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Financial Institutions Broker-Dealer Insurance Industry

J.S. Held

Fidelity Investigations: A Comprehensive Guide to Successful Claims Outcomes – Second Edition

J.S. Held on

Introduction: Understanding Fidelity Investigations - Fidelity / Crime / Financial Institution Bonds, in a general sense, cover an insured from the willful theft of property, money, and securities by one of their employees...more

Bradley Arant Boult Cummings LLP

FinCEN Issues Final Rule Requiring Private Companies to Report Ownership

On September 29, 2022, the United States Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule requiring millions of private companies to report their ownership to the United States...more

White & Case LLP

Mexico: New defense procedure against inclusion in Blocked Persons List

White & Case LLP on

On March 11, 2022, a reform to the Mexican Banking Law (Ley de Instituciones de Crédito) was published in the Federal Official Gazette (Diario Oficial de la Federación) in order to provide a new procedure for the defense of...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #80: Compliance with PTE 2020-02: Insurance Distribution Issues (Part 2)

The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs - Key Takeaways - ▪️ The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice. ▪️ In FAQ 18, the DOL...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #79: Compliance with PTE 2020-02: Insurance Distribution Issues (Part 1)

The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs - Key Takeaways - ▪️ The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice. ▪️ In FAQ 18, the...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #78: Compliance with PTE 2020-02: Mitigation of Incentive Effects of Payout Grids...

The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice. In FAQ 17, the DOL discusses both the implications of payout grids and mitigation techniques to minimize...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #57

The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs - This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Securities and Exchange Commission Request for Public Input on Climate Change Disclosures: International Capital Market...

The International Capital Market Association (“ICMA”) submitted June 15th comments to the Securities and Exchange Commission (“SEC”) in response to a request for public input on current potential regulation of climate change...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #54

The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: An Overview - This article is an overview of the requirements of PTE 2020-02. It discusses the expanded fiduciary definition, the conditions in the PTE, and the...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #45

On February 16, 2021, the DOL’s prohibited transaction exemption (PTE) 2020-02 became effective. The PTE is titled “Improving Investment Advice for Workers & Retirees.” It allows investment advisers, broker-dealers, banks,...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #40

On December 18, 2020, the DOL issued its final prohibited transaction exemption (PTE) that permits investment advisers, broker-dealers, banks and insurance companies, and their representatives, to receive conflicted...more

Goodwin

SEC Releases 2021 Examination Priorities

Goodwin on

In this Issue. The U.S. Securities and Exchange Commission (SEC) Division of Examinations released its 2021 Examination Priorities and issued a risk alert noting that “Digital Asset Securities” entail characteristics and...more

Eversheds Sutherland (US) LLP

A Cybersecurity Storm and Winds of Change: NY DFS requires all New York financial institutions to report effects of SolarWinds...

The massive SolarWinds security breach, which affected not only the private sector, but federal, state and local governments, has caused some to question whether to share data with the government. On Friday, December 18, the...more

Eversheds Sutherland (US) LLP

The heat is on - Regulators step up pressure to implement LIBOR transition plans

Regulators are increasing pressure on financial institutions to demonstrate that they are proactively addressing the transition away from LIBOR.  On December 23, 2019, the New York State Department of Financial Services...more

Eversheds Sutherland (US) LLP

Update – Who’s calling the Hoosiers? Indiana’s amended telephone solicitations law unlikely to apply to broker-dealers and...

On September 24, 2019, in response to a request for clarification by certain industry groups, the Indiana Attorney General’s Office issued a Memorandum of Legal Guidance (the “MLG”) confirming that the amendments to the...more

Eversheds Sutherland (US) LLP

FinCEN demystifies risk-focused Bank Secrecy Act/anti-money laundering supervision

Last week, the Financial Crimes Enforcement Network (FinCEN) and its regulatory partners issued a joint statement in an effort to increase transparency around risk-focused Bank Secrecy Act/anti-money laundering supervision....more

White and Williams LLP

South Carolina’s New Insurance Data Security Act: Pebbles Before a Landslide?

White and Williams LLP on

The ramp-up of cybersecurity regulation, albeit in a patchwork fashion through state-level legislation, has begun. On May 18, 2018, South Carolina enacted the Insurance Data Security Act (Act), becoming the first state to...more

Proskauer on Privacy

New York Department of Financial Services Provides Guidance on Cybersecurity Regulation; Colorado Financial Regulator Proposes...

Proskauer on Privacy on

In April 2017, the New York Department of Financial Services (the “DFS”) released guidance on interpreting 23 NYCRR Part 500, its recently promulgated regulation that requires banks, insurance companies and other financial...more

Carlton Fields

FINRA Seeks Clean Sweep of Abusive Cross-Selling Practices

Carlton Fields on

In late October, the Financial Industry Regulatory Authority (FINRA) announced a sweep examination of broker-dealers targeting cross-selling programs similar to those that recently resulted in Wells Fargo’s payment of an $185...more

Proskauer Rose LLP

2016 Proskauer Annual Review and Outlook for Hedge Funds, Private Equity Funds and Other Private Funds

Proskauer Rose LLP on

This special report provides a summary of some of the significant changes and developments that occurred in the past year in the private equity and hedge funds space, as well as certain recommended practices that investment...more

Burr & Forman

DOL Hearings Debate “Fiduciary Duty” not “Suitability” Standard for Retirement Accounts

Burr & Forman on

The U.S. Department of Labor (“DOL“) recently heard public comment to its proposed regulatory changes implementing a fiduciary duty on any individual receiving compensation for advice tailored to a plan sponsor, participant...more

Goodwin

Financial Services Weekly News Roundup - April 2015 #5

Goodwin on

Ninth Circuit Denies Rehearing of Northstar v. Schwab. On April 28, the U.S. Court of Appeals for the Ninth Circuit denied the petition of Schwab Investments’ (Schwab) for rehearing and rehearing en banc in the case of...more

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