- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-05-10T19:26:00
The Commodity Futures Trading Commission proposed a rule that would replace certain swap rate clearing requirements pegged to the London Interbank Offered Rate with other alternative reference rates that are less susceptible to manipulation.
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The Federal Reserve Board adopted a rule that will officially set the Secured Overnight Financing Rate as the benchmark rate in financial contracts that reference the expiring London Interbank Offered Rate.
The Financial Accounting Standards Board announced a proposed standard update that would defer for two years the end date of relief provided by transition guidance for businesses shifting away from the London Interbank Offered Rate.
Three federal banking regulators issued guidance on the risks posed by the use of third-party financial technology firms to deliver bank deposit products and services to customers.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
