US Reg Roundup: 26/11/2025
Federal Reserve
Agencies issue final rule to modify certain regulatory capital standards
25 November 2025
US regulators finalised a new rule that adjusts leverage capital rules for the biggest and most systemically important banks. The goal is to stop banks from being discouraged from doing low-risk activities, like helping trades in the US Treasury market. For bank subsidiaries, the final rule is softer than originally proposed: their extra leverage requirement is capped at 1%, so their total requirement won’t exceed 4%. This change recognises that a bank’s subsidiary is less risky than the whole banking group. Regulators expect overall capital levels to stay about the same across the banking system. Holding companies will see small capital reductions (under 2%), while subsidiaries will see bigger reductions — but they can’t typically pay that capital out to shareholders. The rule also updates related regulations (e.g., TLAC and long-term debt rules).It takes effect on 1 April 2026, with an option to adopt early from 1 January 2026.Federal Register notice (PDF)
Federal Reserve Board releases results of survey of senior financial officers at banks about their strategies and practices for managing reserve balances
21 November 2025
The Federal Reserve Board on Friday released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances. The Senior Financial Officer Survey is used by the Board to obtain information about banks' reserve balance management strategies and practices, their expectations for potential changes in both the size and composition of their balance sheets, their deposit pricing strategies, and their expectations around stablecoins and digital assets.
Federal Reserve Board finalizes changes to its supervisory rating framework for large bank holding companies
05 November 2025
The Federal Reserve Board on Wednesday finalized changes to its supervisory rating framework for large bank holding companies. The finalized framework is substantially similar to the proposal issued in July.The revisions contained in the finalized framework more accurately reflect the strength of individual banks and better align the finalized framework with supervisory rating systems used for other banking organizations.
Securities and Exchange Commission
SEC Issues Exemptive Order Regarding Compliance with Certain Rules Under Regulation NMS
31 October 2025
The SEC granted temporary exemptions delaying several upcoming compliance deadlines under Regulation NMS.
New deadlines:
• Minimum pricing increments (Rules 600 & 612): delayed to Nov 2026
• Access fee caps (Rule 610(c)): delayed to Nov 2026
• Exchange fee determinability (Rule 610(d)): delayed to Feb 2026