Orrick - Finance 20/20

Federal Regulators Issue Key Guidance on Fintech Issues

On July 30, the U.S. Department of the Treasury ("Treasury") and the Office of the Comptroller of the Currency ("OCC") provided important guidance on a broad range of issues confronting the fintech industry. Treasury released a…more

Banking Sector, Financial Services Industry, FinTech, Fintech Charter, OCC

See all updates »

Private Equity Fund Taxation Post-Tax Reform: What Really Changed?

Congress has passed the tax reform bill, known as the “Tax Cuts and Jobs Act” (the “Act”), and President Trump signed it into law on December 22, 2017. The Act contains wide-ranging changes to the tax law, many of which will…more

EBITDA, Private Equity, Private Equity Funds, Tax Cuts and Jobs Act, Tax Rates

See all updates »

New EU and UK Anti-Money Laundering Rules: The Fifth AML Directive Extends to Cryptocurrencies

The Fifth Anti-Money Laundering Directive (MLD5) entered into force in July 2018. MLD5 updates the legal framework under the Fourth Anti-Money Laundering Directive (MLD4) and must be implemented by the EU member states by…more

Anti-Money Laundering, Cryptocurrency, EU, Member State, MLD4

See all updates »

CFTC’s Division of Market Oversight Extends Time-Limited No-Action Relief for SEFs from Certain Block Trade Requirements

On November 14, 2017, the U.S. Commodity Futures Trading Commission’s Division (“CFTC“) of Market Oversight extended time-limited no-action relief to swap execution facilities (“SEFs“) from certain requirements under the…more

CFTC, No-Action Relief, Swap Dealers, Swaps

See all updates »

Federal Reserve Announces Plan to Develop a New Round-the-Clock Real-Time Payment and Settlement Service to Support Faster Payments

On August 5, the Federal Reserve Board announced that the Federal Reserve Banks will develop a new round-the-clock real-time payment and settlement service, called the FedNow? Service, to support faster payments in the United…more

Banking Sector, Banks, Federal Reserve, Financial Institutions, Payment Systems

See all updates »

Council of EU Grants Exemptions for Commodity Dealers under CRR

On March 23, 2016, the Council of the EU published an approved final compromise text of a proposed Regulation extending the Capital Requirements Regulation (Regulation 575/2013) (CRR) to extend certain exemptions for commodity…more

Capital Requirements Regulation (CRR), Commodities, Commodity Broker, ECON, EU

See all updates »

Brexit – What Now For Your Business

So, the UK has voted to leave the EU. Everyone has their own opinion and we’ve all seen the news reports and various viewpoints but what does this result mean for you in practical terms and where do we go from here? Orrick’s…more

EU, EUMR, European Economic Area (EEA), Financial Services Industry, General Data Protection Regulation (GDPR)

See all updates »

Update: Newly Passed Delaware Law Will Necessitate Important Updates to Credit Agreements

The following client alert is an update of the Orrick alert sent on June 14, 2018. Since then, the proposed amendment to the Delaware Limited Liability Company Act was signed into law by the governor of the state…more

Amended Regulation, Limited Liability Company (LLC), Loan Agreements, Mergers

See all updates »

CFPB Proposes Mortgage Servicing Changes to Prevent Wave of COVID-19 Foreclosures

On April 5, the Consumer Financial Protection Bureau (CFPB) proposed rule changes intended to prevent avoidable foreclosures as emergency federal foreclosure protections put in place due to the global pandemic expire. The rules…more

Borrowers, Consumer Financial Protection Bureau (CFPB), Financial Institutions, Foreclosure, Mortgage Lenders

See all updates »

Agencies Propose Rule to Update Calculation of Derivative Contract Exposure Amounts Under Regulatory Capital Rules

On October 30, the Federal Reserve Board, the Federal Depository Insurance Corporation and the Office of the Comptroller of the Currency (collectively, the “Agencies“) proposed changes to their standards for how large federal…more

Derivatives, FDIC, Federal Reserve, OCC

See all updates »

FHFA Request for Input on Single-Family Credit Risk Transfer – Certain Salient Matters

In its request for input on single-family credit risk transfer RFI, FHFA expresses a strong preference for large, economically efficient, repeatable transactions, as well as programs that create a level playing field for both…more

Banking Sector, Comment Period, FHFA, Mortgage Loan Originators, Mortgages

See all updates »

