United States

Initial coin offerings (ICOs) are focus of next Norton Rose Fulbright New York briefing

Norton Rose Fulbright New York office’s next financial services briefing is a luncheon seminar set for Thursday, October 5, 2017, at 12:00-1:00 PM EDT. Each month, Norton Rose Fulbright’s senior practitioners will provide interested in-house counsel and professionals with an insightful discussion on current regulatory trends within the financial services sector. The October briefing will … Continue Reading

Two recent legal updates discuss insider trading and new economic sanctions on Venezuela

Two recent Norton Rose Fulbright legal updates may be of interest to readers of the Financial services: Regulation Tomorrow blog: The first, “Second Circuit overturns precedent regarding scope of tipper/tippee insider trading liability,”  by Kevin Harnisch and Ilana Sinkin, discusses a recent U.S. Court of Appeals opinion overturning its own 2014 test for tipper and … Continue Reading

MiFID II impact on US is focus of the next Norton Rose Fulbright New York briefing

Norton Rose Fulbright New York office’s next financial services briefing is a webinar only seminar set for Thursday, September 7, 2017, from 12:00 to 1:00 PM EDT. Each month, Norton Rose Fulbright’s senior practitioners will provide interested in-house counsel and professionals with an insightful discussion on current regulatory trends within the financial services sector. In … Continue Reading

US federal banking regulators issue risk-based capital guidance for certain derivatives

On August 14, 2017, the US federal banking agencies (Federal Reserve Board (FRB), Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC)) issued interagency guidance on the risk-based capital treatment of certain centrally cleared derivative contracts. The guidance was issued because some central counterparties recently modified margin requirements for certain centrally … Continue Reading

OCC seeks comments on changes to Volcker Rule

On August 2, 2017, the Office of the Comptroller of the Currency (“OCC”), which charters national banks, issued a press release and notice seeking comments proposing revisions to the  regulations that implement the so-called “Volcker Rule” in order to “better accomplish the purposes” of the Rule. The Volcker Rule, enacted as part of the Dodd-Frank … Continue Reading

Metlife SIFI appeal in abeyance; documents under seal to be reviewed for release

On August 2, 2017, the U.S. Court of Appeals for the D.C. Circuit ordered another stay in the ongoing case between the Financial Stability Oversight Council (FSOC) and MetLife over whether MetLife should be designated as systemically important and subject to additional regulation by the Federal Reserve Board. As noted in previous blog posts, on … Continue Reading

CFTC registers LedgerX to trade, clear Bitcoin derivatives

The Commodity Futures Trading Commission (CFTC) recently approved two applications from LedgerX – a platform for trading and clearing Bitcoin options – to become registered as a swap execution facility (SEF) and derivatives clearing organization (DCO). These approvals make LedgerX the first DCO and the second SEF approved to facilitate digital currency-related derivatives activity (another … Continue Reading

SEC determines US securities laws apply to capital-raising via blockchain

On July 25, 2017, the US Securities and Exchange Commission (“SEC”) issued an investigative report stating that US securities laws apply to sales of securities in the United States purchased with virtual currencies or distributed with blockchain technology. At the same time, it issued an Investor Bulletin on so-called “Initial Coin Offerings” (ICOs) to caution … Continue Reading

US regulators reviewing Volcker Rule applicability to certain non-US funds

On July 21, 2017, the Federal Reserve Board, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation (the “US Banking Agencies”), along with the Securities and Exchange Commission and the Commodity Futures Trading Commission, issued a joint press release indicating that they were coordinating their review of the applicability of the Volcker … Continue Reading

Latest issue of Global Asset Management Quarterly now available

The sixth issue of our Global Asset Management Quarterly is now available. You can also register to automatically receive each issue as it is released. This publication highlights key developments that will be of interest to, and affect, our asset management clients, including market trends and developments in tax and buy-side regulation globally. Articles in … Continue Reading

D.C. Circuit Vacates Revisions to PJM Minimum Offer Price Rule: Finds FERC Exceeded Statutory Authority

In a decision issued on July 7, 2017, the U.S. Court of Appeals for the D.C. Circuit vacated revisions to the PJM Interconnection, L.L.C. (“PJM”) Minimum Offer Price Rule (“MOPR”) that had been proposed by the Federal Energy Regulatory Commission (“FERC”) in response to a filing submitted by PJM pursuant to section 205 of the … Continue Reading

OCC sued over plan to issue fintech bank charters

Not content to continue merely voicing strong opposition to the proposal of the U.S. Treasury Department’s Office of the Comptroller of the Currency’s (“OCC”) proposal to issue a special purpose national bank charter to financial technology (“fintech”) companies, the Conference of State Bank Supervisors (“CSBS”), the trade association for state bank regulators, and the Superintendent … Continue Reading

