Finance & Banking Updates

Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:
News & Analysis as of

White House Plan to Further Expand Renewable Energy Use

President Barack Obama announced on August 24, 2015, additional steps taken to increase the adoption of renewable energy. Among other things, the set of executive actions announced on Monday include making $1 billion in...more

Eleventh Circuit Examines “Debt Collector” Under the FDCPA

For those tracking Fair Debt Collection Practices Act (“FDCPA”) litigation for financial institutions and loan servicers, an opinion recently issued by the Eleventh Circuit Court of Appeals provides new insight on the...more

Former Bank Executive Sentenced to 30 Months in Prison for Role in TARP Fraud Scheme

On August 20, former bank executive Charles Antonucci was sentenced to 30 months in prison for his role in organizing a scheme involving self-dealing, bank bribery, embezzlement of bank funds, attempting to fraudulently...more

Second Circuit: Transfer of Mortgage Servicing Rights Triggers FDCPA Disclosure Requirement

A federal appeals court has ruled that a nonbank mortgage servicer’s notice of servicing rights transfer sent pursuant to RESPA constitutes debt collection and thus triggers mandatory FDCPA disclosures. The Second Circuit...more

Brazil, bribes and backward tracing – only in Jersey

The Municipality of Sao Paulo and the Republic of Brazil successfully defeated an appeal from two BVI registered companies to the Privy Council which considered what the circumstances are, if any, where backward tracing would...more

Investment Fund Violates “Investment-Only” HSR Exemption

At the request of the Federal Trade Commission (“FTC” or “Commission”), the Department of Justice (“DOJ”) filed this week in federal court a proposed settlement to charges that an investment fund violated the...more

Israeli Tax Authority Extends Deadline to Register Family Trusts and Elect Tax Regime

On June 29, 2015, the Israeli Tax Authority extended the deadline for registration of Family Trusts (sometimes referred to as Relatives Trusts), which are trusts created by a non-Israeli grantor for the benefit of one or more...more

Financial Services Weekly News - August 2015 #4

Regulatory Developments - CFTC Issues Proposed Amendments to Swap Data Recordkeeping and Reporting Requirements for Cleared Swaps: On Aug. 19 the CFTC announced that it had voted to propose amendments to existing...more

Third Point Settles FTC Charges That They Violated U.S. Premerger Notification Requirements

On August 24, 2015, the FTC announced that Third Point Funds (“Third Point”), which includes three affiliated hedge funds commonly managed, agreed to settle FTC charges that it violated premerger reporting requirements in...more

Alert: SEC Adopts Final Pay-Ratio Rule

On August 5, 2015, the SEC adopted a final rule to implement Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, often referred to as the pay-ratio provision. The pay-ratio provision mandates...more

New York City’s New Discrimination Law Banning Credit Checks on Employees to Go into Effect Soon

New York City’s credit discrimination law (New Credit Law) becomes effective September 3, 2015. The New Credit Law, which modifies New York City’s Human Rights Law, prohibits employers with four or more employees in New York...more

Approval Process Disapproved: IRS Curtails the Determination Letter Program

The Internal Revenue Service (the “IRS”) on July 21, 2015, issued Announcement 2015-19, describing important changes to the determination letter program for individually designed tax-qualified retirement plans. These changes...more

Upper Tribunal Finds That Individual Lacked Integrity Due To Recklessness

In this case report, we consider the decision of the Upper Tribunal (Tax and Chancery Chamber) in Ghanshyam Batra v Financial Conduct Authority [2014] UKUT 214 (TCC), in which the Upper Tribunal upheld the FCA's decision to...more

FinCEN Proposes BSA/AML Rules for Investment Advisers (Again)

On Tuesday, August 25, 2015, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, issued a notice of proposed rulemaking that would bring certain investment advisers under the umbrella...more

Key Lessons From The SEC's FCPA Enforcement Action Against BNY Mellon

The cost of hiring an intern just went up. The Bank of New York Mellon Corp. ("BNY Mellon") last week agreed to pay the U.S. Securities and Exchange Commission ("SEC") $14.8 million to settle allegations that the company...more

Sixth Circuit Enforces Subrogation Clause

The Sixth Circuit rejected a participant’s argument that the plan’s subrogation provision was not enforceable because it was only in the plan’s summary plan description, and not in the trust agreement that the participant...more

Retaliation Litigation on the Rise: The SEC’s Broadening Interpretation of Dodd-Frank’s Whistleblower Provisions

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Act”) instituted sweeping changes to the financial sector of American industry. In addition to increased federal oversight, the Act implemented a...more

Treasury updates sanctions

Treasury has renewed designations under the Terrorist Asset Freezing etc Act 2010, and updated the sanctions lists in respect of Al-Qaida....more

Retirement Planning Strategies under the Scrutiny of the Federal Fisc

President Obama’s proposed budget for 2016 shows that some retirement planning strategies have drawn the attention of the Federal government and may be subject to future legislative limitations. The President’s proposed...more

FCA feeds back on SMR for bank branches

FCA has published a feedback statement with near-final rules on the Senior Managers Regime (SMR) and approved persons in UK branches of overseas banks. Unlike PRA’s paper discussed below, FCA’s paper covers UK branches of...more

FinCEN Proposes Extending Anti-Money Laundering Compliance Requirements to Investment Advisers

On Tuesday, the United States Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that would require SEC-registered investment advisers, including private equity and hedge funds, to comply...more

FCA publishes Approved Persons changes for Solvency 2 firms

FCA has published feedback and final rules addressing: - reforms to the Approved Persons Regime for firms to which PRA has applied the Solvency 2 regime, specifically: - changes to the scope of the Approved Persons...more

Silicon Valley Venture Survey - Second Quarter 2015

Background - We analyzed the terms of 166 venture financings closed in the second quarter of 2015 by companies headquartered in Silicon Valley. - Overview of Fenwick & West Results - Valuation results continued...more

Blog: Institutional Shareholders Weigh In On Pay-Ratio Disclosure

According to the director of global governance at CalPERS, quoted in the article, the new rule should provide shareholders with more clarity on executive pay and reduce the need for “back-of-the-envelope” calculations: “’This...more

DC Circuit Court Rejects Challenge to SEC Pay-to-Play Rule

The DC Circuit Court has rejected an effort by the New York and Tennessee Republican Parties to set aside Securities and Exchange Commission Rule 206(4)-5. The 2010 SEC rule prohibits investment advisers from providing...more

34,491 Results
|
View per page
Page: of 1,380

Follow Finance & Banking 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.
×