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|Dodd-Frank Act: Additional Concentration Limits on Large Financial Companies; Federal Reserve Proposes Rules Implementing Dodd-Frank Section 622’s Prohibition on Business Combinations Where the Resulting Financial Company’s Total Consolidated Liabilities Would Exceed 10 Percent of Aggregate U.S. Financial Sector Liabilities|
Sullivan Cromwell LLP;
June 3, 2014, previously published on May 28, 2014On May 8, 2014, the Board of Governors of the Federal Reserve Board (the “FRB”) issued a notice of proposed rulemaking (the “Proposed Rule”) implementing the financial institutions concentration limit provision in new Section 14 of the Bank Holding Company Act of 1956 (the...
|VA Loans- A Small Token of our Appreciation|
Kohrman Jackson Krantz PLL;
May 30, 2014, previously published on May 27, 2014As many of you know, Memorial Day is a federal holiday in the United States, established to formally remember the men and women who died while serving in our country’s armed forces. The holiday was originally known as Decoration Day, originating after the Civil War to honor the soldiers who...
|New York State Department of Financial Services: Proposed Regulation Addressing Private Equity Investment in Insurers: The New York State Department of Financial Services Issues Proposed Amendments to Regulation Governing Acquisitions of New York Domestic Insurance Companies|
Sullivan Cromwell LLP;
May 30, 2014, previously published on May 20, 2014Citing a trend in recent years of private equity firms acquiring insurers, particularly life insurers writing fixed and indexed annuity contracts, the New York State Department of Financial Services on May 14, 2014 released for public comment proposed amendments to its regulations governing the...
|Shanghai and Shenzhen Stock Exchanges Issue Detailed Implementation Rules for Securities Trading by QFIIs and RQFIIs|
Brian D. Beglin, Anne-Marie Godfrey, Xiaowei Ye; Bingham McCutchen LLP;
May 29, 2014, previously published on May 19, 2014The Shanghai Stock Exchange (“SSE”) issued its Detailed Implementation Rules (“SSE Rules”) for Securities Trading by Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors (“RQFIIs”, and together...
|Impact of FATCA on ORSO Schemes in Hong Kong|
Duncan A. W. Abate; Mayer Brown JSM;
May 29, 2014, previously published on May 27, 2014The Foreign Account Tax Compliance Act (FATCA) is an invasive piece of US legislation. It is designed to identify tax avoidance being undertaken by US entities. It does this by imposing a 30 percent withholding tax on any US investments unless certain information is disclosed to the US tax...
|CFPB Proposal May Eliminate Requirement to Mail Annual Privacy Notice|
Alan B. Clark, Edmund "Ed" D. Harllee; Williams Mullen;
May 27, 2014, previously published on May 20, 2014On May 7th, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule that would allow financial institutions to post annual privacy notices online, potentially eliminating the current requirement to provide each customer an annual notice by mail. The proposed rule was published in...
|SEC Clarifies Bank Exemptions in Municipal Advisor Registration FAQs|
Neal C. Wise; Jones Walker LLP;
May 27, 2014, previously published on May 22, 2014On May 19, 2014, the Securities and Exchange Commission's ("SEC") Office of Municipal Securities updated its Frequently Asked Questions ("FAQs") regarding the municipal securities registration rules discussed in our prior Banking and Financial Services E*Lert of October 17,...
|SEC Warns Private Equity Fund Advisers about Compliance Shortcomings|
Ronn S. Davids, Scott E. Gluck, William F. Herrfeldt, Michael R. Manley, Parker B. Morrill; Venable LLP;
May 27, 2014, previously published on May 2014Andrew J. Bowden, Director of the Securities and Exchange Commission's Office of Compliance Inspections and Examinations (OCIE) delivered remarks at last week's Private Equity International (PEI) 2014 Compliance Forum that all private equity fund advisers should be aware of. In his speech, titled...
|Consumer Financial Protection Bureau Implements 'Ability to Repay' Regulations for Covered Mortage Loans|
David J. Mack; Shumaker, Loop & Kendrick, LLP;
May 27, 2014, previously published on May 1, 2014It is a widely understood that loose underwriting standards and practices by some creditors - including their abject failure in some instances to confirm their borrowers’ ability to repay mortgage loans - contributed in large measure to the mortgage crisis in 2008 that led to the...
|The Consumer Financial Protection Bureau (CFPB), Recent Developments: May 12, 2014 - May 16, 2014|
Peter L. Cockrell, Brett M. Kitt, Gil Rudolph, J. Scott Sheehan; Greenberg Traurig, LLP;
May 23, 2014, previously published on May 20, 2014On May 9th, the Department of Veterans Affairs (VA) issued an interim final rule as required by the Dodd-Frank Act to define which types of VA loans qualify as qualified mortgages (QM) for purposes of the CFPB’s new Ability-to-Repay Rule. The Ability-to-Repay Rule generally requires creditors...