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On September 18, 2018, the federal banking agencies issued a release with a proposed rule to implement the changes made to the capital treatment of certain high-volatility commercial real estate (“HVCRE”) loans by section 214 of the Economic Growth, Regulatory Reform, and Consumer Protection Act (“EGRRCPA”). The deadline for comments on the proposal is 60 days after publication of the proposal in the Federal Register and thus will likely fall in late November. Before turning…
As I have noted in earlier posts, questions of whether or not two sets of circumstances are interrelated for purposes of determining insurance coverage can be vexing; at a minimum, they are always fact-intense. In a recent decision, the Tenth Circuit examined the question of whether or not a later civil lawsuit was interrelated with an earlier SEC investigation, and therefore deemed first made at the earlier date (prior to the policy period). The…
By: Augusto Nicolás Mancinelli Argentina’s new Law 27,430 introduces a new taxable event: a Value Added Tax (hereinafter VAT) applicable to the importation of “digital services” rendered by a non-resident to a resident individual or entity when the effective use or exploitation of the service is carried out inside Argentina. An earlier regulation, Decree 354/2018 of April 23, 2018, a deficient attempt to regulate the VAT applicable on digital services, was recently repealed. According to…
The past two weeks have seen a number of developments with respect to U.S. sanctions relating to Russia, as the Trump administration has (1) taken additional steps to ameliorate adverse consequences for U.S. persons of the significant sanctions actions targeting Russian oligarchs announced on April 6, 2018; (2) further implemented the Russia-related sanctions provisions of the Countering America’s Adversaries Through Sanctions Act of 2017 (“CAATSA”); and (3) issued a new Executive order creating a framework…
The United States Court of Appeals for the Seventh Circuit recently addressed a matter of first impression regarding landlord liability under the Fair Housing Act (FHA): whether a landlord may be liable under the FHA for failing to address tenant-on-tenant discrimination. The court answered with a resounding “yes,” holding that the FHA creates liability where a landlord has actual notice of harassment based on protected status and chooses not to take reasonable steps within…
As we head into the mid-term election season, we have updated our brief deck summarizing the leadership and staffing changes among federal financial regulators, including announced nominations, confirmations, resignations and expiring terms.  The first slide summarizes the state of play for the agencies’ principals; the later slides provide a deeper look on an agency-by-agency basis, including select senior staff.  We intend to continue to update this resource from time to time. View as a PDF…
When a registered rep contacts us about seeking expungement of customer complaints from his or her CRD record, we always respond that expungement is not a sure thing.  It turns out that is more true than ever before because of the way FINRA is treating its “waiver” process. You see, we recently participated in an expungement hearing on behalf of our client, let’s call him AJ.  After the obligatory hearing took place, which was uncontested,…
On 21 September 2018, the European Securities and Markets Authority (ESMA) published an opinion (the Opinion) on the European Commission’s (the Commission’s) revised proposal for amending Delegated Regulation (EU) 2017/587 (RTS 1). On 10 August 2018, the Commission endorsed, with amendments, ESMA’s proposal to amend RTS 1  to specify the concept of ‘prices reflecting prevailing market conditions’ and clarify that systematic internaliser’s quotes would only reflect prevailing market conditions where those quotes reflect the…
On 21 September 2018, the European Committee on Economic and Monetary Affairs (ECON) published two draft reports (the Reports) on European Parliament proposals in relation to the cross-border distribution of collective investment funds: draft report on the proposal for a directive of the European Parliament and of the Council amending Directive 2009/65/EC of the European Parliament and of the Council and Directive 2011/61/EU of the European Parliament and of the Council with regard to cross-border…
On 21 September 2018, the European Central Bank (ECB) published its guide to on-site inspections and internal model investigations (the Guide). The Guide acts as a reference document for the supervised entities and other legal entities for which the ECB has decided to launch an on-site inspection of. The Guide applies to inspections conducted in (i) significant institutions; (ii) less significant institutions, when the ECB decides to exercise directly all the relevant supervisory powers for…

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