Claudia Callaway

Claudia Callaway

Katten Muchin Rosenman LLP

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DFS Superintendent Lawsky Discusses Revised BitLicense Framework

On December 18, New York State Department of Financial Services (DFS) Superintendent Benjamin Lawsky delivered remarks on the revised BitLicense framework at the Bipartisan Policy Center in Washington, DC. If adopted, the...more

12/29/2014 - Banking Sector Banks Bitcoin BitLicense Department of Financial Services Popular Regulatory Standards Virtual Currency

Conference of State Bank Supervisors Issues Draft Model Regulatory Framework on Virtual Currency

On December 16, the Conference of State Bank Supervisors (CSBS), a state banking watchdog group, released a draft model regulatory framework on virtual currency (Draft Framework) that is less stringent than the originally...more

12/29/2014 - Banking Sector Banks Bitcoin BitLicense Regulatory Agenda Virtual Currency

NYS Department of Taxation and Finance Issues Tax Guidance on Virtual Currency Transactions

On December 5, the New York State Department of Taxation and Finance (DTF) issued the memorandum “Tax Department Policy on Transactions Using Convertible Virtual Currency.” The memorandum clarified that under New York law,...more

12/17/2014 - Barter Bitcoins Sales & Use Tax Virtual Currency

SEC Sanctions Operator of Unregistered Virtual Currency Exchanges

On December 8, the Securities and Exchange Commission sanctioned a computer programmer for operating two online exchanges that traded securities using virtual currencies without registering them as broker-dealers or stock...more

12/16/2014 - Bitcoins Sanctions SEC Virtual Currency

Corporate and Financial Weekly Digest - Volume IX, Issue 48

In this issue: - Recent Developments Relating to Rights to Exclude Shareholder Proposals from Proxy Statements - SEC Approves MSRB Best Execution Rule - SEC Sanctions Operator of Unregistered Virtual...more

12/15/2014 - Banks Basel Committee Bitcoins Currency Exchange Cybersecurity ESMA EU FCA Insider Trading Investors MiFID MSRB Proxy Season Proxy Statements SEC Shareholder Proposals Shareholders Virtual Currency

NYS DFS Publishes All BitLicense Comments; California Considers Regulation

On December 3, the New York State Department of Financial Services (DFS) published all 3,746 public comments it received on the proposed “BitLicense” regulatory framework that would cover businesses participating in “virtual...more

12/10/2014 - Banks Bitcoins Department of Financial Services Financial Products Virtual Currency

Corporate and Financial Weekly Digest - Volume IX, Issue 47

In this issue: - SEC Sets October 2015 Target Date for Certain Dodd-Frank and JOBS Act Rulemaking - FINRA Issues Notice on TRACE Trade Reporting Obligations - NFA Issues Guidance on Exempt and Excluded...more

12/8/2014 - AIFM Bank Secrecy Act Banks Bitcoins BitLicense C-Suite Executives CPOs CTA Dodd-Frank Enforcement Actions EU EU Data Protection Laws False Statements FFIEC FINRA Investment Funds JOBS Act NFA OCC Proposed Amendments Regulatory Standards Rulemaking Process SEC TRACE Whistleblower Awards

Recent Key Bitcoin and Virtual Currency Regulatory and Law Enforcement Developments

In recent months, US federal and state regulators have continued to focus on Bitcoin and the adoption of a regulatory framework for it and other "virtual currencies," as well as the enforcement of existing securities laws to...more

11/14/2014 - Bank Secrecy Act Bitcoins BitLicense CFTC Criminal Prosecution DOJ Enforcement Actions FinCEN Money Services Business Ponzi Scheme Popular Virtual Currency

First Bitcoin Swap Proposed

According to Reuters reports on September 12, TeraExchange, LLC, received approval from the Commodity Futures Trading Commission to begin listing an over-the-counter swap that is based on the price of a bitcoin. ...more

9/17/2014 - Bitcoins CFTC OTC Popular Swaps

Corporate and Financial Weekly Digest - Volume IX, Issue 36

In this issue: - Bylaw of Delaware Corporation Providing for Exclusive Forum in North Carolina Upheld - FINRA Board to Consider Rule Proposals Regarding Private Trading Platforms - CBOE and C2 in...more

9/15/2014 - AIFM AIFMD Banks Bitcoins CBOE CFPB CFTC Commodity Pool Compliance CPO Cross-Border Exclusive Jurisdiction False Claims Act FINRA Forum ISDA JOBS Act Jurisdiction OTC Regulation M Regulation Z SEC Security-Based Swaps Swap Dealers Swaps UK

Judge Rakoff Rules that Bitcoin Is Money in New York Federal Court

On August 19, Judge Jed S. Rakoff of the US District Court for the Southern District of New York issued a ruling in the case of Robert Faiella, holding that bitcoins are “money,” citing the plain meaning of the term in The...more

