Financial Services RSS

122nd Annual Convention of Bank Officers and Directors and 46th Annual Bank Counsel Seminar

Fri, 19 Apr 2013 22:41:42 GMT

Nancy Thomas is speaking at the 122nd Annual Convention of Bank Officers and Directors and 46th Annual Bank Counsel Seminar in Huningion Beach, CA on May 2-4, 2013.

15th Annual OpRisk North America Conference

Wed, 20 Mar 2013 17:39:54 GMT

Barbara Mendelson will speak on a panel entitled “Lessons from recent enforcement actions" at the 15th annual OpRisk North America conference on March 21, 2013 in New York, NY.

2013 CACTTC Annual Conference

Mon, 29 Apr 2013 17:35:08 GMT

The California Association of County Treasurers and Tax Collectors (the “CACTTC”) will be hosting its 2013 CACTTC Annual Conference at the Hyatt Regency Monterey Hotel and Spa in Monterey, CA on June 11-14, 2013. Anna Pinedo and Ben Colice (RBC Capital Markets) will speak on a panel entitled “Covered Bonds, Asset Backs and the State of the GSE’s/Regulations”.

2nd Annual West Coast Cyber Security Summit

Wed, 08 May 2013 00:49:58 GMT

The International Bankers Association of California (IBAC) will hold its 2nd Annual West Coast Cyber Security Summit on May 30, 2013 from 9:00 am – 3:00 pm PDT.

A European Financial Transaction Tax

Fri, 15 Mar 2013 17:52:15 GMT

In September 2011, the European Commission initially proposed that a financial transaction tax (“FTT”) be implemented by all 27 EU Member States, although it soon became clear that a significant proportion of the Member States would not agree to implement a tax of the nature proposed.

Analyzing Structured Products

Thu, 07 Mar 2013 03:56:43 GMT

Are you interested in learning how economists analyze structured products? In originating, testing, offering, and defending structured products, broker-dealers often need to be able to demonstrate the real-world characteristics of structured products.

Application of the Self-Employment Tax and 3.8% Net Investment Income Tax to Fund Managers

Wed, 06 Mar 2013 20:41:21 GMT

With the imposition of a new 3.8% “net investment income tax” (the “NIIT”) pursuant to Section 1411 of the Internal Revenue Code of 1986, as amended (the “Code”) on passive income and the imposition of an additional 0.9% on the uncapped Medicare portion of the self-employment tax under Section 1401 of the Code (the “SET”) beginning in 2013, individuals who act as private equity and hedge fund managers or advisors have been searching for ways to prevent the application of the NIIT and the SET to their distributive shares of the income from the fund.

Are You a Commodity Pool Operator? And, is it Curable?

Thu, 25 Apr 2013 23:20:56 GMT

The Dodd-Frank Act amended the definition of “commodity pool”, making it broader by including any enterprise operated for the purpose of trading in swaps.

Basel III and Derivatives Exposures: Understanding the Regulatory Capital Effects

Thu, 16 May 2013 02:01:27 GMT

Basel III and Derivatives Exposures: Understanding the Regulatory Capital Effects

Wed, 20 Feb 2013 00:33:59 GMT

The implementation of Basel III in the U.S. and in other jurisdictions may or may not be just around the corner, but it is none too soon for banking organizations to embark on the process of understanding how the evolving regulatory capital regime will affect their balance sheets and operations.

CFPB Uses Novel Interpretation, Increases Compliance Burden for Gift Card Issuers Through Its First Preemption Determination

Tue, 23 Apr 2013 22:24:35 GMT

On April 19, 2013, the Consumer Financial Protection Bureau (“CFPB”) announced it was making a determination to preempt a provision of Tennessee unclaimed property law that it deemed inconsistent with the federal Electronic Fund Transfer Act (“EFTA”), as implemented by Regulation E.

Chipping Away at Barriers to Global Financial Services: SEC Staff Addresses Issues for Foreign Broker-Dealers under Rule 15a-6

Thu, 28 Mar 2013 16:51:45 GMT

Noting the increasingly global nature of financial markets, the U.S. Securities and Exchange Commission (“SEC”) adopted Rule 15a-6 nearly twenty four years ago to facilitate limited access by foreign broker-dealers to customers in the United States.

Comcast Corp. v. Behrend: Courts Must Assess Merits of Plaintiffs’ Damages Evidence at Class Certification

Thu, 28 Mar 2013 16:08:07 GMT

Considerations for End-Users of Derivatives

Fri, 26 Apr 2013 18:45:47 GMT

Derivatives market participants are becoming subject to a series of regulatory requirements related to clearing, trade reporting, and record-keeping.

