allegedly deriving from within the United States House of Representatives Financial Services Committee. The document’s metadata dates it July 12. The bill’s provenance is unconfirmed, but crypto news site The Block quotes an inside source as saying it is with the Financial … Read more
The House recently voted overwhelming in favor of six bipartisan bills, two of which would better protect borrowers seeking loans secured by the Department of Veterans Affairs (VA) and would provide increased access to housing counseling, respectively. The Mortgage Bankers Association (MBA) and Ginnie Mae expressed strong support for two of the bills – H.R. … Read more
Financial regulatory agencies have issued a joint final rule addressing numerous concerns community bankers have expressed about the applicability of certain Basel III advanced approach capital approach requirements geared toward the nation’s largest banks. The new rule implements a section of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). Learn more details about … Read more
A new rule adopted by five federal financial regulatory agencies would exempt community banks from Volcker Rule requirements, implementing a section of the Economic Growth, Regulatory Relief, and Consumer Protection Act, which passed in May 2018. Under the final rule, which does not vary from the proposal, regulators exempt from Volcker Rule compliance obligations community … Read more
ESMA addresses derivatives trading obligation concerns following entry into force of EMIR Refit Friday 12 July 2019 15:55 The European Securities and Markets Authority (ESMA) has today published a public statement addressing the misalignment between the scope of counterparties subject to the EMIR clearing obligation (CO) and those subject to the MiFIR derivatives trading obligation … Read more
ESMA consults on disclosure guidelines under the Prospectus Regulation Friday 12 July 2019 14:52 The European Securities and Markets Authority (ESMA), the EU’s securities markets’ regulator, has launched a public consultation concerning its draft Guidelines on disclosure requirements under the Prospectus Regulation (PR). ESMA is seeking stakeholders’ views on the draft Guidelines, whose purpose … Read more
ESMA launches consultation on cost of market data and consolidated tape Friday 12 July 2019 14:04 The European Securities and Markets Authority (ESMA), the EU securities markets’ regulator, has launched a public consultation on the development in prices for pre- and post-trade data and on the post-trade consolidated tape (CT) for equity instruments. MiFID II/MiFIR … Read more