Analysis of US bank counterparty data. An economic letter analyzing US Federal Reserve data gleaned from reports filed by bank holding companies (BHCs) with $10 billion or more in assets was published by the Federal Reserve Bank of San Francisco. After examining the nature and diversity of collateral held by BHCs, the letter notes that most BHC collateral bears minimal credit risk and is highly liquid. (7/14/2014) Economic letter.
US High-frequency trading reforms. The Chicago Federal Reserve Bank updated its recommendations for reforming high-frequency trading. (7/10/2014) Discussion paper.
CSA continuous disclosure review results. The Canadian Securities Administrators published “Staff Notice 51-341 Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2014,” which summarizes the results of the CSA’s continuous disclosure review program. The Staff Notice includes detailed examples of common deficiencies the CSA identified during its review of financial statements, Management’s Discussion and Analysis and other regulatory disclosure. It also provides reporting issuers with practical guidance and suggestions for improving their disclosure. (7/17/2014) CSA press release.
CSA adopts auditor oversight amendments. The Canadian Securities Administrators published final amendments to NI 52-108 “Auditor Oversight,” which alter the “triggers” for when an audit firm must notify securities regulators about significant remedial actions imposed on the firm by the Canadian Public Accountability Board. Subject to ministerial approvals, the amendments come into force on September 30, 2014. (7/17/2014) CSA press release.