Financial Products

News & Analysis as of

FINRA Fine Addresses Broker Compensation and Conflicts of Interest

A recent enforcement action by FINRA underscores the regulator’s continuing concern regarding how financial advisers are paid to sell investment products. In a case announced on November 28, 2016, a member firm settled...more

FSOC on Fintech Risks, Cybersecurity Vigilance

An annual report from the Financial Stability Oversight Council (FSOC) recently focused on the risks presented by the burgeoning fintech industry as well as the continuing "pressing concern" of cyber threats and...more

CONSOB launches public consultation on three recommendations aimed at protecting retail clients

On 9 May 2016, CONSOB published on its website three draft recommendations on public consultation with a view to increase investors' protection and enhance the transparency of information on financial products. The proposed...more

Pennsylvania Adopts Legislation to Expand Investment Options for Local Governments

New legislation in Pennsylvania expands the permissible financial products in which municipalities, school districts and municipal authorities may invest. Recently approved Pennsylvania legislation (Act No. 10 of 2016, the...more

CFPB Announces Three Separate Enforcement Actions: Two Against Online Lead Originators and One Against “Buy-Here, Pay-Here” Auto...

On December 17, 2015, the Consumer Financial Protection Bureau (CFPB) announced three separate enforcement actions against two online lead originators and a so-called “buy-here, pay-here” auto dealer and its affiliated...more

Marketing of Financial Products to Retail Investors: Belgian Financial Services and Markets Authority Issues Guidance on New Rules

On 27 October 2015, the Belgian Financial Services and Markets Authority (“FSMA”) issued circular FSMA-2015-16 (the “Circular”) providing detailed guidance on the recently amended rules governing marketing materials used in...more

Export-Import Bank of the United States Open for New Business Again

On December 4, 2015 President Obama signed legislation reauthorizing the charter of the Export-Import Bank of the United States (“US Ex-Im Bank”) through 2019. The reauthorization is part of a 5 year, US$305 billion...more

Belgian FSMA Consultation On Marketing Materials For Financial Products Distributed To Non-Professional Clients – July 2015 Update

The Belgian FSMA has launched a consultation on the new rules on marketing materials for financial products distributed to retail clients, introduced by the Transversal Royal Decree....more

Versata: What's Technological and The New Rule Against Improvements

What Is a "technological invention"? The other part of the CBM definition at issue in Versata is the exclusion of a technological invention from the scope of CBM review. Correctly, the Court noted that the USPTO's...more

Tax Policy Update

The number of additional months of funding for transportation projects under a $8 billion bill introduced late last night in the House. Notably — as anyone on Sesame Street could tell you — the number 5 is not the same as the...more

#AliceStorm: July is Hot, Hot, Hot…and Versata is Not, Not, Not

Part I: #AliceStorm and Versata - July invokes images of hot days, cool nights, and fireworks. When it comes to #Alicestorm, the fireworks are happening in the courts, with the Federal Circuit lighting up the sky....more

Insurance and Reinsurance Newsletter - Italy: July 2015

1. Solvency II - Insurance Code Amended - Legislative Decree No. 74 of 12 May 2015 was published in the Official Gazette on 15 June 2015, which has made all necessary amendments to the Insurance Code in order to...more

CBM Review Threshold Met by the Intrinsic Record - Google Inc. et al. v. Priceplay.com, Inc.

Addressing threshold issues for instituting a covered business method (CBM) review, in two recent related cases, the Patent Trial and Appeal Board (PTAB or Board) found each of the two patent cases eligible for CBM review,...more

The PTO Provides Additional Guidance for Meeting the “Financial Products or Services” Requirement for Instituting CBM Reviews -...

In a series of decisions addressing whether an abstract idea involves “financial product or service” in the context of covered business method (CBM) reviews, the Patent Trial and Appeal Board (PTAB or Board) found all of the...more

Technological Invention Exception Key to Foiling CBM - Bloomberg Finance LP v. Quest Licensing Corporation; Apple Inc. v....

In four orders addressing the requirements for instituting a covered business method (CBM) review, the U.S. Patent and Trademark Office Patent Trial and Appeal Board (PTAB)) found the “financial product or service”...more

Developing Sukuk into a Modern Financial Instrument

Global sukuk issuances are expected to reach US$175 billion in 2015, a 59 percent increase from 2014, and are projected to hit US$250 billion by 2020 according to a study published by Thomson Reuters. The anticipated surge in...more

Financial Product or Service Is Not Just for Financial Service Industry - Samsung Electronics v. Smartflash LLC; Motorola Mobility...

Addressing the requirements for instituting a covered business method (CBM) review in three decisions, the U.S. Patent and Trademark Office (PTO) Patent Trial and Appeal Board (PTAB or Board) explained that the “financial...more

GB: Gambling Commission issues warning over “scam” binary options providers

The Gambling Commission has issued a warning to consumers, designed to minimise the risk deriving from a current regulatory hiatus affecting binary options. ...more

Part 2: Sienkiewicz v Salisbury Group Ltd – Insurers denial of indemnity upheld

In October 2013, James Baird posted an article following the Federal Court’s decision to join insurers to a proceeding issued by the applicants (trustees Mr and Mrs Sienkiewicz and AT Melville Pty Ltd) against their former...more

Commercializing Financial Products to Retail Clients in Belgium

On 12 June 2014, the Royal Decree of 12 April 2014 regarding certain information requirements governing the commercialization of financial products to non-professional (retail) clients was published in the Belgian Official...more

United States Changes Policy on Cuba

As widely reported, President Obama announced on December 17, 2014, significant changes to U.S. policy relating to Cuba. The broad policy revisions include the following...more

Orrick's Derivatives in Review - December 2014

The Bitcoin Marketplace and Regulatory Environment: An Overview - Startup companies and financial products focused on bitcoin continue to burgeon, resulting in various regulators recently proposing regulations, making...more

New Channels of Economic Opportunity to Follow U.S.-Cuba Policy Changes

On December 17, President Obama announced sweeping changes to U.S.–Cuba policies that will usher in a new era in bilateral relations between the two countries. In the coming months, the United States will move to re-establish...more

CFPB announces pilot to promote consumer savings

As part of its Project Catalyst, the CFPB’s initiative for facilitating innovation in consumer-friendly financial products and services, the CFPB has announced a new research pilot using insights from behavioral economics and...more

NYS DFS Publishes All BitLicense Comments; California Considers Regulation

On December 3, the New York State Department of Financial Services (DFS) published all 3,746 public comments it received on the proposed “BitLicense” regulatory framework that would cover businesses participating in “virtual...more

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