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Finance & Banking Administrative Agency Securities

Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

Federal Judge Rules Virtual Currencies Are Commodities Under the Commodity Exchange Act

On March 6, 2018, Judge Jack B. Weinstein of the U.S. District Court for the Eastern District of New York ruled that virtual currencies are commodities under the Commodity Exchange Act (CEA) and therefore subject to the...more

PA Releases Mortgage Servicing Regulations with Servicer License Applications Due by June 30, 2018

by Weiner Brodsky Kider PC on

On February 6, 2018, the Pennsylvania Department of Banking and Securities issued regulations, effectively incorporating many of the CFPB’s mortgage servicing regulations (including, in particular, most provisions of 12...more

Highlights From SEC Speaks 2018: Litigation and Enforcement Trends

by Vedder Price on

The U.S. Securities and Exchange Commission (“SEC” or the “Commission”) held its annual SEC Speaks conference in Washington, DC on February 23 and 24, 2018 and provided remarks from the Chairman and commissioners, discussions...more

Podcast - Credit Funds: A Framework for Addressing and Mitigating Conflicts of Interest

by Ropes & Gray LLP on

Today’s asset managers are increasingly multi-platform, regularly managing private equity funds, hedge funds and credit funds all under the same roof. Invariably, it might make business sense for some of these funds to engage...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

It’s a bit more overtly political than business-oriented, but given China’s economic might, we felt it worth noting that China’s Communist Party has cleared the way for President Xi Jinping to “stay in power indefinitely” by...more

SEC Staff Grants a Closed-End Fund No-Action Relief Under Rule 486(b) Covering Securities Other Than Common Stock

by Dechert LLP on

The staff of the Division of Investment Management (Staff) of the U.S. Securities and Exchange Commission (SEC or Commission) on February 14, 2018 issued a no-action letter (Letter) that would specifically permit the...more

DC Circuit Court Newsflash: “Transfer” means “Transfer”

by Dechert LLP on

In an eagerly anticipated (and much speculated upon) decision, a three judge panel of the United States Court of Appeals for the District of Columbia Circuit (“DC Circuit Court”) issued a unanimous opinion on Friday, February...more

LSTA’s Argument That CLO Managers Are Not “Securitizers” in Open-Market CLOs Carries the Day in Court. Now What?

by Shearman & Sterling LLP on

On February 9, 2018, the D.C. Court of Appeals ruled that treating managers of open-market CLOs as “securitizers” subject to the risk retention rules exceeded the statutory authority to promulgate rules to implement the risk...more

Washington Legislature Introduces Revised Uniform Unclaimed Property Act

by McDermott Will & Emery on

On January 10, 2018, a bill was introduced in the Washington State Legislature that would substantially enact the Revised Uniform Unclaimed Property Act (RUUPA) finalized by the Uniform Law Commission (ULC) in late 2016. The...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

More trouble for the embattled British PM Theresa May. We learned yesterday that Britain’s second-largest construction firm—Carillion—was forced into liquidation after amassing a staggering $1.35 billion in debt. The downfall...more

MoFo New York Tax Insights - Volume 9, Issue 1

by Morrison & Foerster LLP on

THE TOP 10 NEW YORK TAX HIGHLIGHTS OF 2017 - As we look forward to an exciting new year, here is our annual list of what we viewed as the Top 10 New York Tax Highlights of 2017. 1. Appellate Division finds error in...more

Investment Services Regulatory Update - December 2017

by Vedder Price on

New Rules, Proposed Rules, Guidance and Alerts - NEW RULES - SEC Delays Form N-PORT EDGAR Filing Requirement by Nine Months - On December 8, 2017, the SEC adopted a temporary rule (the Temporary Rule) delaying by...more

SEC Enforcement Division Releases 2017 Annual Report as Industry Looks Ahead to 2018

by Dechert LLP on

Stephanie Avakian and Steven Peikin, the new Co-Directors of the U.S. SEC Enforcement Division (“Division”), released a report on November 15, 2017, summarizing the Division’s enforcement activity for the fiscal year ending...more

Q&A: What to Expect from the “New” SEC

by Ropes & Gray LLP on

David Tittsworth and Jeremiah Williams are Counsels in the Washington, D.C. office of Ropes & Gray. David served as President and CEO of the Investment Adviser Association for 18 years prior to joining Ropes in 2015. Before...more

With Zenefits Settlement Award SEC Demonstrates Continued Commitment to “Unicorn” Scrutiny Despite Administration Change: Same Old...

Last week the SEC announced it had reached an agreement with privately-held company Zenefits, and its co-founder and former CEO Parker Conrad, to settle allegations that Zenefits materially misled Series B and C investors....more

SEC No-Action Letter Regarding Investments in Credit Risk Transfer Securities

On October 16, the SEC Division of Investment Management granted no-action relief in response to a request by Orrick on behalf of Redwood Trust. The Redwood request and the SEC staff response impact the way in which...more

Lorenzo's a Schemer, Not a Maker; Dissent Blasts SEC ("Not Fair," "Stinks")

by Burr & Forman on

Cut, paste and forward ? just as the boss instructed. But Lorenzo’s email to two clients was misleading, so the SEC filed an enforcement action. The ALJ held Lorenzo liable for violating anti-fraud provisions and imposed a...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Representatives of the US’s biggest stock exchanges have questioned the SEC’s plan to change how markets work by altering the current “maker-taker” system and imposing new transparency and conflict-of-interest rules on...more

Funds Talk: October 2017 - SEC Issues Risk Alert Regarding Advertising Rule Compliance Based on Recent OCIE Examinations

On Sept. 14, 2017, the Securities and Exchange Commission (the “SEC”) issued a risk alert outlining certain compliance issues identified by the regulator’s Office of Compliance Inspections and Examinations (“OCIE”) related to...more

SEC's ALJ Dismisses Fraud Charges In High-Profile Lynn Tilton Case

by Shearman & Sterling LLP on

On September 27, 2017, an administrative law judge (“ALJ”) for the United States Securities and Exchange Commission (“SEC”) dismissed the SEC’s administrative proceeding against Lynn Tilton and four Patriarch Partners...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Lots of Fed news this morning, and all of it on the administrative side. First, it now appears that a likely choice to replace Chair Yellen could be out before he was even in. And we’ve learned that Fed No. 2 Stanley Fischer...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Breakingviews suggests that the devil is definitely in the details in Sempra Energy’s apparent winning bid for Oncor. Control of the company, for example, isn’t as simple as it might seem....more

ICI Requests Delay and Re-Examination of Liquidity Risk Management and Reporting Modernization Rules

by Dechert LLP on

In a letter to U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton, the Investment Company Institute (ICI) formally requested a delay and re-examination of certain elements of Rule 22e-4 under the Investment...more

Drip Drip Drip - Is the DOL's Fiduciary Rule Slowly Going Down the Drain?

by Dechert LLP on

The U.S. Department of Labor (the “DOL”) today (August 9, 2017) submitted a Notice of Administrative Action in the Thrivent v. Acosta litigation (D. Minn.). The Notice relates to the final regulation that defines who is a...more

Funds Talk: August 2017 - D.C. Circuit Decision Creates Split on SEC’s Use of Administrative Law Judges

On June 26, the D.C. Circuit, en banc, split 5-to-5 on whether to grant a petition seeking to overturn an August 2016 ruling by a three-judge panel that determined that Securities and Exchange Commission (SEC) administrative...more

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