Finance & Banking News

Legal intelligence from leading lawyers and law firms

On July 30, Fannie Mae announced in Selling Guide Announcement SEL-2013-05 significant revisions to its Lender Quality Control Requirements, including specific requirements related to lender’s ongoing quality control (QC) assessment of loan…
By: BuckleySandler LLP

 
FERC Accuses BP of Market Manipulation
On August 5, 2013, the Federal Energy Regulatory Commission (FERC) issued an Order to Show Cause and Notice of Proposed Penalty, directing BP America Inc., BP Corporation North America Inc., BP America Production Company, and BP Energy Company…
By: Akin Gump Strauss Hauer & Feld LLP
CFPB Offers Potential Benefits If You Turn Yourself In, But Make Sure You Understand Your Options
Brownstein Hyatt Farber Schreck’s past Client Alerts have warned that the Consumer Financial Protection Bureau’s reach touches virtually every company that has any interaction with consumers. A recent Bulletin issued by the CFPB does nothing to cede…
By: Brownstein Hyatt Farber Schreck
CFPB issues response guidance for complaint system’s company portal
Companies logging on to the CFPB’s company portal recently discovered that the CFPB had posted new “Response Guidance.” The guidance supplements the CFPB’s Company Portal Manual which describes the operation of the online portal used by companies to…
By: Ballard Spahr LLP
Financial Services and Markets Act 2000 Order 2013 Published in UK
The Order, which amends the existing Financial Services and Markets Act 2000 (Regulated Activities) Order (SI 2001/544), specifies additional activities which from April 1, 2014 will become “regulated activities” for the purposes of the Financial…
By: Orrick – Structured Finance Group
The New Rule 506: a Useful Crowdsourcing Tool
When the JOBS Act was passed in the spring of 2012, all the “buzz” was about the imminent advent of “Crowdfunding.” But as legal practitioners, business persons, and pundits looked closer at the details under the Crowdfunding rules contained in Title…
By: Mintz Levin – Venture Capital & Emerging
Canadian (and U.S.) Investment Funds Face New Risk of Pension Liability – What’s Keeping Fund Sponsors up at Night
The Issue: Commonly controlled trades or businesses are jointly and severally liable for pension liabilities under the U.S. Employee Retirement Income Security Act (ERISA)….
By: Osler, Hoskin & Harcourt LLP
Best Practices for Investment Advisers on Trade Execution: An Analysis of Two Recent SEC Settlements
On July 31, 2013, the U.S. Securities and Exchange Commission (SEC) announced that two investment advisers allegedly failed to seek best execution on client trades placed with their in-house brokerage divisions and misled their clients….
By: BakerHostetler
Securing Patent Value for Israeli Medical Technology Companies
Israel is a leader in medical technology and life sciences innovation. Though the life sciences industry in Israel is young, it is growing fast: in the last 15 years the industry has expanded from just over 180 life sciences companies in 1996 to over…
By: White & Case LLP
CFPB issues new report on private student loan complaints
The CFPB has issued a “Mid-year snapshot of private student loan complaints” that discusses issues raised in the 2,002 complaints the CFPB received from October 2012 through March 2013….
By: Ballard Spahr LLP
TRANSACTIONAL: Upstream Developments – Russia: Russian Offshore: Addressing the Risk
The development of the Russian shelf is essentially reserved to state-owned Rosneft and Gazprom (and their affiliates). Under Russian law, oil and gas deposits located on or extending into the continental shelf of the Russian Federation may be used…
By: King & Spalding
New federal student loan rates create TILA compliance challenges
Last week, in a move intended to lower interest rates on federal student loans, the U.S. House of Representatives passed the Bipartisan Student Loan Certainty Act, which had previously been passed by the Senate….
By: Ballard Spahr LLP
Appellate Law — Aug 06, 2013
In an opinion issued late last week, the California Supreme Court interpreted the Unfair Competition Law, Cal. Bus. & Prof. Code § 17200 et seq. (the “UCL”), to allow a UCL unlawfulness claim based on a “borrowed” federal law, even though Congress…
By: Manatt, Phelps & Phillips, LLP
The District Court’s ruling in State National Bank of Big Spring v. Lew
When the State National Bank of Big Spring case challenging the constitutionality of several titles of the Dodd-Frank Wall Street Reform & Consumer Protection Act (“Dodd-Frank”) was originally filed in June 2012, I immediately identified its…
By: Ballard Spahr LLP
ESMA Publishes Opinion on Late Transposition of AIFMD
On August 1, the European Securities and Markets Association (ESMA), published an Opinion (ESMA/2013/1072) containing practical arrangements to address the issue of late transposition of the Alternative Investment Fund Managers Directive (2011/61/EU)…
By: Orrick – Structured Finance Group
July 2013: Structured Finance Litigation Update – New York’s Evolving Reasonable Reliance Standard.
Among the more hotly contested issues facing structured finance investors and insurers bringing fraud claims in New York is the requirement that plaintiffs establish that they reasonably relied upon the alleged fraudulent misrepresentations….
