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A Gift for New Jersey Gift Card Issuers and Retailers: Consumer Data Collection Requirements Eliminated by S.B. 2235

Retailers and issuers of gift cards in New Jersey recently received welcome news: they no longer have to worry about looming consumer data collection requirements. Under existing law, beginning in July 2016, gift card (also...more

Agencies Issue Guidance for Foreign Banking Entities on the Application of the Marketing Restriction for the Volcker Rule’s SOTUS...

On Friday, February 27, 2015, the Volcker Inter-Agency Group posted a new frequently asked question (FAQ 13), clarifying the scope of the so-called “marketing restriction” under the SOTUS covered fund exemption. The SOTUS...more

Still Exempt? Important Changes to the Private Placement Regime

On February 19, 2015, the Canadian Securities Administrators (CSA) and Ontario Securities Commission (OSC) announced significant amendments to National Instrument 45-106 Prospectus and Registration Exemptions (NI 45-106) and...more

Security Interests in Intellectual Property

As collateral for a loan, lenders are accustomed to obtaining a security interest in the property of the borrower. Such property usually includes tangible assets of the borrower such as real estate, machinery and other...more

Blog: Shareholder Proposal Regarding Audit Committee Composition

As noted in this article from Compliance Week, the Corp Fin staff have refused to issue no-action relief to Citigroup agreeing that it could exclude from its proxy statement a proposal from the prolific John Chevedden...more

Court Of Chancery Upholds Privilege For Funding Agreement

Applying the Delaware “because of” test to determine what is covered by the work product privilege, this decision prohibits discovery of the funding agreement between a litigation funding firm and one of the parties to the...more

Advisory Committee on Small and Emerging Companies Meets Wednesday

The SEC’s advisory committee will meet this Wednesday to discuss and address means of promoting secondary market liquidity for the securities of small and emerging companies, including addressing the Section 4(a)(1-1/2)...more

Orrick's Financial Industry Week in Review

New FAQ's Regarding the Scope and Implementation of the Volcker Rule Issued by the U.S. Banking, Securities and Commodities Regulatory Agencies - On February 27, the Board of Governors of the Federal Reserve System,...more

Hong Kong Closer to Complete Overhaul of Regulatory Regime for Payment Systems

On 23 January 2015, and following a lengthy consultation process, the Legislative Council of Hong Kong published the Clearing and Settlement Systems (Amendment) Bill 2015 (the “Bill”) which proposes a new regulatory regime...more

Insigh: Capital Markets: Tips for Taps

Following a successful bond issuance, an issuer may consider a “tap” issuance as a way to access further funding. White & Case offers some “Tips for Taps” for issuers and underwriters in accessing the capital markets...more

Finding the Earliest and Least Expensive Exit From Financial Services Class Actions

Effectively responding to class litigation doesn’t necessarily mean simply preparing an answer or perfunctory motion to dismiss, diving headlong into class discovery, investing in full-fledged combat on the merits of the...more

FDIC Resolves Doral Bank in a New Receivership Action

The $5.9 billion Doral Bank (San Juan, Puerto Rico), a wholly owned subsidiary of Doral Financial Corporation (Coral Gables, Florida), was closed by the Office of the Commissioner of Financial Institutions of Puerto Rico, on...more

Fighting the Fiduciary Rule Before It’s Been Even Proposed

Not long after President Obama expressed the desire that the Department of Labor (DOL) implement a fiduciary rule for brokers who work on retirement plans; did one of Wall Street’s paid minions strike back....more

Charities and Gambling

Most gambling is illegal in Virginia. Seeking creative means to raise money for laudable purposes, legitimate Virginia charities sometimes venture into dangerous waters in the belief that their philanthropic goals insulate...more

Mind the Red Flags – FinCEN Issues Penalty for Failure to File SARs on Director’s Suspicious Activity

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) recently penalized First National Community Bank (FNCB) $1.5 million for failing to file suspicious activity reports (SARs) despite the existence of...more

SEC Advisory Committee to vote on definition of “Accredited Investor”, and to consider secondary market liquidity for securities...

The Securities and Exchange Commission announced today that the next meeting of its Advisory Committee on Small and Emerging Companies will focus on ways to increase the opportunities for investors in small and emerging...more

SEC Provides Guidance on Receipt of Gifts by Fund Advisory Personnel

On February 23, 2015, the SEC’s Division of Investment Management issued guidance concerning the conflict of interest that arises when persons doing business, or hoping to do business, with a fund provide gifts, entertainment...more

When "Shall" Means "May": Wisconsin Court of Appeals Allows Mortgage Lenders to Slow the Foreclosure Sale Process

Last week we discussed the Wisconsin Supreme Court’s decision in Bank of New York v. Carson permitting circuit courts to force a mortgagee to hold a sheriff’s sale. Today we rewind the clock a bit to a decision last December...more

CFPB Takes Action Against Mortgage Lender Targeting Veterans, Imposes $2M Penalty

Why it matters - Alleged deceptive marketing by a mortgage lender to veterans was at the heart of the Consumer Financial Protection Bureau’s (CFPB) latest enforcement action. NewDay Financial, LLC, “profited from the...more

Federal Reserve Board Extends Comment Period

On February 26, the Federal Reserve Board extended until April 3 the comment period for its proposed rule to implement capital surcharges for the largest, most systemically important U.S. bank holding companies....more

Bridging the Week - March 2015

Europe and US Receive Good Grades for PFMI Implementation; Japan Receives the Best Grade - Regulators in the European Union, Japan and the United States have made “good progress” in implementing the Principles of...more

Rating Agency Developments

On February 23, DBRS releases its Criteria for Guarantees and other forms of explicit support....more

EBA Opinion on Regulation of EU Lending-Based Crowdfunding

On February 26, 2015, the European Banking Authority (“EBA“) published an opinion on lending-based crowdfunding. The opinion notes that certain Member States (France, Italy, Spain and the UK) have created specific regulations...more

Lobbyist Principal Report Due March 16

In accordance with the Minnesota Campaign Finance and Public Disclosure Act, all lobbyist principals must file an Annual Report with the Minnesota Campaign Finance and Public Disclosure Board ("Board") on or before March 16,...more

Federal Agencies Release New Volcker Rule Guidance for Non-U.S. Banking Entities and Fund Sponsors Seeking to Rely on the “SOTUS”...

On February 27, 2015, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange...more

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