On October 10, 2023, the Securities and Exchange Commission ("SEC") adopted amendments to modernize the rules governing beneficial ownership reporting under Sections 13(d) and 13(g)1 of the Securities Exchange Act of 1934...more
US borrowers have turned to convertible bonds in recent months as mainstream debt and equity markets have stumbled in the face of inflationary and interest rate headwinds. Combined leveraged loan and high yield bond deal...more
On April 28, 2023, the Securities and Exchange Commission ("SEC") reopened the comment period for proposed amendments to modernize the rules governing beneficial ownership reporting under the Securities Exchange Act of 1934...more
Recent statements by LIBOR authorities in the UK have implications for benchmark fallbacks in US documents.
The UK’s Financial Conduct Authority ("FCA") and ICE Benchmark Administration ("IBA") released statements1 on...more
The override of former President Trump's veto of the National Defense Authorization Act of 2021 resulted in the enactment of broad amendments to the US anti-money laundering regime. Of particular note is the inclusion of the...more
1/28/2021
/ Anti-Money Laundering ,
Beneficial Owner ,
Closely Held Businesses ,
Corporate Transparency Act ,
Covered Entities ,
Customer Due Diligence (CDD) ,
FinCEN ,
Limited Liability Company (LLC) ,
NDAA ,
Shell Corporations ,
Special Purpose Vehicles
A controversial proposed rule from the Financial Crimes Enforcement Network would bring bank-like regulation of virtual asset transactions, including the first broadly-applied AML reporting requirement in at least two...more
1/7/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Cryptocurrency ,
Currency Transaction Reports (CTR) ,
Digital Assets ,
FinCEN ,
Money Services Business ,
NPRM ,
Patriot Act ,
Proposed Regulation ,
Proposed Rules ,
Recordkeeping Requirements ,
Virtual Currency
For the thousands of financial institutions anxiously watching the discontinuation and transition from certain interbank offered rates ("IBORs"), 2020 just got a little less chaotic...
...more
On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the “Act”). The purpose of the Act is to provide emergency assistance for individuals, families, and businesses affected...more
Small businesses affected by the COVID-19 pandemic can take advantage of the unprecedented aids available under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, which was enacted on March 27, 2020. The CARES...more
4/4/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Employee Retention ,
Net Operating Losses ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
Small Business Loans ,
Tax Credits ,
Tax Deferral ,
Tax Relief
One of the most highly anticipated elements of relief in the CARES Act is the partially forgivable payroll protection loan for small business....On April 2, 2020, the US Small Business Administration (SBA) issued interim...more
On Friday, March 27, 2020, the U.S. House of Representatives voted to approve the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) submitted by the Senate, and President Trump just signed the bill.The bill...more
4/3/2020
/ Airlines ,
Automotive Industry ,
CARES Act ,
Credit Reporting Agencies ,
Financial Services Industry ,
Healthcare Facilities ,
Hospitality Industry ,
Loans ,
Mortgages ,
Private Equity ,
Restaurant Industry ,
Student Loans ,
Tax Credits ,
Tax Deferral
The novel coronavirus (COVID-19) pandemic is presenting the global markets with unprecedented challenges. Governments, corporations and the financial markets have been struggling to evaluate and adapt to the social and...more
What is a PPP loan?
On Friday, March 27, 2020, the President signed the CARES Act into law. The bill provides for $2.2 trillion in emergency aid to ease the financial impact of the COVID-19 crisis, including $349 billion...more
What is a PPP loan?
On Friday, March 27, 2020, the President signed the CARES Act into law. The bill provides for $2.2 trillion in emergency aid to ease the financial impact of the COVID-19 crisis, including $349 billion...more
On December 23, 2019, the New York Department of Financial Services (NYDFS) issued an Industry Letter instructing each institution it regulates, including banks and licensed Fintechs, to make submissions describing the...more
1/14/2020
/ Alternative Reference Rates Committee (ARRC) ,
Bank of New York (BNY) Mellon ,
Banks ,
Depository Institutions ,
Derivatives ,
Federal Bank Regulatory Agencies ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
FinTech ,
FRB ,
Industry Letters ,
Interest Rates ,
Lenders ,
Libor ,
Loans ,
Money Transmitter ,
NYDFS ,
Risk Assessment ,
Risk Mitigation ,
Secured Overnight Funding Rate (SOFR) ,
Securitization ,
Sterling Overnight Index Average (SONIA) ,
Transitional Arrangements ,
UK ,
Virtual Currency
On October 10, 2019, CFTC Chairman Heath Tarbert commented on Ether’s status as a commodity:
“We’ve been very clear on bitcoin: bitcoin is a commodity under the Commodity Exchange Act. We haven’t said anything about Ether –...more
11/12/2019
/ Anti-Manipulation Rule ,
Bitcoin ,
Brokers ,
CFTC ,
Commodity Exchange Act (CEA) ,
Commodity Trading Advisors (CTAs) ,
CPOs ,
Cryptocurrency ,
Digital Assets ,
Ether ,
Exclusive Jurisdiction ,
False Statements ,
Fraud ,
Futures Commission Merchants (FCMs) ,
Market Participants ,
Misappropriation ,
Popular ,
Registration Requirement ,
Spoofing
On October 1, 2018, Chairman J. Christopher Giancarlo of the Commodity Futures Trading Commission ("CFTC") published a white paper entitled "Cross-Border Swaps Regulation Version 2.0: A Risk-Based Approach with Deference to...more
4/3/2019
/ CFTC ,
Comity ,
Commodity Exchange Act (CEA) ,
Cross-Border Transactions ,
Derivatives ,
Dodd-Frank ,
Foreign Jurisdictions ,
Global Market ,
Jurisdiction ,
Non-US Entities ,
Swap Dealers ,
Swaps ,
Systemic Risk Buffer ,
Variation Margin Requirements (VM) ,
White Papers