Author Info for Morgan Lewis - All Things FinReg

Nicole Alkire

Remote and Hybrid Work: FINRA Announces Effective Dates of New Rules

The die is cast: FINRA has published Regulatory Notice 24-02 (RN 24-02) announcing the effective dates and other key dates and considerations for its recently adopted Residential Supervisory Location (RSL) and Remote Inspection…more

Banking Sector, Financial Industry Regulatory Authority (FINRA), Financial Services Industry

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Reed Auerbach

True Lender Rule Invalidated

Congress has enacted and President Joseph Biden has signed a joint resolution of disapproval under the Congressional Review Act (CRA) of the Office of the Comptroller of the Currency’s (OCC’s) “true lender” rule, which, as we…more

Congressional Review Act, FDIC, Financial Regulatory Reform, Financial Services Industry, FinTech

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Meredith Auten

State Actions May Create Litigation and Investigation Risk for Financial Services Firms at a Politicized Time

A group of state treasurers and state attorneys general (AG) have raised concerns that certain environmental, social, and governance (ESG) features of certain fund disclosures and other marketing collateral could create…more

Compliance, Enforcement Actions, Environmental Social & Governance (ESG), Financial Services Industry, State Attorneys General

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Margaret Blake

Congress Codifies SEC Staff's M&A Broker No-Action Letter ... With a Tweak

As many are aware, Congress passed its own version of the US Securities and Exchange Commission (SEC) staff’s mergers and acquisitions (M&A) broker no-action letter in December 2022, creating a new exemption from broker…more

Broker-Dealer, Brokers, EBITDA, Investment Adviser, No-Action Letters

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Celia Calano Bologna

CFPB Announces Revised Supervisory Appeals Process

The Consumer Financial Protection Bureau (CFPB) on February 16 issued an internal process regulation—effective immediately upon publication in the Federal Register—updating and formalizing the steps that supervised institutions…more

Banking Sector, Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Financial Institutions, Financial Services Industry

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Katherine Dobson Buckley

SEC Adopts New Treasury Clearing Rules

On December 13, 2023, the US Securities and Exchange Commission (SEC) adopted rule amendments (Treasury Clearing Rules) designed to improve risk management in clearance and settlement and to facilitate additional central…more

Broker-Dealer, Financial Institutions, Risk Management, Securities and Exchange Commission (SEC), Securities Exchange Act

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Andrew Budreika

Fintechs: PPP Lending Comes with Opportunities and Risks

The US Senate approved an additional $310 billion in funds for the Paycheck Protection Program (PPP) on April 20, and the House of Representatives is expected to approve these additional funds within days. As fintech companies…more

BSA/AML, CARES Act, Coronavirus/COVID-19, Federal Loans, FinTech

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Michelle Park Chiu

California DFPI Staffs Up, Begins Investigating Previously Out-of-Reach Businesses

The California Department of Financial Protection and Innovation (DFPI) announced in its January 2021 monthly bulletin that it will begin exercising its enhanced powers under the California Consumer Financial Protection Law…more

California Consumer Financial Protection Law (CCFPL), Consumer Financial Products, Department of Financial Protection and Innovation (DFPI), Enforcement Actions, FinTech

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Penelope Christophorou

SEC Adopts New Treasury Clearing Rules

On December 13, 2023, the US Securities and Exchange Commission (SEC) adopted rule amendments (Treasury Clearing Rules) designed to improve risk management in clearance and settlement and to facilitate additional central…more

Broker-Dealer, Financial Institutions, Risk Management, Securities and Exchange Commission (SEC), Securities Exchange Act

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Giovanna Cinelli

Recent FinCEN UBO Regulations May Inform Compliance Requirements for Trade-Related Agencies

The Financial Crimes Enforcement Network (FinCEN) of the US Department of the Treasury issued a final rule on September 29, 2022, implementing the bipartisan Corporate Transparency Act’s beneficial ownership information…more

Beneficial Owner, CFIUS, Corporate Transparency Act, Final Rules, FinCEN

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Michael Cumming

CFPB Releases Final Small Business Lending Rule

The Consumer Financial Protection Bureau (CFPB, the Bureau) promulgated on March 30 its final rule implementing Section 1071 of the Dodd-Frank Act. The rule requires that covered financial institutions collect and report to the…more

Consumer Financial Protection Bureau (CFPB), Dodd-Frank, Financial Institutions, Financial Services Industry, HMDA

