Davis Polk partner and Financial Institutions practice head Margaret Tahyar was quoted from a recent FDIC System Resolution Advisory Committee meeting in the Financial Times discussing the SEC’s view on global bank bail-in bonds published in the Financial Stability Board’s Credit Suisse postmortem.

Margaret said, “Just to be clear, to emphasize the point that Rodge [Cohen] made . . . Every single U.S. experienced capital markets lawyer was surprised by the SEC interpretation. So I think it’s important that this group — and certainly last year the international representatives — don’t think that we’re dealing with a binding law or a regulation. We are dealing with a position, that was suddenly taken, that was a surprise. So it should be able to be solved.”

“Everyone hates the SEC’s bank bail-in take,” Financial Times (October 29, 2024) (subscription required)

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