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|Financial Stability Board Seeking Comment on Resolution Planning For Systemically Important Insurers By December 15, 2014|
Colodny Fass Talenfeld Karlinsky Abate Webb P.A.;
October 30, 2014, previously published on October 21, 2014The Financial Stability Board ("FSB") issued an October 16, 2014 call for public comment on a proposal entitled "Recovery and Resolution Planning for Systemically Important Insurers - Guidance on Identification of Critical Functions and Critical Shared Services."
|Proposed FINRA Rule 2231 Governing Customer Account Statements|
Mignon Lunsford; Burr & Forman LLP;
October 28, 2014, previously published on October 15, 2014Through its recent Regulatory Notice 14-35, the Financial Industry Regulatory Authority (“FINRA”) announced and sought comments on its proposed new Rule, FINRA Rule 2231, governing the frequency and availability of customer account statements. This was the third solicitation for...
|Comments on Financial Stability Board Proposal For Cooperation, Information-Sharing With Non-Crisis Management Group Host Authorities Due December 1, 2014|
Colodny Fass Talenfeld Karlinsky Abate Webb P.A.;
October 28, 2014, previously published on October 21, 2014On October 17, 2014, the Financial Stability Board ("FSB") issued draft guidance for public comment on cooperation and information-sharing with host authorities of jurisdictions not represented on crisis management groups ("CMGs") where a global systemically important financial...
|October 2014 Update on Federal Budget Sequestration Affecting Build America Bonds and Other Direct Pay Bonds|
Joe E. Forrester, Christie Lombard Martin, Antonio D. Martini; Edwards Wildman Palmer LLP;
October 23, 2014, previously published on October 2014As described in previous client advisories, direct pay bond subsidy payments are subject to sequestration through fiscal year 2024 unless Congress takes action to modify or eliminate the sequester. In a release issued on October 16, 2014, the Internal Revenue Service confirmed that the...
|California Attorney General Clarifies Oversight Board Member Compensation Rules|
Amit Palta; Best Best Krieger LLP;
October 23, 2014, previously published on October 21, 2014Local entities making appointments to oversight boards are prohibited from compensating the appointee, or reimbursing expenses incurred as a result of the service on the oversight board, the California Attorney General confirmed in an opinion issued last week. However, if the appointee is an...
|Recent CFPB Auto Finance Fair Lending Guidance|
Christopher R. Rahl; Gordon Feinblatt LLC;
October 17, 2014, previously published on October 7, 2014The CFPB recently released their Summer 2014 issue of “Supervisory Highlights.” The publication addresses the CFPB’s fair lending supervisory activity in connection with indirect auto financing. It also provides insight into the CFPB’s views concerning acceptable methods for...
|US Department of Justice Brings Its First Criminal Prosecution for Spoofing of Commodities Markets|
Matthew Bisanz, Marcus A. Christian, Mark G. Hanchet, Alex C. Lakatos, Richard M. Rosenfeld; Mayer Brown LLP;
October 17, 2014, previously published on October 14, 2014A Chicago federal grand jury has indicted Michael Coscia, formerly a registered floor trader and sole owner of Panther Energy Trading LLC, for allegedly violating the anti-spoofing provision of the Commodity Exchange Act (“CEA”) and committing commodities fraud. The prosecution is the...
|Effective October 6, 2014, Delivery Settlement Cycle of Securities Traded on Euronext Paris and Alternext Paris Will Be Shortened from Three to Two Trading Days|
Philippe Goutay, Anselme Mialon; Jones Day;
October 16, 2014, previously published on October 2014Effective October 6, 2014, the delivery settlement cycle of securities traded on French-regulated market Euronext Paris and French-organized market Alternext Paris will be shortened from three to two trading days. This move anticipates the EU Regulation on Central Securities Depositories adopted on...
|CFPB Releases New Mortgage Servicing Bulletin|
Robert Lieber; Weltman, Weinberg & Reis Co., L.P.A.;
October 10, 2014, previously published on September 26, 2014 The Consumer Financial Protection Bureau (CFPB) has issued a new compliance bulletin that addresses new mortgage servicing rules as well as examiner expectations.
|OSFI Issues Revised Capital Requirements for Property and Casualty Insurers|
Ana Badour, Nancy J. Carroll, Frédéric Cotnoir, Barry J. Ryan; McCarthy Tétrault LLP;
October 9, 2014, previously published on October 7, 2014On September 24, 2014, the Office of the Superintendent of Financial Institutions (OSFI) issued the revised Minimum Capital Test Guideline (Guideline) setting forth more robust risk-based capital requirements applicable to federally regulated property and casualty insurance companies (P&C Insurers)...