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|FinCEN Issues Final Rules for Customer Due Diligence Requirements|
Jodi L. Avergun, Scott A. Cammarn, Colleen D. Kukowski, Dorothy D. Mehta, Joseph V. Moreno; Cadwalader, Wickersham & Taft LLP;
June 8, 2016, previously published on May 13, 2016On May 11, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued the final version of its long-awaited “Customer Due Diligence Rules” under the Bank Secrecy Act. 1 The final rules impose a new requirement on “covered financial institutions” - which...
|Traders and Compliance Professionals Take Note: Phase One of New BIS “Global Code” Establishes “Best Practices” in the Foreign Exchange Markets|
Jonathan H. Flynn, Anthony M. Mansfield, Gregory George Mocek, Jorge Pesok; Cadwalader, Wickersham & Taft LLP;
June 8, 2016, previously published on June 1, 2016Limitations on Use of Confidential Information is Prominent in the New Standards Continuing Recent Enforcement Trend in the Commodities and Derivatives Markets
|Credit Default Risk in Latin America: A Regional Outlook|
Robert da Silva Ashley, Maria Luisa Canovas, Marcello Hallake, Pedro A. Jiménez, Javier L. Martínez del Campo; Jones Day;
June 8, 2016, previously published on May 2016In our January 2016 Commentary, “Are You Ready for the Emerging Market Credit Bust?,” we noted that with emerging market debt levels soaring to unprecedented heights and the inevitable cross-border repercussions of defaults, creditors were going to need a well-planned,...
Shalanda N. Franklin; Vandeventer Black LLP;
June 5, 2016, previously published on May 2016Having credit is essential for doing business; it provides funds to grow a business and relief during difficult times. However, the receipt of credit often comes with conditions, including personal risk for the business owner and their relatives. Federal laws prohibit a creditor from imposing a...
|Treasury White Paper Portends Greater Federal Oversight of Marketplace Lending|
Lisa M. Ledbetter, Courtney Lyons Snyder; Jones Day;
June 3, 2016, previously published on May 2016On May 10, 2016, the U.S. Department of the Treasury ("Treasury") released a highly anticipated white paper recommending greater transparency and borrower protections for the marketplace lending industry. The white paper, titled Opportunities and Challenges in Online Marketplace Lending,...
|FRB Requests Comments on Proposed Single-Counterparty Credit Limits|
Scott A. Cammarn, Evan Weller; Cadwalader, Wickersham & Taft LLP;
June 3, 2016, previously published on March 17, 2016The Board of Governors of the Federal Reserve System ("FRB") has requested comments on reissued proposed rules that would establish a single-counterparty credit limits ("SCCL") for domestic and foreign bank holding companies with $50 billion or more in total consolidated assets....
|Italian Government Enacts Further Measures to Boost Italian Lending Market|
Marco Frattini, Francesco Squerzoni; Jones Day;
June 2, 2016, previously published on May 2016During the last two years, the Italian government has focused on reforming the Italian lending market, with the aim of boosting access to financing for Italian businesses and improving bankruptcy and enforcement proceedings in Italy. As part of this reform process, the Italian Council of Ministers...
|FinCEN Customer Due Diligence Final Rules|
Eric A. Arnold, Clifford E. Kirsch, Michael B. Koffler, Susan S. Krawczyk, Holly H. Smith; Sutherland Asbill & Brennan LLP;
May 20, 2016, previously published on May 19, 2016On May 5, 2016, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued final rules (the Final Rules) on customer due diligence requirements for banks, securities broker-dealers, mutual funds, and futures commission merchants and introducing brokers in commodities...
|OCC Releases White Paper Discussing Plans for Understanding and Evaluating Financial Technology
George A. LeMaistre; Jones Walker LLP;
May 11, 2016, previously published on April 14, 2016The Office of the Comptroller of the Currency has released a White Paper that discusses the agency’s attitudes and approaches to developments in financial technology, and to the associated innovations that the fintech industry has brought, and continues to bring, at an ever-increasing pace,...
|Third District Court Of Appeals Reverses Holding on Statute of Limitations for Florida Foreclosures: The Impact of Deutsche Bank Trust Company Americas, as Trustee v. Beauvais|
Laura Jessica Bassini, Kimberly A. Mello, Michele L. Stocker; Greenberg Traurig, LLP;
May 10, 2016, previously published on April 18, 2016On April 13, 2016, Florida’s Third District Court of Appeal (Third District) issued its en banc opinion in Deutsche Bank Trust Company Americas, as Indenture Trustee for American Home Mortgage Investment Trust 2006-2 v. Beauvais, &under;&under; So. 3d &under;&under;, No. 3D14-575 (Fla. 3d DCA...