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Foreign Banks Broker-Dealer

Dechert LLP

U.S. Announces Second Round of Sanctions on Russia for Chemical Weapons Violations

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The U.S. State and Treasury Departments announced that a second round of sanctions will be imposed against Russia pursuant to the Chemical and Biological Weapons Control Act of 1991 (“CBW Act”). The most notable new measure...more

A&O Shearman

The New EU Law on Intermediate Holding Companies for Third-Country Banking Groups

A&O Shearman on

Non-EU banking groups (“non-EU groups”) with large EU operations will be required to establish an EU intermediate parent undertaking (“IPU”) according to the final changes to the Capital Requirements Directive (“CRD 5”)...more

Proskauer Rose LLP

Broker-Dealer Beat - December 2014 #2

Proskauer Rose LLP on

The SEC recently sanctioned another foreign bank for conducting cross-border brokerage activities without being registered. Since 2009, the SEC has sanctioned a number of foreign firms for failing either to register as a...more

Morrison & Foerster LLP - Structured Products

Structured Thoughts: Volume 5, Issue 3 - April 9, 2014

In This Issue: - The SEC Issues Its Long-Awaited Sweep Letter on ETNs - FINRA Proposes Amendments to Communication Rules – Relief from Filing for Certain FWPs - Comprehensive Surveillance Sharing Agreements -...more

Morgan Lewis

SEC Issues Relief from Certain Financial Responsibility Rule Requirements

Morgan Lewis on

In two separate letters, the SEC staff addresses operational concerns raised by broker-dealers in connection with sweep program authorizations and the use of certain nonaffiliated U.S. branches of foreign banks....more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - Volume IX, Issue 8

In this issue: - OTC Markets Proposes Amendments to OTCQX Rules and New Rules for US Banks - SEC Approves Changes to FINRA BrokerCheck Disclosure Rule 8312 - SEC to Examine Never-Before Examined...more

Broker-Dealer Compliance + Regulation

FINRA Focuses AML Enforcement on a BD Doing Business in Mexico

The Financial Industry Regulatory Authority (FINRA) recently took formal disciplinary action against a New York-based broker-dealer that is affiliated with a Mexican broker-dealer and a Mexican bank for inadequate anti-money...more

Morrison & Foerster LLP

The Volcker Rule Prohibition on Proprietary Trading: Considerations for Broker-Dealer Affiliates of Foreign Banking Organizations

The Volcker Rule imposes significant restrictions on “proprietary trading” by banking organizations and their affiliates. The purpose of this Memorandum is to discuss how these restrictions may impact broker-dealer affiliates...more

Dechert LLP

U.S. Federal Reserve Board Proposes Major Changes in How the U.S.Operations of Foreign Banks and Their Subsidiaries Are Supervised

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While several foreign banking organizations (“FBOs”) were restructuring their U.S. presence to reduce the impact of U.S. regulation, the Board of Governors of the Federal Reserve System (“Board”) recently countered with...more

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