Finance & Banking Updates

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Governance & Securities Law Focus: Asia Edition - October 2016

In this newsletter, we provide a snapshot of the principal Asian, US, European and selected international governance and securities law developments of interest to Asian corporates and financial institutions. Please see...more

SEC Issues Guidance on Business Continuity Planning for Registered Investment Companies

The Securities and Exchange Committee (SEC) staff published Guidance Update 2016-04, concerning business continuity plans regarding companies within a “fund complex.” By “fund complex” the staff means an affiliated group of...more

Financial Services Weekly News - October 2016 #3

Editor's Note - Another Cybersecurity Proposal. On the heels of the New York State Department of Financial Services (NYDFS) issuing its proposed regulation that would require banks and insurance companies to institute...more

US Court of Appeals for the DC Circuit Declares Structure of the US Consumer Financial Protection Bureau Unconstitutional

The US Court of Appeals for the DC Circuit declared the structure of the US Consumer Financial Protection Bureau unconstitutional, stating that the “massive, unchecked power” exercised by its director, Richard Cordray, lacks...more

CFPB Makes FinTech Headlines

The Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) made headlines in FinTech on October 24, 2016. First, the Bureau released its first-ever Project Catalyst report on promoting consumer-friendly innovation...more

Blog: ECB Opinion on proposed changes to the European Venture Capital & Social Entrepreneurship Funds Regulations

The European Central Bank’s formal Opinion on the proposed changes to the European Venture Capital and Social Entrepreneurship Regulations has been published in the Official Journal....more

New California Laws for Financial Institutions

As the California legislative session wound down, Governor Jerry Brown signed multiple bills into law that will impact financial institutions. What happened - Financial institutions in California should prepare...more

CFTC Expands Interest Rate Swap Clearing Requirements

One of the major goals of the Dodd-Frank Act, enacted in the wake of the financial crisis of 2008, was to bring the swaps market under regulation generally and to require that standardized swaps be cleared by a central...more

Employee Benefits & Executive Compensation Advisory: DOL Changes the Landscape: How Will the New Fiduciary Rules Affect Plan...

Since the Department of Labor issued new rules that go into effect on April 10, 2017, regarding the fiduciary status for purposes of providing investment advice to plans and participants, many plan sponsors have questions...more

Update on Lawsuits Challenging the U.S. Department of Labor’s Fiduciary Rule

In this update on the litigation challenging the U.S. Department of Labor’s new fiduciary rule, we note that there has been a sixth lawsuit filed and oral arguments in two other cases.  ...more

Ninth Circuit Holds Non-Judicial Foreclosure of Deed of Trust Is Not Debt Collection under the FDCPA

Action Item: The United States Court of Appeals for the Ninth Circuit affirms that activities incident to the non-judicial foreclosure of a deed of trust under California state law is not “debt collection” within the scope of...more

US Office of the Comptroller of the Currency Releases Risk Reevaluation Guidance for Foreign Correspondent Banking

The OCC issued risk management guidance to national banks, federal savings associations and federal branches and agencies regarding the periodic reevaluation of risks in connection with providing correspondent banking...more

Your Daily Dose of Financial News

Faced with new Department of Labor rules requiring investment advisers to act in the best interest of their retirement account customers, Morgan Stanley’s decided to let its customers keeping paying for retirement advice with...more

What You Must Know about New York’s Proposed Cybersecurity Regulation for the Banking, Insurance, and Financial Services Sectors

Recently, New York’s Department of Financial Services released its long-awaited proposed cybersecurity regulation, which promises to deliver sweeping protections to consumers and financial institutions alike. The proposed...more

US Consumer Financial Protection Bureau Issues Final Rule to Protect Prepaid Account Users

The CFPB issued a final rule that applies federal consumer protections under Regulations E and Z for prepaid account users for the first time. Prepaid accounts may be loaded with funds by a consumer or by a third party, such...more

CFPB amends service provider guidance

The CFPB has reissued its guidance on service providers which was formerly titled CFPB Bulletin 2012-03, and as published in the Federal Register on October 26, 2016, is now titled “Compliance Bulletin and Policy Guidance...more

SDNY Bankruptcy Court Publishes Proposed Amendments to Local Rules

Last month, the United States Bankruptcy Court for the Southern District of New York published proposed amendments to its local rules effective December 1, 2016 (the “Proposed Amendments”). Links to the Bankruptcy Court’s...more

OCIE By the Numbers and the Use of Big Data

On October 17, 2016, Marc Wyatt, the Director of the SEC’s Office of Compliance, Inspection and Examinations, gave a keynote address to the National Society of Compliance Professionals titled: Inside the National Exam Program...more

US Commodity Futures Trading Commission Extends Time-Limited No-Action Relief for Swap Execution Facilities from Certain “Block...

The US Commodity Futures Trading Commission Division of Market Oversight (DMO) extended time-limited no-action relief to swap execution facilities from certain requirements in the definition of “block trade” in CFTC...more

Incentive Compensation for Employees: Instead of Increasing Banks' Bottom Lines, These Arrangements May Increase the Risk of Fines

The New York State Department of Financial Services (DFS) recently issued guidance to regulated banking institutions (Institutions) prohibiting them from implementing incentive-based compensation programs unless these...more

CFPB October 2016 complaint report highlights prepaid card complaints, complaints from North Carolina consumers

The CFPB has issued its October 2016 complaint report which highlights complaints about prepaid cards and complaints from consumers in North Carolina and the Charlotte metro area.  The CFPB began taking prepaid card...more

Mandatory Use of Payroll Debit Cards Violates Pennsylvania's Wage Payment and Collection Law

Over 2,300 current and former employees of 16 McDonald’s franchisee locations in Pennsylvania claimed that mandatory use of payroll debit cards violates the Pennsylvania Wage Payment and Collection Law (“WPCL”), and the...more

IRS Issues Final and Temporary Debt-Equity Regulations Under Section 385

On October 13, 2016, the Treasury Department and the Internal Revenue Service issued final and temporary regulations under section 385. The final and temporary regulations recharacterize certain debt instruments as equity for...more

US Commodity Futures Trading Commission Signs Memorandum of Understanding with UK Financial Conduct Authority to Improve...

The CFTC announced that CFTC Chairman Timothy Massad and Andrew Bailey, Chief Executive of the FCA, signed a Memorandum of Understanding (MOU) regarding cooperation and the exchange of information in the supervision and...more

Blog: SEC Proposes Use Of “Universal Proxy” In Election Contests And Adopts Changes To Rule 147 And Reg D

At an open meeting this morning, the SEC voted, by a vote of two to one, to propose amendments to the proxy rules that mandate the use of universal proxy cards in contested elections and relate to disclosure about voting...more

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