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|Brexit Myth-Busting: A Brief Analysis for Business|
M. Ridgway Barker, David Guin, Anthony Indaimo, Denis Petkovic, Chris Priestley; Withers Bergman LLP;
July 29, 2016, previously published on July 13, 2016The lead up to the UK's referendum on EU membership was characterised by contradictory claims and resulted in widespread confusion amongst businesses. This has continued post-vote, with even more political indecision, which is frustrating for clients trying to process the results of the referendum...
|New York’s New BSA/AML Rule Imposes Monitoring, Filtering and Certification Requirements|
Brian Barrett, Kristin Ward Cleare; Sutherland Asbill & Brennan LLP;
July 29, 2016, previously published on July 28, 2016On June 30, 2016, the New York Department of Financial Services (DFS) adopted a new anti-terrorism and anti-money laundering (AML) regulation (Final Rule) that builds on federal anti-money laundering requirements to address what the DFS called “shortcomings” in current practices...
|NYS Department of Financial Services Adopts Final Rule Imposing Enhanced BSA/AML Compliance Standards on Financial Institutions|
Michael A. Berlin, Carl A. Fornaris, Harold N. Iselin, William B. Mack, Niall E. O'Hegarty; Greenberg Traurig, LLP;
July 28, 2016, previously published on July 11, 2016On June 30, 2016, the New York State Department of Financial Services (DFS or the Department) announced its adoption of the final version of its new regulation (the Final Rule) setting forth the required elements of “Transaction Monitoring and Filtering Programs” maintained by New York...
|Does Brexit Spell the End for Cross-Border Operations for Financial Services Firms?|
Alix Prentice, Colin Smith; Withers Bergman LLP;
July 21, 2016, previously published on June 24, 2016A significant proportion of institutions regulated by the UK Financial Conduct Authority enjoy 'passport' rights under one of the EU single-market financial services directives, allowing them to provide services or establish a branch on cross-border basis in other EEA member states, without having...
|SEC Issues Guidance on Business Continuity Planning for Registered Investment Companies|
Cynthia R. Beyea, Steven B. Boehm, Michael B. Koffler, Cynthia M. Krus, Lisa A. Morgan; Sutherland Asbill & Brennan LLP;
July 15, 2016, previously published on July 15, 2016On June 27, the staff of the Securities and Exchange Commission’s (Commission or SEC) Division of Investment Management (IM) issued a Guidance Update on business continuity planning for registered investment companies (funds).1 The Guidance Update provides the staff’s view on what funds...
|EU-U.S. Privacy Shield Adopted|
Sutherland Asbill Brennan LLP;
July 14, 2016, previously published on July 12, 2016The European Commission has adopted the EU-U.S. Privacy Shield data transfer procedure, which replaces the safe harbor arrangement that was struck down by the European Court of Justice in October 2015. The Privacy Shield provides for additional protection of personal data, including dispute...
|Indonesia Loosens Foreign Investment Limits, but Some Industries Remain Protected|
Michelle Angela, Elizabeth Cole, Sushma Jobanputra, Paul C. Kuo; Jones Day;
July 12, 2016, previously published on June 2016On May 18, 2016, the Indonesian government revised its Negative Investment List (Daftar Negatif Investasi or DNI) through Presidential Regulation No. 44 of 2016. The revised Negative Investment List, which was part of a recent series of economic stimulus packages, creates opportunities for foreign...
|SEC Adjusts Thresholds for ‘Qualified Client’ Status - Effective Aug. 15, 2016|
Richard M. Cutshall; Greenberg Traurig, LLP;
July 7, 2016, previously published on June 17, 2016As it signaled its intent in May (notice available here), on June 14, 2016, the Securities and Exchange Commission (the Commission) issued an Order adjusting the net worth threshold for qualification as a “qualified client” under Rule 205-3 under the Investment Advisers Act of 1940, as...
|FinCEN Proposes New Rule to End North Korea’s Access to U.S. Financial System|
Kara M. Bombach, Elana Broitman, Carl A. Fornaris; Greenberg Traurig, LLP;
July 7, 2016, previously published on June 20, 2016In the wake of North Korea’s nuclear tests that violated United Nations (UN) sanctions, on June 1, 2016, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) released a Notice of Finding that concludes that the Democratic People’s Republic of Korea (DPRK or...
|European Parliament Rapporteur Publishes Draft Amendments to the Proposed EU Securitisation Regulation|
Robert Cannon, Merryn Craske, Stephen Day, Neil Macleod, Claire Suzanne Puddicombe; Cadwalader, Wickersham & Taft LLP;
July 7, 2016, previously published on June 10, 2016On 6 June 2016, Paul Tang MEP, the Rapporteur of the Committee on Economic and Monetary Affairs (“ECON”) of the European Parliament, published a “Draft Report”, consisting mainly of draft amendments (the “Proposed Amendments”) to the EU's proposal for a...