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Simon Currie

UK Government to Modify Default Fund Charge Cap for Defined Contribution

Kwasi Kwarteng, the Chancellor of the Exchequer of the new UK government led by Prime Minister Liz Truss, presented his “Growth Plan 2022” to Parliament last Friday 23 September 2022. The Growth Plan 2022 outlines the UK…more

Benefit Plan Sponsors, Defined Contribution Plans, Employee Benefits, Financial Conduct Authority (FCA), Financial Services Industry

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Allen Denson

US Supreme Court Upholds Consumer Financial Protection Bureau Funding Structure

The US Supreme Court ruled on May 16, 2024 that the funding structure of the Consumer Financial Protection Bureau (CFPB)—which is funded with money from the Federal Reserve rather than the US Congress—does not run afoul of the…more

Constitutional Challenges, Consumer Financial Protection Bureau (CFPB), Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd, Federal Funding, Financial Services Industry

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James Doench

SEC Stays Approval of Amendment to FINRA Rule 2210 That Would Allow Projections of Performance

In an unusual move, on July 26, 2024, the Securities and Exchange Commission (SEC) stayed an order that was previously issued by its own Division of Trading and Markets just one week earlier on July 19, 2024. That order approved…more

Broker-Dealer, Financial Industry Regulatory Authority (FINRA), Investment Adviser, Securities and Exchange Commission (SEC)

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J. Clayton Everett, Jr.

The Antitrust Risk of the Federal Banking Agencies’ Proposed Risk Management Guidance

As highlighted previously, three federal banking agencies (the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency) recently issued proposed risk management…more

Alston v NCAA, Antitrust Provisions, Banking Sector, Competition, Department of Justice (DOJ)

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Daniel Fishbein

US Supreme Court Upholds Consumer Financial Protection Bureau Funding Structure

The US Supreme Court ruled on May 16, 2024 that the funding structure of the Consumer Financial Protection Bureau (CFPB)—which is funded with money from the Federal Reserve rather than the US Congress—does not run afoul of the…more

Constitutional Challenges, Consumer Financial Protection Bureau (CFPB), Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd, Federal Funding, Financial Services Industry

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Nicholas Gess

US Supreme Court Upholds Consumer Financial Protection Bureau Funding Structure

The US Supreme Court ruled on May 16, 2024 that the funding structure of the Consumer Financial Protection Bureau (CFPB)—which is funded with money from the Federal Reserve rather than the US Congress—does not run afoul of the…more

Constitutional Challenges, Consumer Financial Protection Bureau (CFPB), Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd, Federal Funding, Financial Services Industry

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Asa Herald

CFPB Finalizes Delay of Mandatory Compliance Date for General Qualified Mortgage Final Rule

On April 27, 2021, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule formally delaying the mandatory compliance date for the rule defining a “qualified mortgage” (QM) (the General QM Final Rule) from…more

Ability-to-Repay, Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Cooperative Compliance Regime, Financial Regulatory Reform

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Rebecca Hillyer

State Actions May Create Litigation and Investigation Risk for Financial Services Firms at a Politicized Time

A group of state treasurers and state attorneys general (AG) have raised concerns that certain environmental, social, and governance (ESG) features of certain fund disclosures and other marketing collateral could create…more

Compliance, Enforcement Actions, Environmental Social & Governance (ESG), Financial Services Industry, State Attorneys General

See all updates »

Martin Hirschprung

CFPB Releases Final Small Business Lending Rule

The Consumer Financial Protection Bureau (CFPB, the Bureau) promulgated on March 30 its final rule implementing Section 1071 of the Dodd-Frank Act. The rule requires that covered financial institutions collect and report to the…more

Consumer Financial Protection Bureau (CFPB), Dodd-Frank, Financial Institutions, Financial Services Industry, HMDA

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Michael Kraut

State Attorneys General: Status Quo on the Surface, but Change in Washington Means Increased Enforcement Risk From the States

Last week’s state attorney general races brought little change on the surface, but change in Washington significantly increases the risk of enforcement and litigation by the states. If it seems counterintuitive, it is…more

Biden Administration, Political Campaigns, Political Candidates, Regulatory Agenda, State and Local Government

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Amy Natterson Kroll

SEC Stays Approval of Amendment to FINRA Rule 2210 That Would Allow Projections of Performance