By: Quinn Emanuel Urquhart & Sullivan, LLP
CFTC Grants Relief to CTAs and IAs from Swap Block Trade Aggregation Prohibition
The Commodity Futures Trading Commission’s Division of Market Oversight has issued no-action relief from the prohibition in CFTC Regulation 43.6(h)(6) on the aggregation of orders for different accounts to satisfy minimum block size or cap size…
By: Katten Muchin Rosenman LLP
DOJ confirms investigation of private student loan SCRA violations
As we reported, in the CFPB’s “Mid-year snapshot of private student loan complaints” on complaints the CFPB received from October 2012 through March 2013, one of the top servicing issues reported by consumers was the continued difficulty experienced…
By: Ballard Spahr LLP
Agencies Seek Comment on Dodd-Frank Act Stress Test Guidance for “Medium-sized” Banking Firms
On July 30, three federal bank regulatory agencies, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency (Agencies), sought comment on proposed guidance…
By: Katten Muchin Rosenman LLP
Banking industry trade groups oppose expansion of Military Loan Act coverage
Six banking industry trade groups, including the American Bankers Association, the Consumer Bankers Association and the Financial Services Roundtable, have sent a comment letter responding to a Department of Defense (DOD) advanced notice of proposed…
By: Ballard Spahr LLP
Georgia Attorney General Latest To Sue Tribe-Affiliated Online Payday Lender
On July 29, Georgia Attorney General (AG) Sam Olens announced a lawsuit against a payday lending operation affiliated with a Native American Tribe for allegedly making illegal loans in that state….
By: BuckleySandler LLP
Eleventh Circuit Affirms TILA’s Safe Harbor Exception Applies To Servicer Seeking To Foreclose
On July 29, the U.S. Court of Appeals for the Eleventh Circuit held that a mortgage servicer moving to foreclose on borrowers pursuant to an assignment from the lender’s nominee was exempt from TILA’s debt ownership disclosure requirements. Reed v….
By: BuckleySandler LLP
Public-Private Partnerships In Unlikely Places
P3s Help Expedite Infrastructure Projects – We have recently written about P3s being used in South Florida to construct large-scale public facilities on an expedited basis and at a reduced cost to the public….
By: Bilzin Sumberg Baena Price & Axelrod LLP
FCA Launches Consultation on Implementation of CRD IV
On July 31, the UK’s Financial Conduct Authority (FCA) published a consultation paper on proposals for implementing CRD IV for investment firms (CP13/6)….
By: Orrick – Structured Finance Group
Non-U.S. broker-dealers and investment advisers may have U.S. registration requirements when existing clients relocate to the United States
The SEC recently reminded non-U.S. broker-dealers and advisers with clients that relocate to the United States that they may be required to register under the U.S. securities laws. On July 31, 2013, the SEC sanctioned a Netherlands-based bank for…
By: Morrison & Foerster LLP – Broker-Dealer
To The Barricades! (Again)
Out of the dimensionless emptiness of the information vacuum surrounding Dodd-Frank risk retention that enveloped us early this year, the word is now spreading, through what you might charitably describe as informal communications (leaks), that the…
By: Dechert LLP
New York Appellate Court Clarifies Fidelity Bond “Direct Loss” Requirement
In a unanimous July 16th decision, the New York Appellate Division held that MF Global, Inc.’s loss sustained on account of the commodities trading activities of its employee was a “direct financial loss” under MF Global’s fidelity insurance bonds,…
By: K&L Gates LLP
Marketing Investment Management Services to Public Retirement Systems: Complying with Applicable Laws and Regulations
It is well-known that high-profile jurisdictions such as California and New York City have in certain instances placed lobbyist registration requirements on investment managers that solicit investment advisory business from state and local entities…
By: Katten Muchin Rosenman LLP
There Is No Such Thing as Free 401(k) Administration
Ringling Bros. and Barnum & Bailey Circus has been around for more than a century and it proclaims itself to be the “Greatest Show on Earth”. In 1985, the Greatest Show on Earth presented a living unicorn. Of course, the problem was that a unicorn…
By: Ary Rosenbaum
Federal Court Dismisses In Part Putback Claims Against Deutsche Bank
On July 23, Judge Robert W. Sweet of the United States District Court for the Southern District of New York dismissed in part a suit asserting putback claims against Deutsche Bank….
By: Orrick – Structured Finance Group
INTERPOL Red Notices- Is the UAE still using INTERPOL for civil collection purposes?
In a recent post, I addressed the issue of companies in the United Arab Emirates using INTERPOL’s channels to enforce civil debts. As discussed there, it seemed for a time that the UAE had changed course and was no longer utilizing INTERPOL Red…
By: The Law Office of Michelle A. Estlund, P.A.
First Circuit Finds that a Private Equity Fund Can Be Liable for the Pension Obligations of its Portfolio Company
In Sun Capital Partners III, L.P. et al. v. New England Teamsters & Trucking Industry Pension Fund, No. 12-2312, 2013 WL 3814985 (1st Cir. July 24, 2013), the First Circuit held that a private equity fund could be liable for its bankrupt portfolio…
By: Sheppard Mullin Richter & Hampton LLP
CFTC Issues Cross-Border Swaps Regulation Guidance and Exemptive Order
The U.S. Commodity Futures Trading Commission (“CFTC”) recently approved and issued its eagerly anticipated: i. final interpretive guidance and policy statement on the cross-border application of the swap regulation provisions of the U.S….
