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CFTC Statement on Self-Certification of Bitcoin Products by CME, CFE and Cantor Exchange

On December 1, 2017, the Commodity Futures Trading Commission (“CFTC“) issued a Statement on the Self-Certification of Bitcoin Products by the Chicago Mercantile Exchange (“CME“), the CBOE Futures Exchange (“CFE“) and the...more

12/8/2017  /  Bitcoin , CFTC , Virtual Currency

DFS Grants Virtual Currency License To bitFlyer USA, Inc.

On November 28, 2017, the New York State Department of Financial Services (“DFS“) announced that it has approved the application of bitFlyer USA, Inc., for a virtual currency license.” Pursuant to this license bitFlyer USA...more

SEC Announces the Formation and First Members of Fixed Income Market Structure Advisory Committee

On November 9, 2017, the Securities and Exchange Commission (“SEC“) announced the formation and first members of its Fixed Income Market Structure Advisory Committee. According to the announcement, the committee, whose...more

SEC Announces Measures to Facilitate Cross-Border Implementation of the European Union’s MiFID II’s Research Provisions

On October 26, 2017, the Securities and Exchange Commission (“SEC”) announced that, “following consultation with European authorities, and in response to concerns that investors could lose access to valuable research, the...more

10/31/2017  /  Broker-Dealer , EU , Investors , MiFID II , Popular , SEC

OFR Issues Report Challenging Standard for Identifying Systematically Important Banks

On October 26, 2017, the Office of Financial Research (“OFR”), an arm of the Treasury Department, issued a Report of its Director that challenges the standard set forth in the Dodd-Frank Act for determining which entities are...more

Department of Treasury Releases Second Report on Administration’s Core Principles of Financial Regulation

On October 6, 2017, the Department of the Treasury released its Second Report on the Administration’s Core Principles of Financial Regulation which details how to streamline and reform the U.S. regulatory system for the...more

NY DFS Charges the NY Branch of Habib Bank and Habib Bank Limited for Compliance Failures

On August 24, 2017, the New York State Department of Financial Services (“NY DFS“) issued a Notice of Hearing and Statement of Charges to the New York Branch of Habib Bank Limited and Habib Bank Limited, the largest bank in...more

Federal Reserve and FDIC Extend Deadline for Nineteen Foreign Banks and Two Domestic Bank Holding Companies to File Living Wills

On August 8, 2017, the Federal Reserve Board and Federal Deposit Insurance Corp. extended the deadline for 19 foreign banks and two domestic bank holding companies to file their next round of “living wills” detailing how they...more

OCC Solicits Public Comments on Revising the Volcker Rule

On August 2, 2017, the Office of the Comptroller of the Currency (“OCC“) issued a public notice that it is seeking public input on revising the final regulation implementing section 619 of the Dodd–Frank Wall Street Reform...more

8/11/2017  /  Dodd-Frank , OCC , Public Comment , Volcker Rule

Digital Tokens as Securities: The SEC Weighs in on the Debate

Orrick's global Blockchain Working Group is in the camp that believes the blockchain and associated token or appcoin innovations are here to stay and have the potential to be a significant disruptive force, but we will be...more

OCC Addresses Questions Related to Bank Collaboration with Fintech Companies and Others

Recently, with increasing frequency, questions have been posed regarding the responsibilities of bank regulated entities (“Bank Entities”) with respect to their “third-party relationships,” particularly with financial...more

6/14/2017  /  Banking Sector , FinTech , OCC

Public Comments Solicited From Retail Investors and Other Interested Parties on Standards of Conduct for Investment Advisers and...

On June 1, 2017, Securities and Exchange Commission (“SEC“) Chairman Jay Clayton issued a statement (the “Statement“) soliciting public comments from retail investors and other interested parties on standards of conduct for...more

CFTC Launches LabCFTC as Major Fintech Initiative

On May 17, 2017, the Commodity Futures Trading Commission (“CFTC“) approved the creation of LabCFTC, which it describes as “a new initiative aimed at promoting responsible fintech innovation to improve the quality, resiliency...more

SEC Publishes Compliance and Disclosure Guidance for Regulation Crowdfunding

On April 5, 2017, the Division of Corporation Finance of the Securities and Exchange Commission (“SEC“) published a “Compliance and Disclosure Interpretation: Regulation Crowdfunding: Rule 202: Ongoing Reporting...more

SEC Adopts Jobs Act Amendments

On April 5, the Securities and Exchange Commission (“SEC“) announced that it has adopted amendments to increase the amount of money companies can raise through crowdfunding to adjust for inflation. It also approved amendments...more

SEC Division of Investment Management Issues Guidance on Holding Companies and the Transient Investment Company Rule Under the...

Earlier this month, the SEC Division of Investment Management issued guidance with respect to situations in which an operating company may find that, upon the occurrence of an extraordinary event, it meets the definition of...more

SEC Staff Issues Guidance Update and Investor Bulletin on Robo-Advisers

On February 23, 2017, the Securities and Exchange Commission (“SEC“) published information and guidance for investors and the financial services industry on the use of robo-advisers, described by the Staff as “registered...more

New York Department of Financial Services Promulgates First-in-the-Nation State Cybersecurity Regulation

On February 16, 2017, the New York Department of Financial Institutions (“DFS“) promulgated a regulation that requires “Covered Entities” to establish and maintain a cybersecurity program designed to protect consumers and the...more

Office of Compliance Inspections and Examinations Issues Risk Alert on the Five Most Frequent Compliance Topics Identified in...

On February 7, 2017, the Office of Compliance Inspections and Examinations of the Securities and Exchange Commission (OCIE) published a Risk Alert listing of the five compliance topics most frequently identified in deficiency...more

New York Department of Financial Services Issues Updated Proposed Cybersecurity Regulation

On December 28, 2016, the New York State Department of Financial Services (“DFS“) announced that it has updated its proposed first-in-the-nation cybersecurity regulation. The proposed regulation, which will be effective March...more

Federal Reserve Board Provides New Details on Volcker Rule’s Illiquid Funds Requirements

On December 12, 2016, the Federal Reserve Board announced additional details regarding how banking entities may seek an extension to conform their investments in a narrow class of funds that qualify as “illiquid funds” to the...more

12/22/2016  /  Banking Sector , Banks , Dodd-Frank , FRB , Volcker Rule

SEC Issues No-Action Letter Regarding Relief from Registration under Advisers Act for Adviser to Affiliated Foundation

On December 8, 2016, the Chief Counsel’s Office of the Division of Investment Management of the Securities and Exchange Commission (“Commission“) provided “no-action letter” assurance to CenturyLink Investment Management...more

OCC Issues Responsible Innovation Framework

On October 26, the Office of the Comptroller of the Currency (“OCC“) announced that it will establish an office “dedicated to responsible innovation and implement a formal framework to improve the agency’s ability to...more

SEC Office of Compliance Inspections and Examinations Issues Risk Alert on Whistleblower Rule Compliance

On October 24, Staff in the Office of Compliance Inspections and Examinations (the “Staff”) issued a National Exam Program Risk Alert announcing that it is examining registered investment advisers and registered...more

CFPB Structure Ruled Unconstitutional

On October 11, 2016, the U.S. Court of Appeals for the District of Columbia Circuit ruled in PHH Corporation v. Consumer Financial Protection Bureau that the CFPB’s structure is unconstitutional. In reaching this...more

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