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Documents on Securities, Banking & Financial Services
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|CFTC Adopts Final Rules for Trading Swaps on Organized Facilities|
Akshay N. Belani, Alicia Gayle, William R.B. Springer, Joshua B. Sterling; Bingham McCutchen LLP;
May 20, 2013, previously published on May 17, 2013On May 16, 2013, the Commodity Futures Trading Commission (the “CFTC”) held a public meeting to consider three final rulemakings under the Dodd-Frank Act. The following rules were approved at the meeting and are expected to be published in the Federal Register in the coming weeks:
|CFPB Issues Report Regarding the Use of “Senior Specialist” Designations by Financial Advisers; Recommends Increased Supervision and Enforcement “Across Industries”|
Matthew C. Applebaum, Scott C. Kleekamp; Bingham McCutchen LLP;
May 20, 2013, previously published on May 16, 2013In a recent report, the Consumer Financial Protection Bureau (CFPB) highlights ongoing concerns with the use of senior designations by financial advisers, particularly the risk that senior designations may be confusing to customers and facilitate improper sales practices directed toward seniors....
|CFPB Makes First Preemption Determinations on State Unclaimed Property Laws Relating to Gift Cards|
Jonathan I. Lessner, Marc J. Musyl, Gil Rudolph, Sarah Niemiec Seedig; Greenberg Traurig, LLP;
May 20, 2013, previously published on May 17, 2013Recently, the Consumer Financial Protection Bureau (CFPB) published a final determination as to whether the unclaimed property laws of Maine and Tennessee were inconsistent with, and therefore preempted by, the Electronic Fund Transfers Act, 15 U.S.C. §§ 1693 et seq.(EFTA), as implemented...
|The ISDA March 2013 Dodd-Frank Protocol (the “DF Protocol 2.0”) is Open for Adherence|
Joshua Cohn, Pamela J. Sackmann; Mayer Brown LLP;
May 20, 2013, previously published on May 17, 2013On March 22, 2013, ISDA opened the DF Protocol 2.0 for adherence to market participants. The DF Protocol 2.0 is part of ISDA’s documentation initiative aimed at assisting the derivatives industry in implementing and complying with the regulatory requirements imposed under Title VII of the...
|SEC Proposes Rules for Cross-Border Security-Based Swap Transactions|
William J. Breslin, Gregory P. Gnall, Robert M. McLaughlin, David S. Mitchell; Fried, Frank, Harris, Shriver & Jacobson LLP;
May 17, 2013, previously published on May 16, 2013On May 1, 2013, the Securities and Exchange Commission (“SEC”) unanimously voted to propose rules and interpretive guidance to persons engaging in cross-border security-based swap transactions. The rules and guidance are intended to apply to transactions that occur partially within the...
|Dodd-Frank Update: CFTC Inter-Affiliate Swap Clearing Exemption|
Irina Marinescu, Jeffrey J. Nichols, Brian Sung; Haynes and Boone, LLP;
May 16, 2013, previously published on May 10, 2013On April 1, 2013, the U.S. Commodity Futures Trading Commission (“CFTC”) issued a final rule exempting swaps between certain affiliated entities from the clearing requirement under section 2(h)(1)(A) of the Commodity Exchange Act (“CEA”) and CFTC regulations (“Final...
|Unprecedented FCPA Wake-Up Call for U.S. Broker-Dealers and Foreign Banks: Has the Perfect FCPA Storm Finally Arrived for U.S. Financial Markets?|
Duane Morris LLP;
May 16, 2013, previously published on May 14, 2013On May 7, 2013, the U.S. Attorney's Office for the Southern District of New York (SDNY) unsealed extraordinary criminal charges against two registered representatives of a U.S. broker-dealer and a high-level Venezuelan government official for engaging in a "Massive International Bribery...
|The New York State Department of Financial Services at the One-Year Mark: A New Aggressive Regulator Worth Following|
Robert W. Gaffey, Harold K. Gordon, Henry Klehm, Howard F. Sidman, Jayant W. Tambe; Jones Day;
May 15, 2013, previously published on May 2013Since the New York State Department of Financial Services ("DFS") began operations in late 2011, the agency appears to have lived up to its billing as an activist regulator of insurers and financial institutions. DFS has taken on several novel issues and will likely continue to do so....
|Ninth Circuit Holds That SEC Rules and Related FINRA Rules Trump State Law|
Meg Bailey, Michael R. Weissmann; Bingham McCutchen LLP;
May 9, 2013, previously published on May 8, 2013On April 9, 2013, in McDaniel v. Wells Fargo Investments, LLC, --- F.3d ---, 2013 WL 1405949 (9th Cir. Apr. 9, 2013), the Ninth Circuit Court of Appeals affirmed the dismissal of four class actions brought against broker-dealers by their former employees, holding that federal securities law and...
|SEC Issues Proposed Rules on Cross-Border Security-Based Swap Activities|
Margaret R. Blake, Amy Natterson Kroll, Elizabeth A. Marino, Erald Sakiqi; Bingham McCutchen LLP;
May 8, 2013, previously published on May 6, 2013On May 1, 2013, the U.S. Securities and Exchange Commission (“SEC” or “Commission”) unanimously voted to propose for comment rules and interpretive guidance for cross-border security-based swap activities (“Proposed Rules”). In addition, the Commission approved...