Corporate and Financial Weekly Digest - March 30, 2012


In this issue;

- CFTC Approves Final Rule on Customer Clearing Documentation, Timing of Acceptance for Clearing, and Clearing Member Risk Management

- Third Circuit Court of Appeals Limits Electronic Discovery Costs That Can Be Awarded to Prevailing Party

- New York District Court Denies Motion to Dismiss in Corporate Veil Piercing Suit Brought Under Delaware Law

- Banking Agencies Propose Revisions to Leveraged Finance Guidance

- Senate Confirms Three for Seats on FDIC Board; Appoints Curry as Comptroller of the Currency

- Important Deadlines for ERISA Plans to Receive and Report Information on Fees, Expenses

- FSA Fines Coutts £8.75m for AML Control Failings

- FSA Imposes Bans and Fines for Publishing Misleading Information

- European Parliament Adopts EMIR

An excerpt from "FSA Fines Coutts £8.75m for AML Control Failings"

On March 26, the UK Financial Services Authority (FSA) announced that it had fined Coutts & Company £8.75 million (approximately $14 million) in relation to failures to take reasonable care to establish and maintain effective anti-money laundering (AML) systems and controls relating to high risk customers including politically exposed persons (PEPs). The fine was imposed for breaches of Principle 3 of the FSA’s Principles for Businesses (“a firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems”) and FSA rules relating to Senior Management Arrangements, Systems and Controls (SYSC 6.1.1R and SYSC 6.3.1R).

Please see full newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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