The Consumer Financial Protection Bureau (CFPB) announced that it was issuing a Notice of Proposed Rulemaking regarding Personal Financial Data Rights on October 19, 2023. The proposed rule (Proposed Rule) would implement...more
3/20/2024
/ Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
EFTA ,
Fair Credit Reporting Act (FCRA) ,
Federal Industry Standards ,
Financial Regulatory Reform ,
Financial Services Industry ,
Gramm-Leach-Blilely Act ,
Notice of Proposed Rulemaking (NOPR) ,
Open Banking ,
Personal Finances ,
Proposed Rules ,
Regulatory Requirements ,
Technology
Key portions of the Corporate Transparency Act (CTA) will take effect on January 1, 2024, requiring an estimated 30 million “reporting companies” to disclose to the federal government information and documentation about the...more
12/11/2023
/ Beneficial Owner ,
Business Entities ,
Corporate Governance ,
Corporate Transparency Act ,
Doing Business ,
Filing Deadlines ,
Financial Regulatory Reform ,
FinCEN ,
Publicly-Traded Companies ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements
The Federal Financial Institutions Examination Council (FFIEC) released the fifth phase of updates to the FFIEC Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual (the Manual) on August 2, 2023. While the...more
President Biden issued a long-awaited executive order, “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern” (the Executive Order or E.O.), on August 9, 2023,...more
8/17/2023
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Biden Administration ,
China ,
Compliance ,
Corporate Governance ,
Covered Person ,
Exceptions ,
Executive Orders ,
Foreign Direct Investment ,
Investment ,
Investors ,
National Security ,
Popular ,
Technology Sector ,
U.S. Treasury ,
White Collar Crimes
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), on August 8, 2022, sanctioned virtual currency mixer Tornado Cash. OFAC alleged that it had been “used to launder more than $7 billion worth of...more
The U.S. Department of the Treasury (Treasury), on May 13, 2022, published its 2022 National Illicit Finance Strategy (the 2022 Strategy)—a comprehensive statement of the agency’s key priorities, goals, and plans for...more
On October 15, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) released guidance on sanctions compliance for the digital currency industry, the agency’s most detailed guidance to date on...more
10/20/2021
/ Compliance ,
Corporate Counsel ,
Cryptocurrency ,
Digital Currency ,
Economic Sanctions ,
Financial Services Industry ,
New Guidance ,
Office of Foreign Assets Control (OFAC) ,
Ransomware ,
Regulatory Oversight ,
Risk Assessment ,
SDN List ,
Strict Liability ,
U.S. Treasury ,
Virtual Currency
U.S. Developments -
Litigation -
New York Resident Indicted for Duping Investors with Fake ICO Scam -
On November 6, the United States Attorney for the Southern District of New York announced a wire fraud charge...more
11/15/2019
/ Blockchain ,
British Columbia Securities Commission (BCSC) ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
FinTech ,
HMRC ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Initial Coin Offering (ICOs) ,
Scams ,
Securities Violations ,
Smart Contracts ,
Token Sales ,
Trading Platforms ,
Value-Added Tax (VAT) ,
Virtual Currency
U.S. Developments -
Regulatory Updates -
Texas Clarifies that Stablecoins Backed by Sovereign Currency Qualify as “Money” Under Money Transmission Statute -
The Texas Department of Banking recently issued a Supervisory...more
1/15/2019
/ Blockchain ,
China ,
Criminal Prosecution ,
Cryptocurrency ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Money Transmitter ,
OCIE ,
Popular ,
Securities and Exchange Commission (SEC) ,
Token Sales ,
Virtual Currency
Week of October 15-19, 2018 -
SEC Launches FinHub to Facilitate Public Engagement on FinTech Issues -
On October 18, the SEC launched FinHub, a new “Strategic Hub for Innovation and Financial Technology.” The SEC...more
10/22/2018
/ Aiding and Abetting ,
Bitcoin ,
CFTC ,
Cryptocurrency ,
Enforcement Actions ,
FinTech ,
Monetary Authority of Singapore ,
Ponzi Scheme ,
Popular ,
Securities and Exchange Commission (SEC) ,
Singapore ,
Smart Contracts ,
Virtual Currency
...On June 28, the Commodity Futures Trading Commission and the Securities and Exchange Commission announced a new Memorandum of Understanding meant to allow two agencies to further coordinate in areas of common...more
7/2/2018
/ Blockchain ,
Cryptocurrency ,
DEA ,
Department of Justice (DOJ) ,
Financial Institutions ,
Financial Markets ,
Governor Kasich ,
Howey ,
Initial Coin Offering (ICOs) ,
New Legislation ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Token Sales ,
Trafficking ,
Virtual Currency
The U.S. Court of Appeals for the Ninth Circuit recently addressed again when plaintiffs have standing to pursue federal antitrust claims under the U.S. Supreme Court’s landmark decision in Illinois Brick Co. v. Illinois, 431...more
2/1/2017
/ Anti-Competitive ,
Antitrust Provisions ,
Appeals ,
Apple ,
Article III ,
Corporate Counsel ,
Direct Purchasers ,
Illinois Brick ,
iPhone ,
Mobile Apps ,
Monopolization ,
Motion to Dismiss ,
Section 2 ,
Sherman Act ,
Standing ,
Technology Sector
The Federal Trade Commission recently sued 1-800 Contacts, Inc., the largest contact lens retailer in the United States, charging it with restraining competition in violation of Section 5 of the Federal Trade Commission Act,...more
9/1/2016
/ Antitrust Violations ,
Cease and Desist Orders ,
Competition ,
Corporate Counsel ,
Federal Trade Commission (FTC) ,
FTC Act ,
Online Advertisements ,
Search Engines ,
Search Rankings ,
Section 5 ,
Settlement Agreements ,
Trademark Infringement ,
Unfair Competition
California, Florida, Kentucky, and Iowa have changed their security breach notification requirements in the past few months: California passed legislation effective January 1, 2015, that for the first time, addresses...more
Perkins Coie's Privacy & Security practice maintains a comprehensive chart that summarizes state laws regarding security breach notification. The chart is for informational purposes only and is intended as an aid in...more
Perkins Coie's Privacy & Security practice maintains this comprehensive chart of state laws regarding security breach notification. The chart is for informational purposes only and is intended as an aid in understanding each...more
Perkins Coie's Privacy & Security practice maintains this comprehensive chart of state laws regarding security breach notification. The chart is for informational purposes only and is intended as an aid in understanding each...more