EMIR Implementation: Theoretical and Practical Guidance

Mon, 29 Apr 2013 19:09:09 GMT

Peter Green will lead a session entitled “Regulatory Reporting Obligations.” He will also speak on panel entitled “Are Clearing Houses Too Big to Fail?”

Exchange-Traded Funds: Issues for 2013

Tue, 16 Apr 2013 19:33:30 GMT

This seminar is designed as a primer regarding exchange-traded funds.

Fair Lending – Disparate Impact

Wed, 01 May 2013 00:32:47 GMT

Michael Agoglia and Tom Noto will be speaking at the MBA's Legal Issues and Regulatory Compliance Conference 2013.

FATCA for Small Banks – Breakfast Briefing

Wed, 10 Apr 2013 18:14:10 GMT

This focused briefing will enable small banks to effectively address FATCA's most critical challenges before the rules take effect in 2014. It will provide you with an update on the regulation and clear guidance on what compliance involves.

FDIC Proposes to Nix Insurance for Dually Payable Deposits—With an Upside and a Nod to International Cooperation

Thu, 21 Feb 2013 19:30:33 GMT

On February 12, the Federal Deposit Insurance Corporation (“FDIC”) proposed for public comment a rule that would exclude from federal deposit insurance coverage those deposits made at insured U.S. banks that are payable at a foreign branch of a U.S. bank, including those deposits that are payable both at domestic and overseas branches (“dually payable deposits”).

Federal Reserve Board Approves Final Rules Defining When Significant Nonbank Firms are “Predominantly Engaged in Financial Activities”

Thu, 04 Apr 2013 21:48:37 GMT

On April 3, the Federal Reserve Board (“Board”) published a final rule (“Rule”) specifying when a financial company that may be made subject to systemic regulation under Title I of the Dodd-Frank Wall Street Accountability and Consumer Protection Act (“Dodd-Frank Act”) is “predominantly engaged in financial activities” for purposes of being designated for systemic regulation under the Dodd-Frank Act. The Rule is effective on May 6, 2013.

Financial Market Utilities: Federal Reserve Proposes Rule on Accounts at Reserve Banks

Wed, 06 Mar 2013 18:37:51 GMT

Yesterday, March 4, 2013, the Federal Reserve Board (the “Board”) published a proposed rule on the standards governing the establishment of accounts by the Federal Reserve Banks (the “Reserve Banks”) for the provision of services to financial market utilities (FMUs) that have been designated as systemically important by the Financial Stability Oversight Council (the “Council”).

Financial Services Report, Spring 2013

Tue, 12 Mar 2013 21:55:08 GMT

This is a dignified law firm newsletter, not like the “Brand X” versions. You won’t find pandering, attention-grabbing stories about Justin Bieber, Kim Kardashian, Ashton Kutcher, Prince William, or Charlie Sheen. Lady Gaga will not be mentioned. Sure, there are those who would resort to tricks to game the search engines, in order that their cartoonish scrawls clog the top of everyone’s Google “hit list,” but George Clooney is not someone we’re going to talk about. Nothing here about Ben Affleck’s Oscar or Oscar Pistorius’s arraignment either. And forget about Adele’s baby. Angelo. That’s not to say that someone wouldn’t sprinkle celebrity names throughout these pages (think “Where’s Waldo” for bank lawyers), but that would simply ensure that you actually read these important articles because if you don’t your institutions will fail. Consider this a public service. Kate Middleton’s pregnancy? Not R Us! Try the other guys. You’re welcome.

Financial Services: A glimpse into the future

Fri, 22 Feb 2013 22:46:16 GMT

Please join the visiting MoFos for any (or all) of the following sessions where we'll share our views on the recent past and prognosticate on future developments.

FINRA Focuses on Anti-Money Laundering Procedures and Red Flags

Thu, 16 May 2013 23:21:00 GMT

Last week, the Financial Industry Regulatory Authority (FINRA) publicized penalties against three companies – as well as four associated individuals – that it found had failed to establish and implement adequate procedures for detecting money laundering and other suspicious transactions in violation of the Bank Secrecy Act, 31 U.S.C. § 5318. The enforcement actions and accompanying announcement demonstrate FINRA’s continued focus on anti-money laundering (AML) compliance programs, and why implementing effective procedures will help firms avoid regulatory actions or scrutiny.

