News & Analysis as of

Financial Adviser Financial Institutions

Wilson Sonsini Goodrich & Rosati

FinCEN Finalizes Rule Requiring AML/CFT Programs for Registered Investment Advisers and Exempt Reporting Advisers

On September 4, 2024, the U.S Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published a final rule that expands the definition of “financial institution” to include Registered Investment Advisers...more

Warner Norcross + Judd

Michigan’s New Uniform Power of Attorney Act Effective July 1

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Michigan’s new Uniform Power of Attorney Act (UPOAA) becomes effective on July 1, 2024. This law serves several purposes, which include preventing financial exploitation of vulnerable individuals and making standard power of...more

Wilson Sonsini Goodrich & Rosati

FinCEN Proposes Significant Expansion of AML/CFT Obligations to Cover Registered Investment Advisers, Venture Capital Advisers,...

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has proposed a sweeping expansion of the Bank Secrecy Act’s (BSA) affirmative anti-money laundering (AML) and countering the financing of...more

Latham & Watkins LLP

FCA Explores How to Close the “Advice Gap”

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The Discussion Paper on the Advice Guidance Boundary Review examines how authorised firms can provide more support to customers. The FCA has published a Discussion Paper (DP23/5) with the government on the Advice...more

UB Greensfelder LLP

[Webinar] FINRA Expungement: A Rundown of Recent Amendments Regarding Expunging Customer Dispute Information - December 14th,...

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Join Michael J. Charlillo as he discusses FINRA's latest expungement process enhancements. He will explore process changes implemented when requesting and obtaining expungement of customer dispute information. Michael will...more

A&O Shearman

UK Government Publishes Brexit Freedoms Bill Setting Deadline for Revocation of EU Law

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The U.K. Government has published the Retained EU Law (Revocation and Reform) Bill, known as the Brexit Freedoms Bill, which aims to repeal or assimilate retained EU law and abolish the principle of the supremacy of EU law in...more

A&O Shearman

Tightening the Financial Promotions Framework in the UK

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Striking a balance between investor protection and market development - The U.K. is assessing its financial promotion framework, and changes are being made or proposed to amend the laws and rules. Financial promotions are...more

Akin Gump Strauss Hauer & Feld LLP

[Podcast] SFDR for Beginners

In this episode, the first in our three-part EU ESG Considerations for Beginners miniseries, Akin Gump financial regulatory partner Ezra Zahabi looks at the Sustainable Finance Disclosure Regulation (SFDR) and what it means...more

Pullman & Comley, LLC

Beneficiary Designated Property: A Trap for the Unwary

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Financial institutions and brokerage firms occasionally recommend that client accounts be structured as joint or beneficiary-designated accounts without full consideration of the impact on the client’s estate plan....more

Vinson & Elkins LLP

EU Sustainable Finance Disclosure Regulation: Another Step Towards An ESG-Driven Economy

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On March 10, 2021, a host of provisions came into effect as part of the European Union’s (“EU”) Regulation on Sustainability‐Related Disclosures in the Financial Services Sector (the “Sustainable Finance Disclosure...more

Bennett Jones LLP

Alberta Securities Commission Proposes New Prospectus Exemptions for Small Business: Seeks Comments

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On March 25, 2021, the Alberta Securities Commission (ASC) proposed two new prospectus exemptions to promote investment opportunities for small businesses in Alberta, and is seeking written submissions with respect to the...more

A&O Shearman

Foreign Branches of Singapore FIs May Offer Cross-Border Services under a Business Arrangement Subject to Ex-Post Notification

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The Monetary Authority of Singapore (MAS) has proposed allowing foreign head offices and other branch offices (collectively, foreign branches) of financial institutions in Singapore (Singapore FIs) to provide cross-border...more

Hogan Lovells

Gunning for success – Hong Kong Court of Final Appeal rules on fees in financial introductions

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It is not uncommon for companies exploring expansion or other ways of raising capital to engage financial advisers to provide a range of consultancy services, including the introduction of potential investors or deals of...more

A&O Shearman

Regulatory Developments Affecting Financial Advisers

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The MAS recently issued Guidelines on Provision of Financial Advisory Services, which set out the approach of the MAS to determining whether a person is providing financial advisory services in Singapore. In a separate...more

Winstead PC

The Velvet Hammer: Undue Influence Based On Deceit, Fraud, and Relationship Poisoning and a Financial Institution’s Duty To Report...

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The normal view of undue influence involves an actor threatening an elderly or infirm person into signing a document that he or she otherwise would not sign. One imagines the actor having control over the person and threating...more

Stinson LLP

SEC Approves New Rules Enabling Financial Advisors to Defend Vulnerable Clients from Exploitation

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Financial exploitation of aging and mentally diminished investors by family members and third parties is on the rise. With America's senior population growing rapidly, this problem may only get worse. More than half of all...more

Broker-Dealer Compliance + Regulation

FINRA’s Engagement Initiative

In our capacity as advisers to financial institutions, we carefully monitor FINRA’s rulemaking and enforcement activities with a view to thinking about how these affect market participants and their activities. FINRA’s March...more

Neal, Gerber & Eisenberg LLP

President Trump Issues Memorandum on Fiduciary Rule Likely Leading to Delayed Compliance Date

On February 3, 2017, President Trump issued a memorandum directing the Department of Labor to prepare an updated economic and legal analysis of its “Fiduciary Rule.” Compliance with the Fiduciary Rule is generally required on...more

Stinson - Corporate & Securities Law Blog

Trump Requires DOL to Reevaluate the Fiduciary Rule

Under current law, stockbrokers are only required to recommend suitable investments to their clients. The Department of Labor has issued a so called “fiduciary rule” which requires brokers, advisors and insurance agents, when...more

Hogan Lovells

Corporate News – January 2017

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First director disqualification: UK focus on pursuing individuals as well as companies for breach of competition law - The UK's Competition and Markets Authority has secured its first disqualification of a director of a...more

McGuireWoods LLP

DOL Issues First Wave of Fiduciary Rule Guidance

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Last week, the U.S. Department of Labor (DOL) issued long-awaited guidance in the form of answers to 34 frequently asked questions (the FAQs) on its final rule (the Rule) for determining when a party is a fiduciary, by virtue...more

Morrison & Foerster LLP

DOL Issues First Guidance on Fiduciary Rule

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On October 27, 2016, the U.S. Department of Labor (“DOL”) issued initial guidance on its new fiduciary rules, which are scheduled to become effective on April 10, 2017. The guidance was issued in the form of FAQs and is...more

Broker-Dealer Compliance + Regulation

DOL Issues First Guidance on Fiduciary Rule

On October 27, 2016, the U.S. Department of Labor (DOL) issued initial guidance on its new fiduciary rules, which are scheduled to become effective on April 10, 2017. The guidance was issued in the form of FAQs and is...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Some good news for the UK after a brutal few days for the pound? It appears that the pound’s precipitous fall has acted as a sort of “giant shock absorber” against Brexit—a release valve of sorts that has meant decreased...more

Ballard Spahr LLP

CFPB takes another challenge to its jurisdiction to court

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The CFPB filed suit against J.G. Wentworth, LLC on June 7, 2016 after the company challenged the Bureau’s expansive view of its jurisdiction. The CFPB served a CID against J.G. Wentworth, LLC on September 11, 2015 to...more

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