Russell Sacks

Russell Sacks

Shearman & Sterling LLP

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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

US Financial Stability Oversight Council Focuses on Asset Management Products and Activities

On April 18, 2016, the US Financial Stability Oversight Council issued an update on its multi-year review of potential financial stability risks in the asset management industry. This note highlights takeaways from that...more

4/27/2016 - Asset Management Capital Markets Union EU FSOC Popular Risk Assessment UK

The US Department of Labor’s Final “Fiduciary” Rule Incorporates Concessions to Financial Service Industry but Still Poses Key...

The Rule Will Require Restructuring of Pay and Compliance Policies at Financial Institutions Serving Retail Retirement Clients The Rule Also Increases the Litigation Risks to Financial Institutions Associated with...more

4/15/2016 - Best Interest Standard DOL ERISA Fiduciary Duty Investment Adviser Retirement Plan

Financial Regulatory Developments Focus - April 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

4/15/2016 - Anti-Inversion Regulations EU FBOs Fiduciary Duty Financial Adviser FinTech FSOC Global Systemically Important Financial Institutions (GSIFI) Leverage Ratio MetLife Terrorism Funding UK

Financial Regulatory Developments Focus - April 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

4/11/2016 - Asset Management Block Chain CFTC Corporate Governance Cybersecurity Economic Sanctions EU Federal Reserve Industry Consolidation Maxwellisation Municipal Securities Issuers Natural Gas Remuneration Stress Tests UK

Financial Regulatory Developments Focus - March 2016 #4

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

4/1/2016 - Capital Markets Union EU Eurozone GAAP Interchange Fees MiFID II Mortgage Credit Directive (MCD) Prudential Standards Ring-Fencing SIFIs SMEs UCITS V UK UK Payment Systems Regulator

Financial Regulatory Developments Focus - March 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

3/25/2016 - BRRD Central Counterparties Cuba Deposit Insurance Derivatives Clearing Organizations Dodd-Frank EU Foreign Exchanges Goldman Sachs Insider Trading Payment Systems Sanctions UK Volcker Rule

Financial Regulatory Developments Focus - March 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

3/18/2016 - Basel Committee Credit Default Swaps EU FDIC Federal Savings Associations International Banks Libor Market Abuse Regulatory Agenda Ring-Fencing SEC Senior Managers Transfer Pricing UK Volcker Rule

Financial Regulatory Developments Focus - March 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

3/3/2016 - Bank Secrecy Act Banking Examinations Cooperation Enforcement Actions EU Money Transfer MREL Payment Systems Stress Tests UK Volcker Rule

Financial Regulatory Developments Focus - February 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

2/25/2016 - Bailout Banking Examinations Consumer Credit Act Dodd-Frank EU Federal Reserve Financial Crisis G-SII International Remittance Transfers Security-Based Swaps

Financial Regulatory Developments Focus - February 2016 #2

Bank Prudential Regulation & Regulatory Capital US Federal Deposit Insurance Corporation Issues Proposed Rule to Facilitate Access to Deposits in Large Bank Failures On February 17, 2016, the US Federal Deposit Insurance...more

2/19/2016 - Anti-Terrorism Financing Central Counterparties EU Federal Reserve Liquidation Payment Systems Regulation C Regulation Technical Standards (RTS) Senior Managers Insurers Regime (SMIR) Stress Tests UK

Financial Regulatory Developments Focus - February 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

2/8/2016 - Anti-Money Laundering Capital Requirements Cybersecurity Deposit Insurance Dodd-Frank FDIC Market Abuse Memorandum of Understanding Mexico Prudential Standards Rating Agencies Regulation Technical Standards (RTS) SEFs South Africa

Financial Regulatory Developments Focus - January 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

1/15/2016 - Accounting Standards Administrative Appointments Banking Sector Civil Monetary Penalty Examination Priorities Market Risk Capital Rule Senior Managers Supervision

Financial Regulatory Developments Focus - January 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

1/7/2016 - Banking Sector Debt Financing Due Diligence EBA EU Eurozone FinCEN MiFID II

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