In this webcast, a panel reviews key regulatory and corporate governance developments in 2017 and offers valuable insight on how to address challenges forecasted for 2018.
Webcasts | January 24, 2018
New York counsel Nicolas H.R. Dumont is the author of "Sentiment Analysis & Natural Language: Processing Techniques for Capital Markets & Disclosure," [PDF] published by The Corporate Governance Advisor in December 2017.
Article | December 1, 2017
This alert examines the derivatives policy recommendations set forth in the U.S. Department of Treasury's ("Treasury") report titled A Financial System That Creates Economic Opportunities: Capital Markets (the "Report" or the "Capital Markets Report"), which Treasury released on October 6, 2017.
Client Alert | November 14, 2017
Public companies face unique challenges as they confront and seek to manage OFAC, AML and FCPA compliance risk. Disclosure obligations and market reactions can intensify the pressures arising from alleged or actual violations of these laws.
Webcasts | November 1, 2017
This alert discusses the U.S. Commodity Futures Trading Commission's ("CFTC") and European Commission's ("EC", together with the CFTC, the "Commissions") announcements on October 13, 2017 regarding the international harmonization on two key derivatives regulatory requirements.
Client Alert | October 27, 2017
On September 27, 2017, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (Agencies) issued a proposal (Proposal) that would amend some of the current Basel III capital rules – foremost among them, the heightened capital charge for so-called "high volatility commercial real estate" (HVCRE).
Client Alert | October 5, 2017
The False Claims Act (FCA) is well-known as one of the most powerful tools in the government’s arsenal to combat fraud, waste and abuse anywhere government funds are implicated.
Webcasts | August 23, 2017
France is great again?Many of you have read positive articles on the new government in France and its freshly elected President, Emmanuel Macron. Is it real?First, one needs to understand the context: a quasi-unknown individual a year ago, Mr.
Client Alert | July 20, 2017
In June, the Office of the Comptroller of the Currency (OCC), the regulator of national banks, federal savings associations and federal savings banks, issued additional guidance on the oversight and risk management of third-party relationships (Bulletin 2017-21).
Client Alert | July 5, 2017
On May 4, 2017, by a vote of 34 to 26, the House Financial Services Committee ordered reported H.R. 10, the Financial CHOICE Act of 2017 (CHOICE Act 2.0 or the Bill), which had been introduced previously by Chairman Representative Jeb Hensarling (R-TX) and seven other Republican members of Congress.
Client Alert | May 10, 2017
Washington, D.C. counsel Jeff Steiner and San Francisco associate Sean Sullivan are the authors of "Trump Administration's Fintech Policy Remains Unclear," [PDF] published by The Daily Journal on April 20, 2017.
Article | April 20, 2017
Dubai partner Richard Ernest and associate Aly Kassam are the authors of "Alternative Capital Come Calling in the Region," [PDF] published by Gulf News on March 23, 2017.
Article | March 23, 2017
Last Friday, February 3, 2017, President Trump took two executive actions relating to U.S. financial markets and institutions. First, the President issued an executive order titled "Core Principles for Regulating the United States Financial System." The Executive Order articulates "core principles" with respect to financial regulation and directs the Secretary of the Treasury to advise the President within 120 days of actions being taken to promote those principles and to identify legal requirements that are inconsistent with the principles.
Client Alert | February 6, 2017
Less than 48 hours after President Donald J.
Client Alert | February 3, 2017
The year 2016 has been another of continuing developments in the UK's white collar sector. These have ranged from the Competition and Markets Authority's largest ever fine, to the UK's second deferred prosecution agreement, to the continuing enforcement efforts of the Serious Fraud Office ("SFO"), National Crime Agency ("NCA") and the Financial Conduct Authority ("FCA"), as well as of a myriad range of other enforcement bodies.
Client Alert | January 11, 2017
Washington, D.C. counsel Jeff Steiner and San Francisco associate Sean Sullivan are the authors of "Financial Agenda on Deck at House," [PDF] published in the Daily Journal on January 11, 2017.
