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Orrick's Financial Industry Week in Review

Council of EU Presidency Compromise Proposal on Benchmark Regulation - On September 10, the Presidency of the Council of the EU published its first compromise proposal (dated September 9, 2014) relating to the European...more

FinCrimes Update - August 2014 Summary, Volume 1, Issue 6

In This Issue: - BSA/AML & OFAC - Virtual Currency & Payment Systems - FCPA & Anti-Corruption - Criminal Enforcement - Excerpt from BSA/AML & OFAC: FINCEN PUBLISHES LONG-AWAITED...more

Orrick's Financial Industry Week in Review

ESMA Publishes Guidelines on the EU Implementation of CPSS-IOSCO Principles - On September 4, ESMA published the translation of guidelines and recommendations on implementing the principles for financial market...more

Orrick's Financial Industry Week in Review

Financial Stability Board Publishes Responses to Consultation on Proposed Reforms of the Forex Market - On August 20, the Financial Stability Board (FSB) published responses to its consultation in respect of proposed...more

Orrick's Financial Industry Week in Review

Bank of England Publishes Statement on Enforcement Action Against Lloyds Bank PLC and Bank of Scotland PLC - On July 28, the Bank of England published a statement on Financial Conduct Authority enforcement action...more

Orrick's Financial Industry Week in Review

ESMA Launches Consultations on New Market Abuse Regime Under MAR - ESMA has published two consultation papers on the draft technical standards and the draft technical advice it is developing for the implementation of a...more

Orrick's Financial Industry Week in Review

New York's Highest Court Will Review First Department Decision on RMBS Putback Statute of Limitations - On June 27, the Court of Appeals for the State of New York agreed to review the First Department's December 2013...more

FinCrimes Update - Summary, Volume 1, Issue 4

FDIC RESTRICTS BANK’S CARD BUSINESSES PENDING BSA COMPLIANCE ENHANCEMENTS - On June 5, the FDIC and a Delaware bank entered a consent order that prohibits the bank from entering into any new relationships with...more

Draft of the Amendment to the Investment Ordinance - Effects on Fund Investments

The Federal Ministry of Finance (BMF) issued a draft ordinance for the amendment of the Investment Ordinance (Anlageverordnung – AnlV) and the Pension Fund Capital Investment Ordinance for consultation (“Amendment Ordinance”)...more

Orrick's Financial Industry Week in Review

FMLC Publishes Response on Bail-in Powers - In response to a consultation by HM Treasury, the UK's Financial Markets Law Committee (FMLC) published a letter on June 4 relating to the bail-in powers introduced by the...more

Orrick's Financial Industry Week In Review

Council of EU Publishes Compromise Proposal on ELTIF Regulation - On May 27, the Council of the EU published a compromise proposal (10215/14), dated May 23, 2014, in respect of the European Commission's proposed...more

Orrick's Financial Industry Week in Review

FCA Updates AIFMD Web Page - The Financial Conduct Authority (FCA) has updated its "latest news" Web page on the Alternative Investment Fund Managers Directive (AIFMD) with additional information relating to...more

Orrick's Financial Industry Week in Review

ESMA Reports on Information that Competent Authorities Should Provide to it Under the AIFMD - The European Securities and Markets Authority (ESMA), has published a final report of technical advice for the European...more

Central Bank brings Exempt Unit Trusts into the AIFMD net, REITs may escape, SPVs exempt for now

The Central Bank of Ireland (the “Central Bank”) issued feedback on 28 March 2014 to its consultation in relation to whether investment structures, most notably exempt unit trusts (“EUTs”), should be considered to be...more

Bank of America Foreign Exchange and Mortgage Practices Under Investigation

On Tuesday, Bank of America disclosed in its annual report with the US Securities and Exchange Commission (SEC) that “government regulators” in North America, Europe and Asia are investigating its foreign exchange and...more

Credit Crunch Digest - February 2014

This issue of the Credit Crunch Digest focuses on developments in a major Barclays Libor-related case; a multibillion-dollar Bank of America settlement with mortgage securities investors; Morgan Stanley’s settlement with the...more

Orrick's Financial Industry Week in Review - February 24, 2014

ESMA Q&A on Application of AIFMD - On February 17, the European Securities and Markets Authority (ESMA) published a questions and answers paper (Q&A) on the application of the Alternative Investment Fund Managers...more

Financial Services Legislative and Regulatory Update -- January 13, 2014

In This Issue: Leading the Past Week; Executive Branch; International; and Upcoming Hearings. Excerpt from Leading the Past Week - Last week closed with the long anticipated ability-to-repay and...more

Orrick's Financial Industry Week in Review - December 16, 2013

Final Rules Implementing the Volcker Rule - On December 10, the Fed, CFTC, FDIC, OCC and SEC issued final rules to implement Section 619 of the Dodd-Frank Act (the Volcker Rule), which prohibit insured depository...more

JPMorgan Settles $5B RMBS Suits Brought By German Banks

On October 23, JP Morgan agreed to pay an undisclosed sum to settle cases brought by three German banks in the Supreme Court of the State of New York concerning the banks’ alleged purchase of $5 billion of RMBS....more

Orrick's Financial Industry Week in Review - November 4, 2013

The Fed Approves New Fee Schedules - On October 31, the Fed announced new fee schedules, effective January 2, 2014, for payment services the Federal Reserve Banks provide to depository institutions (priced services). ...more

Financial Regulatory Update - Autumn 2013

This newsletter provides an overview of some of the main EU and UK banking, securities and derivatives markets regulatory developments during the period 1 June to 30 September 2013. Banking Regulation Basel III...more

Orrick's Financial Industry Week in Review - October 14, 2013

FHFA Common Securitization Platform - On October 7, the FHFA announced that the joint venture between Fannie Mae and Freddie Mac to build and create a new common securitization platform has reached certain milestones,...more

Financial Services Legislative and Regulatory Update -- September 16, 2013

In This Issue: Leading the Past Week; Legislative Branch; and Executive Branch. Leading the Past Week - Congress returned this week from its August Recess period and hit the ground running, with the...more

Orrick's Financial Industry Week in Review - August 12, 2013

FHFA Input on Freddie Mac and Fannie Mae Multifamily Businesses - On August 9, the FHFA announced that it is seeking public input on strategies to reduce Fannie Mae and Freddie Mac's presence in the multifamily housing...more

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