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Prohibited Transactions Banks

Troutman Pepper Locke

Financial Transactions Related to Russian Energy Now Prohibited: Expiration of OFAC ‎General License 8L

Troutman Pepper Locke on

On March 12, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) allowed General License (GL) 8L under the Russian Harmful Foreign Activities Sanctions Regulations to expire. As a result, broad OFAC...more

K&L Gates LLP

QPAM Amendments Impact on CITs: What Banks and Their Advisers Need to Know

K&L Gates LLP on

Effective 17 June 2024, the US Department of Labor (DOL) adopted comprehensive amendments to Prohibited Transaction Exemption (PTE) 84-14, also known as the “QPAM exemption” (Exemption)....more

NAVEX

Staying Ahead of Sanctions – What You Need to Know to Maintain Compliance

NAVEX on

The threats posed by Russia to the Ukraine, and the worldwide implications, are deeply concerning and we denounce the invasion of the Ukraine by Russia and hope that this crisis can be resolved quickly through diplomacy. ...more

White & Case LLP

New EU sanctions with asset freezes, tightened capital market sanctions and broad trade restrictions; UK asset freezes and details...

White & Case LLP on

On 28 February 2022, the European Union ("EU") adopted its third package of sanctions against Russia, imposing asset freezes on various Russian businesspersons active in the oil, banking and finance sectors, while closing off...more

McDermott Will & Emery

European Union Imposes Additional Sanctions on Russia and Belarus

On 24 and 25 February 2022, the European Union (EU) imposed additional extensive sanctions on Russia—and new ones on Belarus—in response to the Russian invasion of Ukraine. In this On the Subject, our trade and sanctions team...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

McDermott Will & Emery

Department of Labor Exemption Impacts Investment Advice Fiduciaries

McDermott Will & Emery on

The US Department of Labor (DOL) recently issued guidance concerning a new exemption under the prohibited transaction provisions of the Employee Retirement Income Security Act of 1974 (ERISA) in connection with the provision...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

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 #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

White & Case LLP

Regulator prohibits use of transaction data for marketing purposes

White & Case LLP on

The Dutch Data Protection Authority has written to the Dutch Banking Association to state that processing customers' transaction data for direct marketing purposes may not be in compliance with the General Data Protection...more

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