Legal challenges loom for renewed US focus on Sifis
Lawyers say any FSOC attempt to designate systemic non-banks risks a repeat of MetLife case
Attempts by US regulators to restore their authority to designate non-bank systemically important financial institutions (Sifis) are likely to face legal challenges that could stall the whole process, lawyers are warning.
“The agencies cannot jawbone their way out of judicial oversight … I think they can expect judicial review of any Sifi decision to be vigorous and hostile,” says Jeff Berman, head of the US financial regulatory group at law firm Clifford Chance.
A second lawyer, who was
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