On December 10, 2014, the New York Department of Financial Services (NYDFS) issued a letter to banking institutions chartered or licensed in New York notifying them of an expansion of the NYDFS information technology examination procedures to focus on cyber security issues as an integral aspect of risk management.
In a much anticipated decision, New York’s highest court, the Court of Appeals, confirmed on October 23, 2014, that the so-called "separate entity" rule continues to exist as a vibrant doctrine in the State of New York.
A Chicago federal grand jury has indicted Michael Coscia, formerly a registered floor trader and sole owner of Panther Energy Trading LLC, for allegedly violating the anti-spoofing provision of the Commodity Exchange Act ..
The US Court of Appeals for the Second Circuit has ruled that the presumption against extraterritoriality applies to private party actions under Section 21(h) of the Securities Exchange Act of 1934 ("Exchange Act").
The US Securities and Exchange Commission has adopted final rules regarding the cross-border application of certain security-based swap provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
In January 2014, the US Supreme Court decided Daimler AG v. Bauman, 571 U.S. ___, 134 S. Ct. 746 (2014), a decision that could be of substantial importance to any non-US bank or non-US corporation that has US branches or offices in the United States, as well as any US bank or corporation that has branches or offices outside of its principal place of business or place of incorporation (its "home state").
On August 30, 2013, the US Court of Appeals for the Second
Circuit ruled in United States v. Vilar that the presumption
against extraterritoriality applies to federal criminal
prosecutions under Section 10(b) of the Securities Exchange Act of
1934 (Exchange Act).
A recent New York State Court of Appeals decision in a case that Mayer Brown reported on in October 2012 sets an outer limit on the scope of asset turnover jurisdiction under "Koehler v. Bank of Bermuda".
A federal appellate court in New York has held that under the Anti-Terrorism Act (ATA), a bank cannot be held liable for the acts of terrorist organizations, such as Hamas and Hezbollah, solely because the bank provided financial services or otherwise dealt with a state sponsor of terrorism, such as Iran.