Glen Barrentine is Of Counsel in the New York office of Norton Rose Fulbright. His practice focuses broadly on SEC regulated financial service clients, including broker-dealers, securities exchanges, municipal advisors and investment advisers. Glen frequency represents clients in connection with SEC and FINRA enforcement proceedings and other contentious regulatory inquiries, purchases and sales, and the … Continue Reading
The usually predictable world of portfolio transfers received a jolt on 16 August when Mr Justice Snowden declined to exercise his discretion to sanction the proposed insurance business transfer of a £12.9 billion book of in-payment annuities from The Prudential Assurance Company Limited (“Prudential”) to Rothesay Life Limited (“Rothesay”). This is believed to be the … Continue Reading
Glen Barrentine, who recently joined as Of Counsel in the New York Office of Norton Rose Fulbright, has extensive experience in regulatory, compliance and enforcement issues affecting financial service companies, particularly broker-dealers, investment advisers, municipal advisors, and securities exchanges. He prepares a monthly update on FINRA (and selected SEC) regulatory matters at a glance, focusing … Continue Reading
On 15 July 2019, the Financial Conduct Authority (FCA) published Signposting to travel insurance for consumers with medical conditions (CP19/23). CP19/23 continues the work undertaken by the FCA over the past few years on ensuring that vulnerable customers can access insurance. In June 2017 the FCA published a Call for Input on access to insurance … Continue Reading
On 12 July 2019, the Working Group on Sterling Risk-Free Reference Rates published a letter from Tushar Morzaria, chair of the working group, to Gabriel Bernardino, EIOPA chair, encouraging EIOPA to go beyond monitoring the IBOR transition to now actively removing the recognised Solvency II barriers to this transition. The letter expressed concerns surrounding the … Continue Reading
On 12 July 2019, the European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper Proposals for Solvency II 2020 Review Harmonisation of National Insurance Guarantee Schemes.… Continue Reading
On 15 July 2019, the Ministry of Justice announced changes to the Ogden rate. An increase in the rate from -0.75% to -0.25% fell short of insurers’ expectations who were hoping for a much greater discount, prompting warnings that premiums may rise as a result. The new rate will come into use on 5 August … Continue Reading
On June 4, 2019, the Securities and Exchange Commission (“SEC”) filed a complaint against Kik Interactive, Inc. (“Kik”), which owns and operates a mobile messaging application called Kik Messenger, in connection with its 2017 initial coin offering (“ICO”) that raised over $100 million; more than $55 million of which came from U.S. investors. The SEC … Continue Reading
On February 14, 2019, the Conference of State Bank Supervisors (“CSBS”) announced several actions that it would be taking to modernize and harmonize state licensing, regulation, and supervision of non-depository financial institutions, including mortgage lenders, money services businesses, and consumer finance companies.… Continue Reading
Legislation has been introduced in the US House of Representatives directed at regulating virtual currency. In a post from the Norton Rose Fulbright Project Finance blog available, Deanne Barrow analyzes the bills. Readers interested in learning more about cryptocurrency can sign up for updates on our FinTech law and regulation page.… Continue Reading
On September 30, 2018, Canada and the United States announced they had reached a resolution on certain trade issues and agreed on the text of a new trilateral trade agreement with Mexico to be called the United States-Mexico-Canada Agreement (USMCA). Once ratified, the USMCA will replace the longstanding trilateral North American Free Trade Agreement (NAFTA). … Continue Reading
On October 9, 2018, the Commodity Futures Trading Commission (“CFTC”) proposed changes to the registration and compliance obligations for commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) consistent with relief currently provided by various staff letters and advisories. Comments are due sixty (60) days after the proposed rule is published in the Federal Register. … Continue Reading
Following a public consultation, the Hong Kong Monetary Authority (HKMA) published a revised Guideline on Authorization of Virtual Banks (the Guideline) on 30 May 2018. The Guideline supersedes the previous guideline issued in 2000 (and updated in 2012). Our blog entry dated 4 March 2018 which provides details of the public consultation can be found … Continue Reading
The Tribunal has held that third party rights do not arise in the context of Supervisory Notices, nor do the relevant provisions allow third parties to refer Supervisory Notices to the Tribunal, even where they are identified. Although Parliament has specifically provided for this right in the context of Warning and Decision Notices, it has … Continue Reading
The much anticipated Royal Commission was no surprise to the Australian banking industry. What was surprising was the extension of its terms of reference to local and foreign deposit-taking institutions, life and general insurers, superannuation funds, as well as asset managers, financial planning businesses and all other holders of Australian financial services licences. Let there … Continue Reading
Happy 2017! Financial services regulation continued to be busy in Canada in 2016. We have prepared this shortlist of pending changes, developments and consultations to watch as we start 2017. 1. New draft OSFI guideline: enterprise-wide model risk management OSFI released a new draft Guideline E-23 – Enterprise-Wide Model Risk Management on December 21, 2016. … Continue Reading
Encouraging innovation in financial services has been a key policy initiative of the Federal Government in recent times. In its May budget, the Treasurer announced a plan to create a technologically driven and innovation-based economy. The Australian corporate and conduct regulator, ASIC, has driven this commitment to innovation. In April 2015, it established its ‘Innovation … Continue Reading
On March 22nd, the recently elected Liberal Government introduced its first budget since being elected last October. In the Budget Plan, the Government has promised certain measures that will be relevant to banks, insurance companies and other providers of financial services and products. Most of the proposed measures are similar to proposals that were raised … Continue Reading
The SEC provided an overview of significant actions that were brought by the SEC’s Division of Enforcement in 2015. The SEC filed 807 enforcement actions in the 2015 fiscal year and obtained orders totaling approximately $4.2 billion in disgorgement and penalties, slightly higher than the 755 enforcement actions and orders totaling $4.16 billion in disgorgement … Continue Reading
ASIC continues to reshape its approach to enforcement, with the focus on disclosure having shifted sharply in the last year to a focus on delivering better consumer outcomes. In the last 12 months, we have been discussing ASIC’s use of behavioural economic theory and the spectre of UK regulation that underpins ASIC’s drive towards product … Continue Reading
We are on the cusp of a new era in the evolution of the financial services industry. New technology, data analytics and behavioural economics are promising to revolutionise the customer experience. If the regulators remove the regulatory barriers, then using multi-media to deliver mandated and voluntary disclosure in different formats and through different devices will … Continue Reading
On April 21, 2015, Kevin Piccoli, the deputy director of examinations for the Division of Swap Dealer and Intermediary Oversight (“DSIO”) at the Commodity Futures Trading Commission (“CFTC”) spoke at SIFMA’s Compliance and Legal Division lunch. In his remarks, he provided insight on the DSIO’s examination priorities and process, and how the staff coordinates with … Continue Reading
The next few months provide a crucial opportunity for participants in the Australian financial services industry to influence the final report of the Australian Financial System Inquiry, headed by David Murray. The Interim Report has generated a lot of debate around the role of vertically integrated groups, the favourable funding and regulatory position of the … Continue Reading
ASIC, which is Australia’s corporate, markets and financial services regulator, has over the last six months achieved a bumper 256 enforcement outcomes designed to protect consumers and enhance the fairness and efficiency of the financial markets. These enforcement outcomes included criminal, civil and administrative actions in addition to negotiated outcomes such as enforceable undertakings. While … Continue Reading
