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Financial Services Industry Amended Regulation

Goodwin

EU AI Act: Key Points for Financial Services Businesses

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The European Union (EU) Artificial Intelligence Act (AI Act), Regulation (EU) 2024/1689 of the European Parliament and of the Council of 13 June 2024 laying down harmonised rules on artificial intelligence and amending...more

K&L Gates LLP

June 2024 ESG Policy Update—Australia

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Australian Update - Australia and EU Enter Into Critical and Strategic Minerals Partnership - On 28 May 2024, Australia and the European Union (EU) signed a Memorandum of Understanding (MOU) for a bilateral partnership to...more

Holland & Knight LLP

OFAC Amends Regulations to Support Cuban People, Independent Private-Sector Entrepreneurs

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The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) amended the Cuban Assets Control Regulations (CACR), 31 CFR Part 515, to promote internet freedom in Cuba, support independent Cuban private-sector...more

Goodwin

2023 Year in Review: Data Privacy and Cybersecurity

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Welcome to the Data Privacy and Cybersecurity chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - Amendments to key rules and regulations will take effect in 2024,...more

Constangy, Brooks, Smith & Prophete, LLP

New York amends Cybersecurity Regulation that applies to financial services industry

The New York Department of Financial Services recently amended its Cybersecurity Regulation. The revisions aim to strengthen cybersecurity and technology controls to address evolving threats to consumer data and ensure the...more

McGlinchey Stafford

New York Cybersecurity Regulation Amended and Expanded

McGlinchey Stafford on

On November 1, 2023, the New York Department of Financial Services (NYDFS) adopted amendments to its Cybersecurity Regulation, 23 NYCRR Part 500 (Cybersecurity Regulation). This is the second amendment (Amendment) to its...more

WilmerHale

NYDFS Finalizes Amendments to Cybersecurity Regulations

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On November 1, 2023, New York Department of Financial Services (NYDFS or the “Department”) released the finalized revisions (the “Second Amendment”) to 23 NYCRR Part 500 (Part 500) – the most significant modifications to Part...more

BakerHostetler

NYDFS Significantly Amends Cybersecurity Regulation

BakerHostetler on

The New York State Department of Financial Services (NYDFS) adopted comprehensive amendments to its cybersecurity regulation on Nov. 1, 2023. The amended regulation, including the notification provisions of §500.17, goes into...more

Paul Hastings LLP

NYDFS Releases Major Update to Part 500 Cybersecurity Requirements for Financial Services Companies

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The New York Department of Financial Services (NYDFS) adopted a long-expected amendment to its Part 500 Cybersecurity Regulations (Part 500) this week. These are the first significant changes to Part 500 since its inception...more

Ballard Spahr LLP

Amendments to Ohio’s Administrative Rules Relating to Residential Mortgage Lending

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The Ohio Department of Commerce, Division of Financial Institutions is amending the rules that implement the state’s Residential Mortgage Lending Act. The Division is seeking preliminary feedback on the administrative rules,...more

Troutman Pepper

Bipartisan Bill Would Require Federal Regulators to Create “Risk-Focused Examination and Review” Processes for Cryptocurrency...

Troutman Pepper on

On July 13, U.S. Senators Cynthia Lummis (R-WY), Kirsten Gillibrand (D-NY), Elizabeth Warren (D-MA), and Roger Marshall (R-KS) introduced an amendment to the National Defense Authorization Act (NDAA) that seeks to examine the...more

Goodwin

CFPB Deems Merchant Cash Advances to Be “Credit” Under ECOA

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The Consumer Financial Protection Bureau’s adopting release for its small business data collection and reporting rule goes beyond that rule by including a discussion deeming merchant cash advances to be “credit” more...more

Proskauer Rose LLP

Regulation Round Up - March 2023

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31 March - SFTR: The European Securities and Markets Authority (“ESMA”) published an updated version of its Q&As (ESMA74-362-893) on complying with reporting requirements under the Regulation on reporting and transparency...more

Conyers

Recent Regulatory Developments Affecting BVI Mutual Funds and Private Investment Funds

Conyers on

Requirement to appoint a Money Laundering Reporting Officer (“MLRO”) - Under the Anti-Money Laundering Regulations (Revised Edition 2020), as amended by the Anti-Money Laundering (Amendment) Regulations, 2022, and the...more

BakerHostetler

New York Department of Financial Services Publishes Proposed Second Amendment to Its Cybersecurity Regulation

BakerHostetler on

On Nov. 9, 2022, the New York State Department of Financial Services (NYDFS) published a proposed second amendment to its cybersecurity regulation. This follows its pre-proposed amendment that was published on July 29. ...more

Hogan Lovells

UK strengthens Russian sanctions legislation by extending its sanctions designation criteria

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The UK Government has strengthened its Russian sanctions legislation by extending its sanctions designation criteria to target Russian businesses and individuals in a wide range of economic and strategically significant...more

Barnea Jaffa Lande & Co.

Do You Own Crypto? AML Order Also Applies to Digital Currencies

Barnea Jaffa Lande & Co. on

For the first time, companies providing virtual currency services will be required to comply with Israeli anti-money laundering provisions. This follows an amendment to the Prohibition of Money Laundering Order that recently...more

Goodwin

EEOC Releases Updated COVID-19 Vaccine Guidelines for Employers

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In This Issue. The Equal Employment Opportunity Commission (EEOC) released updated COVID-19 vaccine guidelines for employers. Meanwhile, the Board of Governors of the Federal Reserve System (Federal Reserve) remained busy...more

Goodwin

ISS Publishes 2021 Proxy Voting Guidelines

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In the News. Institutional Shareholder Services (ISS) published its proxy voting guidelines updates for 2021, which include new and updated voting recommendations on federal forum and exclusive forum provisions in companies’...more

Sullivan & Worcester

SEC Amends Rules for Disclosures Regarding Business, Legal Proceedings and Risk Factors

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The SEC has adopted amendments to modernize certain disclosure requirements set forth in Regulation S-K. Specifically, the SEC updated the items governing a company’s description of its business, legal proceedings and risk...more

Latham & Watkins LLP

Crypto Coming of Age: UK Regulation Hits Cryptoasset Business

Latham & Watkins LLP on

New regulatory requirements, including registration and customer disclosure requirements, apply to regulated and unregulated persons carrying on relevant cryptoasset business. On 20 December 2019, the UK government published...more

A&O Shearman

EMIR 2.2 Regulation on the Authorization and Recognition of CCPs Published

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A new Regulation amending the European Market Infrastructure Regulation has been published in the Official Journal of the European Union, introducing changes to the procedures and authorities involved in the authorization of...more

Ballard Spahr LLP

Michigan Adopts Temporary Authority Provisions

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Michigan has joined a number of states that have amended its statutes to grant certain individuals temporary authority to act as a mortgage loan originator while a license application is pending, in conformity with the...more

Ballard Spahr LLP

Wisconsin Adopts Temporary Authority Provisions

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Wisconsin is the latest state to pass legislation amending its statutes to add provisions addressing temporary authority to operate as a mortgage loan originator while a license application is pending pursuant to the federal...more

Ballard Spahr LLP

DoD to propose amendment to MLA regulations on auto financing

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The Department of Defense announced in its Fall 2019 rulemaking agenda that it is engaged in proposed rulemaking to amend its Military Lending Act (MLA) regulations, apparently in order to allow non-bank creditors to provide...more

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