Mondaq USA: Finance and Banking
Shearman & Sterling LLP
On February 10, 2015, the G20 Finance Ministers and Central Bank Governors issued a draft communiqué which was adopted in a meeting at the Turkish G20 Presidency on February 9-10, 2015.
Shearman & Sterling LLP
In this newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker dealers, market infrastructures, asset managers and corporates.
The letter discusses the proposed Regulation on Reporting and Transparency of Securities Financing Transactions.
ICMA states that the guide is intended as guidance only and that negotiation of the contractual terms for each document in a PEPP transaction is essential.
MLD4 has an extended scope and introduces due diligence requirements for a greater number of traders by lowering the threshold required for anti-money laundering steps from €15,000 to €10,000.
On February 18, the European Commission published a green paper on building a Capital Markets Union.
Shearman & Sterling LLP
On February 16, 2015, the European Securities and Markets Authority published its annual report on its supervision of credit rating agencies and trade repositories.
Shearman & Sterling LLP
On February 13, 2015, a European Central Bank Recommendation on dividend distribution policies was published in the Official Journal of the European Union.
Shearman & Sterling LLP
On February 9, 2015, the European Banking Authority published an overview of the potential implications of regulatory measures for banks' business models.
Shearman & Sterling LLP
On February 14, 2015, implementing technical standards for currencies in which there is an extremely narrow definition of central bank eligibility were published in the Official Journal of the European Union.
The proposed $235 million settlement does not include a $100 million settlement with Residential Capital, LLC that had previously been reached in the case.
Nutter McClennen & Fish LLP
Chapter 482 of the Acts of 2014, An Act Modernizing the Banking Laws and Enhancing the Competitiveness of State-Chartered Banks, was approved by the General Court on December 31, 2014.
On February 12, the Fed announced that results from the latest supervisory stress tests conducted as part of Dodd-Frank will be released on March 5...
On February 18, DBRS released its methodology for assessing RMBS servicing advance transactions.
Morgan Lewis
In a record year for enforcement, the SEC brought a landmark number of cases, and FINRA imposed an exceptional level of fines and restitution.
Troutman Sanders LLP
On February 19, 2015, the New York Department of Financial Services issued guidance in the form of FAQs on its recently-enacted debt collection regulation.
Shearman & Sterling LLP
The relief is extended to dates ranging from September 30, 2015 to February 13, 2017.
Shearman & Sterling LLP
The SEC also proposed new rules, rule amendments and guidance to Regulation SBSR regarding the reporting duties for cleared and platform-executed security-based swap transactions.
Kaye Scholer LLP
On January 21, 2015, the US Securities and Exchange Commission brought charges for the very first time against a major rating agency...
Debevoise & Plimpton
PIK notes are high yield debt securities that allow or require interest to be paid "in kind" ("PIK") in the form of additional notes or by increasing outstanding principal, instead of in cash.
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Jones Day
As in 2012, banking and financial services companies were conspicuously absent from the Top 10 List of public-company bankruptcy filings for 2013.
Reed Smith
Overseas Shipping Group ("Overseas") recently sued its former attorneys, a prominent New York-based law firm, for legal malpractice in drafting credit agreements that resulted in the company incurring an estimated $463 million in tax liability.
Venable LLP
Two recent Consumer Financial Protection Bureau (CFPB or Bureau) enforcement actions suggest that the CFPB is turning its attention to original lender or "first-party" collection practices to collect debt.
Shearman & Sterling LLP
The credit valuation adjustment charge in Basel III appears, at first glance, to be the preserve of quantitative analysts and the like.
Hughes Hubbard & Reed LLP
The SEC has adopted amendments to Rule 506 under the Securities Act of 1933 that permit general solicitation and general advertising in securities offerings under this exemption from securities registration provided all purchasers are accredited investors.
Venable LLP
The Financial Crimes Enforcement Network (FinCEN) fired a warning shot across the bow of every financial institution compliance officer.
Butler Snow LLP
Among the amendments to the ability-to-repay/qualified mortgage rule issued by the CFPB on July 10 were changes to the detailed requirements in new Appendix Q.
Troutman Sanders LLP
On January 7, 2015, Genesis Healthcare became one of the most recent companies to face a class action lawsuit under the FCRA based on its background check practices.
Duane Morris LLP
Regulation M is intended to prevent potentially manipulative practices by underwriters, issuers, selling security holders and other participants in securities offerings.
In 2014, the Commodity Futures Trading Commission ("CFTC" or the "Commission") filed 67 new enforcement cases
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