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Finance & Banking Updates

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

Plan Sponsors Need To Deal With A Whole New 401(k) World

by Ary Rosenbaum on

I’ve been an ERISA attorney for over 19 years and 401(k) plans have dramatically changed because of law changes, technological change, and changes in the marketplace. The problem is that most plan sponsors are stuck back in...more

Recent SEC Enforcement Actions and Public Statement in the Blockchain Space

by McDermott Will & Emery on

The SEC has recently taken significant public steps in the regulation of token sales (popularly known as initial coin offerings, or ICOs) relating to blockchain. While the SEC Guidance provides clarity for critical points and...more

SEC’s Cyber Unit Takes Aim at ICOs

For the second time in less than a month, the SEC’s newly created Cyber Unit has shut down an initial coin offering (ICO). This time the ICO was for Munchee, Inc., a California-based developer of an iPhone application for...more

SEC Approves NYSE’s Proposed Amendment Limiting Issuance of Material News After Short Period of Time Following Trading Session

On December 4, 2017, the SEC approved the NYSE’s proposed amendment to Section 202.06 of the NYSE Listed Company Manual. The proposed amendment limits the issuance of material news by a listed company during the period of...more

Madden Fix Legislation Moves Forward

The House Financial Services Committee, by a vote of 42 to 17, passed a bill that would affect a “Madden fix,” moving the legislation forward to the full House of Representatives for consideration....more

Brexit Negotiations: As the First Phase Draws to a Close, the Next Phase Awaits

The UK and the EU have published a joint report at the conclusion of the first phase of the UK’s Article 50 withdrawal negotiations. Agreement has been reached in principle on three key issues: the rights of EU citizens in...more

Plans should get rid of those forfeitures

by Ary Rosenbaum on

Forfeitures that occur when people terminate service from retirement plans is usually a problem when the plan sponsor and their providers forget about them. Whether forfeitures are used to pay expenses, reduce employer...more

DOL Again Delays Implementation of ERISA Fiduciary Rule

The department extends non-enforcement policy until July 1, 2019 and plans to propose a new streamlined class exemption under the Fiduciary rule. The DOL finalized its delay of certain portions of the Fiduciary rule until...more

This Week in FCPA-Episode 80, The Last Jedi Edition

by Thomas Fox on

Jay and I return for a wide-ranging discussion on some of the top compliance- and ethics-related stories of the week, including: 1. There are several FCPA 40th anniversary pieces going up these days. The FCPA Blog is looking...more

Increased Flex Amid Record Liquidity in European Leveraged Loans Requires Careful Navigation by PE Firms

by Latham & Watkins LLP on

The European leveraged loan market is going from strength to strength, with a continuing surplus of available credit compared to deal requirements, resulting in very borrower-favourable terms. However, we are seeing signs of...more

The Effect of Tax Reform on Michigan Charter Schools

by Miller Canfield on

Many recent press reports have warned of the negative affect tax reform could have on charter schools around the country. These reports focus on the proposed elimination of private activity bonds (“PABs”) under the House tax...more

Bitcoin: Where Speculation (Likely) Meets Securities Regulation

by Murtha Cullina on

Recently, Bitcoin and other crypto-currencies have been widely reported in national mainstream news, with stories describing rapidly higher prices and interest, especially among retail investors. As a result, regulated...more

Banking Committee Advances “Economic Growth, Regulatory Relief and Consumer Protection Act”

by Shearman & Sterling LLP on

The US Senate Committee on Banking, Housing & Urban Affairs announced the advancement of S. 2155, the “Economic Growth, Regulatory Relief and Consumer Protection Act.” This legislation was supported by 16 of the Banking...more

Senate Banking Committee Approves Nomination of Jerome Powell as Chair of the Federal Reserve Board

by Shearman & Sterling LLP on

Senate Banking Committee overwhelmingly approved the nomination of Jerome Powell as Fed Chairman...more

Financial institutions M&A trends: UK consumer credit - Growth in specialty finance, but payday lenders continue to experience...

by White & Case LLP on

Dealmaking across the UK consumer credit landscape varies materially. While deal volume in the specialty finance and market place lending space continues to remain high, by contrast, M&A activity in the payday lending space...more

New York Regulation of Consumer Reporting Agencies Following Data Breaches

by Ballard Spahr LLP on

This week, New York Governor Andrew Cuomo issued a press release directing the New York Department of State to issue a new regulation impacting consumer reporting agencies....more

FCA consults over transitioning FCA firms to the Senior Managers and Certification Regime

by Dechert LLP on

The Financial Conduct Authority (“FCA”) published a consultation paper on 12 December 2017 addressing the transitioning of the senior manager and certification regime (“SMCR”) to all FCA authorised firms....more

Orrick's Financial Industry Week In Review

FRB Requests Public Comment on Proposal to Amend Regulation A - On December 4, 2017, the Federal Reserve Board ("FRB") requested public comment on a proposal to amend Regulation A to make certain technical adjustments,...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Generic drugmaking giant Teva Pharmaceuticals will cut 25% of its workforce (around 14,000 jobs) and shutter manufacturing and R&D facilities in an effort to “simplify its structure and reduce its debt”....more

Landmark Colorado Supreme Court Decision Provides Clarity for Metropolitan Districts

On Monday, the Colorado Supreme Court issued its opinion and ruling in UMB Bank v. Landmark Towers Association, 2016SC455, holding that a challenge to the results of a TABOR election brought by a homeowner’s association years...more

Thomas Barkin to Become Next President and CEO of the Federal Reserve Bank of Richmond

by Shearman & Sterling LLP on

The Federal Reserve Bank of Richmond named Thomas Barkin as its President and Chief Executive Officer. Mr. Barkin’s appointment will take effect on January 1, 2018...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission had one win and two losses in court over the last week, one of which may have a long term impact on its cases. In a case centered on two alleged microcap manipulations the court dismissed the complaint finding...more

Federal Reserve Board Proposes to Amend Regulation A

by Shearman & Sterling LLP on

The Federal Reserve Board issued a notice of proposed rulemaking regarding amendments to Regulation A. The proposed amendments would revise the provisions with regard to the establishment of the primary credit rate at the...more

New FINRA Rules Address Elderly Abuse

by Burr & Forman on

On February 5, 2018, FINRA will enact two rules to assist brokers with addressing financial exploitation of the elderly. Statistically, the elderly have a 1 in 20 chance of being a victim of financial exploitation. ...more

CFPB’s Ombudsman’s Office issues sixth annual report

by Ballard Spahr LLP on

The CFPB’s Ombudsman’s Office has issued its sixth annual report covering the Office’s activities during fiscal year 2017 (October 1, 2016 through September 30, 2017).  The role of the Ombudsman’s Office is to assist in the...more

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