FINRA Proposes Keeping the 5% Rule on Markups; Also Plans to Revise QIB Standards on Debt Securities

Wed, 06 Mar 2013 22:33:24 GMT

In 2011, FINRA attempted to break the broker-dealer industry’s habit of relying upon a 5% ceiling for equity markups by proposing a new FINRA Rule 2121 that would eliminate the so-called “5% policy” currently embodied in NASD IM-2440-1. Last week, at the two-year anniversary of that proposal, and following its processing of comments on the proposal, FINRA chose to maintain the 5% policy, probably as much for its usefulness to FINRA in regulating fair pricing as for the member firms’ reliance on a bright line standard to supervise their practices.

FINRA Rule 4530 – Recent Revisions Remind Broker-Dealers of the Importance of the New Requirement to Report Internal Findings of Violative Conduct

Wed, 27 Feb 2013 23:42:27 GMT

FINRA recently amended Rule 4530 (Reporting Requirements) to make required reporting by member firms of certain regulatory and disciplinary events less burdensome. We take this opportunity to remind firms of the most significant change to FINRA’s reporting requirements, made two years ago, when Rule 4530 was first enacted: the obligation of member firms to report internal conclusions of violations.

Foreign Banks Accessing the U.S. Markets

Mon, 18 Mar 2013 21:30:33 GMT

Foreign banks are increasingly seeking to diversify their financing opportunities. With careful planning, banks can access U.S. investors without subjecting themselves to the securities registration requirements applicable to public offerings and to ongoing disclosure and governance requirements applicable to U.S. reporting companies.

Foreign Banks Issuing Covered Bonds into the U.S.

Mon, 18 Mar 2013 21:25:11 GMT

Despite the sovereign crisis and heightened volatility, the covered bond market remains very attractive. Foreign banks continue to access the U.S. markets with covered bond offerings.

FTC Releases Report on Improving Consumer Protections in Mobile Payments; Recommends Financial, Privacy and Data Security Protections

Wed, 13 Mar 2013 22:31:53 GMT

On March 8, 2013 the Federal Trade Commission (“FTC”) released a Report on mobile payments that serves to follow up on the FTC’s April 2012 workshop on mobile payments, as well as to lay the groundwork for the application of Section 5 of the FTC Act to new participants that operate in the mobile payments space, such as telecommunications and Internet search companies.

Further Setback for the CFPB Director’s Authority?

Fri, 17 May 2013 18:25:59 GMT

A split panel of the U.S. Court of Appeals for the Third Circuit issued a decision yesterday holding that a “recess” appointment to the National Labor Relations Board (NLRB) was unconstitutional and invalid. NLRB v. New Vista Nursing and Rehabilitation, Nos. 11-3440, 12-1027, 12-1936 (3rd Cir. May 16, 2013).

ICMA Covered Bond Investor Conference

Mon, 15 Apr 2013 20:02:11 GMT

The ICMA Covered Bond Investor Council (CBIC) and The Covered Bond Report's 2013 Covered Bond Investor Conference will focus on topical investors' issues and will once again provide an ideal opportunity for those wishing to engage in a constructive dialogue with the buy-side.

ICMA's Annual General Meeting and Conference 2013

Mon, 25 Mar 2013 18:19:45 GMT

The International Capital Market Association's Annual General Meeting and Conference is a long–established and unique event in the financial market calendar. The conference consistently draws a large audience of high level participants from ICMA’s international membership and the wider financial community.

IFLR European Capital Markets Forum 2013

Wed, 20 Mar 2013 17:49:38 GMT

Jerry Marlatt will chair a panel entitled “Securitisation: Winning back confidence" and Jeremy Jennings-Mares will chair a panel entitled “Roundtable: Regulation in 2013/2014" at the IFLR European Capital Markets Forum on April 9, 2013 in London.

IFLR Webcast: Dodd-Frank Act Title VII Update

Thu, 25 Apr 2013 23:53:20 GMT

MoFo Partners Anna Pinedo and David Kaufman will give a Dodd-Frank Act Title VII update during a webinar on May 21, 2013.

Institute of International Bankers, Breakfast Meeting

Mon, 08 Apr 2013 17:53:09 GMT

Barbara Mendelson will speak at the IIB’s next breakfast meeting for our smaller members banks on Wednesday, April 3, 2013 at the Institute of International Banks's breakfast meeting for Smaller Member banks.

IOSCO Consultation Report on Financial Benchmarks

Mon, 06 May 2013 16:43:11 GMT

As we have previously reported, a Task Force of the International Organization of Securities Commissions ("IOSCO") published a consultation on financial benchmarks on 11 January 2013 in response, in part, to recent controversies in relation to the setting of financial benchmarks, including LIBOR.

