A Commission Implementing Regulation laying Implementing Technical Standards under the Bank Recovery and Resolution Directive was published in the Official Journal of the European Union. The ITS outlines the uniform forms, templates and definitions...
ISDA advocates unity for margin timetable - ISDA has considered the implementation schedule for a coordinated global margining framework for non-cleared derivatives. Under the agreed timetable, implementation is to be phased, starting with the...
Last week, the White House Commission on Enhancing National Cybersecurity held its third of six scheduled meetings around the nation. President Obama established the Commission by Executive Order in February 2016 with the goal of “recommending bold,...
The Securities and Exchange Commission (SEC) announced two administrative settlements in June with a fund administrator that provided accounting and fund administration services to several private funds based on its alleged failure to heed red flags...
On June 23, 2016, the First Department of the Appellate Division of the Supreme Court of the State of New York decided an appeal in an action brought by Bank of New York Mellon, as RMBS Trustee, against WMC Mortgage and JP Morgan. In its decision,...
On June 30, 2016, President Obama signed the Puerto Rico Oversight, Management, and Economic Stability Act (S. 2328), commonly known as “PROMESA.” This measure, which was enacted with bipartisan support, effectively delays application of the U.S....
The CFPB has issued its June 2016 complaint report which highlights complaints about consumer loans and complaints from consumers in Arkansas and the Little Rock metro area. The CFPB began taking consumer loan complaints in March 2012. The consumer...
A federal judge in Texas has issued a nationwide injunction against the new labor “persuader” reporting requirements that were due to take effect on July 1, 2016. The ruling does not impact earlier employer reporting requirements, which remain in...
Asset managers and investment funds that make significant use of derivatives will face regulatory and operational challenges in the post-Brexit vote environment. Although the Brexit vote is not expected to have an immediate impact on the legal status...
A recent decision by the U.S. Court of Appeals for the Fifth Circuit is a reminder to important federal agencies that they must take care to adhere to the requirements of the Administrative Procedure Act (APA) when they issue not only new rules, but...
