Tag Archives: GT Alert

New Bill Introduced in the U.S. Senate to Require the Disclosure of Ultimate Beneficial Owners of Corporations and LLCs Formed or Registered in the United States

On August 2, 2017, United States Senators Marco Rubio (R-FL) and Ron Wyden (D-OR) jointly introduced Senate Bill 1717, entitled the “Corporate Transparency Act of 2017” (the “Act”).  The Act was referred to the U.S. Senate Committee on Banking, Housing and Urban Affairs.  The Act would amend Title 31 of the United States Code, to … Continue Reading

Ninth Circuit Widens Circuit Split on Whether Dodd-Frank Protects Internal Whistleblowing

On March 8, 2017, in Somers v. Digital Realty Trust Inc., No.15-cv-17352 (9th Cir., March 8, 2017), the Ninth Circuit Court of Appeals affirmed the district court’s denial of the defendant’s motion to dismiss a whistleblower claim brought under the Dodd-Frank Act’s (“DFA”)’s anti-retaliation provision. In a 2-1 decision, the majority endorsed the approach of … Continue Reading

The 10th Circuit Declares SEC’s Home Courts to be Unconstitutional and Creates Circuit Split

Right after Christmas, the United States Court of Appeals for the Tenth Circuit delivered a lump of coal to the Securities and Exchange Commission in Bandimere v. U.S. SEC,1 ruling that the SEC’s administrative law judges (ALJs) who preside over SEC enforcement actions hold their positions in violation of the Appointments Clause of the United States Constitution. … Continue Reading

Derivatives Update: What You Should Know As We Enter 2017

This year has been full of surprises in the global markets with Brexit, the Republicans’ win of the executive branch and continuing control of the legislative branch in the U.S. and the impact of the privatization of energy markets in Mexico. In this GT Alert, we are simply going to address two critical proposals and … Continue Reading

Banking Regulators Release Advanced Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards

On Oct. 19, 2016, the Board of Governors of the Federal Reserve System (the Board), the Office of the Comptroller of the Currency (the OCC), and the Federal Deposit Insurance Corporation (the FDIC, and the three agencies collectively, the Agencies) jointly issued an advance notice of proposed rulemaking (the ANPR) soliciting public comment on enhanced … Continue Reading

New Proposed RIC Regulations

The Internal Revenue Service (the Service) issued guidance last month that will, practically speaking, make it slightly more difficult for entities to qualify as regulated investment companies (RICs) for federal income tax purposes. Under current law, an SEC registered investment company may qualify as a RIC only if, inter alia, (i) 90 percent of its … Continue Reading

U.S. Treasury Department Expands its ‘Real Estate GTOs’ to Require Title Insurance Companies and Their Agents To Report the Ultimate Beneficial Owners of Entities Used To Buy Residential Real Estate in All-Cash Purchases in Six Metropolitan Areas, Including all of New York City, South Florida and Portions of California and Texas

On July 27, 2016, the Financial Crimes Enforcement Network of the U.S. Department of the Treasury (FinCEN) issued a press release announcing new Geographic Targeting Orders (GTOs) applicable to certain U.S. title insurance companies and their subsidiaries and “agents” (collectively, the Targeted Title Insurance Companies). The new GTOs go well beyond those that were initially … Continue Reading

SEC Share Class Sweep of Registered Investment Advisers Appears to be Underway

On July 13, 2016, the SEC’s Office of Compliance Inspections and Examinations (OCIE) announced its 2016 Share Class Initiative (the Initiative). The Initiative is focused on addressing the perceived risk that registered investment advisers may be providing conflicted advice to their clients when recommending investments in mutual fund share classes.  For example, OCIE staff is … Continue Reading

FinCEN Finalizes Customer Due Diligence Rule

May 6, 2016, the Financial Crimes Enforcement Network of the U.S. Department of the Treasury (FinCEN) finalized regulations that will require banks, securities broker dealers, mutual funds, futures commission merchants, and introducing brokers in commodities (collectively, Covered Institutions) to identify and perform due diligence on the ultimate beneficial owners and control persons of any legal … Continue Reading

Third District Court of Appeals Reverses Holding on Statute of Limitations for Florida Foreclosures: The Impact of Deutsche Bank Trust Company Americas, as Trustee v. Beauvais

On April 13, 2016, Florida’s Third District Court of Appeal (Third District) issued its en banc opinion in Deutsche Bank Trust Company Americas, as Indenture Trustee for American Home Mortgage Investment Trust 2006-2 v. Beauvais, __ So. 3d __, No. 3D14-575 (Fla. 3d DCA Apr. 13, 2016), holding that “dismissal of a foreclosure action accelerating … Continue Reading

Nonbank Fintech: Regulatory Uncertainty as Innovation Flourishes

At the end of March, the OCC issued a whitepaper setting out the principles that it will use to guide the development of a framework to analyze innovations in the banking sector of financial technology, or “fintech” for short.  The paper defined and encouraged “responsible innovation,” and discussed both benefits and risks arising from the … Continue Reading

Carl Fornaris and Shannon Bothwell Presented on the New FinCen Real Estate GTO

Greenberg Traurig’s Carl Fornaris, Shareholder, and Shannon Bothwell, Of Counsel, participated in the FIBA and STEP presentation titled “The New FinCen Real Estate GTO: What You Need to Know” on Feb. 9 at Greenberg Traurig’s Miami office. The program addressed the geographic targeting orders (GTOs) issued by the Financial Crimes Enforcement Network of the U.S. … Continue Reading

Manhattan and Miami Residential Real Estate Sales – What Are the New Treasury Department Anti-Money Laundering Requirements All About?

In January 2016, the Treasury Department announced “geographic targeting orders” (GTOs) that will require title insurance companies and their agents to obtain representative and ultimate beneficial ownership information when a legal entity purchases residential real estate in Manhattan or Miami-Dade County with purchases prices that exceed $3 million and $1 million, respectively. It is expected that this … Continue Reading

SEC’s Office of Compliance Inspections and Examinations Releases Annual Examination Priorities

On Jan. 11, 2016, the Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) issued its annual Examinations Priorities for 2016 (Exam Priorities), which is available for download here. In the Exam Priorities, OCIE notes that its priorities focus on the same three thematic areas as in 2015 (which we … Continue Reading

New Withholding Tax Rules Will Impact Funds, Banks, and Insurance Companies

Regulations released under Section 871(m) of the Internal Revenue code in September of this year go into effect on Jan. 1, 2017.  These rules will have a significant effect on offshore funds and other investors which take positions in U.S. equity derivatives, as well as on broker dealers. Under these rules, all payments on derivatives … Continue Reading
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