MoFo Classics: FINRA - Offerings and Research

Wed, 13 Mar 2013 18:46:20 GMT

Morrison & Foerster will be hosting a seminar reviewing FINRA rules applicable to offerings, including new Rule 5123.

MoFo Tax Talk: Volume 6, Issue 1

Tue, 30 Apr 2013 15:42:18 GMT

With Q1 already in the books, this issue of Tax Talk brings you the latest tax developments and news from 2013 so far.

mtn-i 2013 Americas Structured Note Showcase & Awards

Wed, 08 May 2013 18:37:06 GMT

Anna Pinedo will participate in the Structured Note Leadership Forum and host “Regulation Round-Up,” a presentation focusing on the latest developments in regulation of structured products.

New Bank Capital Rules: Are CoCos the Answer?

Mon, 25 Mar 2013 18:38:45 GMT

Financial institutions in Europe and the US are considering a range of products to address their funding needs. It’s a difficult task, as it’s still not known which products will receive beneficial regulatory capital treatment.

PLI’s Private Placements and Other Financing Alternatives

Mon, 18 Mar 2013 19:20:58 GMT

Partner Anna Pinedo will speak on a panel entitled "Introdution to Private Placements & Hybrid Financing" and Parter David Lynn will speak on a panel called "Staying Private, Private Scodnary Markets, & Using the Internet" at the Private Placements & Other Financing Alternatives Seminar, hosted by PLI on April 15th, 2013 in New York, NY.

PLI's 18th Annual Consumer Financial Services Institute

Wed, 20 Feb 2013 19:42:52 GMT

Partner Leonard Chanin will speak on a panel entitled “CFPB Enforcement Update" at PLI's 18th Annual Consumer Financial Services Institute on April 8, 2013 in New York, NY.

SEC and CFTC Issue Identity Theft Rules

Fri, 19 Apr 2013 22:35:09 GMT

Today, April 19, 2013, the Securities and Exchange Commission ("SEC") and the Commodity Futures Trading Commission ("CFTC") published in the Federal Register rules and guidelines requiring their respective regulated financial institutions to establish programs to address the risks of identity theft, i.e., "fraud committed or attempted using the identifying information of another person without authority."

SEC Registration for Foreign Banks

Mon, 18 Mar 2013 20:53:07 GMT

Foreign banks seeking to diversify their financing opportunities may consider SEC registration. This briefing will focus on the registration process; disclosure considerations for financial institutions; and compliance, governance and ongoing reporting.

SPA 2013 Structured Products Distribution Conference

Wed, 27 Feb 2013 18:30:40 GMT

Partner Anna Pinedo will speak on a panel entitled “Legal Regulatory Compliance Update" at the 2013 SPA Structured Products Distribution Conference on March 6, 2013 in New York, NY.

Structured Thoughts Master Class: ETNs

Wed, 20 Mar 2013 21:36:47 GMT

Brad Berman will speak on ETNS. This class will focus on setting up an ETN platform.

Structured Thoughts Master Class: MSDAs

Wed, 20 Mar 2013 21:03:44 GMT

Brad Berman will speak on MSDAs. This class will focus on discussing the principal negotiating points for MSDAs.

Structured Thoughts Master Class: Proprietary or Research-Based Indices

Wed, 20 Mar 2013 21:46:43 GMT

Jay Baris and Brad Berman will speak on Proprietary or research-based indices. This class will focus on disclosure, 40 Act, Advisers Act, and compliance issues related to index creation and linking to prop indices.

Structured Thoughts Master Class: Taxation

Wed, 20 Mar 2013 21:15:05 GMT

Remmelt Reigersman will speak on Taxation. This class will focus on the taxation of structured products and emerging tax developments.

Structured Thoughts: News for the financial services community

Thu, 28 Feb 2013 21:23:31 GMT

In this issue of Structured Thoughts we discuss the additional SEC guidance on estimated value disclosures, 2013 OCIE examination priorities and their implications for structured products issuers and dealers, the EITF and the Federal Funds rate, and the FDIC’s proposal to nix insurance for dually payable deposits.

Structured Thoughts: News for the financial services community

Fri, 12 Apr 2013 20:58:01 GMT

Structured Thoughts: News for the financial services community

Wed, 15 May 2013 20:14:03 GMT

In this issue of Structured Thoughts, we discuss due diligence procedures for structured note distributors; key issues for Yankee CDs; the SEC and FINRA’s concerns about the sale of certain structured products to senior citizens; the Financial Stability Oversight Council’s 2013 Annual Report; and the SEC’s recent discussion of estimated value.

