Much-anticipated reports from the FRB, the FDIC and the GAO on the Silicon Valley Bank and Signature Bank failures have been released, and the bottom line is exactly what we anticipated: subpar governance and risk management practices and serious issues around managing liquidity risk, with a little bit of self-criticism on how supervision could have been better.
We also take a look this week at an important development: considerations for counterparties whose swaps are transferred from First Republic to J.P. Morgan.
Our London financial services regulatory partner Alix Prentice provides important coverage of the FCA’s new consultation paper on equity listing rules − a direct response to what Alix calls “a precipitous decline in the number of listed companies in the UK of around 40% from a 2008 peak.”
A good "listen" this week is the podcast featuring our ESG Finance and Investment partner Sukhvir Basran on sustainability-linked loans.
As always, please reach out here if there’s anything you’d like to talk about.
Daniel Meade
Partner and Editor, Cabinet News and Views