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The Filing Cabinet

"The Filing Cabinet," which covers compliance with the Dodd-Frank Act and the Sarbanes-Oxley Act, as well as other regulatory action from the Securities and Exchange Commission, executive compensation, and shareholder activism, is written by CW staff writer Joe Mont. Mont welcomes questions, comments, and statements from readers on SEC filing matters and will address them here when appropriate. Readers can contact him at joe.mont@complianceweek.com.
19 results found, filtered by:
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The Filing Cabinet Blog
Prudential escapes SIFI tag, enhanced regulatory oversight
Joe Mont | October 29, 2018
The FSOC has reversed a previous determination that material financial distress at Prudential Financial could pose a threat to U.S. financial stability.
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The Filing Cabinet Blog
FSOC lets AIG shed ‘systemically important’ status
Joe Mont | October 2, 2017
The Financial Stability Oversight Council has de-designated AIG as a systemically important financial institution, a classification that had placed heightened prudential standards and regulatory expectations upon the non-bank.
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The Filing Cabinet Blog
Trump targets FSOC, reviews ‘fiduciary duty’ rule
Joe Mont | February 6, 2017
President Donald Trump’s regulatory rollback will include an FSOC review of financial rules and a review of the Labor Department’s “fiduciary duty” rule that could ultimately lead to its demise. Joe Mont explores.
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The Filing Cabinet Blog
FSOC vs. MetLife legal battle resumes in October
Joe Mont | August 25, 2016
Round two of the fight between insurance giant MetLife and the government over its status as a systemically important financial institution heads to the U.S. Court of Appeals for the D.C. Circuit on Oct. 24 for oral arguments. Joe Mont reports.
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The Filing Cabinet Blog
GE Capital breaks free of its SIFI designation
Joe Mont | June 29, 2016
GE Capital Global Holdings is no longer a threat to financial stability,says the Financial Stability Oversight Council. While MetLife prevailed in a lawsuit to shed its designation as a non-bank systemically important financial institution, GE Capital did so by working within the agencies appeals framework. Joe Mont reports.
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The Filing Cabinet Blog
FSOC releases sixth annual report, risk assessment
Joe Mont | June 22, 2016
The Financial Stability Oversight Council has approved and released its 2016 annual report. Delivered each year to Congress, it addresses a range of issues, including financial market and regulatory developments and potential emerging threats to financial stability. Joe Mont explores.
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The Filing Cabinet Blog
FSOC turns focus to asset management
Joe Mont | April 20, 2016
Bringing a measure of transparency to its often secretive deliberations, the Financial Stability Oversight Council has released a public update on its review of potential risks to U.S. financial stability. Topping that list, beyond its controversial designations of banks and nonbanks as systemically important, are concerns about asset management products and activities.
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The Filing Cabinet Blog
GE Capital seeks to shed ‘too big to fail’ status
Joe Mont | March 31, 2016
One day after a federal judge revoked MetLife’s designation as a “systemically important financial institution” by the Financial Stability Oversight Council, GE—specifically the wholly owned subsidiary GE Capital—is requesting that it also be able to shed the classification and increased regulatory demands that come with being “too big to fail.”
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The Filing Cabinet Blog
Judge sides with MetLife in battle over SIFI designation
Joe Mont | March 30, 2016
A federal judge has sided with insurance giant MetLife in its effort to remove the “systematically important financial institution” designation placed upon it in 2014 by the Financial Stability Oversight Council. The ruling is unlikely to mark the end of the battle as the government has the option of either filing an appeal or re-embarking on the SIFI designation process in light of the judge’s concerns.
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The Filing Cabinet Blog
House Republicans Target FSOC With Legislative Agenda
Joe Mont | November 6, 2015
The House Financial Services Committee has approved a slate of bills at one of its favorite bureaucratic targets, the Financial Stability Oversight Council. The FSOC Improvement Act, if adopted, would allow financial firms to eliminate risk through changes to their business model before being designated as Systemically Important Financial Institutions. More inside.
