Intermediaries

News & Analysis as of

Hague Securities Convention to Enter Into Effect in the United States - Choice of Law in Respect of Securities Held by...

On April 1, 2017, the Hague Securities Convention — or by its actual name, the Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary — will enter into effect in the United...more

SEC Releases White Paper on Crowdfunding

On February 28, 2017, the SEC released a white paper analyzing crowdfunded offerings during the first six months following the effective date of Regulation Crowdfunding (May 16, 2016). The white paper noted that crowdfunding...more

Payment of premium through the intermediary and rule of appearance

The captioned judgment states a well-known case law principle in the field of motor third party liability, i.e. the damaged party enjoys full insurance cover if the insured party, liable for the accident, holds the...more

The Bribery Act and Management of Commercial Intermediaries

Omani companies with UK shareholders (whether minority or majority) could be forgiven for believing that the UK Bribery Act 2010 (the Act) does not apply to their operations in the Sultanate of Oman. However, two recent cases...more

DOL Issues Additional Guidance on Fiduciary Rule

On January 13, 2017, the U.S. Department of Labor (“DOL”) issued a second set of guidance on its new fiduciary rules, which are scheduled to become effective on April 10, 2017. The guidance was issued in the form of FAQs...more

A Case of Appendicitis: SEC Staff Guidance on Sales Load Variation Disclosures Sends Funds Scrambling

A Guidance Update published in December 2016 by the SEC’s Division of Investment Management has sent funds scrambling to beef up prospectus disclosures to accommodate changes to fees charged by financial intermediaries before...more

European “Intermediaries” May Be Forced To Take Active Measures Against Trademark Infringement Committed By Third Parties

Recent cases in the Court of Justice of the European Union (“CJEU”) and the Court of Appeal of England and Wales (“the English Court of Appeal”) have addressed the question of whether those who provide facilities to persons...more

Dollar Financial UK Ltd v HMRC: When Must a Financial Intermediary Charge VAT?

Executive Summary - The decision in Dollar Financial UK Ltd v HMRC [2016] UKFTT 598 will likely be of interest to a range of participants in the lending market, and the financial services sector more generally, because...more

Mutual Fund Sales by Intermediaries – Fall-Out from DOL Fiduciary Rule and FINRA Enforcement

Mutual fund sales and distribution arrangements are once again under review. It has been reported that fund intermediaries are re-examining their practices relating to sales charges, share class structures and product...more

EU: Injunctions against intermediaries available also in the offline world

The Court of Justice of the European Union (CJEU) recently confirmed that the ability of rightholders to apply for an injunction against intermediaries whose services are used by a third party to infringe an intellectual...more

IRS Floats Updated Qualified Intermediary Agreement

In recent Notice 2016-42, the IRS has proposed a new qualified intermediary (QI) agreement. The current QI agreement, set forth in Rev. Proc. 2014-39 (“the 2014 QI agreement”), expires December 31, 2016. The IRS expects to...more

Government Investigations: Use of the Financial Crimes Enforcement Network and Virtual Currency

Since 2009, the US Department of Justice has implemented an aggressive anti-tax evasion strategy that has changed by targeting tax havens that host financial intermediaries (i.e., banks) to the financial intermediaries...more

A Compilation of Enforcement and Non-Enforcement Actions

Non-Enforcement - Remember to Update Your Risk Disclosure on an Ongoing Basis - The staff of the Securities and Exchange Commission (SEC) issued guidance reminding mutual funds, exchange traded funds, and other...more

CFTC Intermediaries to Adopt and Implement Cybersecurity Programs by March 1, 2016

Commencing March 1, 2016, all commodity pool operators, commodity trading advisors, futures commission merchants, retail foreign exchange dealers, investment brokers, major swap participants and swap dealers that are National...more

CFTC Staff Issues No-Action Relief Helpful for Non-U.S. Commodity Pool Operators and Commodity Trading Advisors

The U.S. Commodity Futures Trading Commission (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) provided no-action relief on February 12, 2016 to commodity pool operators (CPOs) and commodity trading advisors...more

Do the Restrictions on Advertising with Nutrition and Health Claims also Apply to Communications Addressed Exclusively to Health...

The Court of Justice of the European Union (ECJ) will soon decide on the issue of whether the restrictions on promoting foodstuffs with nutrition and health claims also apply to communications addressed exclusively to health...more

SEC Staff Issues Guidance on Mutual Fund Distribution Arrangements

Recently issued SEC staff guidance reminds mutual fund directors of their obligations to evaluate fund payments to financial intermediaries and emphasizes investment advisers’ and other service providers’ obligation to...more

Joining the Crowd: SEC Adopts Final Crowdfunding Regulations - Part III - Intermediaries

On October 30, the U.S. Securities and Exchange Commission (“SEC”) adopted final rules in the form of Regulation Crowdfunding to implement the securities-based crowdfunding exemption in Section 4(a)(6) of the Securities Act...more

SEC Provides Long-Awaited Guidance on Fund Distribution and Sub-Accounting Fees

Guidance Update No. 2016-01, published this month by the SEC’s Division of Investment Management, provides extensive guidance concerning the possibility that payments from mutual funds are being used to promote sales of the...more

SEC Issues Guidance on Mutual Fund Payment of Distribution Fees to Intermediaries

On January 6, the staff of the Securities and Exchange Commission's (SEC's) Division of Investment Management issued Guidance Update 2016-01, "Mutual Fund Distribution And Sub-Accounting Fees" (the "Guidance"). The Guidance...more

Crowdfunding Part 2 - Initial and Ongoing Disclosure Requirements

On October 30th, the Securities and Exchange Commission (the “SEC”) adopted new crowdfunding rules, referred to as Regulation Crowdfunding. The rules were mandated by the Jumpstart Our Business Startups Act of 2012, with the...more

Following the Wisdom of the Crowd? A Look at the SEC’s Final Crowdfunding Rules

In this alert, we provide a detailed overview of the final rules, Regulation Crowdfunding, which will be applicable to crowdfunding offerings conducted in reliance on Section 4(a)(6) of the Securities Act of 1933 as amended...more

The European digital single market: where are we now?

It has been a busy few months for the European Commission. When the Commission announced its plans for the digital single market (DSM) on 6 May, many commentators and stakeholders felt that it provided more questions than...more

Insurance Focus: Complaints Management by Insurance Intermediaries

On 1 September 2015, IVASS (namely, the Italian Insurance Supervisory Authority) published the draft decision on complaints management by insurance intermediaries, bound to amend and integrate the well known Regulation No. 24...more

Liability of Online Intermediaries: Consultation Now Open

Earlier this year we outlined the proposals made by the European Commission regarding online intermediaries and their role in tackling illegal content on the internet. If the Commission implements its proposals, this might...more

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Cybersecurity

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