Article | January 11, 2017
On December 28, 2016, the New York State Department of Financial Services ("DFS") updated its proposed cybersecurity regulations for financial services companies.
Client Alert | January 5, 2017
The Office of the Comptroller of the Currency (OCC), on December 2, 2016, issued a proposal in the form of a white paper (Fintech Proposal) describing a new special purpose national bank charter for Fintech firms.
Client Alert | December 16, 2016
On December 6, 2016, in Salman v. United States, the Supreme Court unanimously resolved a circuit split between the Courts of Appeals for the Second and Ninth Circuits over the meaning of the "personal benefit" element of insider trading law. In doing so, the Court put to rest confusion on this aspect of insider trading jurisprudence. But the murky nature of other aspects of insider trading was left untouched, leaving market participants, courts, and lawyers generally "right back where we started from" before Newman.Bassam Salman was convicted of trading on information he received from a corporate insider, after it was found that the insider had breached a fiduciary duty in giving the information. In order to find that the insider breached a fiduciary
Client Alert | December 7, 2016
New York partner Arthur Long and Washington, D.C. associate James Springer are the authors of "Dodd-Frank's future in doubt" [PDF] published by The Daily Journal on December 2, 2016.
Article | December 2, 2016
There is widespread speculation regarding what President-elect Donald Trump and a Republican-controlled Congress will choose to prioritize and pursue in 2017 and beyond. With the majority of pollsters and media observers incorrectly forecasting a victory for Hillary Clinton, many are just now beginning to assess how they will operate under, and the potential opportunities presented by, the policies of the Trump administration and the Republican-led Congress. We would like to share with you some of our initial observations about the potential effects that may be forthcoming in the near term. With Republicans claiming the White House and maintaining control of both the House of Representatives and the Senate, we expect a flurry of legislative and administrative activity con
Client Alert | November 15, 2016
President-elect Donald J.
Client Alert | November 14, 2016
Washington, D.C. partner Judith Lee and counsel Jeffrey Steiner are the authors of "Legal Implications of Expanded Use of Blockchain Technology" [PDF] published in the November 2016 issue of Financier Worldwide.
Article | November 1, 2016
On October 19, 2016, federal banking regulators released an advanced notice of proposed rulemaking ("ANPR") that would impose heightened cybersecurity standards on many large financial institutions.
Client Alert | October 24, 2016
On October 11, 2016, the United States Court of Appeals for the D.C. Circuit issued a historic decision in PHH Corp. v. Consumer Financial Protection Bureau, holding that the structure of the Consumer Financial Protection Bureau (CFPB) is unconstitutional.
Client Alert | October 13, 2016
On October 7, 2016, the Obama Administration announced the lifting of almost all remaining sanctions against Myanmar. The unwinding of sanctions comes on the heels of Aung San Suu Kyi's visit to the White House on September 14, 2016. This comprehensive unwinding of sanctions concludes a gradual relief process that first began in 2012. Most recently, on May 17, 2016, the Administration announced further easing of sanctions on Myanmar in response to Myanmar's historic November 2015 elections in which the National League for Democracy (NLD) – the long-time opposition party led by Aung San Suu Kyi – won an overwhelming majority of seats in the national legislature.
Client Alert | October 10, 2016
It has been close to two years since China announced that it would make major changes in its foreign investment related laws and regulations. The first step of such changes took effect on October 1, 2016, after the Standing Committee of the National People's Congress (China's parliament) passed resolutions (the "NPC Resolutions") to amend certain provisions of the FIE Laws (as defined below). On October 8, 2016, in implementing the NPC Resolutions, the PRC National Development and Reform Commission ("NDRC") and the PRC Ministry of Commerce ("MOFCOM") issued Public Announcement No. 22 ("Announcement 22"), and MOFCOM issued the Interim Measures for the Record-filing Administration of the Incorporation and Change o
Client Alert | October 10, 2016
On September 20, 2016, the European Securities and Markets Authority (ESMA) published a discussion paper seeking comments on draft regulatory technical standards (RTS) for its OTC derivatives trading obligation (the Discussion Paper) under the Markets in Financial Instruments Regulation (MiFIR). The Discussion Paper proposes technical standards and an implementation schedule for the determination of which derivatives will be subject to the European trading obligation. In contrast to existing U.S.
