Cadwalader Cabinet General Counsel

E=MC Squared

October 30, 2020 17:48 - 4 minutes - 6.64 MB

SEC officials describe complex products and risks they pose to investors. NYDFS promotes integration of climate change-related financial risks into financial services industry. OCC adopts rule to determine "true lender" of loan. FINRA proposes to add retail communications to private placement filing requirements. CFTC clarifies recognition of cooperation, self-reporting and remediation in enforcement orders. SEC proposes replacing an exemption for portfolio margining of credit default swaps ...

And the 40-Year Review Is Concluded

October 29, 2020 18:14 - 2 minutes - 3.64 MB

SEC adopts final rule on investment companies' use of derivatives. Trade groups support CFTC-proposed amendments to uncleared swap margin rules. Banking agencies adopt revisions to regulatory capital rule and liquidity coverage ratio rule. Broker-dealer settles FINRA charges for disclosure and reporting failures. SEC division of corporation finance director to step down.

Cold Comfort

October 29, 2020 03:04 - 2 minutes - 2.95 MB

CFTC Chair Tarbert limits authority of staff to grant relief. CFTC and SEC establish program to enhance coordination on bad actor exemption disqualifications. OFAC updates general license authorizing certain transactions with Iran-related entities. OFAC prohibits remittance transaction processing by Cuban military entities.

They Learned a Lesson

October 27, 2020 23:55 - 2 minutes - 3.94 MB

School for day trading settles SEC charges for offering security-based swaps. FinCEN and FRB propose lower threshold for recordkeeping and travel rules. CFPB seeks feedback on consumer access to financial Records. OFAC adds Russian entity to SDN list. SEC IM Chief Accountant highlights recent staff guidance. FINRA proposes amendments to by-laws on NAC member removal. IRS finalizes foreign partnership withholding regulations.

Lender Bender

October 27, 2020 12:09 - 2 minutes - 3.97 MB

SEC issues warning to broker-dealers on borrowing from fully paid lending programs. SEC sanctions adviser for overcharging management fees. SEC and CFTC seek feedback on portfolio margining. SEC Investment Management Division Director looks to modernize rules for small fund sponsors. NYDFS approves conditional Bitlicense for PayPal. Overview of the ISDA IBOR fallbacks supplement and protocol. Caymans removed from EU blacklist.

Cutting Ties

October 23, 2020 10:30 - 1 minute - 2.29 MB

Banking agencies discourage interconnectedness of large banks. Bitcoin “mixer” operator penalized by FinCEN for AML violations. Broker-dealer settles FINRA charges for inaccurate expense reporting. CFTC alternative compliance mechanism for non-U.S. DCOs published in Federal Register.

You Can Get There from Here

October 22, 2020 11:34 - 1 minute - 2.53 MB

CFTC and Bank of England enter agreement on clearing supervision. FRB Vice Chair for Supervision describes non-bank financial institutions vulnerabilities. FSB provides timeline for firms to transition from LIBOR. FINRA includes customers’ age and health consideration in sanctions guidelines. Multinational holding company settles OFAC charges for Iranian sanctions violations.

More Power to You

October 21, 2020 13:17 - 2 minutes - 2.83 MB

SEC Commissioner Peirce urges SEC to reconsider meaning of terms "facility" and "exchange.” FINRA proposes further extension of pilot program on "clearly erroneous transactions.” FDIC promotes investment partnerships with "mission-driven banks.” Broker-dealer and representative settle FINRA charges for inaccurate expense reporting. FRB seeks input on modernizing the Community Reinvestment Act. Delaware Supreme Court reaffirms primacy of market evidence in determining fair value in appraisal ...

Why Drive When You Can Walk?

October 16, 2020 03:54 - 2 minutes - 3.94 MB

An auto financing company settled CFPB charges for "wrongful repossession" practices, Shenzhen issues 10 million digital yuan (or approximately $1.47 million) in a pilot program, and more in today's podcast.

I Know a Guy Who Knows a Guy

October 13, 2020 03:45 - 2 minutes - 4 MB

SEC proposes exemption from broker-dealer registration for small finders. SEC updates regulatory framework for fund of funds arrangements. SEC issues new FAQ on reporting disciplinary history on Form CRS. ISDA sets IBOR fallbacks supplement and protocol launch date. Bank of Japan to conduct "experiments" on central bank digital currency. Bank settles OCC charges for "vendor management control deficiencies.” Firm settles FINRA charges for MSRB reporting violations. SEC expanded definitions of...

