Finance & Banking Updates

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Update On Proposed Tax Regulations Affecting Availability of Valuation Discounts to Family Business Owners

In September, we posted a blog discussing the Treasury Department’s issuance of proposed regulations under Section 2704 of the Internal Revenue Code (sometimes referred to as the 2704 proposed regulations) that could...more

How fintech deals are reshaping financial services

As fintech takes a prominent role in the financial services industry, major institutions are looking to capitalise on innovation by working with the most ambitious and brightest startups. In much the same way that...more

Advisors Advantage - December 2016

A "Crystal Ball" On Life After The New ERISA Fiduciary Rule. We can see the future if we look closely enough. The Department of Labor's (DOL) new fiduciary rule that is going to go in effect in April 2017 is going...more

Senegal Moves Toward Nationalized Digital Currency

Last month, Senegal announced its intention to introduce a national digital currency based on block chain technology, and become only the second country in the world following Tunisia to do so. Senegal’s new digital currency...more

Protecting an Interest in a Ground Lease – A Lender’s Perspective

Lenders are often asked to provide financing secured by a leasehold interest in land evidenced by a ground lease. A ground lease is an agreement between the fee owner of real estate (the ground lessor or landlord) and its...more

"Federal Regulator Signals Willingness to Grant National Bank Charters to Fintech Companies"

On December 2, 2016, the Office of the Comptroller of the Currency (OCC) announced its willingness to entertain applications from financial technology (fintech) companies for special purpose national bank charters. In recent...more

Commercial Mortgage Loans and CMBS: Developments in the European Market – Chapter 1

Commercial real estate (CRE) is a tremendously important asset, as the content of this book will discuss. However, the CRE lending and commercial mortgage-backed securities (CMBS) markets are, at the time of writing, largely...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Special Purpose National Bank Charters for FinTech Companies - On December 2, 2016, Comptroller of the Currency, Thomas J. Curry, announced that the Office of the Comptroller of the...more

ECON Agrees Compromise Amendments to STS/Risk Retention

The European Parliament’s Committee on Economic and Monetary Affairs (“ECON”) has today agreed compromise amendments (the “Compromise Amendments”) to the proposed EU regulation intended to lay down common rules on...more

Your Daily Dose of Financial News

A NY state court threw out Ace Decade Holdings’ suit against UBS accusing the Swiss lender of fraud for its $500 million investment loss in a Chinese company. The court found that jurisdictional issues plagued plaintiff’s...more

Supreme Court Lowers Burden in Insider Trading Prosecutions

On December 6, 2016, the U.S. Supreme Court issued its first insider trading decision in nearly two decades unanimously affirming the Ninth Circuit and holding that an insider’s “gift” of confidential information to a...more

OCC Proposes to Grant National Bank Charters to Financial Technology Companies

For the first time, the Office of Comptroller of Currency (OCC) will allow financial technology (fintech) companies to apply for national bank charters. The OCC has invited public comment on the concept with a deadline for...more

CFPB enters into consent orders with reverse mortgage companies to settle alleged advertising violations

The CFPB announced that it entered into consent orders with three reverse mortgage companies to settle the CFPB’s allegations that the companies engaged in deceptive advertising in violation of the Mortgage Acts and...more

Going the Distance: The Expanding Lifecycles of Private Equity Funds

The lifecycles of private equity (PE) funds are lengthening as managers continue to seek longer fundraising periods. This is due to a number of factors, including increases in due diligence and holding periods for investments...more

Arbitration World

From the Editors - Welcome to this 33rd edition of Arbitration World. Following the United Kingdom’s referendum decision on 23 June to leave the EU, in this edition we examine how the uncertainty over the treatment...more

The Year In Review: SEC Enforcement Actions Against Investment Advisers

The Securities and Exchange Commission’s enforcement program is highly focused on investment advisers for an obvious reason: they manage more than $67 trillion in assets for approximately 30 million clients. In addition,...more

Alabama Court of Civil Appeals Rules in Bank’s Favor in Ejectment Action Based on Bank’s Substantial Compliance with Terms of...

In Turner v. Wells Fargo, N.A., No. 2150230, Wells Fargo foreclosed on a home after the homeowners tendered a bad check and attempted to send catch-up payments that did not include required penalty fees. Wells Fargo, which...more

Healthcare & Life Sciences Private Equity Deal Tracker: Water Street and JLL Partners Acquire MedPlast

Water Street Healthcare Partners and JLL Partners have announced the joint acquisition of MedPlast. MedPlast, based in Tempe, Ariz., is a services provider to the medical device industry specializing in technical...more

The Supreme Court Restores Implied Benefit Theory in Insider Trading Prosecutions of Downstream Tippees

Friends and relatives of corporate insiders who knowingly receive and trade on inside information now confront greater exposure for federal securities laws violations. On December 6, 2016, the Supreme Court held in United...more

European Parliament Votes to Delay PRIIPS Regulation Application Date

On December 1, 2016, the European Parliament published a press release announcing that it has voted to delay the Regulation on key information documents (“KIDs“) for packaged retail and insurance-based investment products...more

European Commission Adopts Delegated Regulation on RTS for the Application of Position Limits to Commodity Derivatives

On December 1, 2016, the European Commission adopted a Delegated Regulation supplementing the MiFID II Directive (2014/65/EU) in relation to regulatory standards (“RTS“) for the application of position limits to commodity...more

This Week in FCPA-Episode 32-the not so friendly skies edition [Video]

Show Notes for Episode 32, week ending December 9: 1. United Airlines SEC enforcement action for domestic; the Chairman’s Flight and the US Corrupt Practices Act. 2. Monetary Authority of Singapore seeks to suspend former...more

Why A Plan Sponsor Should Get A Plan Review

Retirement plan sponsors tend to be reactive rather than pro-active. They would rather not spend money to undergo a plan review and assume everything is fine until they run into a big compliance issue or mistakes are...more

FCA to Impose Remedies in Asset Management Sector

On 18 November 2016, the UK’s Financial Conduct Authority (FCA) published interim findings from its year-long study of the country’s asset management sector—concluding that price competition is weak in several areas, and...more

Big Regulatory Changes in Store for Funds and Advisers? No One Knows for Certain, but Here’s Our Best Guess

While no one knows for sure what the future holds for investment management regulation, the tea leaves indicate that we may expect a slowdown on new regulations, some pullback on parts of the Dodd-Frank Wall Street Reform and...more

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