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31 Mar 2024, 9:01 pm
Additionally, there may be supervisory or regulatory concerns when the acquirer is a global systemically important bank (GSIB) or a subsidiary thereof (which presumptively includes U.S. subsidiaries of non U.S. [read post]
7 Feb 2024, 9:01 pm
The Remarks call for the development of a “macro view” of the banking system—one that holistically evaluates the impact of bank mergers on the banking system and the U.S. economy—as a way to improve “transparency and trust” in the Office of the Comptroller’s (the “OCC”) “micro,” case-by-case approach to reviewing bank merger applications. [read post]
29 Jan 2024, 12:00 pm
The SEC accused the wire house and Passi of breaching the trust of sellers by leaking non-public information about impending block trades to gain an advantage, violating federal securities laws. [read post]
18 Dec 2023, 2:48 pm
December 18, 2023 Clients, Friends, and Associates: As we near the end of 2023, we have highlighted some recent industry developments that will likely impact many of our clients. [read post]
31 May 2023, 1:44 pm
Senate Bill 2334, and House Bill 4903 propose to: (1) Establish a new gold and silver based digital currency through the office of the Texas Comptroller of Public Accounts; (2) Back each unit of issued digital currency with a corresponding fraction of a troy ounce of gold or silver held in trust; (3) Allow for individual accounts to be created at the Texas Bullion Depository that could be used to conduct transactions. [read post]
13 Apr 2023, 10:51 pm
Lastly, AUSTRAC provided reporting entities with updates from the Financial Action Task Force (FATF), the global group that sets international anti-money-laundering and counter terrorism financing (AML/CTF) standards, relating to foreign jurisdictions that present high money laundering and terrorism financing risk and have strategic deficiencies in their AML/CTF regimes. [read post]
28 Feb 2023, 9:24 am
The Securities Exchange Commission (“SEC” or “Commission”) has taken action against Genesis Global Capital, LLC (“Genesis”) and Gemini Trust Company, LLC (“Gemini”) (collectively, “Defendants”) in a recently-filed complaint alleging that the crypto companies violated federal securities laws by engaging in the unregistered offer and sale of securities in the form of their “Gemini Earn Agreements. [read post]
9 Feb 2023, 7:12 am
In the EU, this restriction included the provision of credit rating services and central securities depository services to Russian parties. [read post]
2 Feb 2023, 9:01 am
The Securities Exchange Commission (“SEC” or “Commission”) has taken action against Genesis Global Capital, LLC (“Genesis”) and Gemini Trust Company, LLC (“Gemini”) (collectively, “Defendants”) in a recently-filed complaint alleging that the crypto companies violated federal securities laws by engaging in the unregistered offer and sale of securities in the form of their “Gemini Earn Agreements. [read post]
22 Jun 2022, 9:01 pm
Depository Institutions’ Issuance of Payment Stablecoins The RFIA would permit depository institutions (i.e., insured banks, thrifts and credit unions) to hold and issue digital assets. [read post]
26 May 2022, 12:09 pm
While there may yet be a role for seizing assets, such measures would implicate an array of long-standing legal and related policy equities that may be particularly important in the face of increased geostrategic competition and a flagging global economy. [read post]
24 Feb 2022, 1:39 pm
As a result of Putin’s war of choice, Russia will face immediate and intense pressure on its economy, and massive costs from its isolation from the global financial system, global trade, and cutting-edge technology. [read post]
6 Dec 2021, 10:17 am
By Anne Sherry, J.D.The Securities Industry and Financial Markets Association (SIFMA), the Investment Company Institute (ICI), and The Depository Trust & Clearing Corporation (DTCC) announced their plan to shorten the settlement cycle from trade date plus two days (T+2) to T+1 by the first half of 2024. [read post]
3 Nov 2021, 7:05 am
The Report repeatedly emphasizes that legislation should ensure issuance is limited to insured depository institutions that have access to emergency liquidity and Federal Reserve services.[12] While not mentioned in the Report, this creates significant uncertainty on the ability of entities that have received newly created state bank charters or trust-only charters from being able to issue stablecoins where those bank charters may not result in entities being… [read post]
2 Aug 2021, 9:03 pm
The New York Federal Reserve publishes SOFR each day based on data it receives from independent third-parties, such as the Depository Trust & Clearing Corporation. [read post]
28 Jun 2021, 3:15 pm
Securities class action litigation activity involving IPO companies recently has been a significant concern, for the companies themselves as well as for their insurers. [read post]
16 Apr 2021, 8:43 am
American officials are less worried about an immediate challenge to the current structure of the global financial system, but are eager to understand how the digital yuan will be distributed, and whether it could also be used to work around U.S. sanctions, the people said on the condition of anonymity. [read post]
22 Dec 2020, 9:43 am
The COVID-19 pandemic, the global response to it, and other worldwide events created a great deal of market volatility. [read post]
9 Dec 2020, 2:13 pm
In 2018, cases revolving around consequences of the #MeToo movement and the opioid crisis increased, while 2019 saw an increase in filings alleging cyber security breaches and environmental disasters. 2020 has been no exception; now, amid a global pandemic, new filings are occurring based upon the fallout from the Coronavirus and its impact on certain economic industries, such as cruise lines and pharmaceutical companies. [read post]
16 Apr 2020, 4:55 am
April 16, 2020 Clients, Friends, Associates: The first quarter of 2020 saw an unprecedented combination of challenges, not only industry-wide but on a global scale as well. [read post]
