On January 25, 2023, the Securities and Exchange Commission (“SEC”) issued a release reproposing new Rule 192 (the “Proposed Rule”) under the Securities Act of 1933 (the “Securities Act”), which is intended to prevent the...more
The United States Department of the Treasury (“Treasury”) is taking further action to combat corruption, money laundering, terrorist financing, tax fraud, and other illicit activities.
Following its Advance Notice of...more
In January, the Federal Reserve Banks announced that over 110 organizations were participating in the FedNow Service’s pilot program. After announcing the launch would move up to 2023, and then setting forth FedNow’s message...more
The Alternative Reference Rates Committee (“ARRC”) convened by the Federal Reserve Board and the Federal Reserve Bank of New York, with the assistance of its Securitizations Working Group released a report (the “Report”) on...more
As we wrote over the summer, Congress has passed a bill that will require certain corporations and limited liability companies (“LLCs”) to report information on their beneficial owners to the U.S. Treasury Department’s...more
12/23/2020
/ Anti-Money Laundering ,
Civil Monetary Penalty ,
Currency Transaction Reports (CTR) ,
Customer Due Diligence (CDD) ,
Department of Justice (DOJ) ,
FinCEN ,
Internal Revenue Code (IRC) ,
Limited Liability Company (LLC) ,
NDAA ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Securities Exchange Act ,
Shell Corporations ,
Suspicious Activity Reports (SARs) ,
U.S. Treasury ,
Whistleblowers
On September 15, 2020, the Conference of State Bank Supervisors (CSBS) announced a “one company, one exam” program for examinations of money services businesses. These businesses, spanning from money transmitters like PayPal...more
On July 22, 2020, the Office of the Comptroller of the Currency (“OCC”) published an interpretative letter regarding national banks’ and federal savings associations’ authority to provide cryptocurrency custody services for...more
The federal regulatory agencies charged with deriving and maintaining regulatory provisions pursuant to section 13 of the Bank Holding Company Act (commonly referred to as the Volcker Rule) have revised the “covered fund”...more
7/9/2020
/ Amended Regulation ,
Bank Holding Company Act ,
Covered Funds ,
Covered Transactions ,
Debt Securities ,
Investment Funds ,
Ownership Interest ,
Proprietary Trading ,
Small Business Investment Company ,
Volcker Rule ,
Waterfall Provision
The Office of the Comptroller of the Currency (OCC) released an Advance Notice of Proposed Rulemaking (ANPR) on June 4, 2020, announcing a review of 12 CFR part 7, subpart E related to national bank electronic activities and...more
With most businesses mandating working from home, transaction closings will confront the practical challenge of execution and delivery of documents.
Electronic signature of documents presents a convenient and safe...more
The federal agencies responsible for the Volcker Rule have proposed to clarify some requirements for exclusion from the definition of “covered fund” and to increase the types of funds excluded from that definition. The...more
2/11/2020
/ Bank Holding Company Act ,
CFTC ,
Covered Funds ,
Dodd-Frank ,
FDIC ,
Federal Reserve ,
Financial Regulatory Reform ,
Investment Companies ,
Ownership Interest ,
Proprietary Trading ,
Regulatory Agenda ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securitization ,
Venture Capital ,
Volcker Rule ,
Wealth Management
The Federal Reserve Board (Board) has adopted a rule that is intended to provide more detailed, accessible and slightly more generous criteria and procedures for use in determining whether control exists within the meaning of...more
2/6/2020
/ Bank Holding Company ,
Bank Holding Company Act ,
Banks ,
Business Ownership ,
Code of Federal Regulations (CFR) ,
Controlling Stockholders ,
Federal Reserve ,
Investment Companies ,
Management Agreements ,
New Rules ,
Voting Securities
In a response to the difficulties it experienced in identifying nonbank systemically important entities, the Financial Stability Oversight Council (FSOC) has proposed a new procedure for detecting and dealing with potential...more
The UK is due to leave the European Union on March 29, 2019 (“Brexit”). Within the EEA, “passport rights” permit financial services institutions and funds authorised in any EEA Member State to conduct business cross border...more
2/26/2019
/ EU ,
EU Passport ,
European Economic Area (EEA) ,
Financial Services and Markets Act ,
Financial Services Industry ,
Payment Services Directive ,
PSD2 ,
Temporary Permissions Regime (TPR) ,
UCITS ,
UK ,
UK Brexit
U.S. Treasury Report Recommends Congressional and Regulatory Support of Technological Innovation for FinTech and Nonbank Financial Services Industries -
The Department of the Treasury (“Treasury”) released a sweeping...more
On July 31, 2018, the Office of the Comptroller of the Currency (“OCC”) announced that it would begin accepting applications for national bank charters from FinTech entities that satisfy the licensing requirements for...more
The five agencies that adopted and administer the Volcker Rule have proposed to revise it. Interestingly, however, the proposed revisions make up a surprisingly small part of the release, much of which consists of questions...more
On May 24, 2018, President Donald Trump signed into law the Economic Growth, Regulatory Relief, and Consumer Protection Act(the “Act”). This new law rolls back certain provisions of the Dodd-Frank Act of 2010 (“Dodd-Frank”),...more
On April 20, 2018, the European Banking Authority released two new consultation papers dealing with the criteria for “simple, transparent and standardised” (STS) securitisations, one for asset backed commercial paper...more
The credit markets continue to be subject to significant regulatory change. Recently, two steps have been taken that are intended to increase the ability of certain types of creditors to expand the availability of credit....more
The “Risk Retention Rule” has been in effect for a little over two years for asset-backed securities (“ABS”) collateralized by residential mortgages, and for over one year for all other classes of ABS. While a general market...more