Do You Know What You Are Doing?

October 09, 2020 02:02 - 3 minutes - 5.24 MB

FINRA proposes longer hold periods to combat suspected financial exploitation of seniors. SEC staff reports on the safety of the clearing agencies. CFTC amends CPO reporting requirements. NFA amends code of arbitration and member arbitration rules. NFA reminds registrants of expiration of relief from fingerprinting requirements. SEC charges cybersecurity entrepreneur for fraudulently touting ICOs. CFTC enforcement director moves on.

It Could Have Been Worse

October 08, 2020 11:26 - 1 minute - 2.63 MB

SEC reports on U.S. credit market performance in light of Covid-19 pandemic. MSRB proposes updates to by-laws to reflect recent action on board governance. NYDFS Superintendent highlights efforts on climate change.

Fallbacks Can Spring Forward

October 07, 2020 03:09 - 3 minutes - 5.13 MB

DOJ completes review of ISDA IBOR fallbacks. CFTC Commissioner offers recommendations to address climate-related financial risk. House Financial Services Committee Chair urges SEC to rescind proposed reporting amendments. FRB proposes amendments to capital planning requirements. ISDA considers further alignment between derivatives and securities finance markets. U.S. travel company settles OFAC charges for Cuba sanctions violations. FINRA proposes fee increases.

Forgiveness or Permission

October 06, 2020 03:02 - 2 minutes - 3.84 MB

FinCEN and OFAC warm of increased ransom ware risk. CFTC charges crypto-derivatives platform with trading and AML violations. NFA provides relief from on-site inspection requirement. Broker-dealer settles SEC charges for short sale order marking violations. Trust company settles SEC charges for registration failures. CFTC requests nominations for new agricultural advisory subcommittee.

Bad Times Make for Bad Actors

October 02, 2020 11:21 - 2 minutes - 2.95 MB

FinCEN Director recaps agency response to COVID-19. SEC proposes regulation on government securities ATSs. CFTC extends no-action relief from OCR reporting obligations. Automobile company settles SEC charges for misleading disclosures. Regulators adopt final rule deferring real estate appraisal requirements. OFAC adds Syrian entities to SDN list.

Cyber Sherlock

October 01, 2020 02:43 - 1 minute - 2.66 MB

Two public companies settle SEC charges for EPS disclosure violations. Investment bank settles SEC and CFTC charges for spoofing. ESMA to recognize three UK CCPs.

What Is the Good?

September 30, 2020 10:48 - 2 minutes - 3.1 MB

SEC Commissioner Peirce cautions against prescriptive approach to ESG. Gaming company settles SEC charges for sales of unregistered tokens. FSOC review proposed regulatory framework for secondary mortgage market. OFAC extends authorization of “wind down” transactions for certain Chinese entities.

Double Dealing

September 29, 2020 03:36 - 2 minutes - 3.14 MB

Executives settle SEC insider trading charges and two-time penalties. CFTC and thirty states bring precious metals fraud action. FINRA proposes shutting down the OTC bulletin board service. FCM and IBs settle CFTC charges for net capital deficiencies. Manufacturer settles OFAC charges for violations of Iran sanctions.

And It Would Save Trees

September 26, 2020 00:38 - 2 minutes - 2.99 MB

Financial associations urge SEC to "modernize" regulatory communications. ISDA outlines timetable for IBOR fallbacks protocol and supplement. New Executive Order imposes further sanctions on Iran. OFAC adds new prohibitions to Cuban assets control regulations. British and American financial industry representatives call for cross-border cooperation. CFTC supplements bankruptcy proposal. IRS issues final regulations on transfers of partnership interests.

Hold Your Peace

September 25, 2020 02:06 - 2 minutes - 3.89 MB

SEC adopts amendments to shareholder proposal rule. SEC Director Stephanie Avakian highlights record on enforcement. FINRA proposes amendments to codes of arbitration. FINRA seeks comment on procedures to address qualification exam misconduct. FINRA Foundation researchers find correlations between financial confidence and cognitive health. IRS challenges qualified dividend treatment.

