News & Analysis as of

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

Banking balkanisation?

In mid-February 2014, the Federal Reserve approved the final enhanced prudential rule for foreign banking organisations (FBOs) under Section 165 of the Dodd-Frank Act. The final rule applies enhanced standards to FBOs that...more

Considerations for Foreign Banks Financing in the United States - 2014 Update

Financial institutions, including foreign banks, regularly access the capital markets and seek to diversify their funding alternatives. Foreign banks may seek to access the US capital markets without subjecting themselves to...more

Governance & Securities Law Focus: Latin America Edition

In this issue: - US Developments - Global Development - EU Developments - Developments Specific To Financial Institutions - Excerpt from US Development: SEC Developments - Iran...more

Banking - Cyprus: Restrictions on transfers of deposits or funds partially eased

Introduction - On January 17 2014 the Ministry of Finance published the 25th Decree, as required by Articles 4 and 5 of the Enforcement of Restrictive Measures on Transactions in Case of Emergency Law 2013. The decree...more

Two Non-U.S. Banks Agree to Pay Penalties Totaling $160 Million for Violations of U.S. Sanctions Laws Resulting from Omnibus...

Recent enforcement actions brought by the U.S. Government against non-U.S. banks for violations of U.S. sanctions laws demonstrate the need for financial institutions, particularly those that act as custodians or financial...more

"Regulators Renew Their Focus on Anti-Money Laundering Compliance"

A resurgence in anti-money laundering (AML) enforcement over the last few years reflects a renewed post-crisis focus on compliance with the regulatory requirements of the Bank Secrecy Act (BSA) imposed on banks (AML...more

The Financial Report - Volume 3, No. 1 • January 2014 (Global)

Invariably, the end of a calendar year brings “year-in-review” retrospectives on topics both major and mundane. Similarly, the start of a new calendar year is always accompanied by predictions and forecasts for the ensuing 12...more

Banking & Financial Services E-Note - December 19, 2013

In This Issue: - Several Swiss Regional Banks to Cooperate with U.S. Tax Rules - Volcker Rule Approved by Federal Regulators - Treasury Secretary Sets Goal of Foreign Bank Reform in 2014 - Largest Mortgage...more

Lloyds Banking Group Face £28 Million Fine in Relation to Sales Incentive Controls

On December 11, the FCA published a final notice to Lloyds Banking Group in which it was fined a record GBP £28 million. The fine was imposed for “serious failings” in its sales practices, the largest UK regulatory penalty...more

Key Provisions of the Volcker Rule Final Regulations for Non-US Banking Entities

The five US financial agencies (“Agencies”) have approved jointly prepared final regulations (“Final Rules”) to implement the prohibitions on engaging in proprietary trading and investment in or sponsorship of a private...more

Doing Business in Japan

I am pleased to present to you DLA Piper’s “Doing Business in Japan” Guide. Japan is the world’s third largest economy and remains cutting-edge in business. In 2012, 68 Global 500 Companies were headquartered in...more

Money Laundering on the Front Burner

With the bulk of the banking industry’s credit problems resolved or at least more manageable than in the recent past, the regulators appear to be on a new warpath. Over the last year, they have sent strong signals to the...more

Il Sistema Dei Controlli Interni Nelle Banche Secondo Le Nuove Disposizioni Di Vigilanza Prudenziale

Con l’aggiornamento n. 15 della Circolare n. 263 del 27 dicembre 2006, datato 2 luglio 2013, la Banca d’Italia ha provveduto ad aggiornare le disposizioni di vigilanza prudenziale per le banche, inserendo nel Titolo V, tra...more

FATCA Compliance Update: U.S. Treasury Announces Six Month Delay In Implementing FATCA

On July 12, 2013, the U.S. Treasury announced that due to overwhelming concern from countries around the world, the implementation of FATCA (the Foreign Account Tax Compliance Act) would be deferred from January 1, 2014 to...more

Treatment of Foreign Banks under Section 716 of the Dodd-Frank Act and Related Push-Out Provisions

Last month, the Federal Reserve Board issued an Interim Final Rule that treats uninsured U.S. branches and agencies of foreign banks the same as insured depository institutions ("IDIs") for purposes of Section 716 of the...more

Financial Services Quarterly Report - Second Quarter 2013: The U.S. Federal Reserve Board Charts an Independent Course in the...

The Board of Governors of the Federal Reserve System (“Board”) in December 2012 issued a proposed rule under the Dodd-Frank Act (“DFA”) for the enhanced supervision of foreign banking organizations (“FBOs”) and any foreign...more

Exchange - International Newsletter - Issue 19 – July 2013

DLA Piper’s Financial Services International Regulatory team welcomes you to the nineteenth edition of ‘Exchange – International’, an international newsletter designed to keep you informed of regulatory developments in the...more

AIFMD Update – German Private Placement Rules

Our Investment Funds group has received an update on the changes to the private placement rules for marketing of alternative investment funds (“AIFs”) in Germany following the implementation of the Alternative Investment Fund...more

New York Announces Agreement To Resolve Alleged International Sanctions Violations

On June 20, New York announced a consent order with the New York branch of a foreign bank to resolve charges that the bank — over a five year period that ended more than five years ago — violated Bank Secrecy Act, Anti-Money...more

Federal Reserve Board, Illinois Regulator Issue Joint Enforcement Action Against U.S. Subsidiaries Of Foreign Bank, OCC Issues...

On May 17, the Federal Reserve Board released an April 29, 2013 written agreement between the Federal Reserve Board, an Illinois state regulator, a foreign bank, and its U.S. bank holding company subsidiary (the Holding...more

Tax Compliance Update: IRS Aggressively Pursues Foreign Banks; Offshore Voluntary Disclosure Program to Remain Open Indefinitely

In our most recent discussion of the IRS’s Offshore Enforcement Initiatives, we discussed the John Doe Summons recently issued by the U.S. Department of Justice to Wells Fargo seeking information about First Caribbean...more

CIS Legal Update - May 2013: New Restrictions Imposed on Russian State Officials

On April 27, 2013 the Federal Council of the Russian Federation approved a law prohibiting certain categories of individuals from opening and maintaining accounts and cash deposits in foreign banks situated outside of Russia,...more

Unprecedented FCPA Wake-Up Call for U.S. Broker-Dealers and Foreign Banks: Has the Perfect FCPA Storm Finally Arrived for U.S....

On May 7, 2013, the U.S. Attorney's Office for the Southern District of New York (SDNY) unsealed extraordinary criminal charges against two registered representatives of a U.S. broker-dealer and a high-level Venezuelan...more

IRS Issues Final FATCA Regulations

On January 17, 2013 the Internal Revenue Service issued long-awaited final regulations that implement the Foreign Account Tax Compliance Act (FATCA), the new reporting and withholding tax regime that applies to foreign...more

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