Issue 11 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 on US … Continue Reading
In a December 12, 2018, letter to a US trade association with members that include broker-dealers in securities (“broker-dealers”), the US Securities and Exchange Commission (“SEC”) extended its no-action relief to broker-dealers who wish to rely on investment advisers to perform the broker-dealer’s obligations under US federal anti-money laundering (“AML”) customer identification program and beneficial … Continue Reading
On January 22, 2019, the Financial Industry Regulatory Authority (“FINRA”) released its 2019 Risk Monitoring and Examination Priorities Letter (Regulatory Notice No. 18-20) in which it identifies topics FINRA will focus on in the coming year. FINRA indicates that this year the securities self-regulatory organization will review “firms’ activities through its membership and examination process … Continue Reading
As a result of the United States Congress not adopting an appropriations bill or a continuing resolution to fund specific government departments, agencies or functions, certain federal agencies are currently subject to a partial government shutdown. Below is an overview of how the partial federal government shutdown is affecting financial or other major regulatory agencies: … Continue Reading
On July 18, 2018, the Securities and Exchange Commission (“SEC”) voted to adopt amendments to Regulation ATS that impose additional public disclosure requirements on, and enhance the SEC’s oversight of alternative trading systems (“ATSs”) that facilitate transactions in National Market System stocks (“NMS Stock ATSs”). Regulation ATS, adopted in 1998, established a regulatory framework intended … Continue Reading
In May 2016, the Financial Crimes Enforcement Network (FinCEN), the U.S. agency tasked with issuing anti-money laundering (AML) regulations, issued a final rule requiring that certain categories of financial institutions identify the beneficial owners of their legal entity customers and incorporate customer due diligence procedures into their required AML compliance programs. The regulation was effective … Continue Reading
Europe’s revised Markets in Financial Instruments Directive (MiFID II), effective January 3, 2018, makes a number of important regulatory changes concerning the delivery of financial services and products. A number of these changes have an extraterritorial element that can have a significant impact on US firms. A particularly contentious area has been how European Union … Continue Reading
Norton Rose Fulbright New York office’s next financial services briefing is a luncheon seminar set for Thursday, November 2, 2017, at 12:00-1:00 PM 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. The November briefing will … Continue Reading
The EU Market Abuse Regulation (MAR) came into effect on July 3, 2016. It replaced the EU Market Abuse Directive (MAD) and contains rules on insider dealing, unlawful disclosure of inside information and market manipulation that apply throughout the EU. In addition, the prohibitions and requirements set out in MAR apply to acts or omissions … Continue Reading
Two recent Norton Rose Fulbright legal updates may be of interest to readers of the Financial services: Regulation Tomorrow blog: The first, “Second Circuit overturns precedent regarding scope of tipper/tippee insider trading liability,” by Kevin Harnisch and Ilana Sinkin, discusses a recent U.S. Court of Appeals opinion overturning its own 2014 test for tipper and … Continue Reading
Norton Rose Fulbright New York office’s next financial services briefing is a webinar only seminar set for Thursday, September 7, 2017, from 12:00 to 1:00 PM 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. In … Continue Reading
On August 2, 2017, the Office of the Comptroller of the Currency (“OCC”), which charters national banks, issued a press release and notice seeking comments proposing revisions to the regulations that implement the so-called “Volcker Rule” in order to “better accomplish the purposes” of the Rule. The Volcker Rule, enacted as part of the Dodd-Frank … Continue Reading
The Commodity Futures Trading Commission (CFTC) recently approved two applications from LedgerX – a platform for trading and clearing Bitcoin options – to become registered as a swap execution facility (SEF) and derivatives clearing organization (DCO). These approvals make LedgerX the first DCO and the second SEF approved to facilitate digital currency-related derivatives activity (another … Continue Reading
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
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
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
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
Following up on our inaugural session on November 2, the Norton Rose Fulbright New York office’s second 40-minute financial services briefing is set for this Thursday, December 1. 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. … Continue Reading
On October 13, 2016, the Commodity Futures Trading Commission (“CFTC’”) unanimously issued an order establishing December 31, 2018 as the swap dealer de minimis threshold phase-in termination date (the “Order”). The Order is effective October 13, 2016. Summary of the Order Pursuant to CFTC Regulation 1.3(ggg), a person shall not be deemed to be a swap … Continue Reading
In interim final rulemakings (“IFRs”) issued over the summer, federal financial regulators (including the SEC, CFTC, FERC, OCC, FDIC, CFPB, and the Federal Reserve), at Congress’ direction, systematically increased the maximum civil monetary penalty amounts (“CMPs”) that can be imposed for violations of the statutes they administer and enforce. Although these adjustments were made in … Continue Reading
On May 16, 2016, six federal regulatory agencies – the Federal Deposit Insurance Corporation, Federal Housing Finance Agency, Federal Reserve Board, National Credit Union Administration, Office of the Comptroller of the Currency and the Securities and Exchange Commission – announced that they were requesting comment on a proposed rule under Section 956 of the Dodd-Frank … Continue Reading
The Financial Crimes Enforcement Network (FinCEN), the U.S. agency tasked with issuing anti-money laundering (AML) regulations, recently issued Frequently Asked Questions (FAQ) providing additional guidance on the final regulations that require that banking organizations, securities broker-dealers, mutual funds, futures commission merchants and introducing brokers in commodities (covered financial institutions) identify the beneficial owners of their … Continue Reading
The second issue of our Global Asset Management Quarterly is now available. 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 this issue include those on US topics from David Barrett, Michael Flamenbaum, Mark Miller, … Continue Reading
The Bureau of Consumer Financial Protection (the “CFPB”) has issued a Notice of Proposed Rulemaking (the “NPRM”) that, if adopted, will have two primary effects on the providers of certain consumer financial products and services that use arbitration clauses in their consumer contracts. Products and services that would be subject to the proposed rule include … Continue Reading