Less Gives Way to More

September 24, 2020 03:10 - 2 minutes - 4.05 MB

FTC proposes changes to Hart-Scott-Rodino requirements. Fed seeks input on modernizing the Community Reinvestment Act. OCC concludes national banks have authority to hold stablecoin reserves. IOSCO adopts guidance on conflicts of interest in debt capital markets transactions. DOJ and SEC charge senior index manager for insider trading. SEC Chair Jay Clayton highlights enforcement program success. FINRA Executive Vice President to step down.

Don't Call; Don't Write

September 23, 2020 00:50 - 2 minutes - 3.66 MB

Telecom company settles IFAC charges for apparent violations of Sudanese sanctions. Broker-dealer settles charges for failure to supervise trades of non-traditional ETPs. CFTC Chair and European Commission EVP comment “refreshing” efforts on clearing framework. FTC solicits comment on proposed Fair Credit Reporting Act rule changes. Technical corrections for updated calculation of derivative contract exposure amounts.

The ABCs of AML

September 20, 2020 19:11 - 2 minutes - 3.57 MB

FinCEN solicits comment on enhancing AML programs. CFTC staff revised margin treatment for separate accounts. SEC adopts additional requirements to publish quotations on OTC securities. FASB seeks comment on proposed changes for the 2021 SEC reporting taxonomy. CFTC adopts final swap data reporting amendments. SEC proposes amendments to strengthen EDGAR administration.

This Is Not about My Resume

September 18, 2020 03:02 - 1 minute - 2.52 MB

OCIE warns of "credential stuffing.” SEC enforcement trends: accounting and financial disclosures. CFTC staff grants relief to "dormant" swap execution facility. NFA extends COVID-19 recordkeeping relief. SEC reports on its small business forum. Regulatory tracker: September 16 to September 30.

Keep Working from Home

September 17, 2020 03:06 - 1 minute - 2.72 MB

CFTC staff extends COVID-19 related no-action relief for SEFs and DCMs. CFTC DSIO grants relief for capital treatment of DTLs by FCMs. Assistant Attorney General describes "New Madison" approach to antitrust and intellectual property law. SEC adopts rule expediting routine requests for exemptive relief. CFTC adopts capital, liquidity and related requirements for swap dealers.

No Safe Spaces

September 16, 2020 02:45 - 2 minutes - 3.21 MB

FinCEN adopts proposal to expand CIP and AML requirements. SEC charges celebrities for participation in fraudulent ICOs. OMB provides guidance on enforcement section of COVID-19 related executive order. CFTC adopts new cross-border rules for SDs and MSPs.

FINRA Finds Evidence of Dunning-Kruger Effect

September 15, 2020 02:18 - 1 minute - 2.72 MB

FINRA study considers relationship between overconfidence and financial literacy. SEC updates statistical disclosure requirements for banking registrants. ARRC updates swaption recommendations. DOJ charges North Korean and Malaysian nationals with sanctions violations. Financial institution settles OFAC charges for Ukraine sanctions violations.

Just How Bad Was It?

September 11, 2020 21:06 - 1 minute - 2.43 MB

CFTC Division of Enforcement provides staff guidance on evaluating compliance programs. FIA offers guidelines for Market Abuse Regulation surveillance requirements. FCA proposes amendments to Farm Credit System capital requirements. The Cadwalader Cabinet General Counsel daily podcast gives legal and compliance professionals a 3-minute rundown of emerging developments in financial regulation. To learn more, visit www.cadwalader.com/thecabinet.

Just Warming Up

September 11, 2020 11:46 - 2 minutes - 3.16 MB

CFTC advisory committee recommends regulatory actions to address climate risk. CFPB charges debt collectors with violations of federal consumer finance law. SEC amends guidance for companies with expiring confidential treatment orders.

Let's Put It to a Vote

September 10, 2020 02:44 - 1 minute - 2.3 MB

Justice Department revises merger remedies guidelines. Investor rights groups urge reopening of comment period on SEC amendments to shareholder proposal rule. GAO recommends enhancements to FDIC risk supervision. Private equity purchasers and SPACs may be “preferred” divestiture buyers under new DOJ guidelines for merger remedies.

