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Federal Reserve and FDIC Extend Deadline for Nineteen Foreign Banks and Two Domestic Bank Holding Companies to File Living Wills

On August 8, 2017, the Federal Reserve Board and Federal Deposit Insurance Corp. extended the deadline for 19 foreign banks and two domestic bank holding companies to file their next round of “living wills” detailing how they...more

OCC Solicits Public Comments on Revising the Volcker Rule

On August 2, 2017, the Office of the Comptroller of the Currency (“OCC“) issued a public notice that it is seeking public input on revising the final regulation implementing section 619 of the Dodd–Frank Wall Street Reform...more

8/11/2017  /  Dodd-Frank , OCC , Public Comment , Volcker Rule

Digital Tokens as Securities: The SEC Weighs in on the Debate

Orrick's global Blockchain Working Group is in the camp that believes the blockchain and associated token or appcoin innovations are here to stay and have the potential to be a significant disruptive force, but we will be...more

OCC Addresses Questions Related to Bank Collaboration with Fintech Companies and Others

Recently, with increasing frequency, questions have been posed regarding the responsibilities of bank regulated entities (“Bank Entities”) with respect to their “third-party relationships,” particularly with financial...more

6/14/2017  /  Banking Sector , FinTech , OCC

Public Comments Solicited From Retail Investors and Other Interested Parties on Standards of Conduct for Investment Advisers and...

On June 1, 2017, Securities and Exchange Commission (“SEC“) Chairman Jay Clayton issued a statement (the “Statement“) soliciting public comments from retail investors and other interested parties on standards of conduct for...more

CFTC Launches LabCFTC as Major Fintech Initiative

On May 17, 2017, the Commodity Futures Trading Commission (“CFTC“) approved the creation of LabCFTC, which it describes as “a new initiative aimed at promoting responsible fintech innovation to improve the quality, resiliency...more

SEC Publishes Compliance and Disclosure Guidance for Regulation Crowdfunding

On April 5, 2017, the Division of Corporation Finance of the Securities and Exchange Commission (“SEC“) published a “Compliance and Disclosure Interpretation: Regulation Crowdfunding: Rule 202: Ongoing Reporting...more

SEC Adopts Jobs Act Amendments

On April 5, the Securities and Exchange Commission (“SEC“) announced that it has adopted amendments to increase the amount of money companies can raise through crowdfunding to adjust for inflation. It also approved amendments...more

SEC Division of Investment Management Issues Guidance on Holding Companies and the Transient Investment Company Rule Under the...

Earlier this month, the SEC Division of Investment Management issued guidance with respect to situations in which an operating company may find that, upon the occurrence of an extraordinary event, it meets the definition of...more

SEC Staff Issues Guidance Update and Investor Bulletin on Robo-Advisers

On February 23, 2017, the Securities and Exchange Commission (“SEC“) published information and guidance for investors and the financial services industry on the use of robo-advisers, described by the Staff as “registered...more

New York Department of Financial Services Promulgates First-in-the-Nation State Cybersecurity Regulation

On February 16, 2017, the New York Department of Financial Institutions (“DFS“) promulgated a regulation that requires “Covered Entities” to establish and maintain a cybersecurity program designed to protect consumers and the...more

Office of Compliance Inspections and Examinations Issues Risk Alert on the Five Most Frequent Compliance Topics Identified in...

On February 7, 2017, the Office of Compliance Inspections and Examinations of the Securities and Exchange Commission (OCIE) published a Risk Alert listing of the five compliance topics most frequently identified in deficiency...more

New York Department of Financial Services Issues Updated Proposed Cybersecurity Regulation

On December 28, 2016, the New York State Department of Financial Services (“DFS“) announced that it has updated its proposed first-in-the-nation cybersecurity regulation. The proposed regulation, which will be effective March...more

Federal Reserve Board Provides New Details on Volcker Rule’s Illiquid Funds Requirements

On December 12, 2016, the Federal Reserve Board announced additional details regarding how banking entities may seek an extension to conform their investments in a narrow class of funds that qualify as “illiquid funds” to the...more

12/22/2016  /  Banking Sector , Banks , Dodd-Frank , FRB , Volcker Rule

SEC Issues No-Action Letter Regarding Relief from Registration under Advisers Act for Adviser to Affiliated Foundation

On December 8, 2016, the Chief Counsel’s Office of the Division of Investment Management of the Securities and Exchange Commission (“Commission“) provided “no-action letter” assurance to CenturyLink Investment Management...more

OCC Issues Responsible Innovation Framework

On October 26, the Office of the Comptroller of the Currency (“OCC“) announced that it will establish an office “dedicated to responsible innovation and implement a formal framework to improve the agency’s ability to...more

SEC Office of Compliance Inspections and Examinations Issues Risk Alert on Whistleblower Rule Compliance

On October 24, Staff in the Office of Compliance Inspections and Examinations (the “Staff”) issued a National Exam Program Risk Alert announcing that it is examining registered investment advisers and registered...more

CFPB Structure Ruled Unconstitutional

On October 11, 2016, the U.S. Court of Appeals for the District of Columbia Circuit ruled in PHH Corporation v. Consumer Financial Protection Bureau that the CFPB’s structure is unconstitutional. In reaching this...more

FINRA and SEC Announce Tick Size Pilot Program

On October 3, 2016, the Financial Industry Regulatory Authority (“FINRA”) and the Securities and Exchange Commission (“SEC”)’s Office of Investor Education and Advocacy issued an Investor Alert announcing a new National...more

10/14/2016  /  FINRA , Investors , SEC

SEC Adopts Amendments to Form ADV

On August 25, 2016, the Securities and Exchange Commission (SEC) adopted amendments to Form ADV that are designed to provide additional information regarding advisers, including information about their separately managed...more

New Jersey Appellate Court Clarifies Definition of Compensation under Advisers Act

On August 12, 2016, the United States Court of Appeals for the Third Circuit affirmed the decision of the District Court of New Jersey and held in United States v. Everett C. Miller that the defendant was an “investment...more

FinCEN Issues Customer Due Diligence Rule (CDD) FAQs

On July 19, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued FAQs regarding the customer due diligence requirements (“CDD”) that it published on May 11, 2016, for certain financial institutions, including...more

Federal Reserve Announces Extension of Conformance Period Under Section 13 of the Bank Holding Company Act

On July 7, 2016, the Federal Reserve announced that it will extend until July 21, 2017 the conformance period for banking entities to divest ownership in certain legacy investment funds and terminate relationships with funds...more

NY DFS Adopts Final Anti-Terrorism and Anti-Money Laundering Regulation

On June 30, 2016, the New York Department of Financial Services (“NY DFS”) adopted a final anti-terrorism and anti-money laundering regulation (the “Final Regulation”) that requires institutions subject to regulation by the...more

SEC Proposes Rule Requiring Investment Advisers to Adopt Business Continuity and Transition Plans

On June 28, 2016, the Securities and Exchange Commission proposed a new rule that would require registered investment advisers to adopt and implement written business continuity and transition plans. In announcing the...more

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