Subprime/Credit Crisis Developments Archives - Page 3 of 15

UK: Report on the Future of the UK Financial Services Sector

May 19, 2009 | Regulatory, Subprime/Credit Crisis Developments | United Kingdom

On 7 May 2009, the Financial Services Global Competitiveness Group (FSGCG), which is co-chaired by the Chancellor, Alistair Darling, and former Citi Chairman, Sir Win Bischoff, produced a report on the future of the UK’s financial services sector. As the FSGCG consists of a number of members representing key stakeholders in the sector, this report reflects the view of the UK’s financial services leaders.

EU: European Parliament and Council Approve Regulation of Credit Rating Agencies

May 11, 2009 | Regulatory, Subprime/Credit Crisis Developments | European Union

We have previously reported on two consultation papers issued by the European Commission on the regulation of credit rating agencies (click here for our earlier post). The consultation process culminated in the publication of draft regulations (the Regulations). On 23 April the European Commission announced that the Regulations had been approved by the European Parliament and the European Council.

UK: Chancellor Announces a ‘Top-Up’ Trade Credit Scheme in April 2009 Budget

May 6, 2009 | Subprime/Credit Crisis Developments | United Kingdom

UK Chancellor of the Exchequer, Alistair Darling, announced in the 2009 Budget measures to address the challenge for businesses as a result of the reduction of trade credit insurance (see our previous blog on recently published guidance governing the trade credit insurance industry by clicking here).

National Conference of Insurance Legislators To Draft Credit Default Swaps Legislation

Apr 16, 2009 | Federal Legislative Developments, Regulatory, Subprime/Credit Crisis Developments | United States

As we previously reported here, the National Conference of Insurance Legislators (“NCOIL”) has debated whether credit default swaps (“CDS”) constitute securities or insurance, and the advantages and disadvantages of regulating the CDS market on a state, rather than federal, basis if such swaps constitute insurance.

EU: CEIOPS to Conduct a Fifth Quantitative Impact Study

Apr 3, 2009 | Regulatory, Subprime/Credit Crisis Developments | European Union

The Committee of European Insurance and Occupational Pension Supervisors (CEIOPS) will conduct a fifth quantitative impact study (QIS) in order to gather input for measures relating to the implementation of the Solvency II directive in 2012.

Judge Dismisses ARS Class Action Against UBS Based Upon Regulatory Settlement

Apr 2, 2009 | New York Developments, Subprime/Credit Crisis Developments | United States

On March 30, 2009, Judge Lawrence M. McKenna granted UBS’s Motion to Dismiss a putative class action complaint filed against it by investors in Auction Rate Securities (ARS). This dismissal was based on Lead Plaintiffs having availed themselves of UBS’s offer to buy back the securities, as mandated by UBS’s settlement with state and federal regulators.

Shareholders File Suit in New York Federal Court Against Auction Rate Securities Buyer

Mar 31, 2009 | D&O Liability, Subprime/Credit Crisis Developments | United States

Shareholders of Perrigo Company recently filed suit in the United States District Court for the Southern District of New York against Perrigo, a pharmaceutical manufacturer and distributor and seven of its directors and officers, alleging violations of Section 10(b) and Rule 10b-5 of the 1934 Securities Exchange Act. See Warner v. Perrigo Co., No. 09-CV-2255 (March 11, 2009).

Navigant Report Finds Nearly Twice as Many Subprime-Related Lawsuits Filed in 2008 as 2007

Mar 19, 2009 | D&O Liability, Subprime/Credit Crisis Developments | United States

A report entitled “2008: Seeking Relief” recently released by Navigant Consulting, Inc. states that 576 federal lawsuits centered around the subprime credit crisis were filed in 2008, nearly double the amount filed in 2007.

European Commission Responds to de Larosière Report

Mar 12, 2009 | Regulatory, Subprime/Credit Crisis Developments | European Union, United Kingdom

We reported last week on the publication of the de Larosière Report on financial supervision in the EU (you can see that post by clicking here). The European Commission has now published its own proposals for radical reform of the regulatory and supervisory regime in Europe.

De Larosière Report on Financial Supervision in the EU

Mar 3, 2009 | Regulatory, Solvency II, Subprime/Credit Crisis Developments | European Union, United Kingdom

The high-level group on financial supervision in the EU, chaired by Jacques de Larosière, published an initial report recommending ‘repair’ of the oversight of financial services across Europe. In addition to de Larosière, the group is composed of seven senior European figures from the financial services industry and its regulators, including Leszek Balcerowicz, former president of the National Bank of Poland, and Callum McCarthy, former chairman of the UK’s Financial Services Authority.

Topic: Subprime/Credit Crisis Developments

UK: Report on the Future of the UK Financial Services Sector

EU: European Parliament and Council Approve Regulation of Credit Rating Agencies

UK: Chancellor Announces a ‘Top-Up’ Trade Credit Scheme in April 2009 Budget

National Conference of Insurance Legislators To Draft Credit Default Swaps Legislation

EU: CEIOPS to Conduct a Fifth Quantitative Impact Study

Judge Dismisses ARS Class Action Against UBS Based Upon Regulatory Settlement

Shareholders File Suit in New York Federal Court Against Auction Rate Securities Buyer

Navigant Report Finds Nearly Twice as Many Subprime-Related Lawsuits Filed in 2008 as 2007

European Commission Responds to de Larosière Report

De Larosière Report on Financial Supervision in the EU

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