News & Analysis as of

Financial Institutions Corporate Governance

A&O Shearman

Eighth Circuit Reverses Jury Verdict For Aiding And Abetting Ponzi Scheme, Holding That In Pari Delicto Defense Barred Bankruptcy...

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On September 12, 2024, the United States Court of Appeals for the Eighth Circuit reversed a trial court decision that had rejected a bank’s assertion of the in pari delicto defense to aiding and abetting claims brought by the...more

Barnea Jaffa Lande & Co.

Regulation in the Past Year: A Summary of Key Changes and Outlook for the Future

Most of the focus over the past year has been on the events of October 7 and the ensuing war. Not only the citizens, but also the legislative and regulatory authorities in Israel have been devoting most of their time to deal...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Informed Board - Summer 2024

Across industries, companies are facing new and uncertain regulatory pressures and demands in areas including artificial intelligence, sustainability, algorithmic pricing and fintech-bank relations. In this issue of The...more

Skadden, Arps, Slate, Meagher & Flom LLP

Investing in Fintechs – Navigating the UK Regulatory Approval Process

As the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) consider feedback to their consultation on guidance regarding the UK change-in-controller regime (consultation paper 25/23), we provide a...more

Conyers

Shifting Sands: The Future of Offshore Regulatory Disputes (Part 1)

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As an evolving area of commercial disputes in the Cayman Islands, global enforcement trends provide us with valuable insight into the types of regulatory proceedings on the horizon for offshore jurisdictions. In this first...more

Orrick, Herrington & Sutcliffe LLP

GOP Senators express concern on FDIC proposed rules regarding corporate governance and risk management

On July 31, Republican members of the U.S. Senate penned a letter to the Chairman of the FDIC, Martin Gruenberg, to convince the Chairman that an FDIC proposed rule regarding soundness standards for corporate governance and...more

Akin Gump Strauss Hauer & Feld LLP

Sustainability/ESG Policy and Regulatory Update

Key topics in Akin’s July 2024 Sustainability/ESG Policy and Regulatory Update include: Updated Assessment of SFDR by EU Regulators: The European Supervisory Authorities have proposed changes to the Sustainable Finance...more

Conyers

Regulatory & Risk Advisory Review: Cayman Islands - April to June 2024

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Welcome to the second instalment of 2024 of the Regulatory & Risk Advisory Review. In this edition we cover several Cayman Islands regulatory updates including updates to the Beneficial Ownership Transparency Act, the...more

Skadden, Arps, Slate, Meagher & Flom LLP

ECB Mandates Board Expertise in Addressing ICT and Security Risks

Earlier this year, a dedicated policy prepared by the European Central Bank (ECB) came into effect requiring bank management bodies to broaden their collective understanding of and proficiency in identifying and dealing with...more

Sheppard Mullin Richter & Hampton LLP

Federal Reserve Board Issues Cease and Desist Order Against Banking-As-A-Service Provider

On June 14, the Federal Reserve Board (Fed) released a cease and desist order against an Arkansas-based banking-as-a-service (BaaS) provider for compliance and risk management failures. As part of the order, the bank is...more

A&O Shearman

MiCAR under the microscope - Part 5: Regulatory requirements applicable to CASPs

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The Regulation (EU) 2023/1114 on Markets in Crypto-assets (MiCAR) has further expanded the panel of regulated entities by introducing the regulatory status of crypto-asset service providers (CASPs)....more

Skadden, Arps, Slate, Meagher & Flom LLP

The Bermuda Monetary Authority’s Approach to Private Equity-Owned (Re)insurers

In recent years, demographic changes and macroeconomic factors have led to significant growth in insurance markets. Within insurance markets, a much more active market in trading “back-books” of insurance liabilities has...more

