Tag Archives: gt_law

Japanese Fintech Regulation Update: New Law & Regulations on Electronic Banking Settlement Agency Service

The Financial Service Agency of Japan (JFSA) submitted a bill (Bill) to the National Diet to amend the Banking Act (Act No. 59 of 1981, as amended, the Banking Act) on March 3, 2017, to employ a new regulation on the electronic banking settlement agency service (Electronic Settlement Agency Service or Service), which provides agent services … Continue Reading

Carl Fornaris to Speak at the Financial Markets Association’s 26th Annual Securities Compliance Seminar

Greenberg Traurig Shareholder  Carl A. Fornaris, co-chair of the Financial Regulatory and Compliance Practice, will speak at the Financial Markets Association’s (FMA’s) 26th Annual Securities Compliance Seminar on April 26 at the B Ocean Hotel in Fort Lauderdale. Fornaris will speak on the panel titled “Key 2017 Legislative and Regulatory Initiatives” and will review current developments … 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

Confidential Financial Information of Non-Party Customers Placed at Risk When Litigants Subpoena FINRA Enforcement Files

An increasingly common tactic among claimants’ lawyers in Financial Industry Regulatory Authority (FINRA) arbitrations is to issue subpoenas to securities regulators, including FINRA itself, calling for the production of investigative files. This is accomplished by asking the arbitration panel to issue a subpoena pursuant to FINRA Rule 12512 (or Rule 13512 in an employee versus … Continue Reading

Lex Machina’s Securities Litigation Report 2017 Names Greenberg Traurig a Top Federal Securities Defense Firm

According to the report issued last week, Greenberg Traurig is among the top 15 firms in the United States, defending national and global financial institutions against bet-the-company securities litigation cases. The report found that securities case filings rose 23 percent from 2015 to 2016, to 1,144 cases. According to Lex Machina, securities litigation is relatively steady … Continue Reading

President Trump to Nominate CFTC Acting Head J. Christopher Giancarlo

President Trump has announced his intention to nominate Commodity Futures Trading Commission (CFTC) acting head J. Christopher Giancarlo as permanent chairman. This news is of high importance for the alternative investment community, which will be impacted by  Giancarlo’s regulatory vision for the agency and Dodd-Frank reform.  As a Republican commissioner at the agency since 2014, … Continue Reading

Greenberg Traurig’s Koichiro Ohashi to Speak About Fintech in Connection to Luxembourg and Japan

Koichiro Ohashi, shareholder in the Tokyo office of international law firm Greenberg Traurig, LLP will participate in a program titled, “A taste of FinTech From 2 Angles … and 2 Sides of The World” on March 14 in Luxembourg. The discussion will address the challenges and opportunities of Fintech in Luxembourg and Japan.… Continue Reading

Greenberg Traurig to Participate at the FIBA Anti-Money Laundering Compliance Conference

Greenberg Traurig is proud to sponsor and participate at the FIBA (Florida International Bankers Association) Anti-Money Laundering Compliance Conference March 6 – 8 at the InterContinental Miami. Rudolph W. Giuliani, chair of the firm’s Cybersecurity, Privacy and Crisis Management Practice and former New York City Mayor, will deliver the keynote address on how the 2016 … Continue Reading

High-End, Cash-Only Real Estate Sales in Six Major Metropolitan Areas Remain Subject to Mandatory AML Reporting Requirements

On Feb. 23, 2017, the Financial Crimes Enforcement Network of the U.S. Department of the Treasury (FinCEN) extended by an additional six months its existing Geographic Targeting Orders (GTOs) that require U.S. title insurance companies, their subsidiaries and agents (collectively, the Title Insurance Companies) to identify the natural persons behind shell companies used to pay … Continue Reading

U.S. Court of Appeals for D.C. Circuit Vacates Panel Decision in PHH v. CFPB, Grants Rehearing En Banc

On Feb. 16, 2017, the U.S. Court of Appeals for the D.C. Circuit granted the request for en banc review by the Consumer Financial Protection Bureau (CFPB) in the PHH v. CFPB matter.[1]  The order vacates the prior judgment by a three-judge panel that the CFPB’s structure was constitutionally infirm, and which remedied that infirmity … Continue Reading

NY Governor’s Proposed Budget Forecasts Increased Regulation of Fintech

In his proposed budget for fiscal year 2017-2018, New York Governor Andrew Cuomo advanced changes to the New York Banking Law that would give the Department of Financial Services (NY DFS) increased licensing authority over online and marketplace lenders.[1] The proposed budget would prohibit any entity from engaging in the business of making loans in … Continue Reading