By: Dechert LLP
U.S. Department of Labor Provides a Reminder to Plan Sponsors and Committees of Certain Fiduciary Responsibilities
Some mutual funds (and possibly other funds) that are made available by a 401k plan for investment by its participants may make payments to the plan’s record-keeper (and perhaps other service providers) for certain services in connection with the…
By: Epstein Becker & Green, P.C.
ATM Accessibility Class Actions Make Their Way to Middle Tennessee
On August 5, 2013, seven class action lawsuits were simultaneously filed against separate banks and credit unions in Middle Tennessee, alleging that the defendants’ ATMs failed to comply with the Americans with Disabilities Act (ADA)….
By: Butler, Snow, O’Mara, Stevens and Cannada,
FinCEN Introduces New Form For Authorizing FBAR Filing By Spouses And Third Parties
On July 29, FinCEN released a new form for filers who submit Reports of Foreign Bank and Financial Accounts (FBARs) jointly with spouses, or who wish to submit them via third-party preparers….
By: BuckleySandler LLP
Joint Release on Stress-Test Guidance
On July 30, the FDIC, Fed and OCC released a request for comment on proposed guidance describing supervisory expectations for stress tests required by the Dodd-Frank Act to be conducted on medium-sized financial companies (with total consolidated…
By: Orrick – Structured Finance Group
ABA and MBA ask CFPB to reconsider coverage of business credit in ECOA appraisal rule
The American Bankers Association and the Mortgage Bankers Association have sent a letter to the CFPB asking it to reconsider the applicability of the final Equal Credit Opportunity Act (ECOA) appraisal rule to business credit….
By: Ballard Spahr LLP
CFPB Plans Study Of Bundled Financial Products
Today, the CFPB published a notice indicating that it will review bundled financial products and services….
By: BuckleySandler LLP
FINRA Actions and the Due Diligence Obligations of Broker-Dealers in Private Placements
Private placements and the due diligence obligations of broker-dealers in such transactions have recently come under increased scrutiny from FINRA as part of a broader trend reflected most notably in the filing requirements for private placements…
By: Morrison & Foerster LLP – JOBS Act
Rating Agency Developments – August 06, 2013
On August 2, Fitch released its criteria for the rating of distressed debt exchanges. On August 1, Fitch released its criteria for the use of lenders’ mortgage insurance (LMI) in RMBS transactions….
By: Orrick – Structured Finance Group
What You Need to Know About Soliciting Fund Investors in Canada — Volume 1, Number 4 – August 6, 2013
Investment funds and their managers need to be aware of special rules in Canada that can require the manager to register as an investment fund manager if there are Canadian investors in a fund that it manages. This registration requirement can be…
By: Osler, Hoskin & Harcourt LLP
New SEC Rules
On July 10, 2013, the Securities and Exchange Commission: Approved final rules eliminating the prohibition against general solicitation and general advertising in connection with certain private offers and sales of securities in which sales are…
By: Greenberg Glusker Fields Claman & Machtinger
UK Electricity Market Reform update: overview
Background – The UK government’s Electricity Market Reform (EMR) programme represents the single biggest change to this country’s electricity market in a generation….
By: Reed Smith
SEC Amends Rules 506 and 144A to Permit General Solicitation and Advertising in Unregistered Securities Sales
As directed by the Jumpstart Our Business Startups (JOBS) Act, enacted in 2012, the Securities and Exchange Commission recently adopted amendments to Securities Act Rules 506 and 144A, to permit general solicitation and advertising in connection with…
By: Loeb & Loeb LLP
California City Sets Ultimatum For Eminent Domain Action
On July 29, the California city of Richmond reportedly sent letters to the owners and servicers of the mortgages on 626 homes in the city, informing those entities that if they do not accept the city’s offer to purchase the mortgages, the city will…
By: BuckleySandler LLP
CFPB proposes new information collections
The CFPB has proposed a new generic information collection clearance for its consumer complaint system and a new information collection related to its financial literacy initiatives….
By: Ballard Spahr LLP
Summaries of Administrative Appeals Office EB-5 Decisions Posted for 2012
Below are my summaries of the 2012 EB-5 AAO decisions recently posted by USCIS, which can be a accessed from http://www.uscis.gov > Administrative Decisions and choosing the “Folders” for B7 and K1….
By: Baker, Donelson, Bearman, Caldwell &
Accounting for Sustainability
A number of U.S. states have created new corporate forms that let companies focus on sustainability and other social goals, as well as shareholder value. Now, we are seeing the “logical next step” in corporate sustainability, says Morrison & Foerster…
By: MoFo Tech

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Brazilian FCPA-Equivalent Signed Into Law On August 1, 2013, amid mounting pressure from disgruntled sectors of the Brazilian society and unrelenting street demonstrations across the country’s largest cities – not to mention historic low approval ratings – President Rousseff signed into law…
By: Akerman Senterfitt
August 2013
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