General Business Finance & Banking

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US Hedge Fund Managers: Accessing Capital and Marketing in Europe

Recent regulatory change has made the marketing of hedge funds in the European Economic Area (the “EEA”) more involved, particularly for managers based outside the EEA. This appears to have led some US investment advisors to...more

CFPB enters into consent order with auto title lender

The CFPB announced that it has entered into a consent order with TMX Finance, LLC to settle allegations that the company did not provide sufficient information to consumers about the terms of auto title loans, pawns or...more

Blockchain and Public Securities: Shedding Light on 'Going Dark'

The application of blockchain technology to the securities market could prove to be a game changer by adding transparency, reducing costs and speeding up settlements. Initially known as the technology underlying the...more

Congressman introduces fintech bill

Republican Congressman Patrick McHenry, Vice Chair of the House Financial Services Committee, has introduced the “Financial Services Innovation Act of 2016,” which is intended to provide a streamlined regulatory process for...more

Who is Responsible for a Company’s Mood in the Middle? – the Wells Fargo Fiasco

Wells Fargo’s cultural tone is not easily segregated between “top,” “middle” and “bottom.” Despite the recent cross-selling scandal, in which the CFPB led an enforcement action whose fines total a whopping $185 million,...more

European Securities and Markets Authority Publishes Initial Proposals on the Trading Obligation under MiFIR

The European Securities and Markets Authority published a discussion paper on the trading obligation for derivatives under the Markets in Financial Instruments Regulation. The trading obligation is applicable to classes of...more

Breaking bad: Tackling European NPLs

The latest EBA stress test results paint a broadly positive picture for Europe's banks but high levels of non-performing loans continue to weigh down heavily on Europe's banking sector....more

The Financial Report, Volume 5, Number 18

The SEC recently adopted new rules that substantially amend Form ADV under the Investment Advisers Act of 1940, as amended (the Advisers Act). Although not as comprehensive as the Form ADV amendments adopted in 2011, the new...more

UK Payment Systems Regulator Designates BACS Current Account Switching Service as an Alternative Arrangement

The UK Payment Systems Regulator published a decision designating the Current Account Switch Service operated by BACS Payment Schemes Limited as an alternative arrangement under the Payment Accounts Regulations 2015...more

Final Regulations Define “Real Property” for REITs: Considerations for Renewable Energy and Transmission Assets

The recently released final regulations are generally consistent with the 2014 proposed regulations in their treatment of renewable energy and transmission assets, with several useful clarifications provided. ...more

Banking & Financial Services E-Note - September 2016

In an article published in the September / October issue of Commercial Real Estate Investment Magazine, Drew Demers provides guidance on how commercial loans and bank-owned real estate sales have changed due to growth in...more

Venture Exchange Regulation: Listing Standards, Market Microstructure, and Investor Protection

This summer, the House Financial Services Committee passed the Main Street Growth Act, which calls for legislative changes to promote the formation of venture exchanges. The idea that securities exchanges specially designed...more

GPs Operating in Japan: Follow-Up Information Disclosures for Article 63 Filers Is Required

GPs that operate limited partnerships based on the exemption under Article 63 of the FIEA and have recently completed a renewal filing around the end of the grace period (August 31, 2016) are required to prepare Form 20-2...more

Florida Supreme Court Holds that STOLI Challenges are Barred by Two-Year Contestability Clause

On September 22, 2016, the Florida Supreme Court issued an eagerly-awaited opinion in Wells Fargo Bank, N.A. v. Pruco Life Insurance Co. The Court held that Florida's two-year contestability statute applies to bar an...more

Surviving the Zombie [Foreclosure] Apocalypse

Preparing For A World When Lis Pendens Protections Are All But Ober - “BEWARE REAL PROPERTY LITIGATORS” warns a former chair of the Real Property, Probate and Trust Law Section of the Florida Bar. This advice, given...more

The Delta Report – Derivatives Newsletter: September 2016

In this issue of The Delta Report, we bring you further updates on developments in the global derivatives space. In Europe, the focus is on Brexit and the newly-released EU final regulatory standards on the valuation of...more

Opportunities in challenging markets: Sale-and-Leaseback, Build-to-Suit and other new Real Estate deal structures in the UAE

Against a backdrop of lower oil prices and reduced government spending, real estate markets across the UAE have softened in recent times, resulting in tightened liquidity and contracted asset values. However, challenging...more

SEC Files Action Against Company and its General Counsel for Loss Contingency Accrual and Disclosure Failures – What to Know

SEC’s Factual Allegations - On September 9, 2016, the Securities and Exchange Commission (“SEC”) filed a complaint against RPM International Inc. (“RPM”) and its General Counsel and Chief Compliance Officer, alleging the...more

A Major Change to the Foreign Investment Regime in China

The current Chinese foreign investment laws were enacted decades ago. Under these laws the approval process is typically time-consuming and burdensome for a foreign investor. In an attempt to streamline the regulatory...more

European Supervisory Authorities Opines on Final Draft Technical Standards on Uncleared Derivatives

The Joint Committee of the European Supervisory Authorities published an Opinion on the European Commission's proposed amendments to the final draft Regulatory Technical Standards on risk mitigation techniques for uncleared...more

Your daily dose of financial news - The Brief – 9.23.16

Well, see, Yahoo just doesn’t have enough on its plate these days. So why not the revelation that hackers stole data on 500 million users in 2014? The hack—thought to be a state-sponsored affair—is likely the biggest data...more

CFPB announces enforcement actions against auto title lenders

The CFPB announced that it has filed administrative enforcement actions against five Arizona auto title lenders for alleged violations of Truth in Lending Act advertising requirements. According to the CFPB, the lenders...more

Orrick's Financial Industry Week in Review

Financial Industry Developments - OCC Discusses Marketplace Lending - On September 13, 2016, Comptroller of the Currency Thomas J. Curry discussed marketplace lending's risks and associated policy questions. He...more

Wells Fargo Week: Part V – Compliance is the Answer

I want to end this week’s review of the Wells Fargo scandal by considering what is at issue and what is at stake in this imbroglio. Unlike a Foreign Corrupt Practices Act (FCPA) violation, Wells Fargo paid the relatively...more

Was that trader really 'spoofing'? Focus on the statute’s words, not the regulator’s claims

Can trading pursuant to an algorithmic program properly be found to constitute “spoofing” in violation of CEA Section 4c(a)(5)(C): What constitutes “the intent to cancel the bid or offer before execution”? ...more

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