In an unusual move, on July 26, 2024, the Securities and Exchange Commission (SEC) stayed an order that was previously issued by its own Division of Trading and Markets just one week earlier on July 19, 2024. That order approved…more

Broker-Dealer, Financial Industry Regulatory Authority (FINRA), Investment Adviser, Securities and Exchange Commission (SEC)

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Molly Moriarty Lane

US Supreme Court Upholds Consumer Financial Protection Bureau Funding Structure

The US Supreme Court ruled on May 16, 2024 that the funding structure of the Consumer Financial Protection Bureau (CFPB)—which is funded with money from the Federal Reserve rather than the US Congress—does not run afoul of the…more

Constitutional Challenges, Consumer Financial Protection Bureau (CFPB), Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd, Federal Funding, Financial Services Industry

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Kristian Lee

OCC Proposes Substantive and Procedural Revisions for Bank Mergers

The US Office of the Comptroller of the Currency (OCC) on January 29 proposed meaningful revisions to its rules and processes for reviewing proposed transactions involving national banks under the Bank Merger Act. The proposed…more

Anti-Money Laundering, Bank Secrecy Act, Banking Sector, Banks, BSA/AML

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Kristin Lee

CFPB Announces Revised Supervisory Appeals Process

The Consumer Financial Protection Bureau (CFPB) on February 16 issued an internal process regulation—effective immediately upon publication in the Federal Register—updating and formalizing the steps that supervised institutions…more

Banking Sector, Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Financial Institutions, Financial Services Industry

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Steve Levitan

True Lender Rule Invalidated

Congress has enacted and President Joseph Biden has signed a joint resolution of disapproval under the Congressional Review Act (CRA) of the Office of the Comptroller of the Currency’s (OCC’s) “true lender” rule, which, as we…more

Congressional Review Act, FDIC, Financial Regulatory Reform, Financial Services Industry, FinTech

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Steven Lightstone

States, Countries Focus on Fraud Prevention and Customer Protection in Crypto

New York has enhanced its fraud prevention tools, while consumers can identify crypto scams using California’s scam tracker. A week after the US Securities and Exchange Commission (SEC) proposed amendments to cover cryptoassets…more

Blockchain, Cryptocurrency, Digital Assets, FDIC, Financial Conduct Authority (FCA)

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Christine Lombardo

SEC Stays Approval of Amendment to FINRA Rule 2210 That Would Allow Projections of Performance

In an unusual move, on July 26, 2024, the Securities and Exchange Commission (SEC) stayed an order that was previously issued by its own Division of Trading and Markets just one week earlier on July 19, 2024. That order approved…more

Broker-Dealer, Financial Industry Regulatory Authority (FINRA), Investment Adviser, Securities and Exchange Commission (SEC)

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Erin Martin

Public Companies: Consider Updating Disclosures to Reflect Risks Posed by Cryptoasset Markets

Just shy of a month since FTX declared bankruptcy, the US Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance (Division or staff) published informal guidance on how public companies could be asked to…more

Annual Reports, Cryptocurrency, Digital Assets, Disclosure Requirements, Financial Markets

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Ryan McCarthy

CFPB Proposes Registry to Detect Repeat Offenders

The Consumer Financial Protection Bureau (CFPB or Bureau) has proposed a registry in which certain nonbank financial institutions must deposit copies of certain federal, state, and local orders. The proposed rule would also…more

Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Financial Institutions, Financial Services Industry

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William Mcenroe

The Antitrust Risk of the Federal Banking Agencies’ Proposed Risk Management Guidance

As highlighted previously, three federal banking agencies (the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency) recently issued proposed risk management…more

Alston v NCAA, Antitrust Provisions, Banking Sector, Competition, Department of Justice (DOJ)

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W. John McGuire

SEC Staff Clarifies Position on Disaggregation for Section 13(d) and 16(a) Reporting by Certain ETF Authorized Participants

The SEC’s Division of Corporation Finance recently posted new compliance and disclosure interpretations concluding that any registered broker-dealer acting as an authorized participant (AP) for any ActiveShares exchange-traded…more

Beneficial Owner, Broker-Dealer, Disclosure Requirements, ETFs, Exchange-Traded Products

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David Monteiro

US Supreme Court Upholds Consumer Financial Protection Bureau Funding Structure

The US Supreme Court ruled on May 16, 2024 that the funding structure of the Consumer Financial Protection Bureau (CFPB)—which is funded with money from the Federal Reserve rather than the US Congress—does not run afoul of the…more

