Bermuda Monetary Authority’s Post

WATCH the recording of our workshop on our evaluation of the effects of the G20 financial regulatory reforms on securitisation markets. https://lnkd.in/e3-c7tue #FinancialStability #Securitisation #RMBS #CLO

I had mentioned there was going to be more to come from me on the topics of credit linked notes, capital relief trades, and the use of synthetics by U.S. banks, well here you go! Check out my piece published in Law360 this morning on those topics. In the article I lay out the developing regulatory landscape and delve deeper into the growing market demand for synthetics. As the debate around their risk to the financial system intensifies, it's important to stay informed on the latest developments.  #finance #capitalrelief #creditlinkednotes #regulatoryframework #expertinsight #federalreserve #structuredfinance #securitization #securitisation #regulationQ #regQ #baseliii

On July 23, 2024, the Office of Foreign Assets Control (“OFAC”) in the US Treasury Department announced that it was publishing a notice requiring financial institutions holding Russian sovereign assets to report those assets to OFAC no later than August 2, 2024 or within 10 days of the detection of such assets. Read our latest post to learn more about this new reporting requirement.

Offshore Bank Accounts aren't just for the ultra-wealthy. They offer anyone strategic advantages like privacy, tax optimization, and global market access. . ➡️ Understand the legal and secure ways to manage wealth internationally with our latest article: https://lnkd.in/gu7xNnec . #OffshoreBanking #OffshoreAccount #Article

Let’s discuss the loop structure updates, exchange control implications, and new reporting requirements from the Financial Surveillance Department (FinSurv) of SARB. #SouthAfricanReserveBank #SouthAfricanFinance #ExpatTax

Systemically Important Financial Institutions (SIFIs) are entities whose failure or malfunction can have a significant impact on global financial stability due to their size, interconnections, and critical functions in the financial system. Non-bank SIFIs include insurance companies, investment funds, and other financial institutions that are not banks but play crucial roles in the financial markets. 4o

The IIB submitted a comment letter concerning the extraterritorial impact of a proposed rule that would implement a U.S. Securities and Exchange Commission requirement to centrally clear U.S. Government Securities. The rule was proposed by the Fixed Income Clearing Corporation (FICC), which is currently the only registered clearing agency for U.S. Treasury security transactions. The IIB urged the elimination of the requirement in FICC’s proposal that an entire international bank join FICC as a member in order to conduct U.S. government securities transactions, rather than just the U.S.-based branch of an internationally headquartered financial institution. This extraterritorial application of the proposal goes beyond the SEC rule. Read more:

The second round of proposed rules on expanding #AML/CFT obligations on #InvestmentAdvisers is out for comment as of today. This proposal would required Registered Investment Advisers and Exempt Reporting Advisers to develop and maintain #CustomerIndentificationPrograms (#CIPs) as part of expanded AML/CFT obligations that are under consideration in another proposed rule. The comment window will be 60-days from date of publication in the Federal Register. For more information on either proposal or the underlying topic, please reach out to our team.

On July 23, 2024, the Office of Foreign Assets Control (“OFAC”) in the US Treasury Department announced that it was publishing a notice requiring financial institutions holding Russian sovereign assets to report those assets to OFAC no later than August 2, 2024 or within 10 days of the detection of such assets. Read our latest post to learn more about this new reporting requirement.

On July 23, 2024, the Office of Foreign Assets Control (“OFAC”) in the US Treasury Department announced that it was publishing a notice requiring financial institutions holding Russian sovereign assets to report those assets to OFAC no later than August 2, 2024 or within 10 days of the detection of such assets. Read our latest post to learn more about this new reporting requirement.