Daily Financial Regulation Update — Saturday, September 3, 2022 | Paul Hastings LLP

Federal Agencies

U.S. Department of the Treasury

OFAC Issues Updates Related to Price Cap on Russian Oil

September 2, 2022

The U.S Department of the Treasury Office of Foreign Assets Control issued updates regarding G7 Finance Ministers statement confirming their joint intention to implement a price cap with respect to Russian-origin crude oil and petroleum products.

OFAC Amends the Cyber-Related Sanctions Regulations and Associated Administrative List Updates

September 2, 2022

The U.S Department of the Treasury Office of Foreign Assets Control is amending, and reissuing in their entirety, the Cyber-Related Sanctions Regulations, 31 C.F.R. part 578. This administrative action replaces the abbreviated regulations published on December 31, 2015, with a more comprehensive set of regulations that includes additional interpretive and definitional guidance, general licenses and other regulatory provisions that will provide further guidance to the public.

Federal Reserve Board

Paper: Bank Deposit Flows to Money Market Funds and Overnight Reverse-Repo Usage during Monetary Policy Tightening

September 2, 2022

The Federal Reserve Board published a paper entitled, “Bank Deposit Flows to Money Market Funds and ON RRP Usage during Monetary Policy Tightening.”

International

European Commission

Commission Adopts Foreign Investment and Export Control Reports

September 2, 2022

The European Commission has adopted two reports on the screening of Foreign Direct…