Incriminating IMs lead to Singapore precious metals trader settling, pleading guilty to charges of spoofing, manipulation and wire fraud

A former futures trader recently agreed to a settlement order from the U.S. Commodity Futures Trading Commission (“CFTC”) imposing a permanent trading ban for spoofing and manipulation, and pled guilty to criminal charges of manipulation and wire fraud, for trading done in the precious metals market. David Liew was a trader on a major financial … Continue Reading

Kokesh v. SEC: Supreme Court Limits Reach of Disgorgement Remedy

In a unanimous decision, the United States Supreme Court has reined in the authority of the Securities and Exchange Commission (“SEC”) to recover ill-gotten gains, holding that the five-year statute of limitations period applicable to SEC enforcement actions extends to disgorgement. In Kokesh v. SEC, No. 16-529 (June 5, 2017), the Court found that any … Continue Reading

Court stays FSOC’s Metlife SIFI appeal

As noted in previous blog posts, on March 30, 2016, MetLife prevailed against the Financial Stability Oversight Council (FSOC) when a US District Court Judge for the District of Columbia issued an order overturning the FSOC’s designation of MetLife as a Systemically Important Financial Institution (SIFI). The designation of  SIFIs is one of the many … Continue Reading

CFTC amends regulations to prohibit restrictions on employee communication concerning potential Commodity Exchange Act violations

On May 22, 2017, the Commodity Futures Trading Commission (“CFTC”) amended Part 165 of its regulations, which govern whistleblower incentives and protections. In addition to strengthening existing anti-retaliation protections for whistleblowers, the amendments also prohibit employers from restricting employees from reporting potential violations of the Commodity Exchange Act directly to the CFTC. This prohibition extends … Continue Reading

U.S. economic sanctions update for financial institutions is focus of next Norton Rose Fulbright New York briefing

Norton Rose Fulbright New York office’s next financial services briefing is a breakfast seminar set for Thursday, June 1, 2017, at 8:30 AM EDT. Each month, Norton Rose Fulbright’s senior practitioners will provide interested in-house counsel and professionals with an insightful discussion on current regulatory trends within the financial services sector. June’s briefing will start … Continue Reading

More Presidential action on potential deregulation

On April 21, 2017, the White House issued an Executive Order and two Presidential Memoranda to the U.S. Secretary of the Treasury as part of the Trump Administration’s continuing efforts on deregulation: The Presidential Executive Order on Identifying and Reducing Tax Regulatory Burdens orders the Secretary of the Treasury, in consultation with the Office of … Continue Reading

FRB issues first Volcker Rule enforcement order and civil penalty

On April 20, 2017, the Federal Reserve Board issued its first Volcker Rule enforcement order and assessed a $19.71 million civil penalty. It was issued against a non-U.S. bank with banking offices and subsidiaries in the United States. The Federal Reserve Board determined that the bank did not have a compliance program “reasonably designed to … Continue Reading

SEC Denies Proposals by Two Bitcoin Trusts

The U.S. Securities and Exchange Commission (SEC) denied proposals to list and trade shares of two bitcoin trust exchanges: one denial issued on March 10 and the other on March 28, 2017. In both matters, the SEC found that an exchange that lists commodity-trust exchange-traded products (“ETPs”) must meet applicable requirements, including that (1) the … Continue Reading

Latest issue of Global Asset Management Quarterly now available

The fifth issue of our Global Asset Management Quarterly is now available. You can also register to automatically receive each issue as it is released. This publication highlights key developments that will be of interest to, and affect, our asset management clients, including market trends and developments in tax and buy-side regulation globally. Articles in … Continue Reading

Brexit and Article 50: a financial services video update

Following the UK Government’s delivery to the EU of the letter triggering Article 50, Jonathan Herbst provides a brief update from a financial services perspective. Our video can be found here. To read our previous publications on Brexit and financial services, please click on the following: Brexit and financial services: 10 things you should know (Part … Continue Reading

Latest developments in cybersecurity are focus of next Norton Rose Fulbright New York briefing

Norton Rose Fulbright New York office’s next financial services briefing is a breakfast seminar set for Thursday, April 6, 2017, at 8:30 AM EDT. Each month, Norton Rose Fulbright’s senior practitioners will provide interested in-house counsel and professionals with an insightful discussion on current regulatory trends within the financial services sector. April’s briefing will start … Continue Reading

EU v US intermediate financial holding company regimes

The latest Banking Reform updater features an analysis of EU v US intermediate financial holding company regimes. The update introduces the EU IHC proposals and compares the EU and US regimes: Why are the EU IHC rules being proposed? Overview – effects of the EU IHC regime and comparison with the US regime Analysis – EU … Continue Reading
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