United States

Topic: Regulation and compliance

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FSB letter to G20 Finance Ministers and Central Bank Governors

On 6 October 2021, the Financial Stability Board (FSB) published a letter from its chair to G20 Finance Ministers and Central Bank Governors. The letter focuses on two key areas of the FSB’s work: Developing a more resilient NBFI sector The letter notes that following the market turmoil in March 2020, the FSB agreed on … Continue Reading

ISDA – RFR Conventions and IBOR Fallbacks – Product Table

On 4 October 2021, the ISDA issued a product table for RFR conventions and IBOR fallbacks. The table is intended to help counterparties understand how the fallbacks would function in their legacy and new derivatives that reference IBORs. It sets out how fallbacks in ISDA’s amended documentation (without reference to the 2021 ISDA Interest Rate … Continue Reading

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

Access the September issue for an overview of FINRA and SEC regulatory developments of interest to broker-dealers. Glen Barrentine is Of Counsel in the Denver 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 … Continue Reading

FSB launches new financial stability surveillance framework

On 30 September 2021, the Financial Stability Board (FSB) published a new Financial Stability Surveillance Framework. The new framework will support the  comprehensive, methodical and disciplined review of vulnerabilities, helping to identify and address new and emerging risks to financial stability. The FSB will regularly communicate its view on vulnerabilities through its annual reports. John … Continue Reading

Basel Committee calls for improved cyber resilience, reviews climate-related financial risks and discusses impact of digitalisation

On 20 September 2021, the Basel Committee on Banking Supervision issued a newsletter calling on banks to improve their resilience to cyber threats. In the newsletter the Basel Committee reminds firms and institutions that remote working arrangements and increased provision of financial services using digital channels have enlarged banks’ attack surfaces. The Basel Committee also … Continue Reading

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

Access the July issue for an overview of FINRA and SEC regulatory developments of interest to broker-dealers. Glen Barrentine is Of Counsel in the Denver 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 … Continue Reading

President Biden signs repeal of OCC’s “True Lender” rule

On June 30, 2021, President Biden signed S. J. Res. 15, which had been passed by the U.S. Senate and House of Representatives, pursuant to the Congressional Review Act (the “CRA”), to nullify the Trump Administration’s “True Lender” final rule (the “True Lender Rule”). Under the CRA, the US Congress has a limited period of … Continue Reading

G20 communiqué – third Finance Ministers and Central Bank Governors meeting

On 10 July 2021, the G20 published a communiqué following the third Finance Ministers and Central Bank Governors meeting in Venice. Among other things the communiqué: Reiterates the commitment to a timely and effective implementation of the G20 Roadmap to enhance cross-border payments by relevant authorities. In particular, it looks forward to the Financial Stability … Continue Reading

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

Access the June issue for an overview of FINRA and SEC regulatory developments of interest to broker-dealers. Glen Barrentine is Of Counsel in the Denver 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 … Continue Reading

The LIBOR Transition – Regulators continue to stress importance of companies addressing LIBOR transition NOW

Global and US financial services regulators are increasing their warnings on the impending end to the use of the London Interbank Offering Rate (LIBOR) as a reference rate in financial contracts and the risk to the global financial system if there is inadequate preparation by financial institutions. Most LIBOR settings are ending this year, with … Continue Reading

House Passes Bill Directing Disclosure of ESG Metrics

On June 16, 2021, the U.S. House of Representatives passed H.R. 1187, the “ESG Disclosure Simplification Act of 2021” (“Act”), by a 215-214 vote. The Act, if passed by the U.S. Senate and signed into law by President Biden, would direct the U.S. Securities and Exchange Commission (“SEC” or “Commission”) to issue rules requiring public … Continue Reading

Australian Federal Budget 2021-22: Changes for foreign financial services providers relief and licensing

On 11 May 2021, Treasurer Josh Frydenberg delivered the Australian Federal Budget 2021-2022, which contained an announcement as to future changes to the licensing and relief regime for foreign financial service providers. Our update can be found here.… Continue Reading

Outsourcing and third-party risk – Overview of responses to FSB public consultation

On 14 June 2021, the Financial Stability Board (FSB) published a note which summarises the main issues raised by respondents to its discussion paper on regulatory and supervisory issues relating to outsourcing and third party relationships. In the FSB discussion paper financial institutions and third parties were invited to provide comments on: The key challenges … Continue Reading

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

Access the May issue for an overview of FINRA and SEC regulatory developments of interest to broker-dealers. Glen Barrentine is Of Counsel in the Denver 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 … Continue Reading

NYDFS settles another cybersecurity enforcement action

On May 13, 2021, the New York Department of Financial Services (NYDFS) announced a $1.8 million settlement with two related insurance companies, relating to violations of two different requirements of the NYDFS cybersecurity regulation during the period 2018 to 2019. Read a discussion of the May 13 settlement by David Kessler, Susan Ross and Patrick … Continue Reading

Congress proposes overturning OCC’s “True Lender” rule, leading to lingering uncertainty in consumer loan portfolios

The U.S. Senate and House of Representatives have jointly proposed overturning the Trump Administration’s “True Lender” final rule (the “True Lender Rule”), as published by the Office of the Comptroller of the Currency (the “OCC”) on October 30, 2020 and effective December 29, 2020. The Congressional Review Act (the “CRA”) gives Congress a limited period … Continue Reading

Making it count: Transparency International’s key recommendations on measuring the effectiveness of an ABC compliance programme

On 4 May 2021, Transparency International published its “Making it count” report on measuring the effectiveness of anti-bribery and corruption (ABC) programmes (the TI Report). Authorities globally are focused on the practical effectiveness of companies’ ABC programmes. As the Department of Justice (DOJ) and Securities and Exchange Commission (SEC) Resource Guide puts it, authorities’ primary … Continue Reading

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

Access the April issue for an overview of FINRA and SEC regulatory developments of interest to broker-dealers. Glen Barrentine is Of Counsel in the Denver 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 … Continue Reading

Coalition for Integrity report: AI a useful tool in ABC compliance for larger organisations

The Coalition for Integrity has published a report summarising how machine learning (or AI) can be used in anti-bribery and corruption (ABC) compliance programmes (the Report). The Report provides companies with key points to consider in determining whether (and if so how) they should consider developing or using machine learning solutions for their ABC programmes. … Continue Reading

Wyoming to Recognize DAOs as LLCs

On April 21, 2021, Wyoming Governor Mark Gordon signed Bill 38 into law allowing Wyoming to recognize decentralized autonomous organizations (DAOs) as limited liability companies. The bill was sponsored by Wyoming’s Select Committee on Blockchain, Financial Technology and Digital Innovation Technology and takes effect July 1, 2021. Generally, a DAO is an organization controlled by … Continue Reading

What is an NFT, anyway?

Once relegated to the fringe of the crypto/FinTech communities, non-fungible tokens (NFTs) have recently exploded to the forefront of modern pop culture and are taking on an ever increasing number of forms—from collectible digital kittens, to sport highlights, to music albums, to pieces of art auctioned off by Christie’s for US $69.3 million. But what, … Continue Reading
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