U.S. regulators just took the fight against bribery and corruption to a new arena: Wall Street. Attorneys John Goselin and Mauro Wolfe of Duane Morris explain: “On May 7, 2013, the U.S. Attorney’s Office for the Southern District of New York unsealed extraordinary criminal charges against two registered representatives of a U.S. broker-dealer and a… Read more »
Briefcase? Check. Coffee? Check. JD Supra Corporate Brief? Check. Let the commute begin! The draft “Gang of Eight” immigration bill proposes higher limits on foreign workers in exchange for more regulation of employers (but that’s not all…) (Franczek Radelet) Should insider traders be punished for their actions, or for the profits they made through the… Read more »
Do business in Europe? Here’s a roundup of recent commentary and analysis on conducting business in Europe, including REACH regulations, patent classification, taxation, mobile apps, dawn raids, and more: Some clarification regarding challenges to REACH candidate listing (K&L Gates LLP): “In a series of recent judgments the EU General Court has given some guidance to companies… Read more »
In mid-January, federal regulators published a final rule implementing new appraisal requirements for higher-priced mortgage loans. The new regulation, – authored by the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the National Credit Union Administration, and the Office of the Comptroller of the Currency –… Read more »
The business community as a whole can expect President Obama’s second term to be one of most intense periods of regulatory activity in nearly 40 years. But the health care, energy, and financial services industries will be the hardest hit. From law firm Venable: “Several themes will shape the regulatory process over the next four… Read more »
What’s the going punishment for laundering drug money? If you’re one of the world’s largest banks, it’s about six weeks’ worth of earnings and no jail time for your executives. Not too bad for committing a felony, no? Iowa Senator Charles Grassley and the former Inspector General of the Treasury Department’s Troubled Assets Relief Program… Read more »
From Bloomberg Law, a discussion with Tangent Capital Partners’ Chris Whalen and Fusion IQ’s Barry Ritholtz – “two of the brightest guys in the business” according to host Lee Pacchia – on the subject of reform in the multi-trillion dollar derivatives market. The money quotes (and there are many): “[The derivatives market] is not just… Read more »
“Foreign exchange (FX) swaps, the second largest derivatives trading market, [have] been exempted from Dodd-Frank regulation by the U.S. Treasury. Though some Democratic legislators criticized the move, the Treasury went forward with the exemption citing the high-levels of risk management inherent in FX trading. ‘Unlike other derivatives, FX swaps and forwards already trade in a… Read more »
“The FSOC’s proposals also set the stage for fresh tension between a vocal group of regulators, who feel that despite limited reforms in 2010, money market funds are still vulnerable to havoc-wreaking asset runs, and the fund industry, which has devoted significant public-relations efforts to arguing that reform would harm investors by making money market… Read more »
Financial reform is a hot issue in this year’s presidential race (no surprise, of course) – but while the candidates duke it out on the finer points of how they would handle matters, Dodd-Frank marches on. The latest? Regulations on the independence of compensation committees at companies listed on the nation’s two largest stock exchanges.… Read more »
“MR. LEHRER: You want to repeal Dodd-Frank? MR. ROMNEY: Well, I would repeal it and replace it.” (New York Times) The Dodd–Frank Wall Street Reform and Consumer Protection Act, both criticized and praised by Republican presidential candidate Mitt Romney in last night’s inaugural presidential debate, was passed in 2010 purportedly to end the practices that… Read more »
Earlier this month, the European Commission published its legislative proposal outlining the creation of a single supervisory mechanism that will allow the European Central Bank (ECB) to supervise Eurozone banks. The move would give the ECB broad-reaching powers normally held by national regulatory authorities to police banks throughout the region, laying the groundwork for a… Read more »
Earlier this month, President Obama signed into law the Iran Threat Reduction and Syria Human Rights Act of 2012. From law firm Skadden Arps: “The Act is the U.S. government’s latest response to Iran’s illegal nuclear program and the situation in Syria, and it reflects an intensified effort to counter perceived efforts by non-U.S. companies… Read more »
For your reference, a roundup of recent legal advisories on a broad range of issues facing companies doing business in and with Hong Kong: Legal and Regulatory Issues in Hong Kong PIPE Transactions (Skadden, Arps, Slate, Meagher & Flom LLP): “Private investment in public equity (or PIPE) transactions are an increasingly common source of funding… Read more »
Earlier this month, the Federal Financial Institutions Examination Council (FFIEC) – an interagency body of the U.S. government charged with standardizing federal examination of financial institutions – issued a statement on the risks of outsourced cloud computing for banks and other entities. It’s the first regulatory guidance for financial institutions on the specific risks associated… Read more »
