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Finance & Banking Updates

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

Cybersecurity Oversight

by Ropes & Gray LLP on

Financial regulators continue to expand their reach in the cybersecurity space, and funds, fund sponsors, and advisers should take note. Most recently, on February 12, the CFTC filed a simultaneous Order and Settlement...more

LATIN AMERICA & THE CARIBBEAN A Legal Guide for Business Investment and Expansion - Dominican Republic

1 .What role does the government of the Dominican Republic play in approving and regulating foreign direct investment? The Dominican Republic offers outstanding advantages to foreign and national investors. The...more

Blockchain Week in Review - February 2018

by Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

SEC and CFTC Chairmen Testify before Senate on Cryptoasset Regulation

Last month, SEC chairman Jay Clayton and CFTC chairman Christopher Giancarlo testified before the Senate Banking Committee on their agencies’ regulatory efforts with respect to cryptoassets and ICOs. The written testimonies...more

Hong Kong Cracks Down on Digital Tokens and Cryptocurrency Exchanges

by Jones Day on

The Situation: Surging interest in digital tokens has caught the attention of regulators in Hong Kong. The Development: Hong Kong's Securities and Futures Commission recently introduced additional regulatory measures, and...more

European Commission Proposes Legislation to Provide Legal Certainty for Cross-Border Assignment of Claims

by Shearman & Sterling LLP on

The European Commission has published a proposed Regulation on the law applicable to the third-party effects of assignments of claims. The proposed Regulation was published alongside a Communication on the law applicable to...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The SEC prevailed on a summary judgment motion against Steven Metro, the key figure in the Grand Central insider trading case. The Court entered an injunction and imposed a $25,000 penalty, far less than the $2 million...more

European Commission Publishes Legislative Package for Cross-Border Distribution of Investment Funds

by Shearman & Sterling LLP on

As part of its work on creating a European Capital Markets Union, the European Commission has published a legislative package of amendments, comprising a proposed Regulation and a proposed Directive....more

Libor No More

by Poyner Spruill LLP on

Last summer, the United Kingdom’s Financial Conduct Authority announced it would no longer require LIBOR panel banks to report interbank transactions after 2021, thus ending the interest rate index upon which an estimated...more

Debt Collection Letter’s Inclusion of Court Costs Was Not Deceptive

Any opinion that starts out by stating “[t]his case is about $82.00” is not likely to go well for one party and in this instance, that was the case for Nestor Saroza. A New Jersey district court recently held that a debt...more

International Standard Setters Report on the Implications of Central Bank Digital Currencies

by Shearman & Sterling LLP on

The Committee on Payments and Markets Infrastructures and the Markets Committee of the Bank for International Settlements have issued a joint report that considers two types of central bank digital currency: (i) a wholesale...more

9th Circuit Affirms FDIC BSA Enforcement Action

by Weiner Brodsky Kider PC on

On March 13, 2018, the U.S. Court of Appeals for the Ninth Circuit affirmed an order by the FDIC Board, which found that a California community bank violated the Bank Secrecy Act (BSA) by failing to establish and maintain a...more

IRS Announces End to Foreign Bank Account Disclosure Program: What Can You Do Now If You Still Have Unreported Foreign Bank...

by McNair Law Firm, P.A. on

The IRS recently announced it will be shutting down its successful Offshore Voluntary Disclosure Program (OVDP) for unreported foreign bank accounts and income. The program will end September 28, 2018. Under the OVDP, first...more

One metric about financial advisors that you should consider

by Ary Rosenbaum on

When gauging the effectiveness of the retirement plan’s financial advisor, one thing that 401(k) plan sponsors forget to consider is the interaction between the advisor and the plan participants....more

Industrial Loan Companies: Are They Back In Vogue? (PowerPoint Slides)

by Pepper Hamilton LLP on

Recent testimony from the proposed new chair of the FDIC, Jelena McWilliams, suggests that the FDIC may be more amendable to providing FDIC insurance to industrial loan companies (ILCs) in the future. This webinar by Pepper...more

Industrial Loan Companies: Are They Back In Vogue?

by Pepper Hamilton LLP on

Recent testimony from the proposed new chair of the FDIC, Jelena McWilliams, suggests that the FDIC may be more amendable to providing FDIC insurance to industrial loan companies (ILCs) in the future. This webinar by Pepper...more

UK Banking Standards Board Publishes Principles for Strengthening Professionalism

by Shearman & Sterling LLP on

The Banking Standards Board has published the "BSB Statement of Principles for Strengthening Professionalism - The role of the firm", which is a guiding statement of principles intended to assist banks and building societies...more

CFPB seeks comment on inherited regulations

by Ballard Spahr LLP on

The CFPB has issued a request for information that seeks comment on its inherited regulations and inherited rulemaking authorities. Comments on the RFI must be received on or before 90 days after the date the RFI is...more

CFTC Can Regulate Cryptocurrencies as Commodities

by Burr & Forman on

The regulation of virtual currencies, or cryptocurrencies, is evolving. In an important new decision from the United States District Court for the Eastern District of New York, the Court held, among other things, that the...more

FINRA updates its Frequently Asked Questions on new mark-up and mark-down disclosure rules for transactions in fixed income...

On March 19, 2018, FINRA updated its guidance on its recent amendments to Rule 2232. The new requirements, which are currently scheduled to take effect on May 14, 2018, apply to transactions with retail customers (not...more

Senate Approves Bipartisan Financial Services Regulatory Relief Bill

by King & Spalding on

Last week, the United State Senate passed bipartisan legislation designed to substantially amend the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”). Originally drafted by Senate Banking...more

CFPB seeking new advisory board and council members

by Ballard Spahr LLP on

The CFPB has published a notice in the Federal Register soliciting applications for membership on its Consumer Advisory Board and its Credit Union Advisory Council.  Submissions must be received by April 23, 2018....more

European Commission Proposes EU Covered Bonds Legislative Package

by Shearman & Sterling LLP on

The European Commission has published legislative proposals for a new EU covered bonds framework. The legislative package consists of a proposed Directive on the issue of covered bonds and covered bond public supervision and...more

PBOC opens the door for foreign payment institutions

by Hogan Lovells on

On March 21, 2018, the Chinese central bank and regulator of payment services operators ("PSOs"), the People's Bank of China (the "PBOC") circulated PBOC Announcement No.7 of 2018 (the "Announcement") lifting the de facto but...more

Tax Planning Aspects of Investing in U.S. Infrastructure Projects

by King & Spalding on

On February 12, 2018, the Trump administration released an extensive infrastructure proposal that would increase U.S. federal infrastructure funding and incentives, provide state and local authorities greater discretion over...more

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