Constitutional Challenges, Consumer Financial Protection Bureau (CFPB), Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd, Federal Funding, Financial Services Industry

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Joshua Moses

US Supreme Court Upholds Consumer Financial Protection Bureau Funding Structure

The US Supreme Court ruled on May 16, 2024 that the funding structure of the Consumer Financial Protection Bureau (CFPB)—which is funded with money from the Federal Reserve rather than the US Congress—does not run afoul of the…more

Constitutional Challenges, Consumer Financial Protection Bureau (CFPB), Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd, Federal Funding, Financial Services Industry

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Eden Nebel

Congress Codifies SEC Staff's M&A Broker No-Action Letter ... With a Tweak

As many are aware, Congress passed its own version of the US Securities and Exchange Commission (SEC) staff’s mergers and acquisitions (M&A) broker no-action letter in December 2022, creating a new exemption from broker…more

Broker-Dealer, Brokers, EBITDA, Investment Adviser, No-Action Letters

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Kenneth Nunnenkamp

Agencies Emphasize Risk-Based Due Diligence Approach for Charities and Nonprofits

The Agencies issued a joint Fact Sheet that lists considerations for a risk-based approach when it comes to charities and nonprofits. While the Fact Sheet purports to not impose additional obligations on banks, it is hard to…more

Anti-Money Laundering, BSA/AML, Charitable Organizations, Customer Due Diligence (CDD), FDIC

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John O'Brien

SEC Stays Approval of Amendment to FINRA Rule 2210 That Would Allow Projections of Performance

In an unusual move, on July 26, 2024, the Securities and Exchange Commission (SEC) stayed an order that was previously issued by its own Division of Trading and Markets just one week earlier on July 19, 2024. That order approved…more

Broker-Dealer, Financial Industry Regulatory Authority (FINRA), Investment Adviser, Securities and Exchange Commission (SEC)

See all updates »

Chris Paridon

OCC Proposes Substantive and Procedural Revisions for Bank Mergers

The US Office of the Comptroller of the Currency (OCC) on January 29 proposed meaningful revisions to its rules and processes for reviewing proposed transactions involving national banks under the Bank Merger Act. The proposed…more

Anti-Money Laundering, Bank Secrecy Act, Banking Sector, Banks, BSA/AML

See all updates »

Michael Philipp

Basel Committee Proposes Risk-Based Regulatory Capital Treatment for Many Cryptoassets

The Basel Committee on Banking Supervision (Basel Committee), a committee of global central bankers and regulators, issued a Consultative Document on June 10 on the prudential treatment of cryptoasset exposures for international…more

Basel Committee on Banking Supervision (BCBS), Compliance Monitoring, Cryptoassets, Cryptocurrency, Financial Regulatory Agencies

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Andrew Ray

Regulation, Innovation, and Authentication: What’s on the Horizon for Fintechs in 2024

Financial services is perhaps the most regulated industry in the world, and the intersection between financial services, technology, and law remains a complicated and evolving space. A team of Morgan Lewis lawyers recently…more

Banking Sector, Banks, Consumer Financial Protection Bureau (CFPB), Financial Institutions, Financial Services Industry

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Christina Renner

French Competition Authority Consults on Fintech and Digital Payments Sector

The ADC has launched a public consultation on the fintech sector in France, in particular with regard to payment services. The consultation focuses on the two types of new players in the payments space: (1) the role of big…more

Competition, Digital Platforms, EU, Financial Services Industry, FinTech

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Sarah Riddell

SEC Stays Approval of Amendment to FINRA Rule 2210 That Would Allow Projections of Performance

In an unusual move, on July 26, 2024, the Securities and Exchange Commission (SEC) stayed an order that was previously issued by its own Division of Trading and Markets just one week earlier on July 19, 2024. That order approved…more

Broker-Dealer, Financial Industry Regulatory Authority (FINRA), Investment Adviser, Securities and Exchange Commission (SEC)

See all updates »

Amanda Robinson

Beware Congressional Oversight in FTX/Alameda Investigations

The House of Representatives and the Senate took the first steps in response to the collapse of FTX this week. The Senate Agriculture Committee has announced a hearing at which the chair of the Commodity Futures Trading…more

Blockchain, CFTC, Congressional Committees, Congressional Investigations & Hearings, Cryptocurrency

