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Finance & Banking Updates

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

U.S. Supreme Court To Review Ex-CEO's Appeal Regarding Restitution Of Legal Fees Associated With An Internal Investigation

by Shearman & Sterling LLP on

On January 12, 2018, the Supreme Court granted certiorari to hear an appeal from a two-judge, Fifth Circuit panel decision regarding whether federal law permits restitution orders in criminal cases to cover the costs of...more

What Lies Ahead? Q1 2018 Investment Management Regulatory Updates and Reminders

by Dorsey & Whitney LLP on

As we start the New Year, we would like to remind our clients of certain regulatory developments and upcoming deadlines for Q1 2018. New Form ADV - The new Form ADV takes a deeper dive by requiring additional...more

Chair Clayton’s Remarks at Northwestern Securities Regulation Institute

In his remarks on January 22, 2018, in addition to addressing initial coin offerings and blockchain related matters, Chair Clayton discussed the Securities and Exchange Commission’s remaining Dodd-Frank Act rulemaking...more

Key Developments in the 2017 Indian Legal Landscape

by Morgan Lewis on

Legal and regulatory developments in the country included changes to the foreign direct investment policy, changes to the foreign investment regime, and a new platform for sexual harassment complaints by employees. Labour...more

FinCEN Said to Be Reviewing Marijuana Guidance

We recently reported that the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) was retaining its Bank Secrecy Act marijuana guidance. Last week, a senior official in the Department of the Treasury...more

New PCAOB Audit Standard for Audit Reports

by Goodwin on

The Public Company Accounting Oversight Board (PCAOB) recently published interpretive guidance on audit reporting standard AS 3101, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an...more

Chairman Clayton Asks Lawyers to Knock it Off with the Unregistered Coin Offerings

In his recent remarks at the Securities Regulation Institute, SEC Chairman Jay Clayton had some stern words for market professionals, especially lawyers, involved in initial coin offerings (ICOs). He expressed concern that...more

Ninth Circuit: California Surcharge Law Unconstitutional

The U.S. Court of Appeals for the Ninth Circuit, following decisions from three other circuit courts and the Supreme Court, ruled that California’s statute banning surcharges on credit card purchases is unconstitutional....more

Bankruptcy Court Holds Credit Union Policy Does Not Violate Discharge Injunction

by Nexsen Pruet, PLLC on

CentsAbility: Creditors' Rights Law Update - A New York Bankruptcy Court has held that a statement from a credit union in response to a Chapter 7 debtor who received a discharge of his obligations owed to the credit union ...more

European Banking Authority Publishes Guidelines on Uniform Disclosure of IFRS 9 Transitional Arrangements

by Shearman & Sterling LLP on

The European Banking Authority has published a final Report and final Guidelines on uniform disclosures under the Capital Requirements Regulation regarding the transitional period for mitigating the impact of the introduction...more

I'm sorry I haven't a CLU – swaps claim relating to bank's failure to disclose internal credit provision is dismissed – London...

by Dentons on

In a robust judgment, Mrs Justice Rose (the Judge) has dismissed claims for negligence and misrepresentation in relation to two interest rate hedging products (the HPs) sold to the claimant (LEA). The judgment contains a...more

Insurance Topics We Will Be Watching in 2018

On its current course, this year could be both the best and the worst of times for insurance. The US economy continues to enjoy steady growth, stock indices continue to reach new highs and tax reform in the US allows both...more

European Securities and Markets Authority Has Concerns on Fees Charged by Credit Rating Agencies and Trade Repositories

by Shearman & Sterling LLP on

The European Securities and Markets Authority has published a Thematic Report, following its supervisory review of the current fee structures in the credit rating and trade repository industries. The CRA Regulation requires...more

Should You Accept Customer Payments in Bitcoin?

by Gray Reed & McGraw on

After not meeting his 2017 sales goals, Ollie B. Celling knows he might get fired from Duncey’s Caps, Inc. if he doesn’t get his numbers up in 2018. Celling begins marketing Duncey’s through his personal Facebook, Instagram...more

Potential SEC Shutdown: Frequently Asked Questions About the Impact on Capital Markets Transactions and Public Companies

by King & Spalding on

19 Law Firm Consensus Report as of 10:00 am EST, Monday, January 22, 2018 - On Friday, January 19, 2018, the Securities and Exchange Commission (SEC) announced that “should there be a federal government shutdown after...more

SEC Chair Clayton Warns Lawyers on Initial Coin Offerings

SEC Chair Clayton delivered the following remarks at a conference of securities professionals: “My first message is simple and a bit stern. Market professionals, especially gatekeepers, need to act responsibly and hold...more

Federal Reserve Board Announces 2018 Chair Appointments for Federal Reserve Banks

by Shearman & Sterling LLP on

The US Board of Governors of the Federal Reserve System announced its 2018 chair and deputy chair appointments for Federal Reserve Banks...more

10 Themes for 2018

Tax reform, shifting international dynamics, Trump administration goals and a potentially strong market for transactions all seem likely to impact business activity in 2018. Below are 10 areas to explore in our 10th annual...more

Congress Proposes National Directory of Beneficial Owners of Legal Entities

by Ballard Spahr LLP on

Congress is considering a new draft bill, the Counter Terrorism and Illicit Finance Act (“CTIFA”), currently in committee in the Senate.  The CTIFA proposes the most substantial overhaul to the Bank Secrecy Act (“BSA”) since...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Daniel Loeb and his Third Point fund is pushing Nestle—despite its recent sale of its US confectionary business to Italy’s Ferrero for $2.8 billion last week—to make further changes, including dropping its stake in cosmetics...more

Bridging the Week - January 2018 #3

SEC Not Feeling Groovy About Cryptocurrencies – Tells Registered Investment Funds: Slow Down, You Move Too Fast: The Securities and Exchange Commission’s Division of Investment Management issued a letter to two industry...more

9 Risk Factors To Consider When Making Digital Currency Investment Decisions

by Sherman & Howard L.L.C. on

January 22, 2018 – Although 2017 was a banner year for cryptocurrencies, with numerous digital tokens yielding blockbuster returns, institutional and individual investors alike should exercise caution when investing in...more

CFPB Announces Annual Adjustments to HMDA Asset-Size Exemption Thresholds and Launch of New HMDA Online Tools

by Weiner Brodsky Kider PC on

The CFPB has recently issued several announcements impacting financial institutions that submit data under the Home Mortgage Disclosure Act (HMDA). First, the CFPB has increased the asset-size exemption threshold under HMDA...more

OCC report identifies use of third-party service providers and consumer compliance as key risks for federal banking system

by Ballard Spahr LLP on

Last week, the OCC released its Semiannual Risk Assessment for Fall 2017 highlighting credit, operational, and compliance risks to the federal banking system. ...more

Modifications to the California Homeowner Bill of Rights

by Bryan Cave on

On January 1, 2018, certain provisions of the California Homeowner Bill of Rights (“HBOR”) expired. But contrary to what many assumed, the January 1, 2018 expiration date did not apply to all of the HBOR’s provisions, and...more

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