Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 28, 2020 – October 2, 2020... September 29, 2020: The IRS published final regulations...more
Key Points - The Commodity Futures Trading Commission (CFTC) has proposed new rules (Proposal) for the cross-border application of certain of its swap regulations. - The Proposal includes certain changes relative to the...more
On December 17, the Office of the Comptroller of the Currency (OCC) requested comment on a proposed rule to establish enforceable guidelines for recovery planning by insured national banks, insured federal savings...more
On the day before Thanksgiving—less than two weeks after oral argument—the Seventh Circuit issued its ruling on Motorola’s interlocutory appeal in Motorola Mobility LLC v. AU Optronics Corp., affirming dismissal of the vast...more
The Foreign Trade Antitrust Improvements Act, 15 U.S.C. § 6a (FTAIA), enacted in 1982, has provided ambiguous direction to courts and practitioners regarding the applicability of U.S. antitrust laws to conduct occurring...more
New York’s high court announced last week that banking institutions with branches in New York are shielded from judgment creditors attempting to collect on customer assets held at foreign branches of the same bank....more
On November 14, the Division of Swap Dealer and Intermediary Oversight (DSIO) of the Commodity Futures Trading Commission issued Advisory No. 13-69 to answer inquiries on whether a registered non-US swap dealer (SD) must...more
Introduction - On July 12, 2013, the Commodity Futures Trading Commission (the “CFTC”) adopted interpretive guidance (the “Guidance”) that details the CFTC’s interpretation of the application of the Commodity Exchange...more
On September 12, the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved a final rule clarifying that deposits in foreign branches of US banks are not FDIC-insured, even though they can be deposits...more
The Board of Directors of the FDIC approved and the FDIC issued a final rule (the “Final Rule”) that excludes deposits in foreign branches of U.S. banks from the guarantee of FDIC insurance under the Federal Deposit Insurance...more
On February 12, the Federal Deposit Insurance Corporation (“FDIC”) proposed for public comment a rule that would exclude from federal deposit insurance coverage those deposits made at insured U.S. banks that are payable at a...more
In This Issue: - Financial Industry Developments •CFPB Implementation Plan for Mortgage Rules •FDIC Proposed Rule on Insured Deposits at Foreign Branches of U.S. Banks •CFPB Bulletin on Servicers'...more
On February 12, the FDIC approved a notice of proposed rulemaking to clarify that deposits in foreign branches of U.S. banks are not FDIC-insured but they may be deposits for the national depositor preference statute enacted...more