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Finance & Banking Securities

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

US Federal Financial Regulators Propose Amendments to Swap Margin Rule

by Shearman & Sterling LLP on

The US Office of the Comptroller of the Currency, the US Board of Governors of the Federal Reserve System, the US Federal Deposit Insurance Corporation, the US Farm Credit Administration and the US Federal Housing Finance...more

Asset Management Regulatory Roundup - February 2018 - Issue 4

by Dechert LLP on

A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details of an FCA report on algorithmic trading; the publication of the FSMA (Benchmarks)...more

New York State Department of Financial Services Issues Guidance to Virtual Currency Entities

On February 7, 2018, the New York State Department of Financial Services (“DFS”) issued guidance for all virtual currency entities licensed by New York State regarding the prevention of market manipulation, fraud, and other...more

SEC issues guidance on cybersecurity disclosures

by Sullivan & Worcester on

The SEC posted today, February 21, 2018 an interpretive release regarding its latest guidance public companies’ disclosure obligations under existing law with respect to matters involving cybersecurity risk and incidents. It...more

The European Securitisation Regulation: The Countdown has Begun....

by Jones Day on

Draft Technical Standards Published for Consultation by the European Supervisory Authorities—An Update and Overview - Regulation (EU) 2017/2402, which is known as the "Securitisation Regulation" and lays down a general...more

Four Blockchain Technology Bills Proposed by New York Assemblyman

New York Assemblyman Clyde Vanel has introduced proposals in the state legislature for four laws which, if passed, could transform how the State of New York interacts with and views blockchain technology. The first...more

Virtual Currency Tax Consequences

by Carlton Fields on

A growing number of startups are offering virtual currencies to investors through initial coin offerings (ICOs) as a way to raise capital, often with little or no awareness of the tax consequences of their actions....more

As fundraising methods continue to diversify, the DFSA provides a robust regulatory framework for equity and loan based...

by Hogan Lovells on

On 1 August 2017, the Dubai Financial Services Authority ("DFSA"), the regulator of financial services and securities in the Dubai International Financial Centre free zone ("DIFC"), introduced a regulatory framework for loan...more

Cybersecurity Guidance Issued

We had previously reported on a Securities and Exchange Commission open meeting that had been scheduled for today, Febuary 21, 2018. The open meeting was cancelled. ...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Analysis of the Fed’s January meeting minutes shows Fed officials suggesting that robust economic growth has created the right conditions for higher interest rates....more

SEC’s share class selection disclosure initiative: what’s next

On February 12, 2018, the Division of Enforcement of the US Securities and Exchange Commission (SEC) announced the Share Class Selection Disclosure Initiative (Initiative) to encourage SEC registered investment advisers...more

Everything Compliance-Episode 25, the One Year Wrap Up Edition

by Thomas Fox on

The top compliance roundtable podcast is back with a wrap up of the first year of the Trump Administration. Stayed tuned to the end for rants in this edition. 1. Is Jay Clayton who we thought he was? Matt Kelly takes a...more

Nasdaq Proposes Changes to Shareholder Approval Rules for Private Placements

A simplified Rule 5635(d) could facilitate capital formation by changing the definition of market value. Nasdaq is proposing to update and simplify Listing Rule 5635(d) by changing the definition of market value and...more

OCIE Examination Priorities 2018

by WilmerHale on

On February 7, 2018, the Securities and Exchange Commission's (SEC) Office of Compliance Inspections and Examinations (OCIE) released its 2018 examination priorities. This year's priorities comprise five principal areas: (1)...more

Between Bridges, Featuring Topics on Cybersecurity, Cryptocurrencies and Compliance

Last week, a futures commission merchant settled an enforcement action brought by the Commodity Futures Trading Commission, claiming that it failed to supervise a third-party technology provider it engaged to implement...more

New SEC Staff Guidance Broadens the Applicability of 1940 Act Exemption for Mortgage Securitizers

by Shearman & Sterling LLP on

In a no-action letter dated February 12, 2018, the SEC expanded the scope of Section 3(c)(5)(C) of the Investment Company Act to apply to a sponsor of multiple securities trusts that hold whole mortgage loans....more

Further SEC action and guidance with respect to ICOs and cryptocurrencies

The SEC took two additional steps today in its regulation and oversight of the initial coin offering (“ICO”) and cryptocurrency markets. In the SEC’s latest action targeting an ICO, the SEC Enforcement Division’s new Cyber...more

Never leave a bad taste in the mouth of the one who brings you business

by Ary Rosenbaum on

I was working with an advisor recently, who had issues with one of those third party administrators (TPAs) I warn people about. Yeah, you know the folks who do payroll as are TPAs on the side....more

Central Bank of Ireland to Liberate Regulated Loan Origination Funds from Certain Asset Mixing Constraints

by Dechert LLP on

In a recent release, the Central Bank of Ireland (CBI) announced its intention to amend, with effect from 7 March 2018, the AIF Rulebook in relation to Loan Originating Qualifying Investor Alternative Investment Funds...more

SEC Approves NYSE Rule Changes on Listing Without an IPO

The Securities and Exchange Commission (SEC) has approved a proposal by the New York Stock Exchange (NYSE) to facilitate listing on the NYSE without a prior underwritten public offering. Section 102.01B of the NYSE Listed...more

SEC Launches Self-Reporting Initiative for Mutual Fund Share Classes

by Morgan Lewis on

The US Securities and Exchange Commission's Division of Enforcement announced that it will not recommend monetary penalties against investment advisers that self-report mutual fund share class violations involving Rule 12b-1...more

ESMA Launches Interactive Single Rulebook

On February 14, 2018, the European Securities and Markets Authority (“ESMA“) launched a new interactive single rulebook to help facilitate the consistent application of the EU single rulebook in the securities markets...more

Get that late 5500 Filed

by Ary Rosenbaum on

I used to have this recurring dream that I was back in college and it was my last semester. The dream was that there was this one class that I didn’t attend all semester and the finals were around the corner. Someone pointe...more

European Securities and Markets Authority Outlines 2018 Work Programme for Credit Rating Agencies, Trade Repositories and...

by Shearman & Sterling LLP on

The European Securities and Markets Authority has published a document combining its 2017 Annual Report and 2018 Work Programme in relation to Trade Repositories, Credit Rating Agencies and third-country Central...more

Review of EU AIFMD Launched

by Shearman & Sterling LLP on

The European Commission has announced that KPMG has been appointed to carry out a survey on the functioning of the Alternative Investment Fund Managers Directive, calling for all stakeholders to provide their feedback...more

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