United States

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

SEC Examination Priorities for 2017

The staff of the SEC’s Office of Compliance Inspections and Examinations has announced its 2017 examination priorities. In 2017, the SEC will focus on: *Retail Investors—Protecting retail investors from product and service risks, roboadvisers and wrap fee programs *Senior Investors and Retirement Investments—Focusing on variable insurance products, ETFs and target-date funds *Market-Wide Risks—Focusing on compliance … Continue Reading

Federal Judge finds no attorney-client privilege for independent mutual fund trustees

In a recent, ground-breaking federal district court case, Robert Kenny v. PIMCO (Western District of Washington, Case No. C14-1987-RSM), Chief District Judge Ricardo Martinez issued a court order on November 21, 2016, that required the independent mutual fund trustees of the PIMCO Total Return Fund to divulge all of their confidential deliberations concerning their PIMCO … Continue Reading

FINRA releases 2017 regulatory and exam priorities

On January 4, 2017, the Financial Industry Regulatory Authority (“FINRA”) released its annual regulatory and exam priorities letter for 2017 (the “Letter”). In the Letter, FINRA outlined the areas in which its examiners will pay particular attention with respect to its inspections this year. In a cover letter to the Letter, FINRA President and CEO … Continue Reading

OCC finalizes regulatory proposals on national bank receiverships and copper transactions

The Office of the Comptroller of the Currency (“OCC”) recently finalized two outstanding regulatory proposals. The OCC adopted a final rule addressing receiverships of national banks that lack federal deposit insurance (“uninsured national banks”). The OCC also finalized its rule on restrictions on a national bank’s transactions in industrial and commercial metals, including a ban … Continue Reading

Federal Reserve Board finalizes disclosure of liquidity coverage ratio specifics

On December 19, 2016, the Federal Reserve Board announced that it had finalized a regulation requiring large banking organizations (covered companies) to publicly disclose on a quarterly basis certain information about their liquidity coverage ratios (LCRs). The final regulation is substantially similar to the proposed regulation issued in December 2015, but there have been minor … Continue Reading

Smart contracts and innovation are 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, January 5, 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

Latest issue of Global Asset Management Quarterly now available

The fourth 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
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