United States

FINRA issues its 2020 Risk Monitoring and Examination Priorities Letter

Earlier this month, the Financial Industry Regulatory Authority, Inc. (FINRA) released its annual Risk Monitoring and Examination Priorities Letter (“Priorities Letter”). This year’s letter includes several new features that are intended to “support” firms in their “significant efforts” to comply with applicable rules. Specifically, each highlighted topic includes a list of practical considerations and questions … Continue Reading

European Union (Withdrawal Agreement) Bill 2019-20 receives Royal Assent

By Simon Lovegrove (UK) on January 24, 2020 Posted in Brexit, United Kingdom, United States

On 23 January 2020, the European Union (Withdrawal Agreement) Bill 2019-20 received Royal Assent becoming the European Union (Withdrawal Agreement) Act 2020 (the Act). Amendments made to the Bill in the House of Lords were overturned by MPs sitting in the House of Commons. Article 126 of the Withdrawal Agreement states that there shall be … Continue Reading

United States imposes additional Iranian sanctions

By Kathleen Scott (US) on January 23, 2020 Posted in Banking, Enforcement, General, Regulation and compliance, United States

On January 10, 2020, the United States (US) imposed economic sanctions on: Iranian sectors that previously had not been specifically targeted, namely the construction, mining, manufacturing and textile sectors; Certain Iranian regime officials; Iran’s largest companies operating in the steel, iron, aluminum, and copper sectors ; and Non-Iranian entities for trade in Iranian metals. Norton … Continue Reading

SEC Issues FAQ on Regulation “Best Interest”

By Glen Barrentine (US) on January 16, 2020 Posted in Brokers and Intermediaries, Enforcement, General, Regulation and compliance, United States

Recently, the Securities and Exchange Commission’s Division of Trading and Markets published responses to frequently asked questions that it has received on Regulation Best Interest (the “Reg. BI FAQ”). Regulation Best Interest (Securities Exchange Act Rule 15l-1) becomes effective June 30, 2020, and imposes a number of obligations on broker-dealers and natural persons associated with … Continue Reading

Watch now: global asset management regulation webinar series

By Simon Lovegrove (UK), Martin Krause (DE) and Imogen Garner (UK) on January 15, 2020 Posted in Africa, Asia, Asset Management, Australia, Canada, France, Germany, Italy, The Netherlands, United Kingdom, United States

The recordings from our global asset management regulation webinar series are now available to watch on demand. In this series, our financial services team explored the key issues and requirements firms should be considering when looking to launch an overseas fund in Europe, Asia Pacific, the United States and Canada. Watch now: The AIFMD re-examined … Continue Reading

A Broker-Dealer Perspective on OCIE’s 2020 Examination Priorities

By Glen Barrentine (US) on January 13, 2020 Posted in Brokers and Intermediaries, General, Regulation and compliance, United States

Recently, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) published its annual Examination Priorities report (the “Priorities Report”). As the name suggests, the Priorities Report outlines OCIE’s examination priorities for the coming year and is a must read for all registrants overseen by OCIE, including broker-dealers, registered advisers, municipal advisors, transfer … Continue Reading

Global anti-money laundering and sanctions compliance survey

An increasingly globalised business environment, together with technological innovation, political uncertainty and ongoing regulatory change, present a number of challenges for financial institutions when it comes to protecting themselves against financial crime. Our global anti-money laundering and sanctions compliance survey will explore how financial institutions across the globe are managing their compliance programs in light of the … Continue Reading

The LIBOR Transition –Global and US Regulators Expectations on LIBOR Planning

By Patrick Dolan (US) and Kathleen Scott (US) on January 8, 2020 Posted in Banking, Commodities & Derivatives, General, LIBOR, Regulation and compliance, United States

Following up on our past posts, in this update on the transition away from LIBOR (London Interbank Offering Rate), and other interbank offering rates (“IBOR”) denominated in other currencies, we discuss some recent issuances by global and US government regulators on the LIBOR transition. The LIBOR transition requires considerable work from all market participants and … Continue Reading

