The U.S. Court of Appeals for the Second Circuit affirmed a district court decision, holding that the National Bank Act and OCC regulations preempt state regulation of a national bank operating subsidiary to the same extent that they preempt state regulation of the parent national bank. The decision is the first from a federal appeals court. Three other district courts have reached this same conclusion, each finding that a national bank operating subsidiary enjoys the benefits of federal preemption to the same extent as its parent national bank. Appeals in those three cases are pending in the Fourth, Sixth and Ninth Circuits. Goodwin Procter LLP participated in the preparation of an amicus brief filed with the Second Circuit on behalf of a consortium of industry trade associations (American Bankers Association, America’s Community Bankers, Consumer Bankers Association, Consumer Mortgage Coalition, and Financial Services Roundtable) in support of the preemption argument....
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On 6 December 2011 draft legislation for the Finance Bill 2012 was published containing a number of measures of interest for non-domiciled private clients and those visiting, coming to or leaving the UK.
This update summarises current regulatory developments in the European Union and the UK focusing on the investment funds and asset management sectors, during the past four weeks.
This update summarises current regulatory developments in the European Union and the UK, focussing on the investment funds and asset management and related sectors, during the past six weeks.
The Commodity Futures Trading Commission (CFTC) on December 20, 2011 finalized two rules related to swap data reporting, recordkeeping and public dissemination under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act).
On December 20, 2011, the US Commodity Futures Trading Commission (the CFTC or Commission) held an open meeting where it approved two final rules and one final order promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).
Regulation D under the Securities Act of 1933, as amended (the "Securities Act"), sets forth a safe harbor from the registration requirement of the Securities Act for certain private placements of securities, including those to "accredited investors."
On 7 December 2011, the European Commission published a proposal for a Regulation introducing a new EU-wide fund structure: the "European Social Entrepreneurship Fund" ("EuSEF").
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