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Financial Services Weekly News - February 2015

Regulatory Developments - FDIC Provides Framework for Cybersecurity in Recent Supervisory Insights - The FDIC featured an article titled “A Framework for Cybersecurity” in the Winter 2015 issue of Supervisory...more

US Loan Market Adapts to European Bail-In Directive

LSTA publishes model provisions for use in US law-governed credit agreements to assist in adopting new EU bail-in rules. European Economic Area (EEA) financial institutions are now subject to a new set of regulatory...more

UK Financial Regulatory Developments - January 2016 #5

ESAs correct PRIIPs KID formulae - The European Supervisory Authorities (ESAs – EIOPA, ESMA and EBA jointly) have published corrections to two of the formulae in their consultation on draft regulatory technical standards...more

Global Cartel Enforcement 2015 Year in Review

Developing trends: Auto parts and financial services penalties dominated global enforcement fine totals in 2015. And while financial services will remain a focus for enforcers in 2016, several new antitrust...more

OCC Releases Semiannual Risk Perspective Report

On December 16, the OCC released its Semiannual Risk Perspective report to provide an overview of supervisory concerns for the federal banking system, including operational and compliance risks. According to the report, which...more

A New EU Era of Cybersecurity on the Horizon

After almost three years, consensus has been finally reached on the text of the Network and Information Security (“NIS”) Directive, the first-ever, EU-wide cyber security regulation. The NIS Directive (or Cybersecurity...more

Blog: “Strong Customer Authentication” & “Secure Communication” Under The Second Payment Services Directive

The second Payment Services Directive (PSD2) is expected to come into force in January 2016, and to apply to payment services providers from January 2018. When it comes into force, PSD2 will give the European Banking...more

EP agrees cybersecurity Directive

EP and the Luxembourg Presidency have agreed the text of the cybersecurity Directive, which should now be agreed by the COREPER on 18 December. ...more

Marketing of Financial Products to Retail Investors: Belgian Financial Services and Markets Authority Issues Guidance on New Rules

On 27 October 2015, the Belgian Financial Services and Markets Authority (“FSMA”) issued circular FSMA-2015-16 (the “Circular”) providing detailed guidance on the recently amended rules governing marketing materials used in...more

A Great Leap Forward: EU Soon to Have Broad Rules on Cybersecurity and Incident Reporting

On December 7, 2015, more than two and a half years after the first draft, the European Union Council finally reached an important, informal agreement with the Parliament on important network and information security rules...more

Your daily dose of financial news The Brief – 12.8.15

Investors are scrambling to put their money where they think the Fed’s mouth will be, betting an estimated $26.6 billion in net wagers through December 1 on the prices of 5-year Treasury-note futures falling. Such price drops...more

EDPS seeks new debate on Big Data

EDPS has published its opinion on meeting the challenges of Big Data. It outlines the main challenges, opportunities and risks of Big Data, and how important it is that companies processing large volumes of personal data...more

Your daily dose of financial news The Brief – 12.3.15

Fed Chair Janet Yellen is doing all she can to soften the blow of (or at least sufficiently prep the markets for, bond traders be damned) the seemingly inevitable Fed interest rate liftoff at the Fed’s December meeting. ...more

Your daily dose of financial news The Brief – 11.30.15

Another Black Friday has come and gone (and hey, welcome to Cyber Monday and a big financial week ahead), but the truth is that it’s not quite what it used to be—both for brick-and-mortar retailers and for those using it to...more

The EU-U.S. Safe Harbor Decision: Implications for the Asset Management Industry

In our recent OnPoint, we reported that the Court of Justice of the European Union (CJEU) declared that the “Safe Harbor,” upon which many companies in the EU and U.S. relied to share data both within and outside of their...more

German Data Protection Authorities Issue Position Paper In Light of Schrems EU Court Decision

Recently, German data protection authorities issued a position paper to address potential consequences of the Court of Justice of the European Union’s (CJEU) Schrems ruling on the handling of personal data. The first section...more

Financial Services Weekly News - October 2015 #3

Regulatory Developments: FINRA Requests Comment on Rules Relating to Financial Exploitation of Vulnerable Adults - On Oct. 15 FINRA published Regulatory Notice 15-37, requesting comment on proposed amendments to...more

Trade & Manufacturing - News of Note - October 2015

President Xi's State Visit Brings Announcements on Cybersecurity and Climate Change - In late September, Chinese President Xi Jinping made his first state visit to the United States. Cybersecurity and climate change...more

FCA publishes minutes from MiFID 2 implementation roundtable

FCA has published the minutes from the meeting of the MiFID 2 implementation roundtable in September. The discussion covered implementing measures, FCA’s consultation, cost benefit analysis and an upcoming conference focused...more

U.S. Attorney General Discusses DOJ’s Global Cybercrime Initiatives at Europol

On September 16, U.S. Attorney General Loretta Lynch addressed the European Cybercrime Center at Europol, where she highlighted recent and planned DOJ initiatives related to global cybercrime and cyber threat efforts and...more

Insurance Newsletter September 2015

On May 26, 2015, the United States Court of Appeals for the District of Columbia upheld a District Court decision and ruled that the Internal Revenue Service could not impose excise tax on certain wholly-foreign retrocessions...more

Online Payment Systems Technology in China—Trojan Horse or Forbidden Fruit?

Powerful new computational technology pioneered in e-commerce presents Chinese regulators with potential concerns and solutions to the perennial problem of information, pricing, and settlement capacity. Online payment...more

European Commission to Publish Legislative Proposal on Common Deposit Guarantee System by End of 2015

Jean-Claude Juncker, President of the European Commission, has announced that the Commission will publish a legislative proposal on first steps towards establishing a common deposit guarantee system by the end of 2015. His...more

European authorities arrest alleged banking malware developers

Law enforcement authorities have announced the arrest of two individuals-one a Russian national and the other Moldovan, both of whom are alleged to have developed and implemented banking malware known as Citadel and Dridex....more

Financial Regulatory Developments Focus - August 2015 #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

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