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BakerHostetler

Weekly Blockchain Blog - September 2024 #2

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According to recent reports, two U.S. multinational financial technology companies have integrated Ethereum Name Service (ENS), a decentralized naming system built on the Ethereum blockchain, into their payment platforms....more

Sheppard Mullin Richter & Hampton LLP

Scrutiny of Cash Sweep Programs Intensifies as Brokers Face Wave of Class Action Suits

On August 5, a prominent investment brokerage firm disclosed in a quarterly filing that it has been responding to requests from the SEC since April related to the firm’s practice of sweeping uninvested customer account...more

Goodwin

FDIC Proposes Overhaul to Brokered Deposit Classification Rules; Significant Impact to Banking as a Service (BaaS) Industry

Goodwin on

On July 30, 2024, the Federal Deposit Insurance Corporation (FDIC) issued a proposed rule that would make significant revisions to the FDIC’s regulations implementing the provisions of Section 29 of the Federal Deposit...more

Sheppard Mullin Richter & Hampton LLP

California Bill Proposes to License All Commercial Loan Brokers

California has recently proposed legislation that, if enacted, would impose a new licensing requirement for any person providing “commercial brokerage” services to a borrower in connection with a commercial loan of $5,000 or...more

Dorsey & Whitney LLP

SEC Adopts New Short Position and Short Activity Reporting Requirements

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The Securities and Exchange Commission (the “SEC”) adopted a new short position and short activity disclosure requirement under Rule 13f-2 of the Securities Exchange Act of 1934 (the “Exchange Act”). Under Rule 13f-2, an...more

Allen Matkins

DFPI Issues Numerous Detailed Warnings Of Possible Cryptocurrency Broker Frauds

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Shortly after Christmas, the California Department of Financial Protection & Innovation began issuing consumer alerts with respect to possible cryptocurrency broker frauds.  These alerts generally involved alleged "Advance...more

Goodwin

FDIC Finalizes Brokered Deposits and ILC Rules Ahead of the Holidays

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In this Issue. The Federal Deposit Insurance Corporation (FDIC) was busy this week, finalizing rules that modernize brokered deposits regulations, establish new standards for parent companies of industrial loan companies and...more

Goodwin

SEC Adopts Rule Providing New Regulatory Framework For Fund-Of-Funds

Goodwin on

In the News. The Securities and Exchange Commission (SEC) announced that it adopted Rule 12d1-4 under the Investment Company Act of 1940 (the 1940 Act), providing a new regulatory framework for fund-of-funds and final...more

Goodwin

SEC Stays Busy With Amendments And Extensions To Various Rules, Definitions And Disclosures

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In the News. The Securities and Exchange Commission (SEC) adopted final rules to update and expand the statistical disclosures that bank and savings and loan registrants must provide to investors for the first time in 30...more

A&O Shearman

UK Conduct Regulator Concludes No Changes Needed to Banking Senior Managers Regime

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The U.K. Financial Conduct Authority has published the findings of its review into the implementation of the Senior Managers and Certification Regime for the banking sector. The SM&CR came into force for banking firms in...more

A&O Shearman

The UK’s Expanded Senior Managers and Certification Regime: Key Issues and Action Plan for Brokers, Advisers and Asset Managers

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The expanded Senior Managers and Certification Regime (SM&CR), which comes into force on December 9, 2019, extends the framework regulating individuals charged with running certain financial institutions. The Banking SM&CR,...more

A&O Shearman

US Federal Deposit Insurance Corporation Seeks Comments Regarding the Treatment of Reciprocal Deposits

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The U.S. Federal Deposit Insurance Corporation published a notice of proposed rulemaking and request for comments regarding a limited exception for a capped amount of reciprocal deposits from treatment as brokered deposits. ...more

Robins Kaplan LLP

Your daily dose of financial news The Brief – 2.19.16

Robins Kaplan LLP on

Barclays has agreed to pay $50 million to settle claims by Plaintiff Axiom Investment Advisors that it “misused a system intended to block stale foreign exchange prices as a way to boost the bank’s profits while hurting...more

Davis Wright Tremaine LLP

CFPB Hearing on Arbitration Agreements: Initial Impressions

DWT recently attended a CFPB field hearing on arbitration agreements relating to consumer financial products or services. The CFPB conducted the hearing in conjunction with the agency’s publication of an outline of proposals...more

Ballard Spahr LLP

Montana Temporarily Reduces Licensing Renewal Fees

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Montana has adopted a temporary rule to reduce certain licensing renewal fees by 50 percent for the period of January 1, 2016 through December 31, 2016. The Department of Administration believes that adopting the Uniform...more

Katten Muchin Rosenman LLP

Corporate & Financial Weekly Digest - Volume X, Issue 24

In This Issue: - SEC Denies Motion to Stay Regulation A+ - SEC Requests Public Comment on ETPs - CFTC Further Extends Valuation Data Reporting Relief for SDs and MSPs - Eleventh Circuit Upholds...more

BakerHostetler

SEC Provides Guidance on Important Considerations for Effective and Reasonable Prevention of Cyber Attacks

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As many of you know, last April the SEC issued the Cybersecurity Examination Initiative to assess the cybersecurity practices and preparedness of registered broker-dealers and investment advisers. The initiative arose from an...more

Skadden, Arps, Slate, Meagher & Flom LLP

"FinCEN Proposes Tighter Customer Due Diligence Requirements for Financial Institutions"

For financial institutions, customer due diligence may become tougher and costlier in 2015 if the Financial Crimes Enforcement Network's (FinCEN) latest proposed rule is finalized in its current form. On July 30, 2014, FinCEN...more

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