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Documents on white collar crime
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|CFPB Proposed Rules Address Payday Loans and Impose New Customer Diligence Requirements|
Scott A. Cammarn, Peter Carey, Joseph V. Moreno; Cadwalader, Wickersham & Taft LLP;
June 20, 2016, previously published on June 8, 2016The Consumer Financial Protection Bureau (“CFPB”) last week announced long-awaited proposed rules governing payday loans and other high-cost credit products, including that lenders must take steps to ensure prospective borrowers have the ability to repay them.1 The proposed rules, which...
|The Sapin II Bill: A Potential Game-Changer in French Corruption Enforcement|
Jeremy Attali, Benedicte Graulle, Robert F. Mayo, Glyn Powell, Sion Richards; Jones Day;
June 2, 2016, previously published on May 2016"In the fight against corruption, France cannot just satisfy itself with the existing situation." This statement, made by French Minister of Finance Michel Sapin in July 2015, accompanied draft legislation known as the "Sapin II Bill." Named by reference to the "Sapin I...
|Getting By With a Little Help From Friends: United States Supreme Court to Clarify Insider Trading Liability in Tipping Cases|
Jodi L. Avergun, Kendra Clayton, Douglas H. Fischer, Adam S. Lurie, Martin L. Seidel; Cadwalader, Wickersham & Taft LLP;
February 12, 2016, previously published on January 27, 2016On January 19, 2016, the United States Supreme Court granted certiorari in United States v. Salman, in which the Ninth Circuit Court of Appeals held that the government may prove a “personal benefit” to a tipper of inside information—a necessary element of an insider trading case...
|The Investigative Authority of the New York Attorney General Is Not Without Its Limits|
Robert W. Gaffey, Harold K. Gordon; Jones Day;
February 11, 2016, previously published on February 2016Much press ink has been spilled announcing yet another investigation or enforcement action by the New York Attorney General, ranging from Attorney General Spitzer’s actions against major Wall Street financial institutions and their executives, to Attorney General Cuomo’s actions against...
|FinCEN Targets High-Value Real Estate Transactions in New York and Miami|
Jodi L. Avergun, Nicholas E. Brandfon, J. Robert Duncan, Steven M. Herman, Joseph V. Moreno; Cadwalader, Wickersham & Taft LLP;
January 29, 2016, previously published on January 19, 2016On January 13, 2016, the Financial Crimes Enforcement Network (“FinCEN”) announced that it had issued a Geographic Targeting Order (“GTO”) which will temporarily require certain title insurance companies to report the identity of natural persons who make...
|Production Order Challenge Results in Recognition of Duty to Assert Consumer Privacy Rights|
Bonnie Freedman, Graeme Hamilton; Borden Ladner Gervais LLP;
January 28, 2016, previously published on January 19, 2016On January 14th, 2016, in R. v. Rogers Communications, Sproat J. of the Superior Court of Justice issued a very important decision for organizations that find themselves subject to a search warrant or production order seeking personal information in their records about third parties. The Court...
|OFAC Publishes Cyber-Related Sanctions Regulations|
Peter Carey, Keith M. Gerver, Joseph V. Moreno, James A. Treanor; Cadwalader, Wickersham & Taft LLP;
January 19, 2016, previously published on January 8, 2016On December 31, 2015, the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued regulations1 implementing Executive Order 13694 of April 1, 2015, which authorized the imposition of economic sanctions on individuals and entities determined to be responsible...
|President Obama Signs Cybersecurity Act of 2015 to Encourage Cybersecurity Information Sharing|
Peter Carey, Keith M. Gerver, Kenneth L. Wainstein; Cadwalader, Wickersham & Taft LLP;
January 18, 2016, previously published on December 24, 2015On December 18, 2015, President Obama signed into law a $1.1 trillion omnibus spending bill that contained the Cybersecurity Act of 2015 (the “Act”), a compromise bill based on competing cybersecurity information sharing bills that passed the House and Senate earlier this year. The Act...
|UK Financial Conduct Authority Issues Final Rules Concerning Whistleblowers|
Bret A. Campbell, Joseph V. Moreno, Katherine Preston, Kenneth L. Wainstein; Cadwalader, Wickersham & Taft LLP;
October 23, 2015, previously published on Oct 14, 2015 On October 6, 2015, the UK Financial Conduct Authority (“FCA”) issued final rules formalizing whistleblower procedures to be implemented by certain banks, building societies, credit unions, investment firms, and insurance and reinsurance companies.1 While the FCA’s final rules do...
|The Yates Memo: Corporate Officers Under the Gun|
Jackie M. Bennett, Edwin J. Broecker; Taft Stettinius & Hollister LLP;
September 18, 2015, previously published on September 15, 2015Much has been written in the last days regarding the “Yates Memorandum” and whether it will truly mark the beginning of individual responsibility for corporate fraud or whether it is just more of the same, in a different format. The Yates Memo refers to the Sept. 9, 2015, memorandum...