Edward Eisert

Edward Eisert

Orrick, Herrington & Sutcliffe LLP

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Treasury Announces Key Regulations and Legislation to Counter Money Laundering and Corruption, Combat Tax Evasion

On May 5, 2016, the U.S. Department of the Treasury announced several actions to strengthen financial transparency. Treasury announced a Customer Due Diligence (CDD) Final Rule, proposed Beneficial Ownership legislation and...more

5/13/2016 - Banks Beneficial Owner Broker-Dealer CDD Corruption Financial Institutions LLC Money Laundering Tax Evasion U.S. Treasury

SEC’s Division of Investment Management Issues Letter Regarding Independent Verification Required by Rule 206(4)-2 Under the...

On April 25, 2016, the Staff of the Division of Investment Management of the Securities and Exchange Commission issued a no-action letter that provides that it would not recommend enforcement action to the Commission under...more

5/3/2016 - Division of Investment Management Financial Markets Investment Adviser Investment Advisers Act of 1940 No-Action Letters PCAOB SEC Sub-advisers Verification Requirements

Derivatives in Review - April 2016

Novo Banco and CDS – A Post-Mortem - The 2014 ISDA Credit Derivatives Definitions updated the previous set of credit derivatives definitions to, among other things, include a credit event for “Governmental Intervention.”...more

4/22/2016 - CFTC Commodities Exchange Act Derivatives Dodd-Frank Electricity End-Users Financial Markets ISDA Margin Requirements Natural Gas Recordkeeping Requirements Reporting Requirements Swap Dealers Swaps Trading Platforms

OCC Releases its Risk Appetite Statement

On April 12, the Office of the Comptroller of the Currency (“OCC”) released its Risk Appetite Statement, which sets boundaries of acceptable levels of risk in key areas of agency operations. The OCC stated that: “By clearly...more

4/18/2016 - Banking Sector Financial Institutions Innovation OCC Risk Management

FinCEN Proposes Funding Portals Regulations under Bank Secrecy Act

On April 4, 2016, the Financial Crimes Enforcement Network, a bureau of the Department of the Treasury (“FinCEN”), proposed amendments to the definitions of ‘‘broker or dealer in securities’’ and ‘‘broker-dealer’’ under the...more

4/11/2016 - Bank Secrecy Act Broker-Dealer Crowdfunding FinCEN Funding Portal JOBS Act Securities Act of 1933

Federal District Court Rules against Designation of MetLife as a “SIFI” under Dodd-Frank Act

On March 30, the D.C. federal District Court ruled against the designation by the Financial Stability Oversight Counsel (“FSOC”) of MetLife as a “systemically important financial institution” under the Dodd-Frank Act. The...more

4/5/2016 - Dodd-Frank Financial Institutions FSOC MetLife Nonbank Firms SIFIs

FINRA Reports on Digital Investment Advice

On March 15, the Financial Industry Regulatory Authority (commonly referred to as “FINRA”) issued a Report that emphasizes that offerings of digital investment advice requires sound governance and supervision, including...more

3/22/2016 - Broker-Dealer Digital Securities Financial Markets FINRA Investment Adviser SEC

Bureau of Consumer Financial Protection Issues Policy on No-Action Letters

On February 18, the Consumer Financial Protection Bureau issued a new policy statement on No-Action Letters. Under the Policy, Bureau staff, in its discretion, would issue no-action letters (NALs) to specific applicants in...more

3/1/2016 - CFPB Consumer Financial Products Financial Services Industry No-Action Letters Policy Management

SEC Announces 2016 Examination Priorities

On January 11, the SEC announced its Office of Compliance Inspections and Examinations’ (OCIE) 2016 priorities. New areas of focus include liquidity controls, public pension advisers, product promotion, and two popular...more

1/22/2016 - Analytics Cybersecurity ETFs Financial Institutions OCIE SEC SEC Examination Priorities Variable Annuities

SEC Approves Interim Final Rules Implementing Two Provisions of the FAST Act

On January 13, the Securities and Exchange Commission announced that it approved interim final rules implementing two provisions of the Fixing America’s Surface Transportation (FAST) Act, adopted by Congress in December, that...more

1/22/2016 - Emerging Growth Companies Fixing America’s Surface Transportation Act (FAST Act) Form F-1 Form S-1 Interim Rule Reporting Requirements SEC

New York State Department of Financial Services Superintendent's Regulations Impose Strict Senior Officer Certification...

The last four years has seen a trend of increased law enforcement and regulatory investigations into financial institutions for sanctions violations and anti-money laundering, or Bank Secrecy Act ("BSA"), compliance. The New...more

12/23/2015 - BSA/AML Certification Requirements Economic Sanctions FFIEC Financial Institutions NYDFS Proposed Regulation Sarbanes-Oxley

SEC Issues Staff Report on Accredited Investor Definition

On December 18, the Securities and Exchange Commission issued a staff report (the “Report”) on the definition of “accredited investor” set forth in Rule 501(a) of Regulation D under the Securities Act of 1933. The Dodd-Frank...more

12/23/2015 - Accredited Investors Regulation D SEC

Derivatives in Review - December 2015

Prudential Regulators Approve Final Uncleared Margin Rules - In October, the prudential regulators approved a final version of the September 2014 re-proposed rule generally imposing initial and variation margin...more

12/21/2015 - Algorithmic Trading Banking Sector CFTC De Minimus Quantity Exemption Dodd-Frank Margin Requirements Non-Cleared Swaps

Advisory on Effective Risk Management Practices for Purchased Loans and Purchased Loan Participations

On November 6, 2015, the Federal Deposit Insurance Corporation issued an Advisory (the “Updated Advisory”) (FIL-49-2-15) to update information contained in the FDIC Advisory on Effective Credit Risk Management Practices for...more

12/15/2015 - Banking Sector FDIC Loans Online Marketplace Lending Risk Management Third-Party Risk Underwriting

SEC Adopts Rules to Permit Crowdfunding: Proposes Amendments to Existing Rules to Facilitate Intrastate and Regional Securities...

