Mondaq USA: Finance and Banking
Shearman & Sterling LLP
On March 30, 2015, a revised Global Preamble: Codes of Best Practice and Shared Global Principles was published by eight FX committees which sit in the major financial centres.
Shearman & Sterling LLP
On March 24, 2015, the International Organization of Securities Commissions published its revised Code of Conduct Fundamentals for Credit Rating Agencies as part of a report on the issue.
Shearman & Sterling LLP
On March 24, 2015, a Commission Delegated Regulation was published in the Official Journal of the European Journal...
On March 31, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) adopted its report on benchmarks.
Shearman & Sterling LLP
The proposals are part of an initiative to develop a more integrated single market for raising capital across the EU.
Shearman & Sterling LLP
The amending Regulations insert into the Delegated Regulation the methodology for investment firms to calculate fixed overheads.
Shearman & Sterling LLP
On March 18, 2015, ESMA published a report reviewing how national regulators across the EU have implemented its guidelines on automated trading.
Morrison & Foerster LLP
On 24 March 2015, the European Securities and Markets Authority (ESMA) published a Consultation Paper setting out draft guidelines on complex debt instruments and structured deposits.
Morrison & Foerster LLP
This program will explore several major issues at the forefront of financial services regulation and litigation, with a particular focus on issues of interest to states.
Venable LLP
On April 14, 2015, the CFPB and the Navajo Nation filed a civil complaint and a proposed consent order against companies and individuals who offered tax refund loans to clients using their tax preparation services.
Proskauer Rose LLP
Based on a report released last week about cyber security vulnerabilities faced by financial institutions, New York State Department of Financial Services ("NYDFS") Superintendent Benjamin Lawsky signaled that the agency will soon move forward with cyber security regulations.
Milbank, Tweed, Hadley & McCloy LLP
The agencies charged with implementing the Volcker Rule posted the most important addition to date to their "Frequently Asked Questions" when they released their thirteenth FAQ on February 27, 2015.
Shearman & Sterling LLP
Previously, Wells Fargo used the standardized approach to calculate risk-based capital.
Shearman & Sterling LLP
On April 6, 2015, the US Office of the Comptroller of the Currency, the US Board of Governors of the Federal Reserve and the US Federal Deposit Insurance Corporation issued answers to certain frequently asked questions on the regulatory capital rule.
McGuireWoods LLP
The Consumer Financial Protection Bureau (CFPB) recently released a step-by-step guide titled Your Home Loan Toolkit as part of their Know Before You Owe mortgage initiative...
Fox Rothschild LLP
The Department of Labor delivered on a longstanding but controversial promise when it recently proposed a fiduciary duty rule for all brokers who work with retirement accounts.
Shearman & Sterling LLP
CFTC Regulation 3.3(f) requires FCMs, SDs and MSPs to submit to the CFTC annual reports by Chief Compliance Officers not more than 60 days after the end of their fiscal year.
Shearman & Sterling LLP
On March 25, 2015, the US Securities and Exchange Commission proposed rule amendments to require broker- dealers trading in off-exchange venues to become members of a national securities association.
As an industry the financial sector outpaces other economic sectors in cybersecurity preparedness. Despite these efforts, however, cyber criminals still target bank networks, their executives, key employees with escalated privileges, and third parties with important connections to financial institutions.
Judge John Robert Blakely of the U.S. District Court for the Northern District of Illinois granted Standard & Poor’s Financial Services, LLC’s and Moody’s Investors Service, Inc.’s motion to dismiss claims brought by First National Bank and Trust Co. of Rochelle, Illinois.
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Reed Smith
On January 1, 2015, the final Basel III rules regarding regulatory capital for banks with greater than $500 million in assets and all savings and loan holding companies took effect.
FinCEN’s announcement discussed three examples of money-laundering activity that the bank allegedly facilitated.
Reed Smith
On March 9, District Judge Sarah Evans Barker issued her long-anticipated order on the motion to dismiss in CFPB v. ITT Educational Services, Inc., No. 1:14-cv-00292 (S.D. Ind.).
Greenberg Traurig
On Dec. 17, 2014, Florida's Third District Court of Appeal (Third District) issued its opinion in Deutsche Bank Trust Company Americas v. Beauvais...
Blank Rome LLP
Benjamin Lawsky, the Superintendent of Financial Services for New York State, is seeking to increase regulatory pressures on the financial services industry, beyond the measures imposed by federal regulators.
Reed Smith
On March 10, 2015, the U.S. Department of Justice ("DOJ") announced a $4.9 million settlement of criminal and civil charges against CommerceWest Bank ("CommerceWest" or the "Bank") brought pursuant to the Bank Secrecy Act ("BSA"), the Financial Institutions Reform, Recovery and Enforcement Act ("FIRREA"), and the Fraud Injunction Statute.
Holland & Knight
On March 25, 2015, the U.S. Securities and Exchange Commission (SEC) adopted final rules that will greatly facilitate the ability of private (i.e., non-SEC reporting) financial institutions and other companies to access the capital markets and issue non-restricted.
"...just to give you an idea of the actual impact of Lehman Brothers, we can consider the figures published by one of the Lehman's counterparties: Merrill Lynch, which in the third quarter of 2008 disclosed a US$2 billion pre-tax trading loss, which was mainly due to the unwinding of trades for which Lehman Brothers was a counterparty.
Bryan Cave LLP
This decision provides a terrifyingly simple, and for parties involved costly, reminder to always double check your documents.
Venable LLP
Over the past year and a half, Congress has been at odds with the Obama Administration's Operation Choke Point.
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