US
Federal Reserve Board (FRB) Vice Chairman of Supervision Michael S. Barr Comments on US Basel III Endgame Re-Proposals
The FRB’s Vice Chairman of Supervision recently spoke on the Board’s re-proposals on both the U.S. Basel III Endgame (B3EG) and G-SIB surcharge rules. The US Agencies (FRB, OCC, FDIC) have not made final decisions, which are expected soon, covering credit, operational, and market risk. The re-proposals would increase aggregate common equity tier 1 (CET1) capital requirements for the Category I G-SIBs by 9% with smaller increases estimated (3-4%) for Category III firms. Category IV banks would no longer be subject to the overall B3EG changes, other than a requirement to recognize unrealized gains and losses of their securities in regulatory capital.
The Securities and Exchange Commission (SEC) issues a FINAL Federal Register (2024-19819) Adopting Amendments to Reporting Requirements on the Monthly Portfolio Investments Report (N-PORT) and the Annual Report for Registered investment Companies (N-CEN)
The SEC is adopting amendments to reporting requirements on Forms N–PORT and N– CEN that apply to certain registered investment companies, including registered open-end funds, registered closed-end funds, and unit investment trusts. The amendments will require more frequent reporting of monthly portfolio holdings and related information to the SEC and the public, the amendment of certain reporting requirements relating to entity identifiers, and require open-end funds to report information about service providers used to comply with liquidity risk management program requirements. The effective reporting date is 11/17/2025 with additional effective compliance dates.
The U.S. Department of the Treasury US-UK Financial Regulatory Working Group Issues Joint Statements
The U.S. Department of the Treasury issued a joint statement on the US-UK financial regulatory working group meeting, which emphasized a number of issues including economic stability outlook, banking issues, digital finance and operational resilience, sustainable finance, capital markets, AI, and developments in the non-bank sector. The UK Treasury provided updates on climate-related disclosures for investors, the UK approach in light of the IOSCO’s recent endorsement of the ISSB’s disclosure standards, and regulatory alignment and implementation of the G20 cross-border payments roadmap. The Working group agreed to reconvene in May 2025, continuing an open dialogue on priorities.
