Russell Sacks

Russell Sacks

Shearman & Sterling LLP

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Financial Regulatory Developments Focus - February 2017

In this newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and...more

2/13/2017 - Dodd-Frank EU Fiduciary Rule Financial Regulatory Reform Regulation Technical Standards (RTS) Regulatory Freeze Ring-Fencing Stress Tests Trump Administration UK

Financial Regulatory Developments Focus - January 2017

In this newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and...more

1/26/2017 - Anti-Money Laundering Capital Requirements Credit Rating Agencies Cybersecurity FinTech G-SIB IFRS Liquidity Coverage Ratio No-Action Relief Passporting TLAC

SEC Expands to Retail Customer Debt Transactions Disclosure of Broker-Dealer Mark-Ups and Mark-Downs

Currently, U.S. broker-dealers are not required to disclose their compensation in respect of fixed-income transactions effected as principal. In November 2016, the SEC approved a rule proposal of the U.S. Financial Industry...more

1/20/2017 - Broker-Dealer Covered Transactions Disclosure Requirements FINRA

Financial Regulatory Developments Focus - December 2016

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

12/21/2016 - Banking Sector Central Counterparties Credit Rating Agencies Dodd-Frank EU FinTech Foreign Banks G-SIB Liquidity Payment Services Directive Regulatory Agenda Stress Tests Systemic Risk Buffer UK Volcker Rule

Implications for Non-EU Banking Groups of the EU’s New Intermediate Holding Company Proposals

The European Commission has published draft legislative proposals which would require large non-EU banking firms with EU operations to establish an intermediate holding company in the EU. The proposed rules are similar to US...more

12/14/2016 - Banking Sector Capital Requirements Capital Requirements Regulation (CRR) EU European Commission Foreign Banks Intermediate Holding Company (IHCs) Proposed Regulation UK Brexit

The Changing Fiduciary Duty Landscape in a Trump Presidency

The fiduciary standards for institutions and individuals providing investment advice throughout the retail investment and municipal securities markets are currently undergoing significant change. Following on the heels of the...more

11/15/2016 - Broker-Dealer DOL ERISA Fiduciary Rule Investment Adviser IRA Municipal Advisers Trump Administration

New Liquidity and Swing Pricing Rules for US Mutual Funds

On October 13, 2016, a unanimous US Securities and Exchange Commission adopted far-reaching rules intended to address mutual fund liquidity risks. On the same day and by a divided (two to one) vote, the SEC adopted new mutual...more

11/8/2016 - Investment Company Act of 1940 Liquidity Mutual Funds Reporting Requirements SEC

Financial Regulatory Developments Focus - October 2016

Bank Prudential Regulation & Regulatory Capital - US Board of Governors of the Federal Reserve System Releases Proposed Rule to Modify Capital Plan and Stress Testing Rules - On September 26, 2016, the US Board of...more

10/17/2016 - Block Trades BSA/AML Commodities Cross-Border Transactions EU FinTech Foreign Investment MiFID II Securitization SEFs Shadow Banking Stress Tests UK Underwriting Whistleblower Protection Policies

Financial Regulatory Developments Focus - September 2016

In this newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and...more

9/30/2016 - Asset Management Banking Regulators Banking Sector Banks Broker-Dealer EU Financial Crimes Financial Sector Financial Services Industry FinTech Global Market Investment Firms MiFID

FINRA Capital Acquisition Broker Proposal Approved - Broker-Dealers Conducting Only Certain Private Fund Placement Services or...

In August 2016, the SEC approved FINRA’s proposal to permit firms conducting only enumerated corporate financing activities (“capital acquisition brokers” or “CABs”) to operate under a more limited FINRA rule set, a move...more

9/20/2016 - Broker-Dealer Capital Acquisition Broker (CAB) FINRA Private Placements

FINRA Proposes Revisions to Gifts, Gratuities and Non-Cash Compensation Rules

On August 5, 2016, FINRA in Regulatory-Notice 16–29 proposed revisions to its regulation of broker-dealer gifts, entertainment and non-cash compensation (the “proposal”) and requested comment to the same. The comment period...more

8/17/2016 - Broker-Dealer Comment Period FINRA Meals-Gifts-and Entertainment Rules Proposed Regulation

Brexit and Equivalence: Review of the Financial Services Framework Across All Sectors

Since the UK voted to leave the EU on 23 June 2016, there has been much speculation about the form of the future access arrangements between the UK and the EU for financial institutions. In a scenario where no new deal is...more

