Financial Services Observer

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Financial Services Observer

Interagency Guidance for Financial Institutions on Coronavirus Disease-Related Loan Modifications

By Carl A. Fornaris

March 24, 2020

On Sunday night, March 22, 2020, the federal banking agencies (OCC, FDIC, NCUA, Federal Reserve), the Consumer Financial Protection Bureau and the State Conference of Bank Supervisors issued an Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus. The Guidance does two key things: 1. Short-term loan modifications granted to borrowers that have become financially distressed as a result of economic conditions created by COVID-19 will not…

Financial Services Observer

All Systems Go? LIBOR Transition Efforts During the COVID-19 Pandemic

By Sylvie A. Durham, Paul Ferak, Michael M. Krauss, Arleen A. Nand & Oscar Stephens

March 20, 2020

As the COVID-19 situation continues to evolve, market volatility, workplace disruptions and a shuttering of everyday life are becoming increasingly commonplace. While the 2021 LIBOR phase-out may not seem top of mind during the current crisis, speculation is mounting about whether the pandemic will delay or otherwise alter the phasing out of the “world’s most important number.” As a refresher, the LIBOR transition was fueled by a lack of transparency in pricing this key index.…

Financial Services Observer

Exempt Offering Framework Amendment Proposal

By Lee Ann Anderson, Marc M. Rossell & María Velasco

March 17, 2020

On March 4, 2020, the Securities and Exchange Commission (SEC) announced its proposal to harmonize, simplify, and improve the exempt offering framework under the Securities Act of 1933 (the “Securities Act”).1 The SEC’s proposals are the result of the responses submitted to the SEC in connection with the concept release issued June 18, 2019, soliciting public comment on possible ways to harmonize and improve the securities offering framework (the “Concept Release”). The proposed amendments, among…

Financial Services Observer

FinCEN Ruling Clarifies Currency Transaction Report (CTR) Filing Obligations of Financial Institutions

By Carl A. Fornaris, Kyle R. Freeny ‡ & Marina Olman-Pal

February 25, 2020

On Feb. 10, 2020, the U.S. Department of the Treasury, Financial Crimes Enforcement Network (FinCEN) published administrative ruling FIN-2020-R001, to clarify requirements of financial institutions reporting on currency transactions involving sole proprietorships and legal entities operating under a “doing business as” (DBA) name (“FinCEN Ruling”). The FinCEN Ruling, which becomes effective April 6, 2020 (Sept. 1, 2020, for BSA E-Filing batch filers), replaces and rescinds two previous FinCEN rulings: FIN-2006-R003 and FIN-2008-R001, which were…

Financial Services Observer

FDIC and OCC Extend Comment Period for Proposed Changes to the Community Reinvestment Act Regulations

By Jennifer D. Newton

February 20, 2020

On Feb. 19, the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency (collectively, the “Agencies”) announced an extension of the public comment period on the Notice of Proposed Rulemaking (NPRM) to amend the regulations implementing the Community Reinvestment Act (CRA). The Agencies announced they are extending the public comment deadline to April 8, 2020. The Agencies previously released proposed regulations on Dec. 12, 2019, seeking to make comprehensive changes to the…

Financial Services Observer

LIBOR Transition Newsletter – Issue 3

By Oscar Stephens, Graeme McLellan, Arleen A. Nand, Sylvie A. Durham & Susan E.D. Neuberg

February 18, 2020

Welcome to the third issue of Greenberg Traurig’s LIBOR Transition Newsletter, where we provide updates, analysis, and occasional commentary on the latest developments relating to the highly anticipated phasing-out of LIBOR at the end of 2021 – less than two years from now. This issue covers the following: ARRC Releases a Consultation on Potential Spread Adjustment Methodologies Bank of England, FCA and Sterling Working Group Joint Statement Other Recent Developments, including comments from Federal Reserve…

Financial Services Observer

Crypto Asset Custody Regulations in Japan

By Makoto Koinuma

February 12, 2020

On Jan. 14, 2020, the Financial Services Agency of Japan published draft amendments of enforcement orders, cabinet office ordinances and guidelines concerning the recently amended and enacted crypto asset laws. The amended laws enhance the regulations on transactions related to crypto assets, such as cryptocurrency trades and administration, crypto derivatives, and security token offerings. The proposed amendment provides details for the regulations on crypto assets, including those on crypto custody services. Read the full GT …

Financial Services Observer

SEC Issues MD&A Disclosure Guidance and Proposes Amendments to Modernize and Enhance MD&A Financial Disclosures

By Laurie L. Green, Barbara A. Jones, Marc M. Rossell, Maria Sendra, Jason K. Zachary & María Velasco

February 4, 2020

On Jan. 30, 2020, the Securities and Exchange Commission (SEC) issued (i) guidance regarding the disclosure of key performance indicators (KPIs) and metrics in Management’s Discussion and Analysis, or MD&A (the “Guidance”), which is effective immediately and applies to the upcoming annual reports on Form 10-K and 20-F as well as related earnings releases; and (ii) a proposal to eliminate duplicative disclosures required by Regulation S-K Items 301 (Selected Financial Data), Item 302 (Supplementary Financial…

Financial Services Observer

2020 SEC Exam Priorities for Securities Industry Registrants

By Richard M. Cutshall & Vincent Lewis

January 21, 2020

The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) released its annual list of 2020 Examination Priorities on Jan. 7, 2020. Many of OCIE’s 2020 examination priorities, including the focus on retail investors, fraud, conflicts (and related disclosures), among others, are perennial risk areas that OCIE routinely prioritizes. While the SEC release discusses new issues in greater detail than continuing areas of interest, practitioners must continue to focus…

Financial Services Observer

FINRA’s 2020 Risk Monitoring and Examination Priorities Letter

By William Mack & Jennifer D. Newton

January 17, 2020

On Jan. 9, 2020, the Financial Industry Regulatory Authority (FINRA) released its 2020 Risk Monitoring and Examination Priorities Letter, in which it identifies its areas of examination focus for 2020. The cover note also highlights key changes in FINRA’s risk monitoring and examination program. These changes include the consolidation of FINRA’s three examination programs into a single risk monitoring framework. As part of this new framework, FINRA expects to categorize every FINRA member firm…

Financial Services Observer

News & Commentary on Financial Regulatory and Compliance Matters

Blog Authors

Interagency Guidance for Financial Institutions on Coronavirus Disease-Related Loan Modifications

All Systems Go? LIBOR Transition Efforts During the COVID-19 Pandemic

Exempt Offering Framework Amendment Proposal

FinCEN Ruling Clarifies Currency Transaction Report (CTR) Filing Obligations of Financial Institutions

FDIC and OCC Extend Comment Period for Proposed Changes to the Community Reinvestment Act Regulations

LIBOR Transition Newsletter – Issue 3

Crypto Asset Custody Regulations in Japan

SEC Issues MD&A Disclosure Guidance and Proposes Amendments to Modernize and Enhance MD&A Financial Disclosures

2020 SEC Exam Priorities for Securities Industry Registrants

FINRA’s 2020 Risk Monitoring and Examination Priorities Letter

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