Financial Services

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Last week, the banking agencies issued guidance in the form of Frequently Asked Questions that provides certainty regarding the treatment of tokenized securities for purposes of the capital rules.  While this is not surprising, it is helpful to market participants perhaps especially in the context of the repo and derivatives market as more market participants…

Mayer Brown analyzed 34 insider trading policies to understand how large financial institutions address the heightened insider trading risks they face relative to other public companies. We analyzed the insider trading policies of 24 publicly traded investment banks, nine publicly traded private equity sponsors and one publicly traded financial institution with substantial operations in both…

In recent remarks, Commissioner Uyeda provided an update on the Securities and Exchange Commission’s progress toward implementation of the Treasury clearing rule.  The Commissioner emphasized the benefits associated with central clearing, which include enhancing transparency and reducing bilateral exposures.  In his remarks, he cites research from the Office of Financial Research on the benefits of…

Under new SEC leadership, the Division’s 2026 Examination Priorities reflect a modified approach, following a reevaluation of the Division’s risk-based priorities, and a renewed focus on several traditional risk areas (including Regulation Best Interest, adherence to fiduciary standards of conduct, complex products and the Broker-Dealer Financial Responsibility Rules) as well as continued attention to emerging …

At the recent 2025 U.S. Treasury Market Conference, Securities and Exchange Commission (“SEC”) Commissioner Mark T. Uyeda provided an update on the implementation of the Treasury Clearing Rules. In his remarks, Commissioner Uyeda said the SEC is focused on resolving regulatory ambiguities and addressing unforeseen issues associated with the implementation of the rules. He noted …

The EU has a comprehensive legal framework, in which many of the rules are regulatory and implementing standards (RTS and ITS, Level 2) that supplement or specify the EU Regulations and Directives (Level 1). In the last legislature, Level 1 legal acts empowered the Commission to adopt around 430 Level 2 measures. A high volume…

On August 6, 2025, the Staff of the Division of Trading and Markets of the Securities and Exchange Commission (SEC) released an updated set of Frequently Asked Questions (FAQs) addressing the application of Rule 15c3-3a to cleared US Treasury securities.  While these responses reflect only staff views and are not an SEC rulemaking, they provide…

Generative artificial intelligence (AI) is reshaping the financial services sector, moving from pilot projects into scaled enterprise adoption.  CB Insights’ latest report addresses 100 actual applications of generative Al in financial services and insurance (the “Report”).  According to the Report, banks, insurers, and wealth managers are deploying large language models (LLMs) in order to…

Last week, the US federal banking regulators proposed changes to the enhanced supplementary leverage ratio (“eSLR”) requirement for US global systemically important bank holding companies (“US GSIBs”). This proposal is intended to reduce the likelihood of the eSLR requirement being the binding capital constraint for US GSIBs and, thereby, enhance the ability of US GSIBs…