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This Week In Securities Litigation

The SEC announced its first whistleblower award in a retaliation case this week. The agency also brought an insider trading case, an action against an investment adviser, its general counsel and auditor based on a conflict, a...more

SEC Proposes Rules to Require Disclosure Regarding the Relationship Between Executive Pay and Company Financial Performance

On April 29, the Securities and Exchange Commission published proposed rules that would require companies to disclose the relationship between executive compensation and the financial performance of the company, as well as...more

SEC Proposes Title VII Regulatory Framework for Non-US Dealers Transacting in the United States

The U.S. Securities and Exchange Commission (the “SEC”) reproposed rules addressing the application of certain requirements under Title VII of the Dodd-Frank Act (the “Reproposal”) to non-U.S. persons dealing in...more

Financial Regulatory Developments Focus - April 2015 #4

In this issue: - Federal Deposit Insurance Corporation Seeks Comment on Potential New Deposit Account Records Requirements for Banks with a Large Number of Deposit Accounts - Basel Committee Removes Selected...more

CFPB settles first overdraft opt-in rule enforcement action

The CFPB announced yesterday that it had reached a settlement with Regions Bank regarding claims that the bank unlawfully charged overdraft fees to customers who had not opted-in for overdraft coverage. The matter is the...more

Financial Services Weekly News Roundup - April 2015 #5

Ninth Circuit Denies Rehearing of Northstar v. Schwab. On April 28, the U.S. Court of Appeals for the Ninth Circuit denied the petition of Schwab Investments’ (Schwab) for rehearing and rehearing en banc in the case of...more

The Big and Small Implications in Perez v. Mortgage Bankers Association

There are two important takeaways from Perez v. Mortgage Bankers Association, one with a broad scope and the other much narrower. The broader ruling exempts agency interpretations of laws and regulations from any notice and...more

SEC Sanctions Adviser, and its CEO, GC and Auditor Based on Conflicts

Conflicts of interest are a central focus for the SEC. Indeed, conflicts are at the core of many of the actions brought against regulated entities. And, an undisclosed conflict was at the center of actions brought against a...more

DOJ and International Investment Bank Enter Into Plea Agreement to Resolve LIBOR Manipulation Claims, Bank Agrees to Pay $2.5...

On April 23, the DOJ announced that an international investment bank and its subsidiary agreed to plead guilty to wire fraud for its alleged conduct, spanning from 2003 through 2011, in manipulating the London Interbank...more

CIO Sentenced for Insider Trading

David Riley, formerly the Chief Information Officer of Foundry Networks, Inc. was sentenced to serve 60 months in prison and pay a $50,000 fine based on insider trading charges. He was found guilty by a jury following a 13...more

"Assessing the Impact of Post-Financial Crisis Regulation"

The financial crisis of 2008 demonstrated that the then-existing financial regulatory system was in need of substantial repair. By any measure, the financial regulatory reform that has followed has been extensive. In areas...more

SEC Staff Responds to Frequently Asked Questions on 2014 Money Market Reform Release, Including Valuation Guidance

On April 22, 2015, the Securities and Exchange Commission (“SEC”) staff released guidance, titled “2014 Money Market Fund Reform Frequently Asked Questions,” that discusses various interpretive issues arising from the SEC’s...more

Unclaimed Property Audit Primer for Broker-Dealers

Background - The same State Treasurers and contingency-fee unclaimed property auditors that focused on the life insurance industry are now turning their attention to broker-dealers. Sutherland has been actively...more

SEC Committee to Focus on the Order Protection Rule at Upcoming Meeting

On April 17, the Securities and Exchange Commission announced that its Equity Market Structure Advisory Committee (Committee) will hold its first meeting on May 13. The Committee, which was created earlier this year to...more

CFPB Fines Military Allotment Processor $3.1 Million

Last week, the Consumer Financial Protection Bureau (CFPB) filed a consent order with Fort Knox National Co. and its subsidiary Military Assistance Co. (MAC), alleging that the companies duped U.S. military service members...more

Bridging the Week - April 2015 #4

Volcker Alliance Calls for CFTC and SEC Merger Among Other Financial Oversight Agencies’ Reform - A not-for-profit think tank headed by Paul Volcker, former Chairman of the Board of Governors of the Federal Reserve...more

CFTC Issues No-Action Relief to SEFs and DCMs in Connection with Swaps with Operational or Clerical Errors

On April 22, the Commodity Futures Trading Commission’s Division of Market Oversight and Division of Clearing and Risk (Divisions) issued CFTC Letter No. 15-24 to provide no-action relief to enable swap execution facilities...more

U.S. Files Complaint Against Leading Non-Bank Mortgage Lender For Alleged Improper Underwriting Practices on FHA-Insured Loans...

On April 17, Quicken Loans filed a preemptive lawsuit against the DOJ and HUD in the Eastern District of Michigan against HUD, the HUD-IG, and DOJ, asserting that it “appears to be one of the targets (due to its large size)...more

CFTC Issues No-Action Relief for SEF Confirmation and Recordkeeping Requirements and Confirmation Data Reporting Requirements

On August 14, 2014, the Commodity Futures Trading Commission’s Division of Market Oversight (DMO) granted no-action relief to swap execution facilities (SEFs) from the confirmation and recordkeeping requirements set forth in...more

Quicken Loans Takes on the DOJ & HUD

Quicken Loans, the nation’s largest Federal Housing Administration (FHA)-backed mortgage lender, filed suit on Friday, April 17 in the United States District Court in Detroit against the United States Department of Justice...more

CFTC Issues Guidance for Swap Execution Facilities on the Calculation of Projected Operating Costs

On April 23, the CFTC issued guidance regarding the calculation of projected operating costs or expenses for the purpose of meeting the financial resource requirements under SEF Core Principle 13 in Section 5h(13) of the...more

SEC Halts Fraudulent Farm Loan Investment Program

The Commission initiated an action centered on the misuse of offering proceeds tied to farm loans. The defendants include an investment adviser, a financial planner and an attorney. SEC v. Veros Partners, Inc., Civil Action...more

Canada’s Federal Budget 2015: A Significant Boost to Canadian LNG and Resources

In its last budget before a fall election, the Canadian federal government made a number of new spending commitments in energy and resources area, and also made significant changes to the tax and financing regime for...more

Spring Cleaning: Out With the Old, In With the New Pennsylvania Withdraws Endorsement 1010 and Introduces Endorsement 1530

Effective April 1, 2015, the Pennsylvania Department of Insurance (DOI) approved the Title Insurance Rating Bureau of Pennsylvania’s (TIRBOP) filing of Pennsylvania Endorsement 1530, along with the withdrawal of Pennsylvania...more

Financial Conduct Authority Fines U.S. Bank Subsidiary $19.8 Million for Reporting Failures

On April 22, the Financial Conduct Authority (FCA) fined a subsidiary of U.S.-based bank approximately £13 million ($19.8 million) for (i) improperly reporting more than 35 million various client transactions, ranging from...more

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