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Your Daily Dose of Financial News

by Robins Kaplan LLP on

A Tuesday Times op-ed accuses Wall Street of “fleec[ing]” American pension plan, mutual fund, and insurance policy investors by routing orders to particular exchanges in return for “rebates”—fractions of cents for each trade...more

Debt Dialogue: May 2017 - Ambac v. Countrywide: New York’s First Department Raises the Bar for RMBS Fraud Claims by Monoline...

As litigation stemming from the U.S. subprime mortgage crisis continues, the legal framework governing the liability of participants in residential mortgage-backed securities (RMBS) securitizations continues to develop....more

21st Century Glass-Steagall Act Introduced in the Senate

On April 6, the 21st Century Glass-Steagall Act of 2017 (GSA) was introduced in the U.S. Senate by Elizabeth Warren, D-Mass., with John McCain, R-Ariz., Maria Cantwell, D-Wash. and Angus King, I-Maine co-sponsoring. The bill...more

Who Is Winning the Securities Class Action War—Plaintiffs or Defendants? (Part III)

This is the third of a three-part post that analyzes why plaintiffs are winning the securities class action war and what defendants can do about it....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Times gives us some insight into the opaque (but powerful) HNA Group—the Chinese entity that began with Hainan Airlines and has grown into a global investing and acquisition powerhouse that is now the largest shareholder...more

Banking, Finance & Insurance Letter - Mars-Avril 2017

Portées des Q&A des AES - Le 21 mars 2017 la Commission Européen a lancé une consultation intitulée « Operations of the European Supervisory Authorities ». Please see full Publication below for more information. ...more

China's draft regulations to affect investment in Chinese insurance companies

by Hogan Lovells on

On 29 December 2016, the China Insurance Regulatory Commission (“CIRC“) commenced public consultation on the amended Administrative Measures for Equities of Insurance Companies (Draft for comments) (the “Draft Measures“),...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

BaFin Publishes Guidance on Transparency Standards for German Funds - On 4 April 2017, BaFin has published new transparency standards for funds after a BaFin investigation found that some active funds “closely” track...more

Planning ahead: the FCA's 2017/18 Business Plan priorities and strategic framework

by Hogan Lovells on

The FCA's latest Business Plan demonstrates a commitment to pushing forward on both existing and new initiatives across sectors, focused on maintaining fair consumer outcomes in the rapidly changing UK financial services...more

Expect Focus - Life Insurance: Risky Business, Volume I, March 2017

by Carlton Fields on

Regulators Demand Third-Party Risk Management - While third-party risk management has been a required component of an effective enterprise risk management program for many years, the topic is receiving elevated...more

Court Applies “Fiduciary Exception” to Mutual Fund Trustees’ Attorney-Client Privilege

by Carlton Fields on

In Kenny v. Pacific Inv. Mgm’t Co. LLC (W.D. Wash.), a federal judge recently ruled that a mutual fund’s independent trustees must produce certain documents that the trustees had redacted or withheld based on attorney-client...more

SEC Staff Allows Brokers to Set Commissions for Mutual Fund “Clean Shares”

by Carlton Fields on

On January 11, the SEC staff issued an interpretive letter to the Capital Group (CG Letter) stating that Section 22(d) of the Investment Company Act does not prevent brokers from charging commissions for effecting...more

SEC Facilitates Product Charge Variations

by Carlton Fields on

SEC staff in December issued a Guidance Update that provides significant flexibility regarding how mutual funds and variable annuities (VAs) reflect multiple charge structures in their SEC registration statements....more

Will New Administration Speed VA Summary Prospectus?

by Carlton Fields on

President Trump’s nominee for SEC Chairman, Jay Clayton, could speed authorization of the variable annuity (VA) summary prospectus and related layered disclosure and shortened underlying fund report to shareholders. Doing so...more

SEC Approves FINRA Efforts to Protect Seniors and Other Vulnerable Persons

by Carlton Fields on

The SEC recently approved an amendment to FINRA Rule 4512 that requires FINRA members to make reasonable efforts to obtain, from each customer for whom they maintain an account, specified information about a “trusted contact...more

Business Litigation Reporter - April 2017

by Goodwin on

Representations and Warranties Insurance Policies – Lessons from the Claims Process - Representations and warranties insurance policies (R&WI Policies)—designed to protect parties from loss arising from breaches of...more

China Tightens Regulations on Investing Insurance Funds in Shares of Listed Companies

by Carlton Fields on

The entire Chinese economy, including its insurance industry, has experienced rapid growth in recent years. Speculative investments have become an inevitable byproduct of this growth. One of the most well-known examples of a...more

Funds Talk: March 2017

OCIE Highlights Frequent Topics for Compliance Deficiencies for Investment Advisers - On Feb. 7, 2017, the Securities and Exchange Commission’s (SEC’s) Office of Compliance Inspections and Examinations (“OCIE”) published...more

Insurance Companies Need to Prepare for Swap Margin Rules in Effect on March 1, 2017

by Holland & Knight LLP on

March 1, 2017, is the scheduled implementation date applicable for all insurance companies for the mandatory posting of variation margin to their swap dealer counterparties under U.S. margin rules. Although the...more

Uncertain Seas: European Financial and Regulatory Developments into 2017

Charting New and Dangerous Waters - Lloyd George and Epictetus may be long gone but their words have much resonance with the events of 2016. The political fallout from the UK’s vote to leave the European Union (“EU”)...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Prohibition on Dealing or Investing in Industrial or Commercial Metals - On January 3, 2017, the Office of the Comptroller of the Currency (the "OCC") finalized a rule that...more

Back to the Future: 2017 [Expect Focus Life Insurance – December 2016]

by Carlton Fields on

- Should Your Company Purchase Bitcoin to Pay a Cyber Ransom? - NAIC Draws Line in CFPB Sandbox - NAIC’s Big Data Task Force Sets Charges for 2017 - Broker-Dealers Can Hold Customers’ Initial Checks...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

By volume, December wasn’t an incredible month for US jobs. But the report did help cap a year that saw average hourly earnings rise 2.9%—the best since 2009 and a “turning point for the overall economy,” according to one...more

SEC Adopts Liquidity Risk Programs for Funds

by Carlton Fields on

On October 13, the SEC adopted rule reforms designed to improve liquidity risk management by open-end funds. Liquidity Risk Management Programs - Under the reforms, mutual funds (excluding money market funds) and...more

Broker-Dealers Can Hold Customers’ Initial Checks

by Carlton Fields on

A recent SEC no-action letter gives broker-dealers more time to perform suitability and other reviews when opening certain customer accounts. The firms requesting the letter were affiliated with three different insurance...more

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