States’ Rights

September 05, 2020 00:33 - 1 minute - 2.13 MB

The New York State Department of Financial Services urges the OCC to withdraw "true lender” rule proposal. DOJ updates its Antitrust Division Merger Remedies Manual. SEC finalizes rule governing proxy advisory firms.

Whatever

September 04, 2020 01:40 - 1 minute - 2.26 MB

DOL proposes rule clarifying plan fiduciaries’ proxy voting obligations. Rule clarifying plan fiduciaries’ proxy voting obligations. Two mortgage brokers settle CFPB charges for deceptive advertising. SEC awards $2.5 million to joint whistleblowers. Second Circuit’s Lehman flip clause decision continues the expansion of the Bankruptcy Code safe harbors. The Cadwalader Cabinet General Counsel daily podcast gives legal and compliance professionals a rundown of emerging developments in financ...

Please Send Money Back

September 03, 2020 02:15 - 1 minute - 2.24 MB

Money transfer companies settle CFPB charges for remittance transfer violations. FIA highlights role of derivatives in sustainability efforts. FINRA proposes temporary rule amendments to allow virtual hearings.

Good Kitty

September 02, 2020 11:31 - 2 minutes - 3.11 MB

FINRA outlines supervisory responsibilities for CAT compliance. CFTC staff provides additional LIBOR transition relief. Agencies finalize orderly liquidation rule for covered broker-dealers. The Cadwalader Cabinet General Counsel daily podcast gives legal and compliance professionals a rundown of emerging developments in financial regulation. To learn more, visit The Cabinet

Real Money

September 01, 2020 02:37 - 1 minute - 2.66 MB

DOJ files complaint alleging North Korean cyber actors stole millions in cryptocurrency. ARRC issues updated fallback language for LIBOR-denominated bilateral business loans. FINRA extends deadlines for completion of qualifying examination. CFTC staff extends clearing relief for the European stability mechanism. California company settles charges for the Foreign Corrupt Practices Act violations. The Cadwalader Cabinet General Counsel daily podcast gives legal and compliance professionals a...

Money and Morality

August 28, 2020 21:22 - 2 minutes - 2.87 MB

SEC Commissioner Peirce promotes corporate focus on maximizing value. Company settles SEC charges for material misrepresentations in financial statements.

Smart Enough

August 28, 2020 00:38 - 2 minutes - 3.19 MB

SEC expands definitions of “Accredited Investor” and “Qualified Institutional Buyer”. SEC adopts amendments to public company reporting requirements. SEC provides limited exemptive relief from Reg. SHO requirements due to COVID-19.

Going Digital

August 26, 2020 23:20 - 2 minutes - 3.04 MB

SEC approves registered sale of securities represented by digital tokens. Global IT company settles SEC charges for accounting violations. OCC authorizes closure of banks along U.S. gulf coast.

Cn U Rd the HdLN

August 24, 2020 17:47 - 2 minutes - 2.97 MB

NFA OKs FinCEN customer due diligence FAQ. An FCM settles CFTC charges for net capital rule violations. A bank settles CFPB charges for improper sales practices concerning overdraft protection services.

And Not a Penny More

August 21, 2020 15:00 - 2 minutes - 3.25 MB

SEC requires prior approval on SRO fee increases. ARRC updates LIBOR transition best practices on fallback protocol. FINRA warns members of imposter websites. The Cadwalader Cabinet General Counsel daily podcast gives legal and compliance professionals a rundown of emerging developments in financial regulation. To learn more, visit The Cabinet

An Unleveled Playing Field

August 20, 2020 16:00 - 2 minutes - 3.33 MB

SIFMA seeks to vacate muni advisor BD exemption. ARRC provides transition guidance for adjustable rate mortgages and private student loans. CFPB proposes new category of qualified mortgages. A swap dealer fined for spoofing and business conduct-related violations. SEC names new Deputy Director of Enforcement. The Cadwalader Cabinet General Counsel daily podcast gives legal and compliance professionals a rundown of emerging developments in financial regulation. To learn more, visit The Cabi...

