The Council of the EU, the European Parliament and the European Commission have reached agreement on the proposed Regulation on financial benchmarks.
The Committee on Payments and Market Infrastructures (CPMI) has a mandate to promote “the safety and efficiency of payment, clearing, settlement and related arrangements, thereby supporting financial stability and the wider economy.”
The European Commission has published a legislative proposal for a European Deposit Insurance Scheme (EDIS).
On Monday, November 23, the CFPB released a new Compliance Bulletin to remind financial entities of their requirements when obtaining consumer authorizations for preauthorized electronic fund transfers (EFT).
Class actions have the potential to be abused by plaintiffs, for example where a large number of claims are brought for trifling amounts and there is no public policy issue.
On 20 November 2015 the Hong Kong Government published the Financial Institutions (Resolution) Bill (the Bill).
Don’t know about you, but we’ve been dreaming about wrapping ourselves in a big cabled sweater, drinking a pumpkin-spiced beverage and cozying up to the Fall 2015 issue of Supervisory Highlights.
The IRS recently issued TAM 201544025 (“TAM”) in which it held that a 501(c)(3) organization’s activities constituted unrelated business taxable income (“UBTI”).
On November 19, 2015, the SEC announced a settlement with investment advisory firm Sands Brothers Asset Management, LLC for violating the Custody Rule, SEC Rule 206(4)-2, which requires that registered investment advisers who have custody of their clients’ assets put in place policies and procedures intended to safeguard those assets against loss, misuse or misappropriation.
Agencies Address Volcker Rule Questions On Exiting Market-making and Prohibitions On Certain Transactions with Covered Funds
On November 20, 2015, the US financial regulators issued additional guidance regarding (i) exiting permissible marketing making activities under the Volcker Rule and (ii) when a banking entity must observe the Volcker Rule prohibitions on certain transactions between the banking entity and covered funds.