Second Circuit Upholds Dismissal of U.S. Bank’s Untimely Breach of Contract and Indemnity Claims

On February 6, the Second Circuit affirmed a trial court order dismissing repurchase and indemnification claims brought by the Federal Housing Finance Agency (“FHFA“), acting on behalf of U.S. Bank as Trustee, against GreenPoint…more

Breach of Contract, FHFA, Indemnity Claim, Mortgages, Statute of Limitations

See all updates »

Third Circuit Finds Trustee Not Liable for $168 Million RMBS Loss – IKB Failed to Show Trustee Violated Contractual Obligations

The Third Circuit Court of Appeals affirmed a trial’s court’s dismissal of IKB International SA’s claims against Wilmington Trust Co., holding that IKB had not demonstrated that Wilmington violated its contractual obligations…more

Breach of Contract, RMBS, Trustees

See all updates »

Federal Regulators Issue Key Guidance on Fintech Issues

On July 30, the U.S. Department of the Treasury ("Treasury") and the Office of the Comptroller of the Currency ("OCC") provided important guidance on a broad range of issues confronting the fintech industry. Treasury released a…more

Banking Sector, Financial Services Industry, FinTech, Fintech Charter, OCC

See all updates »

Supreme Court to Decide Extent of Puerto Rico’s Sovereign Powers

On Wednesday, January 13, 2016, the U.S. Supreme Court will hear arguments in the appeal styled under the caption Commonwealth of Puerto Rico v. Sanchez Valle, No. 15-108. In this case, the Supreme Court is asked to determine…more

Clawbacks, Debt Enforcement & Recovery Act (DERA), Double Jeopardy, Fifth Amendment, Puerto Rico

See all updates »

FinCEN Urges Financial Institutions to Focus on Detecting Proceeds of Foreign Public Corruption

The Financial Crimes Enforcement Network (“FinCEN”) recently issued an advisory urging financial institutions (including certain cryptocurrency businesses) to implement controls to help detect proceeds of foreign public…more

Bribery, BSA/AML, Cryptocurrency, Economic Sanctions, Embezzlement

See all updates »

Preparing for Potential Inquiries into Designated Lender Counsel in PE Sponsored Syndicated Loans

Recent media reports have expressed alarm at the use of “designated lender counsel” in private equity-sponsored leveraged loan transactions. The phrase refers to the practice of a private equity firm instructing the investment…more

Banking Sector, FDIC, Investment Banks, Leveraged Loans, OCC

See all updates »

SEC Proposes Liquidity Management Rules for Mutual Funds and ETFs

On September 22, The Securities and Exchange Commission (SEC) proposed a comprehensive package of rules that would require open-end funds, including mutual funds and exchange-traded funds, to implement liquidity risk management…more

Comment Period, ETFs, Federal Register, Financial Institutions, Investment

See all updates »

Rating Agency Developments

On June 1, DBRS released its RMBS Insight 1.2: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology. On June 1, Fitch released its U.S. RMBS Surveillance and Re-REMIC Criteria. On June 1, Moody’s issued RMBS…more

Asset-Backed Securities, DBRS, Fitch, Moody's, Mortgage-Backed Securities

See all updates »

Private Equity Fund Taxation Post-Tax Reform: What Really Changed?

Congress has passed the tax reform bill, known as the “Tax Cuts and Jobs Act” (the “Act”), and President Trump signed it into law on December 22, 2017. The Act contains wide-ranging changes to the tax law, many of which will…more

EBITDA, Private Equity, Private Equity Funds, Tax Cuts and Jobs Act, Tax Rates

See all updates »

California Computer Software Employee Overtime Exemption Rate to Increase 2.6% on January 1

The California Department of Industrial Relations (DIR) released its 2013 hourly rate and minimum salary requirement adjustment for exempt computer software employees. Beginning January 1, 2013, the minimum hourly rate of pay…more

See all updates »

Lehman Brothers to Pay $2.38 Billion in Connection with RMBS Claims

On March 8, 2018, Judge Shelley C. Chapman of the United States Bankruptcy Court for the Southern District of New York issued a decision from the bench valuing RMBS breach of representation and warranty claims against…more

Bankruptcy Court, Representations and Warranties, RMBS, Trustees

See all updates »

CFPB Issues Final Rule on Higher-Priced Mortgage Loan Escrow Exemption

On January 19, the CFPB issued a final rule exempting certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans (HPMLs). The…more