FINRA (and selected SEC) regulatory matters at a glance – what compliance officers need to know

By Glen Barrentine (US) on January 6, 2020 Posted in Regulation and compliance, United States

Glen Barrentine prepares a monthly update of FINRA and SEC regulatory matters of interest to broker-dealers.… Continue Reading

New global asset management regulation webinar: The use of Canadian investment funds by non-Canadian managers

By Michael Bunn (CA) and Imogen Garner (UK) on January 6, 2020 Posted in Africa, Asia, Asset Management, Australia, Canada, France, Germany, Italy, The Netherlands, United Kingdom, United States

In our latest asset management regulatory webinar, Michael Bunn discusses the use of Canadian investment funds by non-Canadian managers, including types of Canadian investment funds; structuring considerations; and the regulation of Canadian funds. Previous webinars in our global asset management regulation series can be found on our Asset Management Regulation hub located on the NRF … Continue Reading

The LIBOR Transition – Potential New York State Legislation

By Patrick Dolan (US) and Kathleen Scott (US) on December 16, 2019 Posted in Banking, General, LIBOR, Regulation and compliance, United States

Following up on our past posts, this update on the transition away from LIBOR (London Interbank Offering Rate), and other interbank offering rates (“IBOR”) denominated in other currencies, we discuss in this post the Alternative Reference Rates Committee (“ARRC”) and its role in potential New York State legislation with respect to the LIBOR transition. As … Continue Reading

UK General Election and next steps for Brexit

By Simon Lovegrove (UK) on December 13, 2019 Posted in Africa, Asia, Australia, Brexit, Canada, France, Germany, Italy, The Netherlands, United Kingdom, United States

Following the UK General Election the Conservative Party has won a majority of at least 76 seats in the House of Commons, its biggest election victory since 1987. With one constituency left to declare at the time of writing, the Conservatives have 364 seats, Labour 203, the SNP 48, the Liberal Democrats 11, the DUP … Continue Reading

Global Asset Management Quarterly – 13th edition now available online

The latest issue of Global Asset Management Quarterly is now available here. This issue contains the following articles: UK/Europe UK and European overview The new EU prudential regime for investment firms Navigating the AIFMD EU progresses on its Sustainable Finance Action Plan Contracting for indices EU/UK regulatory roundup Luxembourg update Ireland update Asia Pacific The … Continue Reading

The LIBOR Transition – ISDA Consultation Market Responses

By Patrick Dolan (US) and Kathleen Scott (US) on December 6, 2019 Posted in Banking, Commodities & Derivatives, General, LIBOR, Regulation and compliance, United States

Following up on our past posts, this update on the transition away from LIBOR (London Interbank Offering Rate), and other interbank offering rates (“IBOR”) denominated in other currencies, we discuss in this post the International Swaps and Derivatives Association (“ISDA”) Summary of Responses to the ISDA Consultation on Final Parameters for the Spread and Term … Continue Reading

FINRA (and selected SEC) regulatory matters at a glance – what compliance officers need to know

By Glen Barrentine (US) on December 6, 2019 Posted in Fintech, Regulation and compliance, United States

FINRA (and selected SEC) regulatory matters at a glance - what compliance officers need to know… Continue Reading

The LIBOR Transition – ARRC’s LIBOR Fallback Language for Residential Mortgages

By Patrick Dolan (US) and Kathleen Scott (US) on December 2, 2019 Posted in Banking, Commodities & Derivatives, General, LIBOR, Regulation and compliance, United States

Following up on our past posts, this update on the transition away from LIBOR (London Interbank Offering Rate), and other interbank offering rates (“IBOR”) denominated in other currencies, concerns the Alternative Reference Rates Committee (“ARRC”), and the adoption by Freddie Mac and Fannie Mae (which are US government-sponsored enterprises in the housing finance market) of … Continue Reading

US federal banking regulators issue final rules on prudential standards, liquidity and resolution planning

By Kathleen Scott (US) on November 30, 2019 Posted in Banking, Dodd-Frank, General, Regulation and compliance, United States

