Two recent developments involving the Volcker Rule have significant implications for financial regulation in both the US and internationally.
Update 1: Temporary Relief for Certain Foreign Funds -
On July 21, 2017, the...more
The ban extends to foreign branches of UK firms; also where services are provided from a firm’s UK establishment.
Key Points:
..Effective 3 January 2018 firms subject to the ban cannot enter into agreements that contain...more
The ECB final guidance reflects market feedback and is more closely aligned to the US leveraged lending guidance.
The European Central Bank (ECB) published the long-awaited final guidance on leveraged lending on 16 May...more
The revised regulations eliminate many of the categorical requirements in the original proposal and instead adopt a more risk-based approach.
On December 28, 2016, the New York State Department of Financial Services...more
Comments submitted on the proposed regulations criticize the lack of a risk-based approach, overbroad definitions, potential extraterritorial implications, an excessive breach notification threshold and a daunting annual...more
While many fintech companies will welcome the regulatory approach, banks and state regulators have some concerns.
In a long-awaited move aimed at establishing some clarity around the regulatory framework for companies...more
On 23 November 2016, the European Central Bank (ECB) published its draft guidance to banks on leveraged lending, launching a public consultation period that runs until 27 January 2017. The draft guidance is very similar to...more
Murgio decision reflects a growing judicial consensus around the application of money transmitting laws to Bitcoin exchangers.
On September 19, 2016, U.S. District Judge Alison J. Nathan of the Southern District of New...more
Final regulations impose certification requirements on a financial institution’s Board of Directors or Senior Officer(s) relating to BSA/AML and OFAC compliance.
The New York State Register today published the final...more
7/21/2016
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If adopted, the Proposed Rule would have a significant impact on compensation practices at covered institutions.
On April 21, 2016, the National Credit Union Administration (the NCUA) issued a proposed rule regarding...more
5/5/2016
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Vesting
What is cryptocurrency?
There is no one standard definition of cryptocurrency. At the most basic level cryptocurrency—or digital currency or virtual currency—is a medium of exchange that functions like money (in that it...more
LSTA publishes model provisions for use in US law-governed credit agreements to assist in adopting new EU bail-in rules.
European Economic Area (EEA) financial institutions are now subject to a new set of regulatory...more
Proposed regulations impose new certification requirements that could result in personal liability for compliance officers of financial institutions.
On December 1, 2015, the New York State Department of Financial...more
Cryptocurrency is on the rise...and so are enforcement actions.
In less than a decade, cyptocurrencies have grown from a novelty reserved for those dealing in the illicit into a robust platform embraced by financial...more
12/9/2015
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Young Lawyers
While the rules provide some clarity, the global market still awaits the finalization of the CFTC and the European margin rules.
With the clock ticking on the countdown to finalization of uncleared swap margin rules...more
The Federal Reserve today extended the Volcker Rule conformance period for legacy covered funds from July 21, 2015 to July 21, 2016, and also granted a further one year extension until July 21, 2017.
At 3 pm today...more
The virtual currency market has emerged in the United Arab Emirates with Dubai’s first Bitcoin ATM introduced in April 2014. Middle East entrepreneurs have begun launching Bitcoin payment products and SMEs are beginning to...more
As the proposed BitLicense takes shape, New York regulators are engaging in discussions with industry players.
On October 14, 2014 Benjamin N. Cardozo School of Law organized a panel discussion as part of its Tech...more
The CFTC discusses first Bitcoin swap listed on a CFTC-regulated platform and Bitcoin regulation generally with panel of industry participants.
The Global Markets Advisory Committee (GMAC) of the U.S. Commodity...more
As the first of their kind, the proposed regulations may add legitimacy to virtual currencies, but the new regulatory regime could stifle innovation and development.
On July 23, 2014, the New York State Department of...more
On December 10, 2013 the US federal banking agencies, along with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) (collectively, the Agencies), adopted the ...more