On October 30, the Securities and Exchange Commission adopted final rules under Title III of the JOBS Act (“Regulation Crowdfunding”) to permit a company to offer and sell securities through crowdfunding transactions that...more

11/3/2015 - Capital Raising Comment Period Compliance Crowdfunding Financial Institutions Financial Markets Initial Public Offerings IPO JOBS Act Offerings Public Comment SEC Securities Securities Act of 1933 Structured Finance Title III

FinCEN Proposes New Rule Requiring Anti-Money Laundering Programs for Registered Investment Advisers

On August 25, 2015, the Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) that would define investment advisers registered (or required to be registered) with the Securities and...more

9/1/2015 - Anti-Money Laundering Bank Secrecy Act Currency Transaction Reports (CTR) Dodd-Frank FinCEN Information Sharing Investment Adviser NPRM Patriot Act Recordkeeping Requirements SEC Securities Exchange Act Suspicious Activity Reports U.S. Treasury

No-Action Letter Guidance Under Rule 506(b) of Regulation D.

On August 6, the Staff of the Division of Corporation Finance of the Securities and Exchange Commission issued a no-action letter to Citizen VC, Inc. (“Citizen VC”), the manager of a venture capital investment platform...more

8/12/2015 - Emerging Growth Companies Financial Markets Investors No-Action Letters Rule 506 SEC Special Purpose Vehicles Venture Capital Websites

Personal Securities Transactions Reports By Registered Investment Advisers: Securities Held In Accounts Over Which Reporting...

In a recent Guidance Update, the Staff of the Division of Investment Management of the Securities and Exchange Commission addressed certain issues arising under Section 204A of the Investment Advisers Act of 1940 which...more

7/7/2015 - Investment Adviser Investment Advisers Act of 1940 Material Nonpublic Information SEC

Responses to Frequently Asked Questions Regarding the Commission’s Rule under Section 13 of the Bank Holding Company Act (the...

The Staff of the SEC Division of Trading and Markets, Investment Management, and Corporate Finance provided updated guidance on June 12, 2015 in response to frequently asked questions (“FAQs”) regarding the SEC’s final rule...more

6/23/2015 - Bank Holding Company Bank Holding Company Act Banking Sector Final Rules SEC Volcker Rule

CFTC Staff Issues No-Action Relief from Introducing Broker and Commodity Trading Advisor Registration to Persons Located Outside...

On June 4, the Commodity Futures Trading Commission’s (“CFTC”) Division of Swap Dealer and Intermediary Oversight (“DSIO”) issued a No-Action Letter stating that it will not recommend that the CFTC take action for failure to...more

6/9/2015 - Brokers CFTC Commodity Broker DSIO International Banks No-Action Relief Registration Requirement

SEC Approves Pilot to Assess Tick Size Impact for Smaller Companies

On May 6, 2015, the Securities and Exchange Commission approved a proposal by the national securities exchanges and the Financial Industry Regulatory Authority (FINRA) for a two-year pilot program that would widen the minimum...more

5/13/2015 - FINRA SEC Small Cap Stocks Tick Size

SEC Staff Issues Update Guidance Regarding Cybersecurity

Recently, the Staff of the Division of Investment Management of the Securities and Exchange Commission (the “Staff”) issued updated Guidance that highlights the importance of cybersecurity of registered investment funds and...more

5/4/2015 - Cybersecurity Guidance Update Investment Adviser Investment Funds SEC

SEC Approves Consolidated FINRA Rules 2040 (Payments to Unregistered Persons, Including Foreign Finders)

FINRA Rule 2040 governs the payment of transaction-based compensation by member firms to unregistered persons. Rule 2040(a) – General. Rule 2040(a) directs persons to look to SEC rules to determine whether the activities in...more

3/27/2015 - Broker-Dealer FINRA NASD Registration Requirement SEC

SEC Issues Guidance Regarding Standards Applicable to Waivers of Disqualification under Regulation A and Rules 505 and 506 of...

The disqualification provisions of Rules 262 and 505 under the Securities Act make the exemptions from registration under Regulation A and Rule 505 of Regulation D unavailable for an offering if, among other things, an...more

3/24/2015 - Corporate Issuers Disqualification New Guidance Regulation A Regulation D SEC Waivers

The SEC’s Office of Compliance Inspections and Examinations (OCIE) Publishes Risk Alert On Addressing Cybersecurity Issues for...

On February 3, the SEC’s Office of Compliance Inspections and Examinations (OCIE) published a Risk Alert that contains observations based on examinations of more than 100 broker-dealers and investment advisers....more

2/11/2015 - Broker-Dealer Cybersecurity Investment Adviser OCIE Risk Alert SEC

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