August 2014

After banks began to drop certain customers because of perceived regulatory concerns, on July 28, 2014, the U.S. Federal Deposit Insurance Corporation (FDIC) issued additional guidance on its supervisory approach to banks maintaining accounts for third party payment processors, which are companies that process payments for merchants.

Previous guidance issued by the FDIC had discussed

Staff of the Commodity Futures Trading Commission (CFTC) has issued a no-action letter to swap execution facilities (SEFs), through September 30, 2015, if a SEF:  1) incorporates by reference the terms of underlying previously-negotiated agreements between swap counterparties in its confirmation without receiving copies of those agreements by the time the trade is executed; or

The Financial Industry Regulatory Authority (“FINRA”), the principal U.S. self-regulatory organization for securities dealers in the United States, has adopted new supplementary material to Rule 5210, which generally imposes a requirement that reported transactions in securities reflect bona fide purchase and sale transactions. This supplementary material, described in Regulatory Notice 14-28 (June 2014), provides that

In July, the Trading Examinations Unit within the Trading and Financial Compliance Examinations group at the Financial Industry Regulatory Authority (FINRA), the principal US securities industry self-regulatory organization, published a targeted examination letter being sent to some FINRA member firms as part of a review of processes and procedures in connection with order routing and

On June 14, 2014, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Act) was amended to expand the definition of a money service business to include “virtual currency dealers”.  However, in order for the amendment to become operative, further regulations are required to provide more specifics about the types of entities that will

The Payments Accounts Directive has been published in the Official Journal of the European Union. By 18 September 2016, Member States must adopt and publish the laws, regulations and administrative provisions necessary to comply with the Directive. Member States shall apply these measures from the same date.

There has been published in the Official Journal of the European Union the European Commission Implementing Regulation laying down implementing technical standards with regard to standard forms, templates and procedures for notifications relating to the exercise of the right of establishment and the freedom to provide services pursuant to articles 35(6), 36(6) and 39(5) of the CRD IV Directive.