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Tax Talk -- Volume 7, No. 1 -- April 2014

In This Issue: - FATCA Update: IRS Releases New Regulations, New Forms, and New IGAs - No Rule Policy on MLPs - IRS Introduces New Grandfather Rule for Equity-Linked Instruments Under Section 871(m) - Rev....more

FFIEC Warns Financial Institutions that Financial Regulators Expect Them to Address Risks from Widely Reported Material Computer...

On April 10, 2014, the Federal Financial Institutions Examination Council (“FFIEC”), whose members are the FRB, FDIC, OCC, NCUA, CFPB and the State Liaison Committee (the “Financial Regulators”), issued an alert (the “Alert”)...more

FDIC Reissues Technology Outsourcing Resources, Urges Use Of Cyber Resources

On April 7, the FDIC reissued, as attachments to FIL-13-2014, three technology outsourcing resources. The documents, which the FDIC describes as containing “practical ideas for banks to consider when they engage in technology...more

SEC’s OCIE Announces Cybersecurity Examinations Of Broker-Dealers And Registered Investment Advisers

The SEC’s Office of Compliance Inspections and Examinations, or OCIE, previously announced that its 2014 Examination Priorities included a focus on technology, including cybersecurity preparedness. OCIE has issued a Risk...more

Texas Department of Banking Issues Guidance on Virtual Currency

The Texas Department of Banking issued a supervisory memorandum clarifying the applicability of the Texas Money Services Act to various activities involving virtual currencies. The Department of Banking determined that...more

Bitcoin – real, virtual or illegal currency?

The news about the indictment of Charlie Shrem, the former vice president of Bitcoin Foundation, and Robert Faiella in the US because of their potential involvement in the laundering of more than $ 1 million bitcoin on the...more

Aggressive Liability Theory Does Not Eliminate Obstacles To Banks’ Claims In Target Data Breach Class Action

The latest salvo in the Target data breach litigation is a class action brought by credit card issuing banks advancing a creative and somewhat misleading construction of the Minnesota’s Plastic Card Security Act. The banks...more

State of Texas Issues Memorandum on Virtual Currencies

The State of Texas is the most recent state to announce a formal policy with regard to virtual currencies. The Texas Department of Banking (DOB) issued a supervisory memorandum on April 3, 2014, interpreting how virtual...more

Texas Issues Licensing Guidance For Virtual Currency Firms

On April 3, the Texas Department of Banking issued a supervisory memorandum on the regulatory treatment of virtual currencies under the Texas Money Services Act. The memorandum states that money transmission licensing...more

FFIEC Advises Banks On Website, ATM Cyber Attacks

On April 2, the FFIEC advised financial institutions that distributed denial-of-service (DDoS) attacks on a financial institution’s public websites present operational and reputation risks. If coupled with attempted fraud, a...more

Judge Denied Bank of America’s Motion to Dismiss $850M Mortgage Fraud Case

Last week, Magistrate Judge David S. Cayer of the U.S. District Court for the Western District of North Carolina denied Bank of America’s motion to dismiss the Security and Exchange Commission’s claims against it in SEC v....more

Financial Services Law

Court: FTC Can Regulate Payday Lenders Affiliated With Indian Tribes - In what is being hailed by the Federal Trade Commission as a victory for regulators, a federal court judge in Nevada has ruled that the FTC has the...more

FTC Announces Settlements with Data Brokers over Alleged FCRA Violations

The Federal Trade Commission recently announced two more settlements with data brokers for alleged violations of the Fair Credit Reporting Act (FCRA). The settlements with Instant Checkmate, Inc., InfoTrack Information...more

Texas Department of Banking Issues Guidance on Treatment of Virtual Currency

On April 3, the Texas Department of Banking released a supervisory memorandum on the regulatory treatment of virtual currencies such as bitcoin under the Texas Money Services Act. The guidance clarified that virtual currency...more

FFIEC Issues Joint Statements on DDoS Cyber-Attacks and Cyber-Attacks on ATM and Card Authorization Systems

On April 2, 2014 the members of the Federal Financial Institutions Examination Council (“FFIEC”) issued two joint statements: the first joint statement regards distributed denial-of-service (“DDoS”) attacks, and the second...more

IRS Says Bitcoin Isn’t Money

On March 25, 2014 the IRS issued Notice 2014-21, which describes how the IRS will interpret existing general tax principles to apply to transactions using “virtual currencies” such as Bitcoin. This Notice is the most recent...more

The SEC Cybersecurity Roundtable: Indicator of Things to Come?

Starting with the Securities and Exchange Commission's January 2014 announcement that cybersecurity is a priority in its National Examination Program, SEC Chair Mary Jo White and others at the SEC have continued to stress the...more

Regulatory and Tax Issues Posed By Convertible Virtual Currencies

And the answer is – Property. Not surprisingly, the question is how Convertible Virtual Currencies (CVCs) such as Bitcoin should be classified for tax purposes. Given the treatment of CVCs by the Financial Crimes...more

Corporate and Financial Weekly Digest - Volume IX, Issue 14

In this issue: - SEC Requests Comment on FINRA Rules - CFTC Issues Interpretation Regarding Auditor Independence Standards - OTC Derivatives Regulators Group Issues Report to G20 - NFA...more

IRS: Bitcoin Not A Currency For Tax Purposes

As expected, the U.S. Internal Revenue Service has provided some guidance on the U.S. tax treatment of Bitcoin. In Notice 2014-21 (March 25, 2014), the IRS stated that Bitcoin is property and not currency for tax...more

Bitcoin is property, not currency, IRS says – Notice leaves many open questions about convertible virtual currencies

The Internal Revenue Service has joined several other jurisdictions in publishing guidance regarding the income tax consequences of certain convertible virtual currency transactions. IRS Notice 2014-21ii clarifies that...more

IRS Issues Pronouncement on Virtual Currencies

On March 25, the Internal Revenue Service (IRS) issued Notice 2014-21 (notice) containing guidance and frequently asked questions relating to virtual currencies such as bitcoins. Among other clarifications, the notice states...more

Virtual Currencies: International Actions And Regulations

Virtual Currencies: International Actions And Regulations. See Chart for more information....more

Bitcoin: Regulators and States Out Ahead—Will Congress Follow?

Bitcoin, a decentralized digital currency that facilitates quick exchanges of value, has received steady attention from the media and industry stakeholders. Akin to gold, bitcoins are mined using computers to solve...more

Bitcoin - Calls for Regulation - Part Eight

“Virtual currencies”, and bitcoin in particular, continued to attract a lot of attention. The sudden shutdowns of Mt. Gox (Japan), a large bitcoin exchange, and Flexcoin (Canada), a bitcoin bank, led to renewed and...more

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