Client Alert | October 3, 2016
On September 23, 2016, the Board of Governors of the Federal Reserve System (Federal Reserve) issued its long-expected proposed rule (Proposed Rule) relating to permissible financial holding company (FHC) commodities activities. The Proposed Rule follows up on the Section 620 Study (Study) issued by the U.S.
Client Alert | September 29, 2016
This alert follows on from our inaugural 2015 Year End UK White Collar Crime Update. The continuing pace of development, enforcement and change has encouraged us to produce this update on a bi-annual basis.
Client Alert | September 22, 2016
On September 13, 2016, the New York State Department of Financial Services ("DFS") proposed new cybersecurity regulations for financial services companies.
Client Alert | September 19, 2016
On September 8, 2016, the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued the joint report (Report) on bank activities and investments required by Section 620 of the Dodd-Frank Act. The purpose of the Section 620 Report is to identify bank activities and investments that could pose a threat to the safety and soundness of banking entities and the U.S financial system.In the Federal Reserve's part of the Report, it made two shocking recommendations – that Congress repeal two sections of the Bank Holding Company Act of 1956 (BHC Act) added by the Gramm-Leach-Bliley Act:the Merchant Banking Authority contained in Section 4(k)(4)(H) of the BHC Act, an
Client Alert | September 14, 2016
Washington, D.C. counsel Jeffrey Steiner and San Francisco associate Sean Sullivan are the authors of "Cryptocurrencies Muddy Money Laundering Law" [PDF] published on September 7, 2016 by Daily Journal.
Article | September 7, 2016
On July 27, 2016, the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) announced an expansion of the Geographic Targeting Orders (GTOs) targeting alleged money laundering risk in the real estate sector.
Client Alert | August 1, 2016
Dubai partner Hardeep Plahe is the author of "Making a Strong Case to be Investor-Friendly" [PDF] published on July 15, 2016 by Gulf News.
Article | July 15, 2016
The U.S.
Client Alert | July 6, 2016
As you will all be aware, the UK electorate voted last week to leave the European Union. The Referendum does not itself trigger any immediate legal consequences and the actual timing for a UK exit from the EU (if at all) is uncertain. However, the vote to leave had an immediate and direct effect on the global finance markets, with Sterling falling to a 30-year low against the Dollar, and the ratings agencies announcing a UK ratings downgrade reflective of weakening investor confidence.
Client Alert | June 29, 2016
I. IntroductionWhy read this note?From 3 July 2016, the European Market Abuse Regulation (MAR) will enter into effect, creating a new common regulatory framework on market abuse across the European Union (EU) resulting in the repeal and replacement of existing EU market abuse rules implemented pursuant to the Market Abuse Directive and in new rules being implemented in the UK. On the same day, a new European Directive, the Directive on Criminal Sanctions for Market Abuse (CSMAD), which complements MAR, will also come into effect. Together, MAR and CSMAD will update, strengthen and extend the scope of the EU market abuse regime, incorporating a wider range of more stringent sanctions. If you are an issuer
Client Alert | June 22, 2016
For the past few months, it has been impossible for anyone living in the United Kingdom to escape coverage of the Referendum on the UK's continued membership of the European Union. Whilst general coverage has been extensive and unrelenting, there has been considerably less focus on what might happen after a vote to "leave" (i.e.
Client Alert | June 21, 2016
The Dubai International Financial Centre ("DIFC") was established over a decade ago as a financial services hub for the Middle East region. It has attracted over 400 global and regional financial services firms and has established Dubai as the leading regional financial centre.