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Christine Ayako Schleppegrell

SEC Stays Approval of Amendment to FINRA Rule 2210 That Would Allow Projections of Performance

In an unusual move, on July 26, 2024, the Securities and Exchange Commission (SEC) stayed an order that was previously issued by its own Division of Trading and Markets just one week earlier on July 19, 2024. That order approved…more

Broker-Dealer, Financial Industry Regulatory Authority (FINRA), Investment Adviser, Securities and Exchange Commission (SEC)

See all updates »

Ari Selman

US Supreme Court Upholds Consumer Financial Protection Bureau Funding Structure

The US Supreme Court ruled on May 16, 2024 that the funding structure of the Consumer Financial Protection Bureau (CFPB)—which is funded with money from the Federal Reserve rather than the US Congress—does not run afoul of the…more

Constitutional Challenges, Consumer Financial Protection Bureau (CFPB), Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd, Federal Funding, Financial Services Industry

See all updates »

Benjamin Stango

Fintechs: PPP Lending Comes with Opportunities and Risks

The US Senate approved an additional $310 billion in funds for the Paycheck Protection Program (PPP) on April 20, and the House of Representatives is expected to approve these additional funds within days. As fintech companies…more

BSA/AML, CARES Act, Coronavirus/COVID-19, Federal Loans, FinTech

See all updates »

Steven Stone

SEC Stays Approval of Amendment to FINRA Rule 2210 That Would Allow Projections of Performance

In an unusual move, on July 26, 2024, the Securities and Exchange Commission (SEC) stayed an order that was previously issued by its own Division of Trading and Markets just one week earlier on July 19, 2024. That order approved…more

Broker-Dealer, Financial Industry Regulatory Authority (FINRA), Investment Adviser, Securities and Exchange Commission (SEC)

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Charles Sweet

Members of Congress Introduce Joint CRA Resolution to Overturn the OCC’s True Lender Rule

Senator Chris Van Hollen (D-MD) introduced a Congressional Review Act (CRA) resolution of disapproval on March 26 that would invalidate the Office of the Comptroller of the Currency’s (OCC’s) true lender final rule…more

Congressional Review Act, Consumer Financial Products, Financial Regulatory Reform, Financial Services Industry, Legislative Agendas

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Daniel Tehrani

Fintechs: PPP Lending Comes with Opportunities and Risks

The US Senate approved an additional $310 billion in funds for the Paycheck Protection Program (PPP) on April 20, and the House of Representatives is expected to approve these additional funds within days. As fintech companies…more

BSA/AML, CARES Act, Coronavirus/COVID-19, Federal Loans, FinTech

See all updates »

Justin Weitz

Beware Congressional Oversight in FTX/Alameda Investigations

The House of Representatives and the Senate took the first steps in response to the collapse of FTX this week. The Senate Agriculture Committee has announced a hearing at which the chair of the Commodity Futures Trading…more

Blockchain, CFTC, Congressional Committees, Congressional Investigations & Hearings, Cryptocurrency

See all updates »

Kyle Whitehead

SEC Stays Approval of Amendment to FINRA Rule 2210 That Would Allow Projections of Performance

In an unusual move, on July 26, 2024, the Securities and Exchange Commission (SEC) stayed an order that was previously issued by its own Division of Trading and Markets just one week earlier on July 19, 2024. That order approved…more

Broker-Dealer, Financial Industry Regulatory Authority (FINRA), Investment Adviser, Securities and Exchange Commission (SEC)

See all updates »

Christina Wlodarczyk

Regulation, Innovation, and Authentication: What’s on the Horizon for Fintechs in 2024

Financial services is perhaps the most regulated industry in the world, and the intersection between financial services, technology, and law remains a complicated and evolving space. A team of Morgan Lewis lawyers recently…more

Banking Sector, Banks, Consumer Financial Protection Bureau (CFPB), Financial Institutions, Financial Services Industry

See all updates »

William Yonge

UK Government to Modify Default Fund Charge Cap for Defined Contribution

Kwasi Kwarteng, the Chancellor of the Exchequer of the new UK government led by Prime Minister Liz Truss, presented his “Growth Plan 2022” to Parliament last Friday 23 September 2022. The Growth Plan 2022 outlines the UK…more

Benefit Plan Sponsors, Defined Contribution Plans, Employee Benefits, Financial Conduct Authority (FCA), Financial Services Industry

See all updates »

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