Financial Institutions

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Wealth Management Update - July 2016

July Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The July § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

US Federal Financial Institutions Examination Council Issues Statement on Cybersecurity of Interbank Messaging and Wholesale...

The US Federal Financial Institutions Examination Council issued a statement to remind financial institutions to actively manage risks associated with interbank messaging and wholesale payments networks in light of recent...more

New Appointment Underscores SEC’s Focus on Cybersecurity Threats

On June 2, 2016, the SEC announced the appointment of Christopher Hetner as Senior Advisor to the Chair for Cybersecurity Policy. Hetner, who was formerly the Cybersecurity Lead for the Technology Control Program within the...more

Your daily dose of financial news - The Brief – 6.29.16

Big financial firm stress test results are out from the Fed later today, and though all banks proved up to the task of reserving enough capital (as reported last Friday), the economic downturn simulation that’s part of round...more

Agencies Propose Incentive Compensation Rules for Financial Institutions

The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the U.S. Securities and Exchange Commission recently proposed new restrictions...more

US Financial Crimes Enforcement Network Identifies the Democratic People’s Republic of Korea as a Jurisdiction of Primary Money...

The US Financial Crimes Enforcement Network, pursuant to authority contained in the USA PATRIOT ACT, found “reasonable grounds” to conclude that the Democratic People’s Republic of Korea is a jurisdiction of primary money...more

Your daily dose of financial news - The Brief – 6.28.16

Continuing Brexit coverage: With the pound in freefall and markets going haywire, leaders on both sides of the Brexit debate in the UK signaled today that Britain hopes to stay in the EU marketplace, while some in Parliament...more

FFIEC Warns of Cyber Attacks

The Federal Financial Institutions Examination Council (FFIEC) reiterated the importance of banks protecting themselves from cyber attacks in a newly issued statement, urging financial institutions to "actively manage the...more

MIFID II/MIFIR Delegated Acts

The European Commission has published three Delegated Regulations on MiFIR and MiFID II. This article explores the EC's latest Delegated Regulations on MiFIR and MiFID II, examining what these developments will mean for the...more

Your daily dose of financial news - The Brief – 6.27.16

The leadership void at the top in the UK isn’t helping matters at all, as resignations among both major parties reign supreme in the aftermath of the Leave vote....more

BREXIT: The UK Has Chosen To Leave The EU. What Next?

On 23 June 2016, the UK held a referendum in which the British people voted for the UK to leave the European Union. But what does this mean in practical terms? Who will BREXIT affect? Any business or financial...more

The Long Road Ahead for the UK and Europe

The UK has voted to leave the EU, but what happens next is undecided. For now, nothing changes. The June 23 referendum was advisory, and the actual processes and mechanisms that will determine the UK’s exit from the EU will...more

Brexit: Implications for the Financial Services Industry

The UK has voted to cease being an EU member state. Yesterday, June 23, 2016, the UK held a referendum on its future in the European Union (EU)—the "Brexit". The result this morning shows that 51.9% of voters in the UK...more

It’s Insurance: The Financial Institution Bond

Formerly known as a bankers blanket bond, and sometimes referred to as a fidelity bond, the financial institution bond as it is commonly known, is simply an insurance policy. Though the term “insurance policy” does not...more

EBA Releases Final Draft Regulatory Technical Standards

On June 13, the European Banking Authority (EBA) released the final draft regulatory technical standards on assigning risk weights to specialized lending exposures under article 153(9) of Regulation (EU) No 575/2013 (Capital...more

8th Circuit: Financial Institution Bond Provides Coverage for Fraudulent Wire Transfers

With policyholders facing increased losses from hacking and business email compromise, insurers are fighting hard to escape their obligations under financial institution bonds, crime policies and cyber insurance policies. In...more

Real Property & Title Insurance Update: Weeks Ending June 10 & 17, 2016

REAL PROPERTY UPDATE - - Foreclosure/Standing/Hearsay: copy of a note with undated allonge containing blank endorsement sufficient to establish standing as a matter of law, even though bank did not have formal...more

To BREXIT or Not to BREXIT? That is the Question.

On 23 June 2016, the UK will hold a referendum in which the British people will vote on whether the UK should remain part of the European Union or leave. This important decision will be determined by a simple majority of...more

Gift card litigation: Recent developments

Many retailers and shopping centre landlords use gift cards to build brand loyalty. These prepaid purchase cards come in a variety of types. They can be reloadable or not. They may be “open-loop” stored-value cards that can...more

Consumer Compliance: Notice and Request for Comment on Proposed Uniform Interagency Consumer Compliance Rating System

On June 9, 2016, the Federal Financial Institutions Examination Council announced that it is seeking comment on proposed revisions to the existing Uniform Interagency Consumer Compliance Rating System (CC Rating System).  The...more

Recovery and Resolution Planning Regime: Draft Legislation and Regulatory Instruments Issued

On 29 April 2016, the Monetary Authority of Singapore (MAS) issued a Consultation Paper on Proposed Legislative Amendments to Enhance the Resolution Regime for Financial Institutions in Singapore (the 2016 Consultation...more

The Implementation of Automatic Exchange of Information for Tax Purposes Moves a Further Step Forwards in Singapore

On 9 May 2016, Singapore passed the Income Tax (Amendment No. 2) Act 2016 (Amendment Act). This is a first step towards the implementation of the Common Reporting Standards (CRS) developed by the Organisation for Economic...more

MAS Withdraws BSI’s Merchant Bank Licence, Yeo Jiawei Charged with Money Laundering

On 24 May 2016, the Monetary Authority of Singapore (MAS) announced that it had served on BSI Bank Limited (BSI) a notice of intention to withdraw its status as a merchant bank in Singapore and will impose financial penalties...more

The Financial CHOICE Act; Dodd-Frank Reform (Not Repeal)

On June 7, 2016, House Financial Services Committee Chairman Jeb Hensarling (R-TX) released an executive summary of the Financial CHOICE Act (the “FCA”), his highly anticipated bill to revisit the Dodd-Frank Wall Street...more

Will Privacy Enforcement Actions Impact “Reasonable” Security Measures Needed to Protect Trade Secrets?

In widely-publicized, contested privacy cases last year, the FTC advocated in favor of a high baseline for information security measures.  Among the security practices attacked by the FTC as critical mistakes by companies...more

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