Mondaq USA: Finance and Banking
Orrick
The European Banking Authority (EBA) has published final draft regulatory technical standards (RTS) on the specification of the assessment methodology for competent authorities regarding compliance...
Orrick
The most recent updates reflect a Q&A relating to the valuation of OTC derivatives and are highlighted in yellow in the paper.
Orrick
The European Banking Authority (EBA) has published an interim report on the minimum requirement for own funds and eligible liabilities (MREL).
Cadwalader, Wickersham & Taft LLP
The existing regulations exempt transactions of $25,000 or less from the appraisal requirements of Section 129H.
Orrick
On July 19, 2016, the Financial Crimes Enforcement Network ("FinCEN") issued FAQs regarding the customer due diligence requirements ("CDD") that it published on May 11, 2016...
Cadwalader, Wickersham & Taft LLP
The OCIE encouraged all registered advisers to "reflect upon their own practices, policies, and procedures in these areas and to make improvements in their advisory compliance programs where necessary."
Reinhart Boerner Van Deuren S.C.
In June 2016, the Consumer Financial Protection Bureau ("CFPB") released its long-awaited proposed rules—all 1,334 pages of them—to regulate payday lenders, automobile title lenders and other lenders...
Cadwalader, Wickersham & Taft LLP
Financial Services Committee Chair Jeb Hensarling stated that "[i]nstead of ending 'too big to fail,' Dodd-Frank has created 'too small to succeed.'"
Morrison & Foerster LLP
The Securities and Exchange Commission took a step toward streamlining the approval process for actively managed ETFs last week by approving rule proposals from two securities exchanges.
Holland & Knight
The U.S. District Court for the Western District of Wisconsin has ruled that the Consumer Financial Protection Bureau (CFPB) may hold the owners of two law firms offering debt-relief services liable...
Poyner Spruill LLP
In May 2016, the federal CFPB proposed, and requested public comments on, a new rule intended to limit the use of mandatory pre-dispute arbitration clauses in agreements governing a wide range of consumer financial products and services.
Cadwalader, Wickersham & Taft LLP
The CFTC Division of Clearing and Risk ("DCR") issued guidance that included a list of questions for clearinghouses to consider when developing recovery and wind-down plans.
Morgan Lewis
OCIE recently published a Risk Alert announcing that it will examine the potential conflict of interest created by registered investment advisers being financially incentivized to recommend certain share classes to clients.
Cadwalader, Wickersham & Taft LLP
The CFTC extended its designation of the joint venture by the Depository Trust and Clearing Corporation and Society for Worldwide Interbank Financial Telecommunication as the providers of legal entity identifiers.
Cadwalader, Wickersham & Taft LLP
ISDA published a research note in which it analyzed interest rate derivatives ("IRD") notional outstanding data that was reported by the Bank for International Settlements.
Mayer Brown
On Tuesday, August 2, 2016, at 2:00pm EDT, Mayer Brown and Paybefore.com will present a webinar on the CFPB's actions against payment processors for allegedly facilitating illegal transactions by their clients.
Cadwalader, Wickersham & Taft LLP
U.S. Treasury Secretary Jack Lew acknowledged the six-year anniversary of the passage of the Dodd-Frank Act. "Without question . . . Wall Street Reform has made our financial system safer and sounder," he said.
Cadwalader, Wickersham & Taft LLP
The U.S. Treasury Department ("Treasury") announced changes to the "Financial Markets Regulatory Dialogue," a platform intended to encourage U.S.-EU regulatory cooperation.
Orrick
On July 19, 2016, DBRS published its criteria for rating CLOs backed by loans to European SMEs (small and medium-sized enterprises).
Kramer Levin Naftalis & Frankel LLP
Other regulators around the globe, such as those in Hong Kong and Australia, are expected to follow suit.
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Foley Hoag LLP
In each of these cases, a pre-existing account will not become subject to FATCA until its value exceeds $1 million on a subsequent December 31st.
Cadwalader, Wickersham & Taft LLP
Under Article 50 of the Treaty on European Union, an EU Member State that intends to withdraw from the EU, such as the UK, is required to notify the European Council of its intention to do so.
Ropes & Gray LLP
The Market Abuse Regulation will take effect on 3 July 2016. MAR contains rules on insider dealing, unlawful disclosure of inside information and market manipulation that will apply in the European Economic Area.
Mayer Brown
For those who thought that the CFPB may be getting bored with US mortgage loan servicing as it turns its attention to arbitration clauses, payday lending and other non-mortgage consumer credit issues, no such luck.
Troutman Sanders LLP
On June 2, the Consumer Financial Protection Bureau released a newly proposed rule that, if enacted, will place new burdens on lenders who offer consumers payday loans...
Troutman Sanders LLP
In a new class action complaint filed in U.S. District Court for the District of Columbia, a Nevada man says that Fannie Mae illegally inquired into his consumer credit information.
Orrick
On June 17, the Council of the EU issued a press release regarding its adoption of a regulation and a directive enacting a one-year delay to the new securities market rules.
Goodwin Procter LLP
Consistent with the trend observed in 2015, federal agencies continue to bring the majority of actions, compared to actions by state attorneys general and state regulatory agencies.
Troutman Sanders LLP
On June 28, the Consumer Financial Protection Bureau released its Monthly Complaint Report, which aims to provide "a high-level snapshot of trends in consumer complaints"...
Orrick
On July 6, 2016, the European Parliament plenary session formally adopted the Network and Information Security Directive ("NIS Directive") at second reading.
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