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|The New York Department of Financial Services Releases Potential New Cybersecurity Rules|
B. Scott Burton, Mark D. Herlach, Robert D. Owen, Robert J. Pile, Mark Thibodeaux; Sutherland Asbill & Brennan LLP;
November 13, 2015, previously published on November 13, 2015On November 9, Anthony Albanese, Acting Superintendent of the New York Department of Financial Services (the NYDFS), sent a letter to the 18 members of the Financial and Banking Information Infrastructure Committee (the FBIIC) that outlines key regulatory proposals that NYDFS is considering as new...
|Sanction Issued by Banking Regulator Enforcement Committee Overturned by State Council for Attempting to Shift the Burden of Proof|
Philippe Goutay, Anselme Mialon; Jones Day;
November 13, 2015, previously published on November 2015In a decision of October 14, 2015, the French Supreme Court overturned a EUR 2 million sanction issued by the Enforcement Committee of the French banking regulator ("ACPR") against a major bank for allegedly failing to comply with the right to open accounts, whereby an individual who had...
|Amendments to Ontario PPSA Location of Debtor Rules|
James Mathers; Borden Ladner Gervais LLP;
November 10, 2015, previously published on November 5, 2015 The Ontario government has recently proclaimed 31 December 2015 as the effective date for amendments to the Personal Property Security Act (PPSA) of Ontario that affect the definition of the location of a debtor.1 The location of the debtor is important under the PPSA for determining the...
|Discipline Resulting in Denial of Access to Sick Leave Bank and Ineligibility for Transfer Is Adverse Employment Action|
Shawe Rosenthal LLP;
November 10, 2015, previously published on October 30, 2015A Maryland federal court found that disciplinary action against an employee that resulted in the denial of access to a sick leave bank and ineligibility for transfer to other positions constituted an adverse employment action that could support a claim of retaliation under the Family and Medical...
|Fraudster Using Loans to Try to Get Around English Freezing Order|
Stephen Ross; Withers Bergman LLP;
November 5, 2015, previously published on October 30, 2015Does the standard form of English Freezing Order bite on loans held by the Defendant where he has the power to direct how the proceeds are disposed of? The Supreme Court recently looked at this question purely in terms of the interpretation and application of the standard form of English Freezing...
|Six Steps Banks Should Implement to Ensure Their Security Procedures are Commercially Reasonable|
Paul A. Carrubba, Andrew D. Frame; Adams and Reese LLP;
November 5, 2015, previously published on October 26, 2015Banks are tasked by the Uniform Commercial Code (the UCC) with using “commercially reasonable” security procedures when processing funds transfers. This responsibility is constantly evolving as bank fraud becomes more sophisticated, and banks and courts respond to attacks.
|Derivative Monitoring After Dodd-Frank|
Peter J. Rivas; Jones Walker LLP;
November 5, 2015, previously published on October 29, 2015The Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") amended Section 23A of the Federal Reserve Act as it relates to derivatives and now provides generally that any derivative transaction with an affiliate is a covered transaction to the extent that the...
|UK Senior Managers Regime to Extend to All FSMA-Authorised Firms|
John Ahern, Christopher Dearie, Kristen DiLemmo; Jones Day;
November 5, 2015, previously published on October 2015On 15 October 2015, HM Treasury published a policy paper confirming that the Senior Managers Regime ("SMR") will extend to capture all Financial Services and Markets Act ("FSMA")-authorised firms in the UK—including interdealer brokers, hedge funds and asset...
|House Passes Export-Import Bank Reauthorization|
McDonald Hopkins LLC;
November 4, 2015, previously published on October 30, 2015This week, after using a rarely used parliamentary procedure, the House passed a re-authorization of the Export-Import Bank.
|5.6 Million Fingerprints Compromised In OPM Breach - You Can't Change Your Fingerprint!|
Dominic A. Paluzzi; McDonald Hopkins LLC;
October 29, 2015, previously published on September 24, 2015Move over credit cards, you aren't the hot item anymore. Hackers and the black market are flooded with credit card information and the banks and card brands are getting better at spotting fraudulent credit card transactions. Consistent with the hacker trend, they move on to bigger and better. And...