United States

Topic: Regulation and compliance

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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

The LIBOR Transition – Guidance for assessing FRB-supervised firms planned transition away from LIBOR

Following up on our past posts on the transition away from the use of the London Interbank Offering Rate (“LIBOR”) as a reference rate, recently, the Board of Governors of the Federal Reserve System (FRB) issued a letter setting forth guidance for FRB examiners to assist in their assessment of the progress of FRB-supervised firms … Continue Reading

ABC Risk assessments: FAQs

Last month we hosted a webinar on anti-bribery and corruption (ABC) risk assessments. This was the first in our series of ABC compliance webinars marking the 10th Anniversary of the UK Bribery Act coming into force. You can listen to the audio recording of the webinar on-demand here. We have put together a selection of … Continue Reading

Global Asset Management Quarterly – new issue

The latest issue of our Global Asset Management Quarterly publication is now available. In this issue we cover: Europe European update EU/UK regulatory roundup United Kingdom Asset managers and the Task Force for Climate-related Financial Disclosures UK funds regime review Germany German Draft Fund Jurisdiction Promotion Act Australia Greenwashing: International initiatives taken to address the … Continue Reading

Beware the use of WhatsApp at work: practical steps for firms with a view to avoiding some common pitfalls

A year ago we wrote about the risks and challenges of using of WhatsApp at work.  Twelve months on and we have seen a number of developments including recent guidance from the FCA which stated that it has acted against individuals and firms for misconduct which involved the use of WhatsApp and other social media … Continue Reading

G20 – Communique of 2nd Finance Ministers and Central Bank Governors Meeting

On 7 April 2021, there was published an official communique following the second meeting of G20 Finance Ministers and Central Bank Governors under the Italian G20 Presidency. During the meeting the discussion spanned from issues covering the global economy, efforts to push forward the economic recovery and promoting more sustainable growth, to supporting the most … Continue Reading

Financier Worldwide Magazine feature – Regulatory futures: challenges and opportunities in 2021

Throughout 2020 and 2021, financial services firms have had to respond and adapt to a number of regulatory challenges in an unprecedented fashion. Firms now have to navigate a diverging regulatory landscape as a result of Brexit, at the same time as continuing to respond to an array of pandemic-related risks that have arisen. Nevertheless, … Continue Reading

FSB final report – evaluation of the effects of too-big-to-fail reforms

On 31 March 2021, the Financial Stability Board (FSB) published the final report on its evaluation of the effects of too-big-to-fail (TBTF) reforms for systemically important banks (SIBs). The evaluation examines the extent to which the reforms have reduced the systemic and moral hazard risks associated with SIBs, as well as their broader effects on … Continue Reading

Basel Committee issues principles for operational resilience and risk

On 31 March 2021, the Basel Committee on Banking Supervision issued Principles for operational resilience, designed to make banks better able to withstand, adapt to and recover from severe adverse events. The Basel Committee has also issued revisions to its Principles for the sound management of operational risks reflecting the natural relationship between operational resilience … Continue Reading
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