Searching Content indexed under Finance and Banking by Alex Lakatos ordered by Published Date Descending.
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Prospect For Innovation Or Dust From The Litterbox? The Public Sifts Through Product Sandbox
A catastrophic end to consumer protection to some, and a long overdue attempt to reconcile law with technology to others, former CFPB Acting Director Mick Mulvaney's parting gift stirred up the financial services industry.
United States
18 Mar 2019
An Unconventional Circular Letter: NYDFS Provides The Nation's First Directive On The Proper Use Of Unconventional And Alternative Data
Last month, the New York State Department of Financial Services became the first US regulator to impose specific, substantive requirements on the use of "unconventional sources or types of external data" in financial services.
United States
20 Feb 2019
Bureau Proposes Improvements To Its No-Action Letter Process And A New Product Sandbox
Innovative companies face stiff challenges when trying to comply with moribund US consumer protection rules that have not kept pace with technological advancements in the financial services industry.
United States
4 Jan 2019
If Only: US Treasury Department Report Creates A Wish Tree Of Financial Reform For Fintech
Regardless of whether its recommendations are achievable in whole or in part or merely aspirational, the US Department of Treasury's ("Treasury") report issued on July 30, 2018...
United States
10 Sep 2018
Commodity Futures Trading Commission Issues Advisory For Virtual Currency Pump-And-Dump Schemes
The purpose of this paper is to explain innocent actors in the virtual currency space (e.g. virtual currency exchanges, financial institutions, social media platforms) and how to avoid potential exposure...
United States
24 Aug 2018
New York Department of Financial Services Cyber Security Examination
On December 10, 2014, the New York Department of Financial Services (NYDFS) issued a letter to banking institutions chartered or licensed in New York notifying them of an expansion of the NYDFS information technology examination procedures to focus on cyber security issues as an integral aspect of risk management.
United States
12 Dec 2014
"Separate Entity" Rule Alive and Well in New York
In a much anticipated decision, New York’s highest court, the Court of Appeals, confirmed on October 23, 2014, that the so-called "separate entity" rule continues to exist as a vibrant doctrine in the State of New York.
United States
28 Oct 2014
US Department of Justice Brings Its First Criminal Prosecution for Spoofing of Commodities Markets
A Chicago federal grand jury has indicted Michael Coscia, formerly a registered floor trader and sole owner of Panther Energy Trading LLC, for allegedly violating the anti-spoofing provision of the Commodity Exchange Act ..
United States
15 Oct 2014
Presumption Against Extraterritoriality in Morrison v. National Australia Bank Extended to Private Party Whistleblower Retaliation Cases
The US Court of Appeals for the Second Circuit has ruled that the presumption against extraterritoriality applies to private party actions under Section 21(h) of the Securities Exchange Act of 1934 ("Exchange Act").
United States
26 Aug 2014
New York State Department Of Financial Services Proposes A "BitLicense" Regulatory Framework For Virtual Currency Businesses
The New York State Department of Financial Services has released a proposed regulatory framework for New York virtual currency businesses.
United States
7 Aug 2014
US Securities And Exchange Commission Issues Final Rules Regarding The Application Of Security-Based Swap Intermediary Definitions To Cross-Border Security Based Swap Activity
The US Securities and Exchange Commission has adopted final rules regarding the cross-border application of certain security-based swap provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
United States
16 Jul 2014
US Supreme Court Dramatically Narrows Grounds for General Personal Jurisdiction
In January 2014, the US Supreme Court decided Daimler AG v. Bauman, 571 U.S. ___, 134 S. Ct. 746 (2014), a decision that could be of substantial importance to any non-US bank or non-US corporation that has US branches or offices in the United States, as well as any US bank or corporation that has branches or offices outside of its principal place of business or place of incorporation (its "home state").
United States
14 Mar 2014
Presumption Against Extraterritoriality in Morrison v. National Australia Bank Extended to Criminal Prosecutions
On August 30, 2013, the US Court of Appeals for the Second Circuit ruled in United States v. Vilar that the presumption against extraterritoriality applies to federal criminal prosecutions under Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act).
United States
16 Sep 2013
New York Court Of Appeals Issues Narrow Decision On Extraterritorial Asset Turnover While Legislature Considers Rolling Back Koehler
A recent New York State Court of Appeals decision in a case that Mayer Brown reported on in October 2012 sets an outer limit on the scope of asset turnover jurisdiction under "Koehler v. Bank of Bermuda".
United States
24 Jun 2013
US Court Of Appeals For The Second Circuit Court Affirms Dismissal Of Anti-Terrorism Act Claims Against UBS
A federal appellate court in New York has held that under the Anti-Terrorism Act (ATA), a bank cannot be held liable for the acts of terrorist organizations, such as Hamas and Hezbollah, solely because the bank provided financial services or otherwise dealt with a state sponsor of terrorism, such as Iran.
United States
22 Feb 2013
New York Appeals Court Precludes Attempted End Run Around Morrison
A New York appellate court recently issued a decision favorable to securities issuers whose shares trade on non-US exchanges.
United States
23 Jan 2013
New York Court Of Appeals Answers Questions On When Jurisdiction Can Be Established Based On New York Correspondent Accounts
The New York Court of Appeals has issued an opinion that could have significant implications for non-US banks that have limited operations in the United States.
United States
15 Jan 2013
New York Trial Court Reaffirms Separate-Entity Rule In Discovery Dispute
The recent decision by a New York State trial court in Ayyash v. Koleilat (N.Y. Sup. Ct., N.Y. County, Index No. 151471/2012 (Coin, J.)) contains important guidance on how lower-level New York State courts are inclined to interpret the decision of New York’s highest court in Koehler v. Bank of Bermuda.
United States
14 Nov 2012
New York Court Of Appeals To Consider Vast Expansion To Koehler: Turnover Of Assets At A Non-US Subsidiary
The underlying dispute raises issues of great importance to all international banks with a New York presence.
4 Oct 2012
New York High Court May Consider Whether Use of a New York Correspondent Account Can Create Personal Jurisdiction Over Non-US Bank
The US Court of Appeals for the Second Circuit recently issued a decision of substantial interest to the international banking and financial services community.
United States
10 Apr 2012
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