8/26/2014 - Bitcoins FBI Judge Rakoff Money Transfer Popular Silk Road

Corporate and Financial Weekly Digest - Volume IX, Issue 33

In this issue: - ISS Launches New Equity Plan Data Verification Portal - ISDA Publishes Protocol for 2014 Credit Derivatives Definitions - FinCEN Issues Advisories for US Financial Institutions -...more

8/25/2014 - CFTC Class Action Class Certification Compliance Contests & Promotions Derivatives EMIR Equity Plans ESMA EU FCA FinCEN Fraud ISDA ISS Judge Rakoff OCC Rule 10(b) SEC Security-Based Swaps SEFs Social Media Swap Dealers Swaps

Consumer Financial Protection Bureau Releases Virtual Currency Advisory

The US Consumer Financial Protection Bureau (CFPB) released an advisory on the risks of virtual currencies. The advisory was issued two months after the Government Accountability Office requested that the CFPB look more...more

8/19/2014 - Bitcoins CFPB Virtual Currency

Corporate and Financial Weekly Digest - Volume IX, Issue 32

In this issue: - SEC’s Office of Investor Education and Advocacy Releases Alert on Identifying Fraudulent Private Placements - ICE Futures U.S. Issues Amendments to EFRP Rule and FAQs - Consumer Financial...more

8/18/2014 - AIFMD Banks Derivative Suit ESMA EU FCA Federal Savings Associations Fraud ICE OCC OCIE PSLRA SEC Securities Fraud Virtual Currency

New York Issues Proposed Bitcoin Regulations

On July 17, the New York State Department of Financial Services (DFS) issued proposed regulations delineating a license process for certain businesses involved in Bitcoin and other virtual currencies (Proposed Rules). The...more

7/30/2014 - Bitcoins Department of Financial Services Financial Regulatory Reform Virtual Currency

New York DFS Proposes First Comprehensive Regulatory Framework for Virtual Currency Businesses

On July 17, the New York State Department of Financial Services (DFS) released the draft “BitLicense,” a proposed regulatory framework to license Virtual Currency Business Activity. The proposed regulations follow DFS...more

7/23/2014 - Bitcoins Digital Assets Licenses Licensing Rules Proposed Regulation Virtual Currency

Corporate and Financial Weekly Digest - Volume IX, Issue 28

In this issue: - FINRA Proposes to Adopt Rules on Quotation Requirements for OTC Equity Securities - CFTC Seeks Comment on ICE Clear Europe Portfolio Margining Proposal - New York DFS Proposes First...more

7/21/2014 - CFTC Equity Securities EU FDIC FINRA Margin Requirements Material Misstatements OTC Statute of Repose TCPA Vicarious Liability Virtual Currency

FEC Approves Bitcoin Political Donations While SEC Issues Investor Alert

On May 8, the Federal Election Commission (FEC) unanimously affirmed in an advisory opinion that political committees (including candidate campaigns and political action committees) could legally accept small bitcoin...more

5/13/2014 - Advisory Opinions Bitcoins Campaign Contributions Election Laws FEC PACs Political Campaigns Risk Alert SEC

Corporate and Financial Weekly Digest - Volume IX, Issue 19

In this issue: - FINRA Proposes to Amend Rule 11892 - SEC Approves FINRA Rule Change to Limit Self-Trading - FATCA Transitional Relief and Extension of Time for the Implementation of New Account...more

5/12/2014 - Bitcoins Conspiracies Cybersecurity Disclosure Requirements FATCA FCPB FDIC FEC FFIEC FINRA International Tax Issues Investors Privacy Laws Reverse Mergers SEC Self-Dealing

IRS Issues Pronouncement on Virtual Currencies

On March 25, the Internal Revenue Service (IRS) issued Notice 2014-21 (notice) containing guidance and frequently asked questions relating to virtual currencies such as bitcoins. Among other clarifications, the notice states...more

4/4/2014 - Bitcoins IRS Virtual Currency

FTC Settles With Businesses Who Allegedly Misrepresented US-EU Safe Harbor Certification

Beware: Even if your company substantially complies with the Privacy Principles of the US-EU Safe Harbor, failure to annually re-certify can land you in hot water. Twelve US businesses—ranging from sports teams, to...more

2/6/2014 - Compliance Enforcement Actions EU FTC Misrepresentation Safe Harbors Telecommunications

The FTC’s Interim Final Red Flags Rule: What It Means for Non-Bank, Short-Term Consumer Lenders

On November 30, 2012, the Federal Trade Commission (FTC) issued an interim final rule related to its identity theft “Red Flags Rule” that amends the regulatory definition of “creditor” to make it consistent with the revised...more

1/14/2013 - Clarification Act Consumer Lenders Creditors FTC Lenders Red Flags Rule

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