News & Analysis as of

SIFMA Financial Institutions

Pillsbury Winthrop Shaw Pittman LLP

FinCEN’s Proposed Rule to Regulate Investment Advisers: The Questions Industry Should Be Following

FinCEN is focused on customer due diligence, and both the 2024 Investment Adviser Risk Assessment and proposed rule indicate that investment advisers will be expected to assess customer identity, business model, and sources...more

Latham & Watkins LLP

FRB Vice Chair for Supervision Recommends Stronger Capital Standards for Large US Banks

Latham & Watkins LLP on

After a lengthy “holistic” review and a spring banking crisis, US bank capital requirements finally face overhaul. On July 10, 2023, US Federal Reserve Board (FRB) Vice Chair for Supervision Michael Barr delivered a...more

Burr & Forman

SIFMA’s After-Action Report on Quantum Dawn VI Cybersecurity Exercise

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On March 31, 2022, the Securities Industry and Financial Markets Association (“SIFMA”) released its after-action report on Quantum Dawn VI – a global financial-markets cybersecurity exercise....more

Bressler, Amery & Ross, P.C.

SIFMA C&L Virtual Forum Addresses FINRA’s 2021 Priorities for Private Client Firms

On July 20, 2021, SIFMA hosted a panel discussing key legal and regulatory issues for private client firms at SIFMA’s 2021 C&L Virtual Forum. Several key subjects were discussed by the panel, including: (1) FINRA’s 2021...more

Katten Muchin Rosenman LLP

The SEC Clarifies Status of Institutional Family Offices for Purposes of Regulation Best Interest

Recently, staff of the Securities and Exchange Commission (SEC) issued a no-action letter stating that they would not regard "Institutional Family Offices" as retail customers of broker-dealers for purposes of broker-dealers'...more

Ballard Spahr LLP

FinCEN Stresses Transparency, BSA Filing Data, and Perils of “Under- Regulating” to Securities Industry

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Last Thursday, FinCEN Deputy Director Jamal El-Hindi appeared at the 20th annual Anti-Money Laundering (AML) and Financial Crimes Conference hosted by the Securities Industry and Financial Markets Association (SIFMA) in New...more

A&O Shearman

Governance & Securities Law Focus: Asia Edition - July 2018

A&O Shearman on

In this newsletter, we provide a snapshot of the principal Asian, US, European and selected international governance and securities law developments of interest to Asian corporates and financial institutions. ...more

Morgan Lewis

Fifth Circuit Vacates DOL Fiduciary Rule ‘In Toto’

Morgan Lewis on

What does this mean, and what should financial institutions do now? In a 2-1 decision, the US Court of Appeals for the Fifth Circuit struck down the US Department of Labor’s (DOL) fiduciary rule, deciding in favor of a...more

Kramer Levin Naftalis & Frankel LLP

Funds Talk: June 2017 - FINRA Expands Margin Rules for Mortgage-Backed Securities Transactions

FINRA has introduced an expansion of Rule 4210 (the Rule), effective Dec. 15, 2017, importing margin concepts into the world of mortgage-backed transactions. ...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Financial transaction provider Euronet Worldwide’s made an unsolicited bid to acquire MoneyGram for about $1 billion in cash, throwing a wrench into Ant Financial’s plan to use MG as a way to break into the US market and...more

Orrick, Herrington & Sutcliffe LLP

IRS Releases New Regulations Regarding Dividend Equivalents

On January 19, 2017, the Internal Revenue Service (the “IRS”) issued final, temporary, and proposed regulations (the “Regulations”) under section 871(m) of the Internal Revenue Code of 1986, as amended (the “Code”). Code...more

Bradley Arant Boult Cummings LLP

The FTC's Safeguards Rule What to Expect When the Dust Settles

On November 21, 2016, the comment period closed on the Federal Trade Commission's (FTC) request for public feedback on the Standards for Safeguarding Consumer Information Rule (Safeguards Rule). The FTC is considering...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Financial Industry Developments - Agencies Issue Advanced Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards - On October 19, 2016, the Federal Reserve Board, the Federal Deposit Insurance...more

K&L Gates LLP

FINRA Submits Proposed Rules to the SEC to Address Financial Exploitation of Seniors

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Last Thursday, the Financial Industry Regulatory Authority (“FINRA”) submitted proposed rules to the United States Securities and Exchange Commission (“SEC”) designed to address “financial exploitation of seniors and other...more

Goodwin

Financial Services Weekly News - November 2015

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Regulatory Developments - Client Alert: SEC Issues New Guidance on Excluding Shareholder Proposals under Rule 14a-8: Goodwin Procter’s Capital Markets practice has released a client alert on the SEC’s Division of...more

McGuireWoods LLP

SIFMA Urges Senate to Pass Cyber Sharing Bill

McGuireWoods LLP on

It seems as if every day there is a new report of a data breach or cyber attack. For the same reason that Willie Sutton robbed banks — “because that’s where the money is” — cyber criminals have been incessant in their...more

Burr & Forman

SEC Shows It’s Serious About Cyber Security

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A week after OCIE announced it would conduct a second round of cyber-security exams, the Commission emphasized the issue by bringing an enforcement action against a non-custodial investment-adviser over a remediated data...more

Burr & Forman

OCIE to Conduct More Cybersecurity Exams

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This week the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) announced a second-round of cybersecurity examinations, continuing its initiatives on the issue. The move follows the SEC’s: March 2014 roundtable...more

Latham & Watkins LLP

What General Counsel Need To Know About The Latest Cybersecurity Developments

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In the wake of reported security breaches at a number of significant financial institutions, cybersecurity is garnering more attention and concern than ever before — both within the financial services industry and among...more

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