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|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...
|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...
|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...
|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...
|CFPB Proposes New Rule on Mandatory Consumer Arbitration Clauses|
Lisa M. Ledbetter, Sanjay Narayan; Jones Day;
June 16, 2016, previously published on May 2016Arbitration as a means of dispute resolution is intended to help consumers and businesses save time and money and achieve fair results when compared to traditional litigation. Millions of contracts for consumer financial products and services have a pre-dispute arbitration clause that requires...
|CFPB Fires Another Warning Shot for Processors to Be Aware of Their Merchants’ Activities|
Brian Barrett, Brian M. Murphy, Robert J. Pile, Lewis S. Wiener; Sutherland Asbill & Brennan LLP;
June 14, 2016, previously published on June 14, 2016In a recent line of enforcement actions, the Consumer Financial Protection Bureau (CFPB) has signaled that it will hold payment processors liable if the CFPB believes the processors know or should have known that transactions processed for their processing customers are fraudulent or illegal. The...
|CFPB Targets Mandatory Arbitration Clauses to Protect Consumer Class Actions|
Scott A. Cammarn, Peter Carey, Joseph V. Moreno; Cadwalader, Wickersham & Taft LLP;
June 13, 2016, previously published on May 10, 2016On May 5, 2016, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule to prohibit providers of certain consumer financial products and services from using arbitration clauses to block consumers from filing or participating in class action lawsuits.1 In addition, the...