Consumer Financial Protection Bureau (CFPB), Credit Unions, Liens, Loans, Mortgages

See all updates »

FinCEN Urges Financial Institutions to Focus on Detecting Proceeds of Foreign Public Corruption

The Financial Crimes Enforcement Network (“FinCEN”) recently issued an advisory urging financial institutions (including certain cryptocurrency businesses) to implement controls to help detect proceeds of foreign public…more

Bribery, BSA/AML, Cryptocurrency, Economic Sanctions, Embezzlement

See all updates »

CFTC Issues Advisory Regarding Chief Compliance Officer Annual Report Requirements

On December 4, the CFTC issued an advisory (Staff Advisory 19-24) providing further guidance on certain requirements applicable to swap dealers, futures commission merchants and major swap participants (collectively,…more

CFTC, DSIO, Major Swap Participants, Reporting Requirements, Swap Dealers

See all updates »

New York Supreme Court Grants in Part and Denies in Part Cross Motions for Summary Judgment in RMBS Action

On May 16, 2018, Justice Shirley W. Kornreich of the New York Supreme Court granted in part and denied in part the parties’ summary judgment motions in Merrill Lynch Mortgage Investors Trust Series 2006-RM4 v. Merrill Lynch…more

Merrill Lynch, Mortgages, Motion for Summary Judgment, Partial Summary Judgments, RMBS

See all updates »

S.D.N.Y. Allows NCUA to Amend RMBS Suit Against Deutsche Bank and Grants in Part and Denies in Part Motion to Dismiss

Judge Sidney H. Stein in the United States District Court for the Southern District of New York allowed the National Credit Union Administration (NCUA) to amend its complaint to add a new plaintiff to attempt to establish…more

Banking Sector, Financial Institutions, NCUA, RMBS

See all updates »

Third Circuit Finds Trustee Not Liable for $168 Million RMBS Loss – IKB Failed to Show Trustee Violated Contractual Obligations

The Third Circuit Court of Appeals affirmed a trial’s court’s dismissal of IKB International SA’s claims against Wilmington Trust Co., holding that IKB had not demonstrated that Wilmington violated its contractual obligations…more

Breach of Contract, RMBS, Trustees

See all updates »

FHFA Request for Input on Single-Family Credit Risk Transfer – Certain Salient Matters

In its request for input on single-family credit risk transfer RFI, FHFA expresses a strong preference for large, economically efficient, repeatable transactions, as well as programs that create a level playing field for both…more

Banking Sector, Comment Period, FHFA, Mortgage Loan Originators, Mortgages

See all updates »

ESMA Updates Q&A on Application of UCITS Directive

The European Securities and Markets Authority (ESMA) has published an updated version of its Q&A paper on the application of the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive (2009/65/EC) as…more

Derivatives, EU, European Securities and Markets Authority (ESMA), UCITS

See all updates »

FCA Sets Out New Proposals to Restrict High-Risk Financial Promotions

On 19 January, 2022, the FCA published its consultation on strengthening its financial promotion rules for high-risk investments, including cryptoassets (CP22/2). The consultation proposes some fairly onerous requirements and we…more

Cryptoassets, Cryptocurrency, Financial Conduct Authority (FCA), Investment, Retail Investors

See all updates »

Orrick Submits Amicus Brief on Behalf of SIFMA Urging Fifth Circuit to Reject Two-Step FLSA Certification Procedure

Orrick, on behalf of its client, the Securities Industry and Financial Markets Association (“SIFMA”), recently filed an amicus brief in support of a petition for writ of mandamus filed by Wells Fargo in the Fifth Circuit Court…more

See all updates »

Brexit – What Now For Your Business

So, the UK has voted to leave the EU. Everyone has their own opinion and we’ve all seen the news reports and various viewpoints but what does this result mean for you in practical terms and where do we go from here? Orrick’s…more

EU, EUMR, European Economic Area (EEA), Financial Services Industry, General Data Protection Regulation (GDPR)

See all updates »

Rating Agency Developments

On November 8, 2017, Fitch updated its ratings criteria for U.S. grant anticipation revenue vehicles (GARVEE) bonds. Report. On November 8, 2017, DBRS updated its ratings methodology for Canadian Residential Mortgages, Home…more

DBRS, Fitch, Rating Agencies, REIT, RMBS

See all updates »