Finance & Banking Updates

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SEC Adopts Amendments to Form ADV

On August 25, 2016, the Securities and Exchange Commission (SEC) adopted amendments to Form ADV that are designed to provide additional information regarding advisers, including information about their separately managed...more

New FDIC Study is Predictive of Upcoming Risk Management Examinations

When the FDIC finishes an examination of a bank and finds that improvements are recommended in certain areas, the recommendation is delivered to the bank in the Report of Examination as Matters Requiring Board Attention...more

Say-On-Pay Considerations for Compensation Committees

Now that most public companies have held their 2016 annual meetings, and stockholders have voiced their opinions regarding executive compensation, it is more important now than ever for companies and their compensation...more

Form ADV Gets an Overhaul

On August 25, 2016, the Securities and Exchange Commission (“SEC”) modernized the reporting regime for investment advisers by adopting amendments to the Investment Advisers Act of 1940, as amended (the “Advisers Act”) and...more

Don’t Hail the CAB – Why FINRA’s Capital Acquisition Broker Rule Set Will Not Get Private Funds to their Destination

For many years, the private fund industry and the securities bar have called for a limited rule set to govern broker-dealers solely engaged in raising capital for private funds or other issuers of unregistered securities or...more

CFPB and National Bank Reach $32.25 Million Settlement Regarding Credit Card Add-On Products

On August 25, 2016, the Consumer Financial Protection Bureau (CFPB) announced an order against a national bank that will require the bank to pay $32.25 million in consumer relief and civil penalties based on practices...more

“Eviscerate” is the Proper Term for What the Ober Opinion Did to the Lis Pendens Statute—But What About Jurisdiction?

Florida’s 4th District Court of Appeal sent the real property and mortgage world into a frenzy this week after issuing its opinion in Ober v. Town of Lauderdale-By-The-Sea, dramatically weakening the protections of Florida’s...more

Canada’s Financial Sector: Legislation for the Future

On August 26, 2016, Canada’s Department of Finance (Finance Canada) launched a consultation process to review the legislative and regulatory framework of the federal financial sector. This follows the extension of the sunset...more

MEasure - Summer 2016

Brexit – Impact on Middle Eastern Issuers - Whilst the precise legal and regulatory impact that the UK’s recent decision to leave the European Union (EU), dubbed Brexit, will have on the corporate finance market will...more

The Financial Report, Volume 5, Number 16 (Global)

Discussion and Analysis One of our lead articles discusses a research report indicating that SEC enforcement activity has slowed in 2016. According to the article, the SEC has brought nearly ten percent fewer enforcement...more

Are Your Customer Accounts in Order? SEC Announces Sweep of Broker-Dealers and Implementation of the Customer Protection Rule...

On June 23, 2016, the Securities and Exchange Commission (the SEC) announced that it would begin a coordinated effort across divisions to identify potential violations by broker-dealers of Rule 15c3-3 (the “Rule”) under the...more

New International Entrepreneur Rule Revealed

Today, the U.S. Citizenship and Immigration Services (USCIS) announced it is proposing a new rule, which would allow certain international entrepreneurs to stay in the U.S. on a case-by-case basis, in order to start or grow...more

Regulators Publish Updates to CRA Guidance

The federal bank regulatory agencies adopted revisions to the interagency guidance on the Community Reinvestment Act, focusing on alternative systems for delivering retail banking services, innovative or flexible lending...more

Immigration Relief for Foreign Entrepreneurs

On August 26, 2016, USCIS released the text of a proposed rule to be published in the Federal Register shortly, that provides temporary immigration relief to qualifying foreign entrepreneurs whose presence in the U.S. would...more

Your daily dose of financial news - The Brief – 8.29.16

One of the big themes running through the Fed’s Jackson Hole conference that wrapped last weekend: whoa, there.  Just take it easy.  It’s time for legislatures to kick government spending into high gear—not for central...more

Department of Defense Issues New Guidance on Military Lending Act Regulations

On August 26, 2016, the Department of Defense (DOD) issued an interpretive rule providing guidance on the DOD’s regulations implementing the Military Lending Act (MLA). Specifically, the interpretive rule aims to clarify...more

California's Legislature Puts Additional Disclosure Pressure on Fund Managers with the Passage of AB 2833

On August 24th, the California Legislature approved Assembly Bill No. 2833 (“AB 2833”), which is now headed to Governor Jerry Brown’s desk for signature. If Governor Brown signs the bill, as is expected, all public pension...more

FinCEN Proposal Looks to Extend AML Requirements to Non-Federally Regulated Banks

On April 25, 2016, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, proposed a rule that would require all banks, regardless of whether they are subject to regulation by a...more

SEC Charges 71 Issuers under its Municipalities Continuing Disclosure Cooperation Initiative

On August 24, 2016, the Securities and Exchange Commission (SEC) announced enforcement actions against 71 municipal issuers and other obligated persons (collectively, the municipal issuers) under the SEC’s Municipalities...more

NJ Supreme Court Holds Intervening Mortgage Takes Priority After Discretionary Advances by Initial Mortgagee

The New Jersey Supreme Court recently clarified its rules regarding mortgage priority, holding that a factoring company’s secured first mortgage can be trumped by a law firm’s later-filed mortgage where the factoring company...more

Corporate and Financial Weekly Digest - Volume XI, Issue 33

SEC/CORPORATE - SEC Seeks Public Comment on Disclosure Requirements of Subpart 400 of Regulation S-K - On August 25, the Securities and Exchange Commission announced that it is seeking public comment on the issues...more

Are You Prepared for Disruption? New regulations, new challenges and opportunities [Expect Focus – Vol. II, July 2016]

- Fed Takes First Steps Toward Setting Capital Requirements for Some Insurers - New Wave of COI Rate Increase Lawsuits Hits the Industry - STOLI Policies Cancelled, Insurers Retain Premium - SEC...more

Ontario Pension Plan Members Will Soon Have Significant New Rights

Ontario is on the verge of implementing new rights for members of registered pension plans. Members will have the right to form committees that will have broad rights to review information about all aspects of plan...more

Five Areas of Focus for the New CDD Rule

While regulators haven’t yet spelled how the new customer due diligence (CDD) requirements for financial institutions will be implemented, banks, credit unions, securities firms, money services businesses, and casinos should...more

FinCEN Proposal Extends AML Requirements to Banks Without a Federal Functional Regulator - Proposed Rule Would Include Trust...

The Financial Crimes Enforcement Network (FinCEN) on Aug. 25, 2016, issued a notice of proposed rulemaking (Proposed Rule) to implement Section 326 of the Uniting and Strengthening America by Providing Appropriate Tools...more

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