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Finance & Banking Updates

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

New Revenue Recognition Standard-Part V, What does it all mean?

by Thomas Fox on

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) for public business entities, certain not-for-profit entities, and...more

Federal Circuit Partially Lifts Ban on Education Department’s Default Collection Efforts; Court of Federal Claims Orders...

by Ballard Spahr LLP on

The U.S. Court of Appeals for the Federal Circuit has partially lifted a preliminary injunction that prevented the U.S. Department of Education (Department) from placing defaulted student loans with private collection...more

The State AG Report Weekly Update

by Cozen O'Connor on

AG Elections- Republican Todd Atwater Announces Bid for South Carolina Attorney General- Republican state Representative Todd Atwater has declared his candidacy for South Carolina AG in 2018. ...more

New York Regulator’s Suit Challenging OCC Fintech Charter Dismissed as Premature

by Reed Smith on

On Tuesday December 12, 2017, a federal judge dismissed without prejudice a suit filed by the New York Department of Financial Services (NYDFS) against the Office of the Comptroller of the Currency (OCC) challenging the OCC’s...more

Day 11 of One Month to Better Written Standards- Policies and Procedures on Travel

by Thomas Fox on

Prior to the 2012 FCPA Guidance, the Justice Department issued two 2007 Opinion Releases which offered guidance to companies considering whether to, and if so how to, incur travel and lodging expenses for government...more

SEC Acts on Cryptocurrencies and ICOs

by BakerHostetler on

In the past few years, and particularly in the past few months, cryptocurrencies or digital currencies – most notably bitcoin and ether – have surged in popularity and dominated the financial press and to some degree even the...more

Verena Ross Gives Speech On Asset Management Sector Priorities

Verena Ross, ESMA Executive Director, gave a speech which was published on December 5, 2017 which outlined the asset management sector priorities of ESMA for 2018. The speech builds on a speech given by the ESMA Chair,...more

Financial Services Weekly News - December 2017 #2

by Goodwin on

Editor's Note - Attack of the State AGs. On December 12, New York Attorney General Eric T. Schneiderman and 16 other state attorneys general (State AGs) sent a letter to President Trump arguing that past statements by Mick...more

SEC Shuts Down Initial Coin Offering Using Blockchain for Failure to File Securities Registration Statement

by Hinshaw & Culbertson LLP on

On December 11, 2017, the SEC instituted cease-and-desist proceedings against Munchee Inc., the creator of an iPhone application that allows users to review restaurant meals, with regard to Munchee's planned initial coin...more

Cybersecurity Guidance on SEC Horizon

In a push for increased cybersecurity vigilance, the Securities and Exchange Commission indicated its plans to amend existing data security guidance, including the reporting of data breaches....more

Examiners are Carefully Scrutinizing Financial Institutions’ Compensation Arrangements

by Ruder Ware on

It has come to our attention that some examiners have recently been carefully scrutinizing financial institutions’ employee compensation arrangements. Although it now appears unlikely that the proposed Dodd-Frank rules on...more

Billable Bitcoins: Why it Pays for Lawyers to Accept Cryptocurrency

With bitcoin and other cryptocurrencies reaching shocking new prices seemingly every day, some people have finally started putting the new payment systems to real use – paying lawyers. Earlier this fall Nebraska became the...more

SEC Postpones Date for Filing Form N-PORT

On December 8, 2017, citing the “importance of sound data security practices and protocols for sensitive, nonpublic information,” the Securities and Exchange Commission (SEC) adopted a temporary final rule postponing the...more

Life After LIBOR

by Morrison & Foerster LLP on

After a long and at times scandalous life, LIBOR is retiring. Earlier this year, Andrew Bailey, chief executive officer of the United Kingdom’s Financial Conduct Authority (FCA), the regulator of the London Interbank Offered...more

FINRA Issues Report on Its Examination Findings

In December 2017, FINRA issued a report highlighting several key findings from its recent examinations of broker-dealer members. ...more

What Is ADS-B and What Do Lenders and Lessors Need to Know About ADS-B?

by King & Spalding on

While compliance with the upcoming ADS-B requirements is primarily an issue for those responsible for maintenance and operation of aircraft, lenders and lessors should understand ADS-B compliance requirements and plan...more

The Year of Bitcoin: Gains Subject to Tax by the IRS

by Bowditch & Dewey on

The year 2017 could be described as the year of the Bitcoin and other “virtual currencies,” with Bitcoin having appreciated 1800% since the beginning of the year and Ethereum, at one point, having appreciated 8,000% since the...more

Financial institutions M&A trends: Fintech - Stars align for fintech M&A as the bull run continues

by White & Case LLP on

Established financial institutions are engaging with fintech as never before and are now active participants in fintech M&A. Private equity and venture capital appetite for transactions remains strong. Fintech dealmaking is...more

SEC Issues Cease and Desist Order and Further Guidance on ICOs

by Goodwin on

On December 11, 2017, the U.S. Securities and Exchange Commission (SEC) issued a cease-and-desist order to Munchee Inc. (Munchee), a company that was in the process of a $15 million initial coin offering (ICO), for selling...more

The Future of CFIUS: Perhaps Not So Happy a New Year

‘Tis the season to wonder, what will 2018 bring? We may speculate on things like a private company making a moon landing or a peace accord with North Korea. We may be certain of things like well-intentioned gym memberships...more

SEC Updates Financial Reporting Manual (Again)

On December 1, 2017, the SEC’s Division of Corporation Finance updated its Financial Reporting Manual for the following changes...more

Debtor’s Subchapter S Status Isn’t Property of the Estate

This post examines an interesting intersection between bankruptcy and tax laws: if a corporation terminates its Subchapter S status pre-bankruptcy, can a bankruptcy trustee bring fraudulent transfer claims against the...more

Connecticut Department of Revenue Services Issues Additional Guidance on the New Mandatory Income Tax Withholding Requirements for...

by Robinson & Cole LLP on

On December 7, 2017, the Connecticut Department of Revenue Services (DRS) issued additional guidance regarding the new statutory withholding requirements for certain payors of pension and annuity payments set to take effect...more

The Waiting Game: When, Why, and How to File with CFIUS in a New Era of Investment Scrutiny

The other day I spoke to a colleague at the U.S. Department of the Treasury who works in the Office of Investment Security and said, “I heard CFIUS filings were going to break last year’s record total.” He just laughed. He...more

When Does Software Become Securities?

The SEC Munchee Order and Chairman’s Statement - On December 11, 2017, the U.S Securities and Exchange Commission (“SEC”) issued a cease and desist order (“Order”) against Munchee, Inc.’s (“Munchee”) $15 million Initial...more

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