On May 8, 2020, the Department of the Treasury Financial Crimes Enforcement Network (FinCEN) again extended the Geographic Targeting Order (GTO) requiring title insurance companies to report non-financed purchases of residential real estate in certain major metropolitan areas.
Client Alert | May 18, 2020
The UK Financial Conduct Authority (“FCA”) has issued statements to financial services firms outlining its expectations on: (i) financial crime systems and controls; and (ii) information security, during the COVID-19 pandemic. These are further examples of the FCA requiring firms to take steps to prevent and/or limit harm to consumers and the market more generally in this challenging period.
Client Alert | May 11, 2020
On May 7, 2020, the European Commission announced an action plan of measures designed to pursue what will likely constitute a fundamental reshaping of how rules relating to anti-money laundering (AML) and counter-terrorist financing (CTF) are implemented, overseen and enforced in the EU.
Client Alert | May 11, 2020
In light of the significant impact of COVID-19, the UK Financial Conduct Authority (FCA), like many other regulatory authorities globally, has introduced a number of temporary measures impacting financial services firms.
Client Alert | April 23, 2020
In this client alert we summarise: (i) the announcement of details on the Coronavirus Large Business Interruption Loan Scheme (the “CLBILS”); and (ii) the announcement of a new funding scheme for innovative companies that are facing financing difficulties due to the COVID-19 pandemic (the “Innovation and Development Scheme”).
Client Alert | April 22, 2020
Since the early stages of the coronavirus (COVID-19) pandemic, U.S. financial regulators have issued a flurry of guidance. This Alert analyzes select guidance from regulators to date on three key issues: (1) the additional planning that financial institutions should undertake going forward, (2) how financial institutions should adjust day-to-day banking operations during coronavirus, including complying with their Bank Secrecy Act/anti-money laundering (“BSA/AML”) obligations, and (3) how COVID-19 affects oversight of financial institutions, including supervisory priorities and deadlines.
Client Alert | April 21, 2020
The European Securities and Markets Authority (“ESMA”) has published a public statement[1] detailing actions to mitigate fund managers’ reporting obligations. This client alert provides EU alternative fund managers (“AIFMs”), and non-EU AIFMs marketing their funds in the EU, with an overview of the impact of the public statement on the obligation to publish an annual report for the funds they manage.
Client Alert | April 14, 2020
On March 28, 2020, the German Federal legislature’s response to the Corona crisis entered into force, introducing a varied array of far-reaching legislative measures to stabilize and support the German economy. In the sphere of corporate law, such statutory implementation measures are, in particular, contained in the Act on the Mitigation of the Consequences of the COVID-19 Pandemic in Civil, Insolvency and Criminal Procedural Law (Gesetz zur Abmilderung der Folgen der COVID-19-Pandemie im Zivil-, Insolvenz- und Strafverfahrensrecht – “COVID-19 Pandemic Mitigation Act”) and the so-called Act on the Introduction of an Economic Stabilization Fund (Wirtschaftsstabilisierungsfondsgesetz - WStFG).
Client Alert | April 14, 2020
On 3 April 2020, the UK Financial Conduct Authority (“FCA”) published a statement setting out its expectations of FCA solo-regulated firms under the Senior Managers and Certification Regime (“SMCR”) during the COVID-19 outbreak. This client alert provides FCA solo-regulated firms with an overview of the FCA’s SMCR-related expectations.
Client Alert | April 6, 2020
The UK Government has announced a series of measures to support public services, people and businesses through this period of severe - but temporary - disruption caused by COVID-19. The Government’s measures are a mixture of tax relief, financing and support towards the cost of employees. Further clarity on the Government’s plans and practical processes for taking advantage of the support is expected to be provided as the days progress.
Client Alert | April 6, 2020
The UK Financial Conduct Authority (“FCA”) has made clarifications to its previous announcement on 16 March regarding the European Securities and Markets Authority’s (“ESMA’s”) decision concerning temporary amendments to short selling notification thresholds under the Short Selling Regulation (“SSR”). The FCA will now be ready to receive notifications at the lower threshold from 6 April 2020.
Client Alert | April 1, 2020
On 31 March 2020, the European Securities and Markets Authority (“ESMA”) issued a public statement[1] to clarify issues regarding the publication by execution venues and firms of best execution reports required by RTS 27 and RTS 28 of MiFID II. This client alert provides an overview of ESMA’s public statement and its consequences for execution venues and firms.
Client Alert | April 1, 2020
The UK Government has launched two funding mechanisms to assist firms with the potential impact of COVID-19 on their businesses: the Covid Corporate Financing Facility (CCFF) and the Coronavirus Business Interruption Loan Scheme (CBILS). Gibson Dunn lawyers provide an overview of the CCFF and CBILS and provides practical guidance as to how firms can make use of these facilities.
Client Alert | March 27, 2020
The EU has adopted a package of measures which will implement some important changes to the way in which alternative investment fund managers (AIFMs) market their funds cross-border in the European Economic Area (EEA).
Client Alert | February 24, 2020
On January 30, 2020, the five regulatory agencies (Agencies) responsible for implementing the Dodd-Frank Act’s Volcker Rule issued, in some cases with dissent, a proposed rule (Funds Proposal) that would make substantial revisions to the “covered funds” provisions of their Volcker regulations.
Client Alert | February 6, 2020
As part of a series of regular analyses of the unique impact of white collar issues on financial institutions, Gibson Dunn lawyers examine how DOJ has stretched U.S. money laundering statutes—perhaps to a breaking point—to reach conduct that occurred outside of the United States.
Client Alert | January 9, 2020
Gibson Dunn lawyers set out what steps UK counterparties to derivatives transactions should take now in relation to their reporting arrangements to ensure a smooth transition on and after Brexit.
Client Alert | December 10, 2019
Gibson Dunn lawyers summarize the key changes in the UK Financial Reporting Council's (FRC) new Stewardship Code 2020 impacting investors and asset managers, the outcomes from the UK Financial Conduct Authority (FCA)/FRC discussion paper, and related recent and forthcoming UK and EU legal and regulatory developments.
Client Alert | October 28, 2019