Administrative Agency Civil Procedure Finance & Banking

Read need-to-know updates, commentary, and analysis on Administrative Agency issues written by leading professionals.
News & Analysis as of

Dodd-Frank 180-Day “Deadline” For SEC to Take Action Not Really a Deadline After All

A three-judge panel of the U.S. Court of Appeals for the D.C. Circuit recently ruled that Section 4E of the Securities Exchange Act of 1934, 15 U.S.C. § 78d-5(a)(1) – which provides that “[n]ot later than 180 days after the...more

Upper Tribunal Upholds FCA's Decision To Fine And Prohibit Financial Adviser For Poor Record Keeping And Compliance Failures

We consider here the decision of the Upper Tribunal (Tax and Chancery Chamber) in which the tribunal upheld the FCA's decision to fine and prohibit a financial adviser, Clive Rosier, for poor record keeping and compliance...more

Upper Tribunal Criticises FCA's Approach To Publicising Decision Notices

We consider here the decision of the Upper Tribunal (Tax and Chancery Chamber) in Bayliss & Co (Financial Services) Limited and Clive John Rosier v the Financial Conduct Authority [2015] UKUT 0265 (TCC) in which the tribunal...more

SEC Files It's First Robocop Cherry Picking Action

When the SEC announced it financial fraud task force and a related data initiative to facilitate the identification of situations where the company “cooked the books,” many dubbed the data program “Robocop.” While the SEC may...more

6 Record Search Lessons From $43M Clydesdale Bank Penalty

Clydesdale Bank PLC was recently hit with a more-than-$43 million fine, largely because it failed to search for documents that should have been subject to its destruction policy, and for misleading consumers and its...more

This Week In Securities Litigation

The question of forum selection by the SEC was a key issue this week. While to date suits challenging the SEC’s right to bring an action as an administrative proceeding rather than in federal court have had little success –...more

CFPB and Florida AG Obtain Judgment Against Law Group and Corporate Affiliates for “Mass-Joinder” Foreclosure Relief Scam

On May 29, a final order was entered against a law group and its corporate affiliates in an action brought by the CFPB and the State of Florida. The July 2014 complaint alleged that the law group and its affiliates violated...more

Addressing the New U.K. Senior Managers’ Regime with Proven Compliance Solutions

It’s less than a year to go until the U.K. Senior Managers Regime (SMR) comes into effect (the official date is March 7, 2016). The regime, part of the Financial Services (Banking Reform) Act 2013, aims to counter the toxic...more

Upper Tribunal Expresses "Wholesale Disagreement" With FCA's Assessment Of Level Of Financial Penalty To Be Imposed On...

In December 2014, the tribunal handed down a decision that partly upheld the FCA's findings in respect of Ms Burns in connection with her conduct as a non-executive director (CF2) of two mutual societies. The tribunal found...more

CFPB Orders Mortgage Originator to Pay $19 Million for Steering Violations – CEO to Pay $1 Million

The CFPB filed a complaint in federal district court against RPM Mortgage, Inc. and its CEO, Erwin Robert Hirt, for illegally paying bonuses and higher commissions to loan originators to incentivize them to steer consumers...more

Achilles Macris v FCA: Court of Appeal Ruling Safeguards Individuals’ Rights in Regulatory Investigations

As part of its policy of credible deterrence, the UK Financial Conduct Authority (FCA) has frequently sought to include specific examples of individuals’ behaviour in its enforcement notices in order to highlight the failings...more

CFPB Fines Worldwide Payment System $25 Million for Alleged Deceptive Practices

On May 19, the CFPB announced a stipulated final judgment against a California-based worldwide payment system company. According to the CFPB’s complaint, filed the same day, the defendant (i) failed to honor advertised...more

California-Based Storage Company Agrees to Settle SCRA Claims

On May 15, a San Diego-based storage company entered into a consent order with the DOJ to settle claims that the company’s practice of auctioning off active duty servicemembers’ stored belongings violated the Servicemembers...more

Corporate & Financial Weekly Digest - Volume X, Issue 20

In this issue: - Section 16(b) Decision Provides Important Guidance - FINRA Requests Comment on Proposed Amendments to Rules Governing Communications With the Public - Form BE-10 Filing Deadline...more

Delaware Bankruptcy Court: Debtors Can Offset Administrative Claims Before General Unsecured Claims

While section 503(b)(9) claims deserve priority payment over general unsecured claims, they do not provide a basis for stripping a debtor’s defenses in determining the allowed amount of a section 503(b)(9) claim....more

High Court Clarifies Approval Process For ESMA Inspections

In this case report, we consider the High Court’s judgment in European Securities and Markets Authority v DTCC Derivatives Repository Limited [2015] EWHC 1085 (Ch), in which the High Court clarified the process that the...more

See You In Court – May 2015

Seymour Dollars, the irascible Chairperson of the Nutmeg Board of Finance, gave the Board of Education a very hard time throughout the entire budget process this year. He questioned the Board down to the minutest detail of...more

Unanimous Illinois Supreme Court Strikes Down State Public Pension Reform Act

As we predicted, the Illinois Supreme Court has unanimously struck down the state Public Pension Reform Act. The Court’s opinion was written by Justice Lloyd Karmeier....more

U.S. Files Complaint Against Leading Non-Bank Mortgage Lender For Alleged Improper Underwriting Practices on FHA-Insured Loans...

On April 17, Quicken Loans filed a preemptive lawsuit against the DOJ and HUD in the Eastern District of Michigan against HUD, the HUD-IG, and DOJ, asserting that it “appears to be one of the targets (due to its large size)...more

D.C. District Court Dismisses Delta’s Appeals Against U.S. Ex-Im Bank

In a series of three decisions published on March 30, 2015, the U.S. District Court for the District of Columbia has dismissed appeals brought by Delta Air Lines and other plaintiffs against the U.S. Export-Import Bank...more

Corporate & Financial Weekly Digest - Volume X, Issue 14

In This Issue: - NFA Updates BASIC to Assist With Bylaw 1101 Diligence on Delegating CPOs - Second Circuit Refuses to Rehear Groundbreaking Insider Trading Case - SEC Secures Victory on Fraud Allegations...more

Florida Appeals Court Quashes Order Requiring Insurance Commissioner to Testify

On March 13, 2015, in Florida Office of Insurance Regulation v. Florida Department of Financial Services, Florida’s First District Court of Appeals quashed the trial court’s order compelling the deposition of the Florida...more

How might the Supreme Court’s decision in Perez v. MBA affect the CFPB?

The U.S. Supreme Court’s recent decision in Perez v. Mortgage Bankers Ass’n invalidated a significant line of D.C. Circuit case law known, after the leading case, as the Paralyzed Veterans doctrine. A case involving a series...more

MoFo New York Tax Insights - Volume 6, Issue 4 - April 2015

In This Issue: - State Tribunal Affirms Decision Imposing Sales Tax on Information Services - Appellate Division Upholds Applicability of Sales Tax to Environmental Testing and Monitoring Services - Bulk...more

ERISA — 5 Quick Points: Blowing a Deadline for Decision is Not Necessarily Fatal to Abuse of Discretion Standard

You already know that ERISA regulations require the plan administrator to render a decision on an administrative appeal within 45 days....more

285 Results
|
View per page
Page: of 12

Follow Administrative Agency Updates on:

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×