New York Department Of Financial Services Issues Proposed Rules Implementing Commercial Financing Disclosure Laws

On September 21, 2021, the State of New York Department of Financial Services (DFS) issued proposed regulations that will implement statutory requirements related to commercial financing disclosures for certain types of commercial financing transactions (the NY DFS Proposal or the Proposal).1 The Proposal implements New York’s Commercial Finance Disclosure Law which was originally enacted at the end of 2020 and then further legislatively modified in early 2021. Such modification included an increase of the law’s […]

By | October 6th, 2021 ||

FIA Outlines Principles For Cross-Border Regulation

In a white paper, FIA outlined principles to guide the regulation of derivatives market cross-border activity. FIA characterized its report as a response to the threat of market fragmentation as a result of “more insulated, national approaches [to regulation] that favor direct oversight of both domestic and foreign entities.”

FIA highlighted recent developments that prompted such reconsideration, including:

the London financial center’s dissociation with the EU;
supervisory concerns with respect to OTC markets and clearinghouses;
China’s […]

By | October 4th, 2021 ||

NYDFS Issues Pre-Proposed Rules To Implement New Commercial Financing Disclosure Law

The New York Department of Financial Services (NYDFS) has issued “pre-proposed” rules under New York’s commercial financing disclosure law that was enacted at the end of 2020. The pre-proposed rules are 45 pages long and were posted on the NYDFS website on September 21. Comments on the pre-proposed rules are due by October 1. There will be a longer comment period once a proposed rule is published in the State Register. The NYDFS aims to finalize the […]

By | September 29th, 2021 ||