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The Filing Cabinet Blog
Insurers Brace for International Capital Standards
Joe Mont | August 24, 2015
The International Association of Insurance Supervisors seeks to impose new capital standards upon systemically important insurance companies, echoing mandates from the Basel Committee on Banking Supervision. The effort has irked the Financial Services Roundtable, which is urging U.S. regulators to oppose it. Who enforces any new standards is also unclear. More inside.
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The Filing Cabinet Blog
GE, AIG Unable to Shed SIFI Status at Annual Review
Joe Mont | August 3, 2015
What will it take to be de-designated as a systemically important financial institution by the Financial Stability Oversight Council? We may need to waitlonger for the answer to that burning question as, despite a restructuring that will slice away most of its financing arm, General Electric was not yet able to shed its SIFI tag at an anual review last week.
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The Filing Cabinet Blog
Appellate Court Allows Constitutional Challenge to CFPB
Joe Mont | July 24, 2015
A small Texas bank scored a potentially big victory last week when a federal appeals court ruled that it has standing to challenge the constitutionality of the Consumer Financial Protection Bureau. The decision, overturning a 2013 district court ruling, rejected a similar challenge to the Financial Stability Oversight Council and its process for determining systemically important financial institutions. More inside.
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The Filing Cabinet Blog
IMF: Regulators Must Focus on Mutual Funds, Insurance Companies
Joe Mont | July 7, 2015
The thesis of a new report from the International Monetary Fund is hardly shocking. Despite progress, the U.S. must finish the work begun on financial reforms, it concludes. More telling is an assessment of what new areas systemic risk has bubbled into and how regulators should respond. Greater attention must be paid to non-banks, especially insurance companies, it says. The IMF also warns that, when scaling oversight, not to forget that "previous episodes of crisis originated in small and medium banks.”
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The Filing Cabinet Blog
MetLife Challenges FSOC Secrecy With Document Demand
Joe Mont | June 30, 2015
As it sues the Financial Stability Oversight Council in federal court over its designation as a Systemically Important Financial Institution, MetLife is demanding that its lawyers have access to nearly 500 pages of redacted and unreleased agency documents, many of them otherwise shielded because of references to other companies. More inside.
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The Filing Cabinet Blog
MetLife Sues Over SIFI Designation
Joe Mont | January 13, 2015
MetLife has filed a lawsuit to undo its designation as a non-bank systemically important financial institution by the Financial Stability Oversight Council. Although CEO Steven Kandarian said the company had hoped to avoid litigation, it marks the first time a too-big-to-fail designation has been challenged before a federal judge.
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The Filing Cabinet Blog
Desite Protestations, MetLife Deemed Systemically Important
Joe Mont | December 18, 2014
To the surprise of no one, including the company itself, the Financial Stability Oversight Council has designated Metlife, the nation’s largest insurance company, as a Systemically Important Financial Institution, subjecting it to new regulatory, disclosure, and capital demands. MetLife has 30 days to decide whether to ask a federal judge to review the decision.
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The Filing Cabinet Blog
MetLife Challenges ‘Too Big to Fail’ Label
Joe Mont | October 6, 2014
MetLife is formally contesting its designation as a non-bank Systemically Important Financial Institution by the Financial Stability Oversight Council. In a Form 8-K filing with the SEC, MetLife says it notified the FSOC of a request for a written and oral evidentiary hearing to contest the proposed determination. More inside.
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The Filing Cabinet Blog
MetLife Likely to Appeal Proposed SIFI Designation
Joe Mont | September 8, 2014
As expected, the Financial Stability Oversight Council has initiated the process that may lead to insurance giant MetLife being classified as a systematically Important Financial Institution, subjecting it to greater regulatory expectations and capital requirements. "MetLife is not systemically important under the Dodd-Frank Act criteria," counters MetLife CEO Steven KandarianIn, who says the company "is not ruling out any of the available remedies to contest a SIFI designation."
Displaying 19 results