This client alert is an update to an earlier MoFo client alert issued on December 8, 2022. In a final rule implementing the Corporate Transparency Act (the “Final Rule”), the Financial Crimes Enforcement Network (“FinCEN”)...more
El 29 de septiembre del 2023, FinCEN actualizó las preguntas frecuentes (“FAQs”) sobre los Reportes de Información sobre los Beneficiarios Reales (“BOI”), incluyendo orientación sobre el Identificador FinCEN. Las preguntas...more
On September 29, 2023, FinCEN updated the FAQs regarding Beneficial Ownership Information (BOI) Reporting, including guidance on the FinCEN identifier. The FinCEN’s BOI FAQs work in tandem with the FinCEN’s BOI Small...more
The Situation: The Securities and Exchange Commission ("SEC") has reopened the comment period for its proposed rule requiring public disclosure of security-based swap ("SBS") positions that exceed certain thresholds....more
Over the course of three days, various speakers from the ICC and beyond came together to discuss digitalisation of trade. With trade bodies including the ICC and ITFA pushing awareness and training in this area, there remains...more
Introduction and Scope of New Rule - With a stated goal of countering money laundering, the financing of terrorism and other illicit activities (including those of Russian oligarchs currently under U.S. sanctions),...more
In recent years, constructs that were traditionally the domain of governments have found analogues in the metaverse. Bitcoin and other cryptocurrencies are stand-ins for government-backed fiat currency. Non-fungible tokens...more
All businesses, whether large or small, should frequently evaluate strategies for minimizing their overall tax burden. Here are a few tips that businesses may consider implementing to achieve such tax savings. ...more
WHAT: The U.S. General Services Administration (GSA) has officially transitioned the System for Award Management (SAM.gov) to no longer use data universal numbering system (DUNS) numbers from Dun & Bradstreet (D&B), and now...more
UK SFTR: FCA update on reporting LEIs - The Financial Conduct Authority (FCA) has updated its webpage on the retained EU law version of the Regulation on reporting and transparency of securities financing transactions ...more
Review of Solvency II effective value test parameters: PRA statement - The UK Prudential Regulation Authority (PRA) has published a statement setting out the findings from its review of the minimum deferment rate, which is...more
The US Commodity Futures Trading Commission (CFTC or Commission) unanimously approved amendments to Form CPO-PQR on October 6 that will streamline the form beginning with the March 31, 2021 reporting period. Here is how the...more
In April, the National Futures Association (NFA) provided relief to permit commodity trading advisors (CTAs) who are also registered as investment advisers with the Securities and Exchange Commission (SEC) to provide...more
On April 14, 2020, the Commodity Futures Trading Commission (CFTC) proposed, among other things, to narrow and revise the scope of information that it collects from commodity pool operators (CPOs) on its Form CPO-PQR to: ...more
The new European Union rules requiring reporting by fund managers of securities financing transactions (SFT) take effect on October 11, 2020. While the scope of the reporting requirements under Article 4 of the Securities...more
The European Securities and Markets Authority has published a final report and guidelines on reporting under the Securities Financing Transaction Regulations, together with amended SFTR validation rules and a statement on...more
UBO Register: introduction and legal framework - In implementation of EU Directive 2015/849 (the 4th EU Anti-Money Laundering Directive) a centralized registry of Ultimate Beneficial Owners (“UBOs”) of Belgian legal...more
The Financial Stability Board has published a thematic review on the implementation of the Legal Entity Identifier. An LEI is a unique identifier of entities that engage in financial transactions. It is intended that such an...more
A company listed on a stock exchange market is subject to various specific requirements which go beyond information obligations. Compliance with such stock exchange matters is a complex and demanding task, entailing a series...more
1 August - The Financial Conduct Authority ("FCA") published a statement on selling high-risk speculative investment products to retail clients, following the publication of the European Securities and Markets Authority's...more
The Financial Stability Board has launched a thematic peer review on implementation of the Legal Entity Identifier and is inviting feedback on implementation of the LEI at the same time. The objective of the LEI system is for...more
MIFID II – end of “no LEI” exemption for transaction reporting; ESMA takes stock of MiFID II achievements - ESMA confirmed on 20 June that the current exemption from using Legal Entity Identifiers for certain transactions...more
European banking and securities authorities published guidelines on the assessment of the suitability of members of the management body and key function holders - ESMA and EBA published joint guidelines regarding the...more
The European Securities and Markets Authority has published a statement on the requirements under the Markets in Financial Instruments Regulation for a Legal Entity Identifier. In response to concerns that institutions would...more
CFTC - NFA Proposes Amendments to Compliance Rule 2-9(c) and Interpretive Notice: Compliance Rule 2-9: FCM and IB Anti-Money Laundering Program - On June 15, the National Futures Association (NFA) submitted to the...more