No Action Relief Regarding Variation Margin Rules

Yesterday, the U.S. Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) announced the issuance of a time-limited no-action letter stating that, from March 1, 2017 to September 1, 2017, DSIO will not recommend an enforcement action against a swap dealer (SD) for failure to comply with the variation margin requirements … Continue Reading

President Trump Signs Executive Order Establishing “Core Principles” of Financial Regulation and Addressing the DOL Fiduciary Rule

On Friday, Feb. 3, 2017, President Trump signed an executive order entitled, “Core Principles for Regulating the United States Financial System.” While the Order was widely characterized as commencing a roll-back of financial regulations, including the Dodd-Frank Act and the Fiduciary Rule,[1] the text of the actual order is more modest.  It instead sets forth … Continue Reading

The Supreme Court Agrees to Determine Whether SEC Actions Seeking Disgorgement are Subject to the Five-Year Limitations Period Set Forth in 28 U.S.C. § 2462

At the urging of both an individual petitioner and the SEC, the Supreme Court has agreed to resolve a recent circuit split as to whether the five-year limitations period applicable to SEC enforcement actions applies to the remedy of disgorgement. Kokesh v. SEC, __ S. Ct. __, No. 16-529, 2017 WL 125673 (U.S. Jan. 13, … Continue Reading

Ninth Circuit Holds that Foreclosure Trustee is Not Subject to FDCPA

In Ho v. ReconTrust Co., No. 10-56884, 9th Cir.; 2016 U.S. App. LEXIS 18836 (October 19, 2016), a borrower sued a foreclosure trustee, ReconTrust, and others, asserting that recording a notice of default and other statutorily mandated notices violated the FDCPA because they misrepresented the amount owed on the mortgage loan. The district court granted … Continue Reading

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

On Jan. 12, 2017, the Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) issued its annual Examinations Priorities for 2017 (Exam Priorities), which is available for download here.  As in past years, the Exam Priorities focus around three thematic areas, the first and the last of which are … Continue Reading

NYS Department of Financial Services Releases Revised Proposal Addressing Cybersecurity Requirements for Financial Institutions

On December 28th, 2016, the New York State Department of Financial Services (DFS or the Department) published a revised version of its proposed regulation governing cybersecurity requirements for all entities required to operate in New York under a license, registration, or similar authorization issued by the Department (the Revised Proposal). Its provisions are scheduled to … Continue Reading

FINRA’s 2017 Annual Regulatory and Examination Priorities

On Jan. 4, 2017, FINRA released its 12th annual Regulatory and Examination Priorities Letter in which it identifies its areas of examination focus for 2017, recurring challenges faced by firms, and possible risks impacting the financial sector. FINRA’s 2017 exam priorities do not appear to be revolutionary or new relative to its pronouncements during the … 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

SEC Convenes Fintech Forum

On Nov. 14, 2016, the Securities and Exchange Commission (SEC) hosted an all-day forum on FinTech ( Forum).  The event highlighted the active role the SEC intends to take in monitoring and regulating technological innovation based upon the potential impact of innovation on investors and capital markets. In her remarks to Forum attendees, SEC Chair … Continue Reading

OCC Consideration of Special Purpose Fintech Charters Draws Rapid Reaction for State Banking Regulators

On Dec. 2, 2016, the Office of the Comptroller of the Currency (OCC) published a preliminary proposal to create a national bank charter for financial technology companies (fintech). The OCC’s rationale in support of the proposal was that such a charter could promote the safety and soundness of fintech institutions, bring greater legal and regulatory … Continue Reading

10 TRENDS: Getting Better All the Time

When Jennifer Shasky-Calvery, at the time the director of the Financial Crimes Enforcement Network (FinCEN), addressed attendees at G2E 2013, she brought a stern message to the industry. She called for a complete culture change in the industry with a dedication to rooting out financial crimes… or else. Since then, Bank Secrecy Act (BSA) and anti-money … Continue Reading

Michele Stocker Quoted by the Florida Record Regarding the case of Bartram v. U.S. Bank

Michele Stocker, Greenberg Traurig co-chair of the Consumer Financial Services Litigation Practice, was recently quoted by the Florida Record regarding  the ruling made in the case of Bartram v. U.S. Bank. She stated that “the Florida Supreme Court’s decision finally brings some clarity to the issue and will allow judges who have been reluctant to … Continue Reading

The US Attorney, CFTC, and Navinder Sarao

We have previously provided updates1 on the Navinder Singh Sarao case, pending in the U.S. District Court for the Northern District of Illinois.  After being charged in February 2015 with fraud and spoofing related to the 2010 Flash Crash, Sarao, then resident in the United Kingdom, fought a yearlong, multiple-appeal battle against extradition, before he … Continue Reading
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