In Mortgagee Letter 2022-22 dated December 15, 2022, the FHA announced updates to its Single Family Housing Policy Handbook (HUD Handbook 4000.1) that modifies its policies governing conflicts of interest and dual employment. The modifications both narrow the employees who
Financial
California federal court enforces “clickwrap” web agreement and compels arbitration of claims against Google
Last week, a California federal court granted Google’s motion to compel arbitration of claims asserted by customers who alleged that their Fitbit watches burned their skin. The opinion in Houtchens v. Google found that the company’s “clickwrap” agreement put the…
This week’s podcast episode: A look at the consumer financial products offered by fintechs and the regulatory issues they raise, with special guests Penny Lee, Chief Executive Officer, Financial Technology Association (FTA), and Gerron Levi, Senior Vice President and Head of Government Affairs, American Fintech Council (AFC)
We begin with a discussion of the goals and themes of FTA’s recent summit and AFC’s advocacy regarding retention of the strategic plan option under the Community Reinvestment Act. We then discuss consumer benefits of buy-now-pay-later (BNPL) and regulatory concerns…
Merry Christmas and a Happy New Year to our readers
To all of our global readers we would like to take this opportunity to wish you all a Merry Christmas and a Happy New Year.
We will resume posting material following the festive period on 9 January 2023 although if…
EBA publishes Q&As on the PRIIPs key information document
On 21 December 2022, the European Banking Authority (EBA) published Questions and Answers (Q&As) on the Package Retail Insurance-based Investment Products (PRIIPs) Key Information Document (KID).
The Q&As concern Regulation (EU) No 1286/2014 (the PRIIPs Regulation) and its Delegated Acts.…
ESMA publishes Final Report on the draft technical standards on the notification for cross-border marketing and cross-border management of AIFs and UCITS
On 21 December 2022, the European Securities and Markets Authority (ESMA) published a final report on draft technical standards on the notifications for cross-border marketing and cross-border management of AIFs and UCITS.
The purpose of the draft Implementing Technical Standards…
New Regulation Tomorrow Plus podcast – FCA consults on broadening access to financial advice for mainstream investments
In this episode of Regulation Tomorrow Plus, Matthew Gregory and Simon Lovegrove cover some of the key points in the FCA’s recent consultation for a new core investment advice regime. The podcast is available on Spotify/ Apple podcasts.
EBA updates list of diversified indices
On 21 December 2022, the European Banking Authority (EBA) published an updated list of diversified indices.
The list was originally published in 2013 and previously updated in 2019. The list of part of the implementing technical standards (ITS) drafted to…
EBA publishes its final draft Regulatory Technical Standards on the identification of a group of connected clients under the Capital Requirements Regulation
On 21 December 2022, the European Banking Authority (EBA) published its final report on Draft Regulatory Technical Standards (RTS) on the identification of a group of connected clients under Article 4 paragraph 1 number 39 of RegulationNo 575/2013 (the Capital…
Ninth Circuit Holds that Social Media Communications Can Satisfy Statutory-Seller Requirement Under Securities Act
The Court of Appeals for the Ninth Circuit held today that social media and other mass communications concerning securities can constitute solicitations potentially creating statutory-seller liability under § 12(a)(2) of the Securities Act of 1933. The decision in Pino v. Cardone…