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Read need-to-know updates, commentary, and analysis on Securities issues written by leading professionals.

Legal Black Holes Proliferate After Stephen Hawking’s Death – Massachusetts Allows Somewhat Limited Innovator Liability

by Reed Smith on

Stephen Hawking may have been the smartest guy in the world, even though he believed that “People who boast about their I.Q. are losers.” Hawking is best known for his work on black holes. As used in physics, a black hole...more

Financial Services Weekly News - March 2018 #2

by Goodwin on

Editor's Note - Judge Rules for Defendants in Mutual Fund Excessive Fee Lawsuit. On March 9, the U.S. District Court for the Southern District of Ohio entered summary judgment for defendants in an action brought under...more

Federal Judge Adopts CFTC Position That Cryptocurrencies Are Commodities

• A New York federal judge held that virtual currencies are commodities within the meaning of the Commodity Exchange Act. • This marks the first court decision to assess and to adopt the CFTC’s position that virtual...more

Financial Services Weekly News - March 2018

by Goodwin on

Editor's Note - In This Issue. The Consumer Financial Protection Bureau (CFPB) issued a request for information regarding the consumer complaint reporting process, marking the sixth request in a series of RFIs; the House...more

SEC Reinforces and Elevates Cybersecurity Guidance; Board Oversight of Cybersecurity at the Forefront

by King & Spalding on

On February 21, 2018, the Securities and Exchange Commission (“SEC”) published interpretive guidance on public company cybersecurity disclosures. While the new guidance confirms the SEC’s intensified focus on cybersecurity...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

Financial Services Weekly News - February 2018 #3

by Goodwin on

Editor's Note - Consumer Finance 2017 Year in Review. Year 2017 brought leadership change at the Consumer Financial Protection Bureau (CFPB), turnover at various regulatory agencies, the continued rise of state-level...more

SEC Issues Guidance on Cybersecurity Disclosures

by Morgan Lewis on

The US Securities and Exchange Commission on February 21 voted unanimously to approve its Commission Statement and Guidance on Public Company Cybersecurity Disclosures. The Guidance highlights the need for cybersecurity...more

US Commodity Futures Trading Commission Issues First Customer Advisory on Virtual Currency Pump-and-Dump Schemes

by Shearman & Sterling LLP on

The Commodity Futures Trading Commission has issued its first customer advisory regarding pump-and-dump schemes in virtual currency markets. The CFTC warned customers to exercise extreme caution when investing in virtual...more

Nutter Bank Report, February 2018

Small Bank Holding Company and Qualified Mortgage Regulatory Relief Bills Pass House The U.S. House of Representatives has passed two regulatory relief bills with bipartisan support, one of which would raise the ceiling on...more

New SEC Guidance Addresses Disclosure Requirements for Breach Events

As the SEC has made clear on numerous occasions over the past year, cybersecurity will continue to be a major enforcement priority under the Commission’s new leadership. As we have previously covered, one new area of...more

SEC Reiterates Cybersecurity Guidance and Provides Color on Disclosure Implications

by Goodwin on

On February 20, 2018, the Securities and Exchange Commission published Commission Statement and Guidance on Public Company Cybersecurity Disclosures (the “Release”), which states the Commission’s interpretive views on...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

On Monday, UPS revealed that in December it sued European antitrust regulators over a 5-year-old decision that blocked the delivery company’s takeover of the Netherlands’ TNT Express. UPS is seeking more than $2 billion in...more

Whistleblowers Now Actually Have to Report to The SEC For Dodd-Frank Protection

by Hinshaw & Culbertson LLP on

On February 21, 2018, the U.S. Supreme Court ruled that provisions of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act that protect whistleblowers from being fired, demoted, or harassed by their employers...more

SEC Guidelines on Public Company Cybersecurity Disclosures

by Lane Powell PC on

On February 21, the Securities and Exchange Commission (SEC) published interpretive guidance concerning cybersecurity disclosures for public companies. The new guidance reinforces companies’ existing obligations to disclose...more

Supreme Court Narrows Dodd-Frank Definition of Whistleblower

by Morrison & Foerster LLP on

On February 21, 2018, the Supreme Court held that to sue under the anti-retaliation provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), a person must first report a violation of...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

First State Charges Broker-Dealer in Connection with Violations of DOL Fiduciary Rule

On February 15, 2018, the Enforcement Section of the Massachusetts Securities Division (the “Division”) of the Office of the Secretary of the Commonwealth charged a registered broker-dealer (the “Broker-Dealer”) that operated...more

Financial Services Weekly News - February 2018 #2

by Goodwin on

Editor's Note - In This Issue. The Consumer Financial Protection Bureau (CFPB) released its five-year Strategic Plan and issued a request for information on its enforcement processes; the New York State Department of...more

Upcoming SEC Open Meeting

On February 14, 2018, the Securities and Exchange Commission announced that it will hold an open meeting on February 21st at 10 a.m. to consider various matters, including whether to approve the issuance of an interpretive...more

D.C. Circuit Upholds CFPB’s Constitutionality: Why the PHH Case Underscores the Importance of Internal Agency Discipline

by Dorsey & Whitney LLP on

On January 31, the U.S. Court of Appeals for the D.C. Circuit issued a plurality opinion en banc that confirmed the constitutionality of the Consumer Financial Protection Bureau’s (“CFPB”) governance by a sole Director, while...more

FTC Announces 2018 Hart-Scott-Rodino Threshold Adjustments

The Federal Trade Commission (FTC) has announced the annual revisions to the monetary thresholds that determine whether companies are required to notify federal antitrust authorities about a transaction under Section 7A of...more

What Can Be Expected in Structured Finance and Securitization for 2018?

by Alston & Bird on

A continuation of the market trends from last year can be expected in 2018. Structured finance and securitization markets had a period of relative calm in 2017 as new regulations were incorporated into transactions. While no...more

Upcoming Investor Advisory Committee Meeting

The Securities and Exchange Committee announced the agenda for the March 8, 2018 meeting of its Investor Advisory Committee, which will include, among other things, a discussion of dual class share structures and...more

SEC Continues Focus on Retail Customers

by Dorsey & Whitney LLP on

The Commission’s enforcement program continued its focus on retail customer protections this week. The agency filed settled administrative proceedings against a broker dealer – investment adviser based on a coding error which...more

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