Recent developments regarding potential pension liabilities for private equity funds
This Alert summarises recent rulings interpreting when private equity funds could have exposure for the qualified pension liabilities of a portfolio company. A recent case in the US District of Massachusetts concluded that a private equity fund is not a “trade or business” for purposes of determining “controlled group” joint and several liability under the Employee Retirement Income Security Act of 1974 (ERISA) and, as a result, that the fund was not liable for the pension obligations of its portfolio company.
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Briefings from Simpson Thacher & Bartlett
Basel oversight committee endorses revised liquidity standards
On 6 January, the Group of Central Bank Governors and Heads of Supervision, the oversight body for the Basel Committee on Bank Supervision, endorsed a revised formulation of the new minimum liquidity standard.
New regulatory framework for foreign banks with US operations
On 14 December 2012, the Federal Reserve Board issued a notice of proposed rulemaking to apply enhanced prudential standards and an early remediation framework to foreign banking organizations (FBOs) with $50 billion or more in total global consolidated assets.
