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K&L Gates LLP

October 2024 ESG Policy Update–Australia

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On 25 September 2024, the Federal Court ordered a large superannuation trustee (Trustee) to pay the highest penalty imposed for greenwashing conduct yet–AU$12.9 million. This comes off the back of the Federal Court in early...more

Mayer Brown Free Writings + Perspectives

SEC Investor Advisory Committee to meet on Mandatory Arbitration Clauses, Alternative Investments, and Finfluencers

The Securities and Exchange Commission’s Investor Advisory Committee (the “Committee”) will meet on Tuesday, December 10, 2024, in an open meeting, that will stream on the SEC’s website.  The Committee will first hear from...more

Proskauer - Corporate Defense and Disputes

2024 SEC Enforcement Results – Takeaways for Fund Managers

On November 22, 2024, the SEC’s Division of Enforcement announced its Enforcement Results for Fiscal Year 2024. Below are some key takeaways for fund managers: Total enforcement actions were down from recent years. The...more

Cadwalader, Wickersham & Taft LLP

IOSCO’s Proposed Guidance on Pre-Hedging Practices

On November 21, 2024, International Organization of Securities Commissions (“IOSCO”) published a consultation report (the “Report”) to provide guidance on acceptable pre-hedging practices and soliciting feedback from market...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - December 2024

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Snell & Wilmer

2024 End-of-Year Plan Sponsor “To Do” List (Part 3) Qualified Retirement Plans

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As 2024 comes to an end, we are pleased to present our traditional End-of-Year Plan Sponsor “To Do” Lists. This year, we present our “To Do” Lists in four separate SW Benefits Updates. Part 1 addressed health and welfare plan...more

A&O Shearman

Bank of England Updates Approach to Financial Market Infrastructure Supervision

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The Bank of England has updated its approach to financial market infrastructure supervision. The BoE states that its approach to supervision continues to be underpinned by four core principles: (i) its supervisors rely on...more

Conyers

Virtual Asset Service Providers and the Travel Rule

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What is the Travel Rule? The virtual asset “Travel Rule”, formally known as the “Financial Action Task Force (FATF) Recommendation 16”, requires Virtual Asset Service Providers (VASPs) to share and hold specific customer...more

Skadden, Arps, Slate, Meagher & Flom LLP

Crypto Update: UK Government Outlines Its Approach to Digital Asset Regulation

In her first comments since the July 2024 UK general election, Economic Secretary to the UK Treasury Tulip Siddiq MP delivered a speech at the Tokenisation Summit on 21 November 2024 that outlined the recently elected UK...more

A&O Shearman

Council of the European Union Adopts Revised EMIR 3 Package

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The Council of the European Union has adopted the Regulation amending the European Market Infrastructure Regulation, the Capital Requirements Regulation, and the Money Market Funds Regulation as regards measures to mitigate...more

A&O Shearman

European Securities and Markets Authority Finalizes Advice on Central Securities Depositories Regulation Penalty Mechanism

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The European Securities and Markets Authority has finalized its technical advice for the European Commission on the Central Securities Depositories Regulation penalty mechanism. ESMA hopes to incentivize all actors in the...more

A&O Shearman

Financial Stability Board Publishes Letter to G20 Leaders and 2024 Annual Report

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The Financial Stability Board has published a letter sent to the G20 leaders ahead of their meeting on November 18, 2024, together with the FSB 2024 annual report...more

Holland & Knight LLP

Reforma normativa busca contribuir a la liquidez del mercado de valores en Colombia

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El Ministerio de Hacienda y Crédito Público de Colombia expidió el Decreto 1239 de 2024 con el objetivo de consolidar un marco regulatorio que potencie la liquidez del mercado de valores, facilitando una mejor formación de...more

A&O Shearman

European Securities and Markets Authority Published Report on its Assessment of the Shortening of the Settlement Cycle to T+1

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The European Securities and Markets Authority has published a final report on its assessment of the shortening of the settlement cycle in the EU to T+1. The report highlights that the increased efficiency and resilience of...more

Proskauer - Regulatory & Compliance

Luxembourg CSSF Introduces First Sanction Regarding SFDR

On 15 October 2024, the Luxembourg Commission de Surveillance du Secteur Financier (the “CSSF”) imposed a fine of EUR 56,500 against a fund manager, Aviva Investors Luxembourg S.A. (the “Manager”), with regards to the...more

Society of Corporate Compliance and Ethics...

Albemarle: One year later

I had many ideas for an article that would expand on recent developments in the compliance and ethics space. My working title was the creatively light “Recent Developments.” But after meeting with SCCE & HCCA’s editorial...more

Barnea Jaffa Lande & Co.

"Buy-Sell" Model Activity Exempt from Payment Services Licensing

The Israel Securities Authority recently published a staff legal position addressing the licensing requirements for businesses operating in the “Buy and Sell” or “Reseller” model in online marketplaces. The position clarifies...more

Whiteford

Client Alert: DOJ and OFAC Actions Showcase Expansive U.S. Oversight of Foreign Conduct

Whiteford on

The U.S. Department of Justice (DOJ) and the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) have recently announced two enforcement actions that demonstrate the U.S. government's aggressive and...more

Paul Hastings LLP

Daily Financial Regulation Update -- Tuesday December 3

Paul Hastings LLP on

December 2, 2024 - Ahead of a hearing to examine how technology is shaping the future of finance, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), and Ranking Member Maxine Waters (CA-43)...more

Mitratech Holdings, Inc

Turning the SEC Enforcement Results into Opportunity: Historic Penalties Signal a Compliance Shift

The SEC’s fiscal year 2024 enforcement results signal a pivotal moment for U.S. capital markets. Despite a 26% decline in the total number of enforcement actions compared to 2023 (sitting at a total of 583 for this year), the...more

Latham & Watkins LLP

Private Capital Insights - Autumn 2024

Latham & Watkins LLP on

Welcome to the sixth edition of Private Capital Insights. As we navigate the complexities of 2024, the private capital sector continues to demonstrate resilience and adaptability in the face of evolving market dynamics....more

Mintz

Eleven States Sue Asset Managers for Alleged ESG Antitrust Violations

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The day before Thanksgiving, eleven Republican state attorneys-general (representing Texas, Alabama, Arkansas, Indiana, Iowa, Kansas, Missouri, Montana, Nebraska, West Virginia and Wyoming) filed a lawsuit against three...more

Orrick, Herrington & Sutcliffe LLP

Italy Founders Series: Build Your Startup

When founders in Italy set up a startup, they must make decisions that can have long-term effects, especially when it comes to raising capital. Creating a company establishes responsibilities to employees, customers and...more

Cooley LLP

SEC charges biopharma with misleading investors about status of INDs

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The SEC has announced that it filed settled charges against Kiromic BioPharma and two of its executives for alleged failure to disclose in its public statements and filings, including in its public offering prospectus,...more

Royer Cooper Cohen Braunfeld LLC

AI Washing and the SEC: a Pandoras Box

The SEC has charged a financial firm and its leaders for making false claims about using artificial intelligence (AI) in their automated trading process. This case highlights the critical need for transparency in an...more

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