On Nov. 1, 2019, the US federal banking regulators published three final rules for both US banks and non-US banks with banking operations in the United States regarding prudential standards, liquidity management and resolution planning. In this edition of her New York Law Journal International Banking column, Kathleen A. Scott discusses the history of the … Continue Reading

The LIBOR Transition – Tax consequences of switching from LIBOR

By Patrick Dolan (US) and Kathleen Scott (US) on November 25, 2019 Posted in Banking, United States

Following up on our past posts (available here and here) on the transition away from LIBOR (London Interbank Offering Rate), and other interbank offering rates denominated in other currencies (collectively with LIBOR, “IBOR”), we discuss in this post the US Internal Revenue Service’s (“IRS”) proposed “Guidance on the Transition From Interbank Offered Rates to Other … Continue Reading

Singapore FinTech Festival 2019 – key takeaways

By Kerri Gevers (ZA), Stella Cramer (SG), Etelka Bogardi (HK) and Hannah Meakin (UK) on November 22, 2019 Posted in Africa, Asia, Australia, Canada, Fintech, United Kingdom, United States

Partners from our global FinTech team flew in from Hong Kong, Vancouver, London, Dallas, Johannesburg and Melbourne to join our Singapore team at the SFF 2019 (Singapore FinTech Festival) 11-13 November. The SFF is the world’s largest annual FinTech conference, bringing together over 45,000 FinTech enthusiasts to explore, collaborate and discuss the future of FinTech. … Continue Reading

The LIBOR Transition – the Secured Overnight Financing Rate (SOFR)

By Patrick Dolan (US) and Kathleen Scott (US) on November 20, 2019 Posted in Banking, Commodities & Derivatives, General, LIBOR, Regulation and compliance, United States

Following up on our previous post of earlier this week, in this update on the transition away from LIBOR (London Interbank Offering Rate) as the reference rate of choice for financial transactions, we discuss one such alternative, the Secured Overnight Financing Rate (SOFR) issued by the Federal Reserve Bank of New York (”FRBNY”). On November … Continue Reading

The LIBOR Transition — What is LIBOR and why is it important?

By Patrick Dolan (US) and Kathleen Scott (US) on November 18, 2019 Posted in Banking, Commodities & Derivatives, General, LIBOR, Regulation and compliance, United States

Since its creation by the British Bankers Association in the 1980s, the London Interbank Offering Rate (“LIBOR”) has been used as a reference rate for borrowing costs between banks. The LIBOR calculation today is coordinated by the International Continental Exchange Benchmark Administration, which receives information on a daily basis from a group of global money … Continue Reading

US tax implications for “hard forks” and “air drops”

By Kathleen Scott (US) on November 12, 2019 Posted in Fintech, General, Regulation and compliance, United States

The US Internal Revenue Service (“IRS”) on October 9, 2019, issued long-anticipated guidance on cryptocurrency transactions and federal tax rules in Revenue Ruling 2019-24, which focuses on “hard forks” and “air drops.” In 2014, the IRS issued a revenue ruling on the capital gains taxation treatment of purchases and sales of cryptocurrency. However, other questions … Continue Reading

One million visitors and counting

By Simon Lovegrove (UK) on November 11, 2019 Posted in Africa, Asia, Australia, Canada, France, General, Germany, The Netherlands, United Kingdom, United States

We have recently passed one million visitors to our Regulation tomorrow blog! My thanks to my colleagues for their contributions to the blog and to clients and contacts for using this resource.… Continue Reading

U.S. Supreme Court to decide whether SEC may obtain disgorgement of “ill-gotten gains”

By Kevin Harnisch (US) and Ilana Sinkin (US) on November 5, 2019 Posted in Enforcement, General, Regulation and compliance, Securities, United States

On November 1, 2019, the U.S. Supreme Court agreed to take a case challenging the authority of the Securities and Exchange Commission (SEC) to seek and obtain disgorgement of profits from persons who violate the federal securities laws. The case is Charles C. Liu, et al., Petitioners v. Securities and Exchange Commission. The SEC has … Continue Reading