In May 2016, the Financial Crimes Enforcement Network (FinCEN), the U.S. agency tasked with issuing anti-money laundering (AML) regulations, issued a final rule requiring that certain categories of financial institutions identify the beneficial owners of their legal entity customers and incorporate customer due diligence procedures into their required AML compliance programs. View Full Post
Norton Rose Fulbright New York office’s next financial services briefing is a luncheon seminar set for Tuesday, April 17, 2018, at 12:00-1:00 PM EDT. Norton Rose Fulbright’s senior practitioners periodically provide interested in-house counsel and professionals with an insightful discussion on current regulatory trends within the financial services sector. View Full Post
On March 6, 2018, in a fraud proceeding involving a virtual currency product, a New York federal court held that virtual currencies can be regulated by the Commodity Futures Trading Commission (CFTC) as commodities. This ruling marks the first federal judicial endorsement of the CFTC’s position that it had such jurisdiction over virtual currencies, a position that the CFTC first took back in 2015. View Full Post
The eighth issue of our Global Asset Management Quarterly is now available. You can also register to automatically receive each issue as it is released. This publication highlights key developments that will be of interest to, and affect, our asset management clients, including market trends and developments in tax and buy-side regulation globally. View Full Post
On Wednesday, February 21, 2018, the US Supreme Court resolved a circuit split by unanimously holding that an employee must report suspected securities law violations to the US Securities and Exchange Commission (“SEC”) in order to qualify as a whistleblower entitled to protection from retaliation under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”). View Full Post
On January 23, 2018, the last step occurred in the challenge by MetLife of its designation by the Financial Stability Oversight Council (FSOC) as a nonbank systemically important financial institution (SIFI) when the U.S. Court of Appeals dismissed the appeal with prejudice, approving a motion jointly filed by the MetLife and FSOC. View Full Post
Norton Rose Fulbright New York office’s next financial services briefing is a luncheon seminar set for Thursday, February 1, 2018, at 12:00-1:00 PM EST. Each month, Norton Rose Fulbright’s senior practitioners will provide interested in-house counsel and professionals with an insightful discussion on current regulatory trends within the financial services sector. View Full Post
Last month, the US District Court for the Southern District of New York dismissed the lawsuit brought last spring by the New York State Department of Financial Services (DFS) challenging the ability of the federal banking regulator, the Treasury Department’s Office of the Comptroller of the Currency (OCC), to issue a specialized bank charter to financial technology businesses. View Full Post