Fed Seeks Views on Primary-Dealer Status for Spain
Providing a sharp reminder of the limits of national treatment, the FRB today sought comment on the treatment of U.S. sovereign-bond dealers in Spain prior to allowing a Spanish financial institution to become a primary dealer.

IOSCO Sets Tougher Resilience Standards
IOSCO today issued new outsourcing principles for the securities market, tightening them in the wake of the COVID crisis to reflect new operational-resilience concerns.

Fed Stands by LIBOR Hard Stop
Building on Acting Comptroller Hsu’s tough talk yesterday, FRB Senior Vice President Nathaniel Wuerffel today reiterated that new inter-agency guidance sets a hard stop not only on new LIBOR exposures at year-end, but also on additional or longer exposures under an existing contract.

FTC Turns Data-Security Screws
Continuing the Administration’s campaign to govern nonbank financial companies, the FTC today unanimously approved a new data-safeguards rule governing nonbank financial institutions. The rule