Structured Thoughts: News for the financial services community Volume 4, Issue 6

Mon, 29 Apr 2013 15:07:17 GMT

In this issue of Structured Thoughts, we discuss FINRA’s guidance on backtested performance data, FINRA Chairman and CEO Rick Ketchum’s recent discussion of structured products, and also provide an update regarding TRACE and Rule 144A securities.

Structured Thoughts: News for the financial services community.

Wed, 15 May 2013 17:14:17 GMT

In this issue of Structured Thoughts, we discuss regulating retail structured products and the IOSCO toolkit.

The 2nd Annual North American Structured Products Conference

Mon, 08 Apr 2013 17:46:14 GMT

Euromoney Seminars and Structured Retail Products bring together their expertise to produce a high quality conference to explore the key market trends and opportunities in 2013.

The Basel Committee Proposes to Double Down on Counterparty Exposure Limits

Wed, 03 Apr 2013 16:37:53 GMT

On March 26, the Basel Committee on Banking Supervision ("Basel Committee") published a Consultative Document in which it proposes a revised supervisory framework for measuring and controlling large counterparty exposures ("Proposal," or "Exposure Framework") of systemically important financial institutions ("SIFIs"). Comments on the Proposal are due by June 28, 2013.

The CFTC’s Further No-Action Relief for Operators of Securitization Vehicles that May Constitute Commodity Pools

Wed, 10 Apr 2013 21:05:54 GMT

In a letter dated March 29, 2013 (the “March 29 Letter”), the Division of Swap Dealer and Intermediary Oversight (the “Division”) of the Commodity Futures Trading Commission (the “CFTC”), extended by three months, but subject to new and stringent conditions, no-action relief that the Division had previously given for operators of securitization vehicles (each, an “SV”) possibly falling within the definition of “commodity pool” by reason of the SV’s trading in swaps.

The European Alternative Investment Fund Managers Directive—a non-EU Fund Manager’s Perspective

Fri, 17 May 2013 21:00:54 GMT

The European Member States must implement the Directive on Alternative Investment Fund Managers (the “AIFMD”), which came into force on July 21, 2011, into their national laws by July 22, 2013. Once the Directive is fully implemented, non-EU AIFMDs that wish to offer interests in private placements will have new compliance and reporting responsibilities.

The Federal Reserve's Proposed Enhanced Prudential Standards for Foreign Banks

Tue, 07 May 2013 20:02:48 GMT

The Federal Reserve’s proposed enhanced prudential standards will into effect on July 1, 2015, and are expected to bring unprecedented and significant changes to the regulation of foreign banking organizations (FBOs) with new requirements to address risk management, stress testing, early remediation, liquidity and debt-to-equity limits.

The FSA and ESMA Get Technical on Prospectuses

Wed, 20 Mar 2013 15:52:10 GMT

The Prospectus Directive (the “PD”) and the Prospectus Directive Regulation (the “PD Regulation”) were recently amended, in each case with effect from 1 July 2012.

The SEC's Extension of Exemptions for Security-Based Swaps

Mon, 15 Apr 2013 18:41:32 GMT

Among its many important changes to the legal landscape, The Dodd-Frank Act defined the term “security” to include security-based swaps. The SEC has taken a deliberative approach in relation to the effects of this change, and recently extended until February, 2014 the expiration date of certain temporary exemptions and interim final rules that the SEC previously promulgated in relation to the regulation of security-based swaps as securities.

The UK’s Financial Services Act 2012: Some Key Features

Mon, 15 Apr 2013 17:59:56 GMT

In the late 1990s, the UK Financial Services Authority (the “FSA”) was created by Gordon Brown, the incumbent-Chancellor of the Exchequer, combining a number of regulatory authorities into a single body to oversee the UK’s financial services industry.

U.S. Issuances of Asset Backed Securities by Non-U.S. Issuers

Tue, 09 Apr 2013 21:57:32 GMT

As the US capital markets continue to gain relative strength and longstanding regulatory uncertainties are resolved, non-US ABS and covered bond issuers are increasingly inquiring about the prospects for selling their securities into the US.

Use of Social Media for Issuers, Broker-Dealers and Advisers, and Investment Companies

Mon, 06 May 2013 19:17:26 GMT

Recently, regulators provided some additional guidance regarding the use of social media channels to disseminate issuer information. FINRA and the Commission also have been focused on the use of social media by registered broker-dealers, and by investment advisers.

Will The CFPB Take on the Regulation of Retirement Savings Plans?

Tue, 26 Feb 2013 00:27:35 GMT

According to a recent Bloomberg report, the Consumer Financial Protection Bureau is considering whether it should take a role in helping Americans manage their retirement savings.