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|Cyber Risk Management - New York State Regulation for Financial Institutions|
Bradley J. Freedman; Borden Ladner Gervais LLP;
September 26, 2016, previously published on September 16, 2016On September 13, 2016, the New York State Department of Financial Services published for comment a proposed cybersecurity regulation for the financial industry. The regulation provides important, detailed guidance for all organizations to help manage cyber risks.
|Fighting Money Laundering|
Shashi Nathan; Withers Bergman LLP;
September 26, 2016, previously published on September 15, 2016A tough stance against financial crime is necessary to protect Singapore’s reputation as a clean and trusted financial centre.
|New York Proposes First-Ever Cybersecurity Regulation for Financial Institutions|
Cynthia J. Larose, Natalie Prescott; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
September 26, 2016, previously published on September 19, 2016The New York Department of Financial Services recently announced a new proposed rule, which would require financial institutions and insurers to implement strong policies for responding to cyberattacks and data breaches. Specifically, the rule would require insurers, banks, and other financial...
|Federal Reserve Recommends that Congress Restrict Banking Activities - A Step Back Towards Glass-Steagall?|
Joan S. Guilfoyle; Jones Walker LLP;
September 22, 2016, previously published on September 15, 2016On September 8, the Board of Governors of the Federal Reserve System (the "Federal Reserve"), the FDIC and the Office of the Comptroller of the Currency (collectively, the "federal banking agencies") issued a joint report to Congress and the Financial Stability Oversight Council...
|CFIUS Implications for Foreign Lenders|
Elana Broitman; McGrath North Mullin Kratz PC LLO;
September 22, 2016, previously published on September 20, 2016Foreign lenders participating in U.S. transactions should be aware of the possibility that those transactions may be ripe for a national security review by the Committee on Foreign Investment in the United States (CFIUS), a U.S. federal government body. While, historically, lending transactions...
|SBA Approves More Than $236 Million in Flood Loans; Businesses Can Still Apply|
Taylor Porter Brooks Phillips L.L.P.;
September 16, 2016, previously published on September 12, 2016The U.S. Small Business Administration has thus far approved more than $236 million in loans to businesses, homeowners and renters impacted by flooding in the Baton Rouge area, and the federal agency urges businesses to continue to apply for loans. Low interest federal disaster loans are available...
|Canada Begins Process of Updating Federal Financial Institution Legislation|
Rachael Belanger, Jeffrey S. Graham, Stephen J. Redican; Borden Ladner Gervais LLP;
September 15, 2016, previously published on September 9, 2016The Canadian Department of Finance (the “Department”) has released a consultation document entitled “Supporting a Strong and Growing Economy: Positioning Canada’s Financial Sector for the Future” (the “Finance Paper”).
|Banks Subject to New Wave of ADA Lawsuits|
Rhoads Sinon LLP;
September 15, 2016, previously published on August 2016In the past year, businesses across the country have received demand letters or been served with a lawsuit for failure to maintain an Americans with Disabilities Act (ADA) accessible website.
|Nasdaq Makes Preparations to Shorten Settlement Cycle for Securities Transactions from T+3 to T+2|
Peter J. Rivas; Jones Walker LLP;
September 9, 2016, previously published on September 1, 2016In connection with the industry-led initiative to shorten the settlement cycle for transactions in U.S. equities and other securities from trade date plus three business days (T+3) to trade date plus two business days (T+2), the Nasdaq Stock Market LLC (“Nasdaq”) has preliminarily...
|Security Deposits Protect Against Non-paying Customers|
Sara M. Donnersbach; Weltman, Weinberg & Reis Co., L.P.A.;
September 9, 2016, previously published on August 31, 2016The Public Utilities Commission ("the Commission") is a state agency that has regulatory authority over certain public utilities. The Commission works to regulate the rates customers pay for electricity and ensure that companies provide quality, safe and reliable electric service.1