Client Alert | June 6, 2016
What is the Negative Investment List? The "Negative Investment List" or "DNI" is a regulation issued under Indonesian law which sets out a list of industry sectors in Indonesia for which foreign investment is either prohibited, permitted or conditionally permitted.
Client Alert | June 6, 2016
On May 17, 2016, the Obama Administration announced a continuation of its easing of sanctions on Myanmar. Since the first round of relief was issued in 2013, the United States has consistently held that more relief was possible if Myanmar continued on its path towards democratization.
Client Alert | May 20, 2016
The rise of the U.S. Consumer Financial Protection Bureau (CFPB) enforcement efforts, the expansion in the scope of industries targeted and the level of penalties imposed, and the targeting of financial products that the CFPB has deemed cybersecurity risks—these are just some of the expansive array of challenges the CFPB raises for compliance professionals and in-house litigation counsel.
Webcasts | April 21, 2016
Under U.S. sanctions regulations, U.S. persons have been prohibited from dealing with a number of individuals and entities with connections to the Hizballah organization, by way of designation to the Specially Designated Nationals ("SDN") and Blocked Persons List maintained by the U.S.
Client Alert | April 19, 2016
2015 was a significant year for the Enforcement Division of the U.S. Commodity Futures Trading Commission (CFTC or Commission). Five years after the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and its expansion of the CFTC's enforcement authority, annual enforcement fines have become very substantial--the Commission ordered a record $3.14 billion in civil monetary penalties in 2015.
Client Alert | April 13, 2016
Los Angeles partner Michael Farhang is the author of "Proposed Anti-Money Laundering Rules Focus on Investment Advisers" [PDF] published on April 5, 2016 by The Daily Journal.
Article | April 5, 2016
The Enforcement Office of the U.S Consumer Financial Protection Bureau (CFPB) attracted frequent headlines in 2015, which saw an expansion in the scope of industries targeted and the level of penalties imposed. In this Client Alert, we closely examine the CFPB's enforcement approach under Director Richard Cordray. Part I of this Alert gives an overview of the CFPB's enforcement authority under the Dodd-Frank Act. Part II includes a discussion of the principal areas of CFPB enforcement in 2014 and 2015. Part III describes how in 2015 the CFPB made use of its authority under Section 1031 of the Dodd-Frank Act to take action against "unfair, deceptive and abusive acts and practices" (UDAAP). Part IV discusses the CFPB's practices with respect to its pre
Client Alert | March 10, 2016
The US Commodity Futures Trading Commission (CFTC) Chairman Timothy Massad and the European Commissioner for Financial Stability, Financial Services and Capital Markets Union, Jonathan Hill, in a joint statement, formally announced the long-awaited harmonization of requirements for central clearing counterparties (CCPs) between the United States and the European Union. This agreement will resolve issues regarding whether the European Union will recognize US CCPs and whether the CFTC will find comparability for EU requirements for CCPs. Without this equivalency determination, US CCPs would not be able to clear over-the-counter (OTC) derivatives in Europe and EU firms would have likely stopped clearing at US CCPs to avoid significant capital penalties for using a "non-qua
Client Alert | February 17, 2016
On January 13, 2016, the U.S.
Client Alert | February 11, 2016
In December 2015, the Commodity Futures Trading Commission (CFTC) adopted its final rule on margin requirements for CFTC-regulated swap dealers (SDs) and major swap participants (MSPs) with respect to swaps that are not cleared with a derivatives clearing organization or clearing agency (CFTC Final Rule). The CFTC's action follows on similar final action about two months earlier by the five so-called Prudential Regulators, the Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve System (Federal Reserve), Office of the Comptroller of the Currency, Farm Credit Administration and Federal Housing Finance Agency (PR Final Rule). These two final rules (together, the Final Margin Requirements) virtually complete the Dodd-Frank Act regulatory framew
Client Alert | February 9, 2016