United States

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

Trump Administration’s push for deregulation continues

The Trump Administration is continuing its deregulation initiative with two new Executive Orders: A February 24, 2017, Executive Order requires federal agencies to form “Regulatory Reform Task Forces” to evaluate existing regulations and identify candidates for repeal, replacement or modification of regulations seen as costly and unnecessary. Task forces must seek input and other assistance … Continue Reading

OCC issues guidance on fintech companies seeking bank charters

Following up on its unveiling of a proposal for financial technology (fintech) companies to have the option of obtaining a special purpose national bank charter, the US Treasury Department’s Office of the Comptroller of the Currency (OCC) released on March 15, 2017, a draft supplement (Supplement) to its standard Licensing Manual discussing what fintech companies … Continue Reading

In reversal, US Department of Justice now opposes CFPB structure

Last October, in connection with the appeal by a business of an enforcement action by the Consumer Financial Protection Bureau (CFPB), a three-member panel of the US Court of Appeals for the District of Columbia Circuit ruled that the structure of the CFPB was unconstitutional, but that the violation was easily remedied by severing the … Continue Reading

Administration deregulatory agenda 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, March 2, 2017, at 8:30 AM EST. 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. March’s briefing will start … Continue Reading

CFTC staff issues relief to swap dealers from CFTC’s regulations on margin requirements for uncleared swaps

The Commodity Futures Trading Commission’s (“CFTC” or “Commission”) Division of Swap Dealer and Intermediary Oversight (“DSIO”) recently issued relief to CFTC-registered swap dealers (“SDs”) from compliance with certain CFTC uncleared swaps margin requirements under two No-Action letters (“NALs”). The relief under these two NALs extends only to those SDs that are obliged to comply with … Continue Reading

Trump Administration emphasis on deregulation continues

Last week the Trump Administration continued its focus on deregulation by issuing two Executive Orders, one requiring executive agencies to cut two regulations for every new one they promulgate, and a second one setting forth principles for executive agencies to follow in promulgating financial regulations. The first Order, entitled “Presidential Executive Order on Reducing Regulation … Continue Reading

New President orders regulatory freeze

The new Trump Administration moved quickly to impose a freeze on regulatory rulemaking, a not uncommon event when a new President is from a different political party than the previous President. In a January 20, 2017, Memorandum to the heads of executive departments and agencies, Reince Priebus, Assistant to the President and Chief of Staff, … Continue Reading

New Department of Labor fiduciary rule is focus of next Norton Rose Fulbright New York briefing

Norton Rose Fulbright New York office’s next 40-minute financial services briefing is set for Thursday, February 2, 2017, at 12:00 noon EST. 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 briefings will stick strictly to … Continue Reading
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