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    VAT Groups
    Published on October 10, 2014
    The European Court of Justice has decided that IT services provided by Skandia America Corporation to its Swedish branch should be recognised for VAT purposes because the Swedish branch was part of a VAT group.
    Sullivan & Cromwell LLP
    Bank Resolution and Capitalization
    Published on September 23, 2014
    It appears increasingly likely that the Financial Stability Board (the “FSB”), followed by the Board of Governors of the Federal Reserve System (the “Federal Reserve”) (and other national regulators, possibly including other U.S. banking agencies), will soon issue proposals establishing Total Loss Absorbing Capacity (“TLAC”) requirements (the “TLAC Proposal”). TLAC consists of regulatory capital and long-term debt that in the context of a resolution (or possibly in anticipation of a resolution) is designed to absorb losses through write-downs, forgiveness or conversion into common equity and thereby avoid the need to use taxpayer funds to prevent systemic disruption. The TLAC Proposal would apparently apply to the 29 banks (including eight U.S. banks) identified by the FSB as Global Systemically Important Banks (“G-SIBs”).
    Sullivan & Cromwell LLP
    Court Dismisses Challenge to CFTC Cross-Border Guidance
    Published on September 18, 2014
    On September 16, 2014, the United States District Court for the District of Columbia dismissed a broad-based challenge to the interpretive guidance and policy statement issued by the Commodity Futures Trading Commission (“CFTC”) in July 2013 relating to the extraterritorial application of the CFTC’s swaps rules adopted pursuant to Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank” or “Dodd-Frank Act”). The guidance specifically addressed the circumstances under which certain Dodd-Frank requirements, such as the CFTC’s swap reporting rules, mandatory clearing requirement, trade execution requirement, and swap dealer registration and business conduct requirements, would apply in connection with transactions and trading activity involving one or more non-U.S. counterparties. Although the Court dismissed the broad challenge to the CFTC’s cross-border guidance, the decision separately concluded that several of the CFTC’s Dodd-Frank rulemakings failed to address the costs and benefits of the extraterritorial application of those rules, and the Court remanded those rules to the CFTC for further cost-benefit consideration. However, the Court elected not to vacate the rules for the duration of the remand, concluding that vacatur would be unnecessarily disruptive to the “CFTC’s mission and the purposes of the Dodd-Frank Act.”
    Sullivan & Cromwell LLP
    Asset-Backed Securities Disclosure and Regulation
    Published on September 16, 2014
    On August 27, 2014, the Securities and Exchange Commission adopted significant revisions to Regulation AB and other rules relating to the disclosure, reporting and offering process for asset-backed securities (“ABS”). The rules adopted reflect substantial changes to many of the rules originally proposed by the Commission in April 2010 and re-proposed in July 2011 in response to provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) that directed the Commission and other federal agencies to issue or prescribe several ABS-related rules. Earlier this year, the Commission reopened the comment period on the 2010 ABS Proposal and 2011 ABS Re-Proposal to solicit comments on an approach to disseminating asset-level data outlined in a memorandum prepared by the Division of Corporation Finance intended to address privacy concerns by requiring disclosure on a website that is not part of EDGAR.
    Sullivan & Cromwell LLP
    Bank Capital: Supplementary Leverage Ratio 2014
    Published on September 16, 2014
    Earlier this month, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency (collectively, the “Agencies”) issued final rules (the “Final SLR Rules”) that revise the definition and scope of the “total leverage exposure” measure, which is the denominator of the new Basel III-based supplementary leverage ratio requirement (the “SLR”) that the Agencies adopted as part of their July 2013 comprehensive revisions to their regulatory capital rules (the “Revised Capital Rules”) applicable to U.S. banking organizations. Under the Revised Capital Rules, the SLR is calculated as the ratio of Tier 1 capital to total leverage exposure. When it becomes effective on January 1, 2018, the SLR will apply only to “advanced approaches banking organizations” - that is, those with $250 billion or more in total consolidated assets or $10 billion or more in foreign exposures.
    Sullivan & Cromwell LLP
    Overview of Utility Challenges and Responses to Distributed Solar Energy
    Published on June 30, 2014
    Utility planning is changing with the rapid growth of distributed solar in certain markets. Over the long term, market fundamentals favor the continued growth of distributed solar energy. This will create business and operational challenges for utilities. This insight outlines strategies utilities can deploy to successfully incorporate distributed solar energy into their business model or generation portfolio.
    ScottMadden Inc.
    The ScottMadden Energy Industry Update - Summer 2014
    Published on August 29, 2014
    The energy and utility industries continue to anticipate and react to potential fundamental shifts in the 100+ year-old model of investment, regulation, and earnings. Policy and regulatory changes are big factors driving the design of the new landscape. For many of these changes, significant investment in existing and new infrastructure is needed across all parts of the energy value chain. And by the way, load growth is no longer, so investment and cost recovery are uncertain.
    ScottMadden Inc.
    CFTC Proposed Margin Requirements for Uncleared Swaps Under Dodd-Frank
    Published on September 30, 2014
    On September 23, 2014, the Commodity Futures Trading Commission (“CFTC”) issued a proposed rule to establish minimum initial and variation margin collection requirements for uncleared swaps entered into by certain swap dealers and major swap participants. With some exceptions, as discussed below, the proposal is substantially similar to the proposal promulgated collectively by the Federal Reserve Board, the Office of the Comptroller of Currency, the Federal Deposit Insurance Corporation, the Farm Credit Administration and the Federal Housing Finance Authority on September 3, 2014 concerning swap margin and capital requirements. The CFTC’s reproposed rule supersedes the agency’s previous proposal originally issued in April 2011, is intended to take into account the comments received by the CFTC in response to the 2011 Proposal and follows the promulgation of the international framework for margin requirements of uncleared swaps, uncleared security-based swaps, foreign exchange forwards and foreign exchange swaps finalized in September 2013 by the Basel Committee on Banking Supervision and the Board of the International Organization of Securities Commissions.
    Sullivan & Cromwell LLP
    Federal Insurance Office Report 2014
    Published on October 3, 2014
    On September 24, 2014, the Federal Insurance Office (“FIO”) released its 2014 Annual Report on the Insurance Industry (“Report”), as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). The Report provides an overview of the financial performance and condition of the U.S. insurance industry and reviews a range of industry and regulatory developments from the past year – at the state, federal and international levels – that have implications for the U.S. insurance industry. Throughout the Report, FIO restates numerous recommendations made in its “Modernization Report” issued in December 2013.
    Sullivan & Cromwell LLP
    Clear Rift Highlighted by Commissioners’ Lack of Action on New England’s Most Recent Forward Capacity Auction Results
    Published on September 24, 2014
    On September 16, 2014, the Federal Energy Regulatory Commission’s four Commissioners issued statements explaining a 2-2 deadlock between Chairman LaFleur and Commissioner Moeller on the one hand and Commissioner Clark and new Commissioner Bay on the other, over whether to accept rates resulting from ISO New England Inc.’s (“ISO-NE”) most recent capacity auction as just and reasonable.  In addition to fueling concern that capacity resources in New England cannot necessarily rely on the results of future capacity auctions, the sharp contrast among the Commissioners’ statements provides a glimpse of what to expect when Norman Bay takes over as Chairman on April 15, 2015. Commissioner Bay’s joint statement with Commissioner Clark also does little to alleviate concerns raised by some during his confirmation proceedings that Bay’s past experience as head of FERC’s Office of Enforcement will be featured prominently during his tenure as Chairman.
    Cadwalader, Wickersham & Taft LLP (CWT)
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