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
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
US banking agencies published a permanent final rule regarding banking organizations being able to use municipal obligations to satisfy their bank’s LCR requirements.… 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
Yesterday, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) published ‘A Framework for OFAC Compliance Commitments’* in order to provide organizations subject to US jurisdiction, as well as foreign entities that conduct business in or with the United States or US persons, or that use US-origin goods or services, with a … 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
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has recently updated its industry guidance (Revised Guidance) in relation to the filing of suspicious transaction reports (STRs). The Revised Guidance reflects FINTRAC’s increased expectations as to certain key requirements for filing STRs. Reporting entities, including financial entities, are encouraged to revisit their current approach … 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
AUSTRAC has released a new format for reporting entities to submit their annual compliance report (Compliance Report). This new compliance reporting format comes as a result of AUSTRAC’s reforms to their previous Compliance Report requirements which were suspended for the 2017 reporting period, and is designed so that reporting entities are required to provide more … 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
An investigation by Hong Kong’s Securities and Futures Commission (SFC) has led to the halt and unwinding of an initial coin offering (ICO) by Black Cell Technology Limited (Black Cell) to the Hong Kong public on the basis that Black Cell potentially engaged in unauthorized promotional and unlicensed regulated activities. Black Cell promoted the token … Continue Reading
The Financial Consumer Agency of Canada (FCAC) issued a statement and a new compliance bulletin in response to recent news reports related to allegations that certain employees of banks were pressured to upsell to consumers to meet unrealistic sales targets and keep their jobs. FCAC compliance bulletin B-5 – consent for new products or services (the Bulletin) states … Continue Reading
The adoption of a draft law amending criminal law provisions protecting insurance related information will finally enable life insurers to make wider use of outsourcing by removing disclosure to service providers from the scope of Sec. 203 German Criminal Code (StGB) under certain conditions. In spite of some uncertainties, this is a major breakthrough and … Continue Reading
On February 23, 2017 our next financial services and products breakfast briefing will take place in Frankfurt. Rüdiger Litten will hold a presentation on the topic “Derivatives Regulation – Updater”. The presentation will highlight recent developments such as EMIR – risk mitigation methods Interplay of CRR-EK-requirements and Central Clearing Implementation of central derivative aspects of MiFID … 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
Bill C-29, Budget Implementation Act, 2016, No. 2, (Bill C-29) passed third reading in the House of Commons on December 6, 2016. Once passed by the Senate and brought into force, Bill C-29 will amend the Bank Act (Canada) (the Bank Act) to enact the long awaited Financial Consumer Protection Framework that was promised by … Continue Reading
On June 29, 2016, the federal Government published the final version of the long-awaited regulations (Amending Regulations) to amend various regulations (Regulations) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). The Amending Regulations came into force on June 30, 2016, however, there is an almost one year delay for the provisions … Continue Reading
Since July 2015, when draft amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (Draft Regulations) were published in the Canada Gazette, the industry has been expecting changes to aspects of the current AML/TF regime, particularly with respect to customer identification. After a lengthy delay, caused at least in part by the … Continue Reading
The SEC voted to publish for comment a proposal to create a single database that would allow regulators to track trading activity in the U.S. equity and options markets, referred to as a consolidated audit trail (“CAT”). The CAT is being created by a joint plan of eighteen national securities exchanges and FINRA (collectively, the self-regulatory … Continue Reading
On April 11, 2016, the Federal Reserve Board published a final rule that allows banking organizations under its jurisdiction the flexibility to include some state and municipal securities in meeting certain of its liquidity requirements. It is effective July 1, 2015. In September 2014, the US federal banking regulators (the Federal Reserve Board, the Office … Continue Reading
Today, the Department of Labor (“DOL”) published its much anticipated and highly controversial Conflict of Interest Rule regarding imposition of a fiduciary standard on advisors providing recommendations for retirement accounts. Norton Rose Fulbright previously reviewed industry criticism of the anticipated rule as well as measures firms were already taking in anticipation of the rule, including … Continue Reading
On January 11, 2016, the SEC published its Office of Compliance Inspections and Examinations’ (“OCIE”) 2016 exam priorities. The exam priorities address issues involving a variety of financial institutions, including investment advisers, broker-dealers, transfer agents and clearing agencies. OCIE selected its priorities after discussions with the SEC’s Commissioners, the SEC’s policy divisions and regional offices, … Continue Reading
The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) released a national exam program risk alert concerning investment advisers and funds that outsource their chief compliance officers (“CCOs”). Rule 206(4)-7 under the Investment Advisers Act of 1940 (the “Advisers Act”) and Rule 38a-1 under the Investment Company Act of 1940 (the “Investment Company Act”) require … Continue Reading
