New sovereign default rules. Revised collective action clauses and a new standard pari passu clause were published by the International Capital Market Association. The revisions are aimed at facilitating sovereign debt restructurings. (8/29/2014) ICMA press release.
FSB Regional Consultative Groups publish papers. The Financial Stability Board’s Regional Consultative Group for the Americas published reports on the effects on host countries of balance-sheet-consolidation and risk-management practices by global banks and on shadow banking. The FSB Regional Consultative Group for Asia also published a report on shadow banking and a report on systemically important financial institutions.