US insurer MetLife will struggle to overturn its preliminary designation as a non-bank systemically important financial institution (Sifi), according to lawyers.
On September 4, the Financial Stability Oversight Council (FSOC) voted to make a proposed determination on MetLife as a Sifi. The company now has 30 days to appeal to the FSOC to reverse its decision before a final vote is formally taken to add it to the list of non-bank systemically important firms, which currently includes insurers
- Asia moves: Natixis sales head moves to Barclays, new banking head for StanChart Singapore, and more
- Functional programming reaches for stardom in finance
- Banks hope final FRTB rules will ease NMRF burden
- Banks use machine learning to ‘augment’ corporate sales
- Buy-siders eye ways to get ahead of US resolution stay rules