Europe and American Financial Regulatory Outlooks Could Diverge

By | Cov Financial Services | February 25, 2017
As reported by Law360, European Central Bank (“ECB”) Executive Board Member and Supervisory Board Vice-Chair Sabine Lautenschläger suggested in a February 19 interview that the ECB intends to keep “European [banking] institutions on a tighter rein” than the United States appears to intend to do with domestic banks. View Full Post
Tweet Like LinkedIn LinkedIn Google Plus

OSFI Announces Transitional Period for Compliance with Variation Margin Rules

This afternoon OSFI issued an important letter allowing for transitional relief from the March 1, 2017 deadline for certain in-scope transactions with counterparties caught by Guideline E-22 to amend the terms of their credit support annexes (CSAs) in order to comply with new variation margin requirements. View Full Post
Tweet Like LinkedIn LinkedIn Google Plus

D.C. Circuit Agrees to Hear Controversial PHH Case En Banc

By | Financial Services Blog | February 24, 2017
On Feb. 16, 2017, the D.C. Circuit granted the CFPB’s petition to rehear en banc the court’s landmark October 2016 decision finding that the structure of the CFPB was unconstitutional. We covered the panel decision here. In its Feb. 16, 2017, order the D.C. Circuit directed the parties to brief three specific issues: (1)        Is the CFPB’s structure as a single-Director independent agency consistent with Article II of the Constitution and, if not, is the proper remedy to sever the for-cause provision of the statute? View Full Post
Tweet Like LinkedIn LinkedIn Google Plus

NY Proposed Budget Would Expand NYDFS Authority Over FinTech Lending Companies

Lender license requirements recently included in the New York governor’s proposed 2017-2018 budget would expand the jurisdiction of the New York State Department of Financial Services (NYDFS) to cover many financial technology (FinTech) credit-lending companies that are currently exempt from license requirements.  The proposed budget would prohibit businesses that are not registered as licensed lenders from making personal loans with a principal of $25,000 or less, and commercial loans of $50,000 or less, regardless of interest rate.   View Full Post
Tweet Like LinkedIn LinkedIn Google Plus

SEC Grants Limited Relief from the Custody Rule for Advisers Relying On Clients’ Standing Letters of Instruction

By | The BD/IA Regulator | February 24, 2017
In a letter to the Investment Adviser Association (IAA), the Staff of the Division of Investment Management said that investment advisers acting pursuant to a standing letter of instruction or other similar asset transfer authorization (SLOA) established by a client with a qualified custodian would be deemed to have custody of client assets for purposes of Rule 206(4)-2 (the “Custody Rule”).  View Full Post
Tweet Like LinkedIn LinkedIn Google Plus

Canadian Securities Administrators Fintech Initiatives: Regulatory Sandbox and Co-Operation

Canadian Securities Administrators Fintech Initiatives: Regulatory Sandbox and Co-Operation By Ana Badour and Laure Fouin Ana BadourLaure Fouin On February 23, 2017, the Canadian Securities Administrators (CSA) announced the launch of a regulatory sandbox. A regulatory sandbox aims at supporting Fintech businesses by allowing them to apply to the regulator to benefit from a more tailored approach to regulation that balances the need to facilitate the use of innovative products, services and applications all across Canada with appropriate investor protection. View Full Post
Tweet Like LinkedIn LinkedIn Google Plus

Government Draft of the the German Act On the Adoption of the Fourth European Money Laundering Directive Published

Government Draft of the the German Act On the Adoption of the Fourth European Money Laundering Directive Published On 22 February 2017, the government published a draft of the German Act on the Adoption of the Fourth European Money Laundering Directive. The German version of the draft Act can be found here. The Act will amend the German Money Laundering Act (GeldwäschegesetzGwG) and will come into force on 26 June 2017 together with the European Funds Transfers Regulation (Geldtransfer-Verordnung). View Full Post
Tweet Like LinkedIn LinkedIn Google Plus

BaFin Publishes WpHG Administrative Fine Guidelines II

BaFin Publishes WpHG Administrative Fine Guidelines II On 22 February 2017, the Securities Supervision (Wertpapieraufsicht) directorate of the Federal Financial Supervisory Authority (Bundesanstalt für FinanzdienstleistungsaufsichtBaFin) published Guidelines on the Imposition of Fines in Administrative Offence Proceedings for Breaches of the Provisions of the Securities Trading Act (Wertpapierhandelsgesetz – WpHG) – the WpHG Administrative Fine Guidelines II. View Full Post
Tweet Like LinkedIn LinkedIn Google Plus