Commentary by Steven Lofchie
The SEC amended rules on the filing of certain beneficial ownership reports and provided guidance on (i) disclosure requirements with respect to derivative securities and (ii) the legal standards applicable to certain common types of shareholder engagement activities.
The Office of the Comptroller of the Currency named Monica Fuentes Freas as Deputy Comptroller for Large Bank Supervision.
In a new report, the Basel Committee on Banking Supervision assessed "the causes of the banking turmoil [that started in March 2023], the regulatory and supervisory responses, and the initial lessons learnt."
The Government Accountability Office identified critical technology skills gaps at financial regulatory agencies and recommended practices to ensure that staff can effectively oversee fintech activities.
Federal Reserve Board Vice Chair for Supervision Michael S. Barr described the recent "endgame" proposal to raise capital requirements for large banks as "the last major plank to address gaps in regulation dating from the Global Financial Crisis" and argued that "the benefits of the proposal would outweigh the costs."