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Financial Services Weekly News - May 2017 #4

by Goodwin on

Editor's Note - Memorial Day. On Memorial Day, we will be celebrating the men and women whose service and sacrifice ensures the preservation of freedom and opportunity across the United States. Rather than summarize the...more

Belgian Financial Regulator's Tightening of Investor Protection Against Unfair Contract Terms

by Jones Day on

On 6 February 2017, Belgium's financial regulator (Belgian Financial Services and Markets Authority ("FSMA")) moved to fortify the protection of investors, publishing a position paper ("Position Paper") on the application of...more

Financial Services Weekly News - May 2017 #3

by Goodwin on

Editor's Note - The Dual Banking System is Working. In the April 26 edition of the Roundup, we noted that the Conference of State Bank Supervisors (CSBS) had sued the Office of the Comptroller of the Currency (OCC),...more

Financial Services Weekly News - May 2017 #2

by Goodwin on

Editor's Note - In this Issue. The House Financial Services Committee passed the Financial CHOICE Act that would make significant changes to the Consumer Financial Protection Bureau; the U.S. Securities and Exchange...more

RISK: To Retain or Not Retain in Sukuk?

by King & Spalding on

Introduction - 17 C.F.R. Part 246, adopted jointly by the United States Securities and Exchange Commission (the “SEC”) and other federal agencies in October of 2014 (the “U.S. Risk Retention Rule”) was adopted in response...more

Financial Services Weekly News - May 2017

by Goodwin on

Editor's Note - In This Issue. The Senate confirmed Jay Clayton as the new chairman of the U.S. Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC) released its final handbook for...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

We’ve mentioned Uber’s Greyball issues before in passing. But since the authorities are literally making a Federal case out of it, you should probably know more about the details if the software tool that has the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Now that NAFTA seems to have an at-least-momentary reprieve, let’s take a breath and take a look at the four major industries that would be affected by any big changes in the deal....more

Fed Assesses First Penalty for Volcker Rule Violation

The Board of Governors of the Federal Reserve System has assessed its first penalty for violation of the Volcker Rule against Deutsche Bank AG. The Volker Rule required Deutsche Bank’s Chief Executive Officer to annually...more

CFPB Director Cordray Testifies Before House Financial Services Committee

by Goodwin on

On April 5, 2017, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray testified before the U.S. House of Representatives Financial Services Committee to present the CFPB’s semi-annual report, which is...more

FINRA Observes Second Anniversary of Its Senior Helpline

On April 21, 2017, FINRA issued a press release marking the second anniversary of its Securities Helpline for Seniors. ...more

SEC Approves New Rules Enabling Financial Advisors to Defend Vulnerable Clients from Exploitation

by Stinson Leonard Street on

Financial exploitation of aging and mentally diminished investors by family members and third parties is on the rise. With America's senior population growing rapidly, this problem may only get worse. More than half of all...more

For the Second Time, Fiduciary Rule Applicability Date is Pushed Back

by Bass, Berry & Sims PLC on

In an unsurprising move, the Department of Labor (DOL) postponed the applicability date of the fiduciary rule on April 4 for an additional 60 days. The new applicability date for the rule is June 9, 2017, although the DOL...more

SEC Issues New Material Event Notices Under Proposed Rule 15c2-12 Amendments

by Holland & Knight LLP on

The U.S. Securities and Exchange Commission (SEC) on March 1, 2017, proposed adding two additional triggers – in new subparagraphs (15) and (16) – for the material events notice requirements under Rule 15c2-12 (the Proposed...more

SEC Approves FINRA’s Rules to Protect Seniors from Financial Exploitation

On March 30, 2017, the SEC approved the adoption of new FINRA Rule 2165 (Financial Exploitation of Specified Adults). Among other things, Rule 2165 permits brokers to place holds on disbursements of funds or securities from...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - CFPB Proposes to Provide Flexibility in Collecting Information - On March 24, 2017, the Consumer Financial Protection Bureau ("CFPB") released a proposal to amend Equal Credit...more

Financial Services Weekly News - April 2017

by Goodwin on

Editor's Note - A New Argument for Financial Regulatory Reform. Over the past several weeks, there has been a steady stream of pessimistic views on the prospects for meaningful financial regulatory reform. Senate Banking...more

PHH v. CFPB: CFPB Not Dodging Constitutionality Questions

by Hinshaw & Culbertson LLP on

Friday March 31st marked the deadline for CFPB to file its brief in response to PHH in the en banc hearing. In granting en banc review, the court sought guidance from the parties on 3 specific questions. Here's a quick...more

Financial Services Weekly News - March 2017 #4

by Goodwin on

Editor's Note - The Battle Over the Proposed OCC FinTech Charter Continues. The Office of the Comptroller of the Currency (OCC) has released a draft supplement to its Licensing Manual explaining the process for FinTech...more

Financial Services Weekly News - March 2017

by Goodwin on

Editor's Note - In This Issue. The New York Department of Financial Services issued its highly anticipated cybersecurity regulation in its final form, the Securities and Exchange Commission (SEC) issued updated guidance...more

Gavel to Gavel: Focusing on FINRA priorities letter

by GableGotwals on

The Financial Industry Regulatory Authority is an independent self-regulatory organization authorized by Congress and overseen by the Securities Exchange Commission. Its mission is to protect America’s investors by making...more

Financial Services Weekly News - February 2017 #3

by Goodwin on

Editor's Note - A Not So New Tool for Reigning in Federal Regulations. President Trump has signed a Joint Resolution of Congress which “disapproves the rule submitted by the SEC relating to ‘Disclosure of Payments by...more

Morgan Lewis Urges NYDFS to Modify Its Re-Proposed Cybersecurity Rules

by Morgan Lewis on

Morgan Lewis submits second comment letter on the proposed rules. The New York State Department of Financial Services (DFS) is expected soon to issue “first-in-the-nation” cybersecurity regulations that will apply to...more

Thou Shalt Not Exploit Thine Elders

by Morgan Lewis on

SEC approves FINRA rule designed to protect seniors and other specified adults from financial exploitation. The Securities and Exchange Commission (SEC) has approved a new rule proposed by the Financial Industry...more

Financial Services Weekly News - February 2017 #2

by Goodwin on

Editor's Note - No Short-Term Fixes. On February 3, President Trump signed an Executive Order and a Presidential Memorandum intended to provide a framework to “roll back” the Dodd-Frank Act (Dodd-Frank) and to review the...more

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