8/10/2016 - Corporate Counsel Cross-Border Transactions EU Financial Institutions Popular Third Country Entities UK UK Brexit

Governance & Securities Law Focus: Latin America Edition, August 2016

This newsletter provides a snapshot of the principal US and selected global governance and securities law developments during the second quarter of 2016 that may be of interest to Latin American corporations and financial...more

8/8/2016 - Corporate Counsel Corporate Governance EU Market Abuse Regulation (EU MAR) Hong Kong Securities and Futures Commission (HKSFC) Latin America Listing Rules Nasdaq Non-GAAP Financial Measures Person of Significant Control (PSC Register) UK Brexit

Financial Regulatory Developments Focus - June 2016 #2

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

6/23/2016 - Annual Reports Bank Holding Company Capital Markets Union Capital Requirements Cybersecurity Dodd-Frank EU EU Market Abuse Regulation (EU MAR) Long-Term Investment Funds No-Action Relief UK

FinCEN Issues Final Beneficial Owner Identification Rules

In May 2016, the U.S. Treasury Department’s Financial Crimes Enforcement Network issued final rules regarding beneficial owner identification obligations for legal entity customers (the “Rule”). Under the Rule, covered...more

6/15/2016 - Anti-Money Laundering Beneficial Owner Customer Identification Program (CIP) Final Rules FinCEN

Financial Regulatory Developments Focus - June 2016

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

6/9/2016 - EU Benchmark Regulation Form 10-K G-SII MiFID II Payday Loans Position Limits Prudential Standards Shadow Banking Stress Tests

The DOL’s New Fiduciary Rule: Capturing the Apparent Conflict at the “Moment of Rollover”

The US Department of Labor’s final fiduciary rule captures rollover, transfer and distribution recommendations to retirement investors. In essence, under the rule, a financial organization or adviser is acting as a fiduciary...more

6/9/2016 - Conflicts of Interest Distribution Rules DOL ERISA Fiduciary Duty IRA Rollovers Retirement Plan

Financial Regulatory Developments Focus - May 2016 #3

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

6/1/2016 - Basel III Beneficial Owner Capital Requirements Cross-Border Transactions Customer Due Diligence (CDD) EU Leverage Ratio Leveraged Lending Margin Requirements Recordkeeping Requirements Regulation Technical Standards (RTS) UCITS UK

FINRA Proposes Revisions to Fixed-Income Research Rule - Clarifications regarding institutional third-party research,...

On May 24, 2016, FINRA filed with the SEC proposed revisions to FINRA’s new fixed-income research rule that if adopted will provide clarifying guidance regarding institutional third-party research, as well as relief in other...more

5/27/2016 - FINRA Fixed Income Investments Institutional Investors

Financial Regulatory Developments Focus - May 2016 #2

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

5/18/2016 - Benchmarking Distributed Ledger Insider Trading Liquidity Coverage Ratio Regulatory Standards Senior Managers Yates Memorandum

The DOL’s New Fiduciary Rule: The Thin Line Between Education and Advice

Following the release in 2015 of the US Department of Labor’s proposed fiduciary rule, many commentators feared that communications that had previously been characterized as “investment education” would now constitute...more

5/12/2016 - DOL ERISA Fiduciary Duty Final Rules Investment Adviser Retirement Plan

Governance & Securities Law Focus: Latin America Edition, May 2016

US DEVELOPMENTS - SEC and NYSE/Nasdaq Developments - FAST Act Amends JOBS Act and Creates New Exemption for Resales of Restricted Securities - On 4 December 2015, the Fixing America’s Surface Transportation...more

5/9/2016 - Audit Committee BIS Corporate Governance Fixing America’s Surface Transportation Act (FAST Act) International Financial Reporting Standards JOBS Act Latin America MiFID II Modern Slavery Act Proxy Voting Guidelines Takeover Code Transparency Directive UK

Financial Regulatory Developments Focus - May 2016

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

5/6/2016 - AML-CTF Annuities Asset Management Capital Markets Union Capital Requirements Cross-Border Transactions EU Incentive Compensation Leverage Ratio MiFID II SIFIs UK

The DOL’s New Fiduciary Rule: The Details on Disclosure

As discussed in our publication dated April 14, 2016, the final Department of Labor fiduciary rule provides for two new prohibited transaction exemptions, the Best Interest Contract Exemption (the “BIC Exemption”) and the...more

5/6/2016 - Best Interest Contract Exemptions DOL ERISA Fiduciary Duty Investment Adviser Principal Transaction Exemption

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