Conyers

केमैन आइलैंड का EU की एंटी-मनी लौंडरिंग सूची से बाहर निकलना

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केमैन आइलैंड को EU की एंटी-मनी लौंडरिंग सूची से बाहर निकालने की पूरी तैयारी हो चुकी है। यह कार्रवाई वित्तीय एक्शन टास्क फोर्स (Financial Action Task Force, FATF) निगरानी समूह के 27 अक्तूबर 2023 के फैसले के बाद और फिर उसके बाद...more

Alston & Bird

Iowa Adopts Mortgage Servicer Prudential Standards

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What Happened? Effective July 1, Iowa House File 2392 (the “Iowa Law”) enacts mortgage servicer prudential standards (codified in Chapter 535B of the Iowa Code) that largely follow those promoted by the Conference of State...more

Walkers

Digital Asset SCPS Consultation Guidance

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The Bermuda Monetary Authority (the "Authority") released its Digital Asset Business Single Currency Pegged Stablecoins (SCPS) Consultation Guidance (the "Guidance"). The Guidance seeks to provide information and...more

Kohn, Kohn & Colapinto LLP

The Double-Edged Impact of AI Compliance Algorithms on Whistleblowing

As the implementation of Artificial Intelligence (AI) compliance and fraud detection algorithms within corporations and financial institutions continues to grow, it is crucial to consider how this technology has a twofold...more

Cadwalader, Wickersham & Taft LLP

UK Financial Regulator Publishes Guidance on New Anti-Greenwashing Rule

Greenwashing remains at the top of enforcement agendas in 2024. Marketing products and services as “green” and “sustainable” is a common practice and seen as an important way to attract the attention of environmentally...more

Conyers

Regulatory & Risk Advisory Review: Cayman Islands – January to March 2024

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Welcome to the first instalment of 2024 of our Cayman Islands Regulatory & Risk Advisory Review. As we cover in this issue, there have been a number of updates in the first quarter of the year. Perhaps most notably is the...more

K&L Gates LLP

April 2024 ESG Policy Update—Australia

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Australian Update - Australian Competition and Consumer Commission Enforcement Priorities for 2024-2025 - The Australian Competition and Consumer Commission (ACCC) has announced its enforcement and compliance priorities for...more

Skadden, Arps, Slate, Meagher & Flom LLP

DOJ Pilot Program Promises Non-Prosecution Agreements to Individuals Reporting Fraud, Bribery and Other Corporate Crimes

On April 15, 2024, the Department of Justice’s (DOJ’s) Criminal Division unveiled a new Pilot Program on Voluntary Self-Disclosures for Individuals that offers non-prosecution agreements (NPAs) to individuals who voluntarily...more

Holland & Knight LLP

SFC expide norma sobre integración de factores ASG en Fondos de Inversión Colectiva en Colombia

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En un paso significativo hacia la integración de la sostenibilidad en el sector financiero, la Superintendencia Financiera de Colombia (SFC) expidió la Circular Externa No. 05 de 2024, por medio de la cual imparte...more

White & Case LLP

New Reporting Requirement for Shareholders of Listed Companies

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In order to implement the mandate of Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector and to ensure that reports on changes in share ownership comply with currently applicable international...more

K&L Gates LLP

March 2024 ESG Policy Update—Australia

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Australian Update - Australian Securities and Investments Commission Continues Greenwashing Enforcement Efforts - On 28 February 2024, the Australian Securities and Investments Commission (ASIC) reported that an outsourced...more

Skadden, Arps, Slate, Meagher & Flom LLP

Insights Special Edition: Women’s History Month

Celebrating Women’s History Month, we present a special edition of our quarterly Insights publication, highlighting the talent and insights of women at Skadden. The issue spotlights their authorship on such topics as the...more

StoneTurn

Operationalizing the N.Y. Department of Financial Services Character and Fitness Guidance

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At the start of 2024, the New York State Department of Financial Services (“DFS”) issued an industry letter: Guidance on Assessment of the Character and Fitness of Directors, Senior Officers, and Managers (the “Guidance”),...more

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