Risk-Based Approaches

News & Analysis as of

Excalibur Reinsurance Corporation Placed Into Liquidation

Excalibur had been in run-off status since 2003, and under regulatory supervision since at least 2013. A Pennsylvania court has now placed Excalibur into liquidation based on three grounds: (1) insolvency – Excalibur’s...more

FCA thematic review finds failures in oversight of authorised representatives in insurance industry

On 22 July 2016, the Financial Conduct Authority (FCA) published the results of a thematic review in which the FCA found significant shortcomings in the control and oversight of appointed representatives (ARs) by their...more

President Obama Signs the Toxic Substances Control Act Modernization Act

Since its passage in 1976, TSCA has been widely criticized—by industry and environmental groups alike—for its perceived inefficacy. When first passed, TSCA aimed to fill an important gap in the nation’s environmental laws,...more

The Federal Reserve Board’s ANPR with Respect to Capital Requirements for Supervised Institutions Significantly Engaged in...

On June 3, 2016, the Board of Governors of the Federal Reserve System (FRB), approved an advance notice of proposed rulemaking (ANPR) regarding two potential regulatory capital frameworks for institutions under the FRB’s...more

Anti–Money Laundering Alert: FinCEN Finalizes Beneficial Ownership and Customer Due Diligence Requirements

The Financial Crimes Enforcement Network (FinCEN) on May 11 released its long-awaited Final Rule (CDD Rule) that will require certain financial institutions to “look through” the nominal account holder to identify the...more

The Federal Reserve Board Outlines Approach For Capital Rules For Federally Supervised Insurance Groups

At the NAIC’s tenth International Insurance Forum, Daniel K. Tarullo, a member of the Board of Governors of the Federal Reserve System (FRB), outlined the FRB’s plans for: - ..the capital and liquidity rules for...more

Europe Is Shifting, And It’s a Big Deal – The New GDPR

The clock is now ticking. On May 4th the European Parliament published the final text of the General Data Protection Regulation (“GDPR”), and the rules of the game have significantly changed – at least in the context of EU...more

New Encryption Guidance Published by the ICO

The UK Information Commissioner’s Office (ICO) has released updated guidance on the use of encryption. The guidance highlights that in many areas, the ICO expects encryption software to be used, and in the future where data...more

US Board of Governors of the Federal Reserve System Proposes Technical Amendments to Risk-Based Capital Surcharge for Global...

The US Board of Governors of the Federal Reserve System proposed technical amendments to its rule requiring a risk-based capital surcharge for global systemically important bank holding companies. The rule, finalized by the...more

BCBS Reports on Regulatory Consistency of Risk-Weighted Assets for Credit Risk in the Banking Book

On April 1, the Basel Committee on Banking Supervision (“BCBS”) issued its second report: an analysis of risk-weighted assets (“RWA”) for credit risk in the banking book. The report’s first objective is to identify the main...more

NFA To Review Initial Margin Models for SDs and MSPs

National Futures Association (NFA) has issued a notice reminding its swap dealer (SD) and major swap participant (MSP) members of their obligations under the new uncleared swap margin requirements adopted by the Commodity...more

Financial Action Task Force Risk-Based Approach on Money or Value Transfer Services

The Financial Action Task Force published final Guidance on a Risk-Based Approach for Money or Value Transfer Services. This non-binding guidance is applicable to the entire MVTS sector but is primarily aimed at non-banking...more

Plan Now to Comply with New Rhode Island Identity Theft Protection Act

Businesses, organizations, state and local governmental entities and individuals who collect and store personal information about Rhode Island residents should start planning now to comply with the new Rhode Island Identity...more

FDIC Seeks Comment on Revised Deposit Insurance Assessment Rule

On January 21, the Federal Deposit Insurance Corporation (FDIC) announced that it was seeking comment on a revised proposed rule that would amend the way small banks are assessed for deposit insurance. The proposed rule would...more

Top Compliance Issues Facing Manufacturers in 2016

In the last several years, the U.S. has been aggressively enforcing laws governing exports and international conduct. This is amply illustrated by the continuing imposition of large penalties on multinational companies for...more

International Data Privacy: How to Navigate the Challenges

Hardly a day goes by when the news doesn't include some privacy-related story or scandal. To name just a few recent examples, we've seen: ..Highly publicized losses of customer credit card data by household-name...more

New Rhode Island Law Protects Victims of Businesses’ Data Breaches in 2016

Cyber data breaches affect individuals, businesses, and the government. Tens of millions of Americans are affected by data breaches every year. In 2014, CNN estimated that 47% of U.S. adults in the U.S. had their personal...more

Medical Device Cybersecurity: FDA’s New Draft Guidance

We have been tracking the issue of medical device cybersecurity for quite some time now. We previously wrote how medical device hacking is both the stuff of Hollywood storytelling and also a genuine concern to which the FDA...more

New Pilot Inspection Program for Offshore Facilities Could Have Far-Reaching Consequences for Operators

There has never been a greater focus on safety and regulatory enforcement in the offshore oil patch than today. With a steady stream of new rules, policy directives, and enforcement programs, the Bureau of Safety and...more

Best Practices to Avoid Common FCPA Violations: Third-Parties

While the Foreign Corrupt Practices Act (“FCPA”) is an extremely complex act, there are two common FCPA violations of which automotive companies with international operations should be particularly sensitive. We recently...more

Possible Examination by SEC of Exempt Reporting Advisers

Marc Wyatt, Acting Director of the Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”), recently took part in a meeting of the ABA Hedge Fund Sub-Committee on November 20,...more

Sprint Agrees to Pay FTC $2.95M Penalty to Settle FCRA Allegations

On October 21, 2015, the Federal Trade Commission announced an agreement with Sprint to resolve allegations that Sprint violated disclosure requirements of the Fair Credit Reporting Act (FCRA). Sprint will pay $2.95 million...more

FDA Commits to Moving Forward with LDT Regulation

Last Tuesday, Dr. Jeffrey Shuren, director of the Food and Drug Administration’s Center for Devices and Radiological Health, announced at a hearing before the House Energy and Commerce Committee’s Subcommittee on Health that...more

Sprint Agrees to Pay FTC $2.95 Million to Settle Risk-Based Pricing Rule Charges Under the FCRA

Mobile service providers frequently look at their customers’ credit reports and scores to determine the best pricing plans for those customers. But asa recent settlement between Sprint Corporation and the Federal Trade...more

FinCEN Proposes Anti-Money Laundering and Suspicious Reporting Rules for Registered Investment Advisers

On August 25, 2015, the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) proposed rules that would require registered investment advisers to adopt anti-money laundering (AML) programs and report...more

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