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4/26/2017

President Donald Trump's proposal to cut the corporate tax rate to 15% extends beyond companies to cover partnerships and proprietorships that are taxed through parts of the tax code that apply to individuals, sources say. The proposal reportedly does not mention a border-adjustment tax.

4/26/2017

The Securities and Exchange Commission said in a regulatory filing that it will review its staff's decision to prevent the US listing of an exchange-traded fund linked to the value of the digital currency bitcoin. Investors Cameron and Tyler Winklevoss spent more than three years trying to win SEC approval for their bitcoin ETF.

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Reuters, Cointelegraph
4/26/2017

The Basel Committee on Banking Supervision has pledged to not launch any rule-making until 2019 as it completes ongoing changes and assesses the effects of post-crisis regulations.

4/26/2017

Regulators should play a larger role in coordinating cybersecurity efforts at financial institutions, information security experts told the Commodity Futures Trading Commission's market risk advisory committee. Rather than requiring additional information and diverting cybersecurity resources to compliance, regulators should explore "whether there is room for greater threat deterrence, to move toward better metrics on what's working against threats and to be involved in transparency in creation and design of software and hardware," said Steve Chabinsky, a partner at White & Case.

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White & Case
4/26/2017

The cost of trading government bonds has increased sharply in several European nations, including Germany, the UK and Italy, as banks abandon their roles as primary dealers, according to data from Tradeweb Markets' liquidity index. German bonds have been particularly affected, with a tenfold rise in cost since 2014.

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Tradeweb Markets
4/26/2017

A group of six finance industry associations has called on the EU to revise capital requirements for securitised products as a matter of urgency. In a letter, the group writes that borrowing costs for customers and issuers will rise and credit availability to businesses and consumers will fall unless changes are made to the requirements.

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EU, finance industry
4/26/2017

A number of banks are said to be meeting the requirement of calculating expected credit loss, set by the International Financial Reporting Standard 9 for introduction next year, by adapting existing internal ratings-based capital models. Risk modelling teams are under pressure to comply with a range of stricter new regulations and this adaptation has been put forward as a practical means of lightening their workload.

4/26/2017

A survey by the European Central Bank shows that most banks are planning to tighten lending conditions for businesses in the coming months, after a recent period of relative relaxation. However, credit standards for housing loans are expected to remain.

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RTT News
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European Central Bank
4/26/2017

A transitional deal governing the UK's departure from the EU may require approval by the parliaments of the EU's remaining 27 states if it affects the national legislation of those countries, according to Germany's Bundestag. "Should those transitional arrangements be trivial -- that means primarily technical questions -- they could be implemented without a [parliamentary] vote," said Michael Stubgen, a German official.

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EU
4/26/2017

Member of Parliament Andrew Tyrie said he will not seek re-election in the UK's election in June, which means his role as head of the Treasury Select Committee will be open. Tyrie has established a formidable reputation in his dealings with chancellors, Bank of England officials and financial industry executives.