Here's the Stuff That Gets You In Trouble

August 19, 2020 17:40 - 2 minutes - 3.01 MB

FinCEN explains BSA enforcement policy. FINRA requests comment on "pennying" practice in corporate bond market. SEC updates operating status during COVID-19. SEC appoints Deputy Chief Accountant. The Cadwalader Cabinet General Counsel daily podcast gives legal and compliance professionals a rundown of emerging developments in financial regulation. To learn more, visit The Cabinet

TikTok Is Now on the Clock

August 18, 2020 16:02 - 2 minutes - 2.91 MB

President Trump orders TikTok parent company to divest from U.S. assets. A broker-dealer settles charges for failing to detect insider trading. FINRA updates security futures risk disclosure statement. SEC swears in Caroline Crenshaw and Hester Peirce as Commissioners. The Cadwalader Cabinet General Counsel daily podcast gives legal and compliance professionals a rundown of emerging developments in financial regulation. To learn more, visit The Cabinet

Consistently Inconsistent or Inconsistently Consistent

August 17, 2020 16:01 - 2 minutes - 4.09 MB

CFTC proposes amendments to uncleared swap margin rules. Banking agencies explain policy on BSA/AML cease and desist orders. An investment adviser settles SEC charges for brokerage fee disclosure failures. A broker-dealer settles finra charges for trade reporting violations. President Trump nominates replacement for CFTC Commissioner Brian D. Quintenz. The Cadwalader Cabinet General Counsel daily podcast gives legal and compliance professionals a rundown of emerging developments in financi...

Erasing Presidential Portraits

August 14, 2020 16:26 - 2 minutes - 3.09 MB

Fed Governor Brainard describes Fed approach to digital currency. GAO recommends improvements to FinCEN's geographic targeting orders. A broker-dealer fined for supervisory failures on trade recommendations. FINRA warns members of imposter website. The Cadwalader Cabinet General Counsel daily podcast gives legal and compliance professionals a rundown of emerging developments in financial regulation. To learn more, visit The Cabinet

Also, Wash Your Hands for 20 Seconds

August 13, 2020 15:51 - 1 minute - 2.16 MB

OCIE issues risk alert on COVID-19 compliance risks and practices. The Fed approves large bank capital requirements. FINRA proposes elimination of OATS rules in transition to CAT. SEC names New Deputy Director of OASB. SEC Deputy Chief Accountant to step down. The Cadwalader Cabinet General Counsel daily podcast gives legal and compliance professionals a rundown of emerging developments in financial regulation. To learn more, visit The Cabinet

Go or No Go?

August 12, 2020 17:59 - 2 minutes - 3.21 MB

PWG addresses Chinese non-compliance with U.S. audit standards. OFAC issues guidance on Sudan transactions and Darfur sanctions. IOSCO considers the role of liquidity providers in the equity securities market. NASAA opposes DOL-proposed exemption for investment advice fiduciaries. The Cadwalader Cabinet General Counsel daily podcast gives legal and compliance professionals a rundown of emerging developments in financial regulation. To learn more, visit The Cabinet

Give it Back

August 11, 2020 16:25 - 1 minute - 2.66 MB

A dual registrant to pay over $38 million for AML failures. ARRC offers "SOFR Starter Kit." A broker-dealer settles FINRA charges for registration failure of staff and branch offices. Cboe imposes sanctions on broker-dealer for trading on undisclosed information. FINRA elects small and large firm Board Governors. The Cadwalader Cabinet General Counsel daily podcast gives legal and compliance professionals a rundown of emerging developments in financial regulation. To learn more, visit The ...

What Happens in the Fifty, Stays in the Fifty

August 10, 2020 16:35 - 4 minutes - 6.29 MB

President issues Executive Orders against Chinese social media companies; OFAC sanctions Hong Kong leader. Ninth Circuit reverses and remands District Court decision on remedies. SEC changes process of choosing members of the IAC. U.S. Senate Committee confirms SEC and NCUA nominations. MSRB amends board governance process. The Cadwalader Cabinet General Counsel daily podcast gives legal and compliance professionals a rundown of emerging developments in financial regulation. To learn more,...

Lessons for LIBOR

August 07, 2020 15:28 - 2 minutes - 4.15 MB

FINRA reminds broker-dealers to prepare for LIBOR transition. A consumer loan company settles SEC charges for FCPA violations. SEC names new Chief Accountant for Division of Corporation Finance. The Cadwalader Cabinet General Counsel daily podcast gives legal and compliance professionals a rundown of emerging developments in financial regulation. To learn more, visit The Cabinet

Cadwalader Cabinet General Counsel

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