Tag Archives: gtlaw

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

August 2017 Cybersecurity & Risk Alert from SEC

On August 7, 2017, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued its third National Exam Program Risk Alert of the 2017 calendar year, detailing OCIE’s findings and observations from its Cybersecurity 2 Initiative. This Cybersecurity 2 Initiative, the name for OCIE’s second round of cybersecurity examinations, builds on OCIE’s prior 2015 Cybersecurity … Continue Reading

John Kaufmann Authors ‘Caveat Re-Emptor’

John Kaufmann, Of Counsel at Greenberg Traurig, has authored an article titled “Caveat Re-Emptor” for Volume 15, Issue 1 of CCH’s Journal of Taxation of Financial Products. The article examines the treatment of both “capital markets repos” (i.e., sale-repurchase transactions entered into with respect to liquid property, using standard documentation) and what he refers to as … Continue Reading

SEC and FINRA Continue to Root Out Bad Brokers

On Thursday, July 27, regulators and industry professionals gathered in Washington, D.C. to discuss the current regulatory environment, cybersecurity, and other hot topics at the SEC and FINRA’s 2017 National Compliance Outreach Program for Broker-Dealers. The panelists, including SEC Commissioner Michael Piwowar, FINRA President and CEO Robert Cook, and Susan Axelrod, the Executive Vice President of … Continue Reading

Final Florida Insurance Legislative Report Following Final Actions by Governor

Florida Governor Rick Scott has acted on all legislation approved during the 2017 Regular Session and Special Session A. As such, we have updated our final report on insurance issues. This report provides an outline of all insurance issues that were approved and those that did not pass this year. Please note that many of … Continue Reading

SCOTUS to Resolve Circuit Split Over Dodd-Frank Whistleblowers

On Monday, June 26, 2017, the U.S. Supreme Court agreed to review whether the Dodd-Frank Act (DFA) prohibits retaliation against internal whistleblowers or only covers individuals who report to the U.S. Securities and Exchange Commission (the SEC). This question has divided practitioners and lower courts alike since Dodd-Frank’s passage in 2010. As reported in our … Continue Reading

U.S. House Financial Services Committee Hearing on Flood Insurance Reform and Passes Legislation

On June 7, 2017, the U.S. House Financial Services Committee held a hearing entitled “Flood Insurance Reform: A Taxpayer’s Perspective.” The hearing examined the National Flood Insurance Program (NFIP) and six legislative concepts to reform the program. Witnesses discussed how the reforms would strengthen taxpayer protections; provide greater private market access, competition, and consumer choice; … Continue Reading

Resolving the FDCPA Circuit Split: Purchasers, Participles, and Policy

On June 12, 2017, the United States Supreme Court held that purchasers of debts originated by another are not “debt collectors” under the Fair Debt Collection Practices Act (FDCPA). Henson v. Santander Consumer USA Inc., No. 16–349, 2017 WL 2507342 (U.S. June 12, 2017). Justice Gorsuch, in his first opinion, writes the Court found it … Continue Reading

GT’s Carl Fornaris Moderates Panel at IAGA, Featured in Gambling Compliance

The International Association of Gaming Advisors (IAGA) held its 36th annual International Gaming Summit May 30-June 1, 2017. The IAGA Summit brings leaders from all global gaming sectors together, providing a unique opportunity to discuss recent and significant issues and challenges facing the gaming industry. At the Summit, Greenberg Traurig’s Carl A. Fornaris, co-chair of … Continue Reading

Greenberg Traurig to Participate in a Panel Discussion on the Alternatives Investment Industry & President Trump’s Administration

Greenberg Traurig Shareholders Nanette Aguirre and Alan Slomowitz will be participating in a panel discussion that is co-hosted by GT, The New York Family Office, and the Private Funds Roundtable on May 24 in GT’s New York Office. The discussion will focus on the Alternatives Investment Industry and President Trump’s administration. Insights will be provided … Continue Reading

Greenberg Traurig to Host Atlanta-Israel Fintech Innovation Conference

Carl A. Fornaris, co-chair of the Financial Regulatory and Compliance Practice, will participate in the GT-hosted second annual Atlanta-Israel FinTech Innovation Conference, which connects leading Israeli companies in the financial technology sector with Georgia-based corporate partners. The conference will be held May 22 – 23, and will provide networking and new business opportunities for participants. … Continue Reading

Nanette Aguirre and Joseph Suh to Participate in a Panel Discussion on Investing in Brazil

Greenberg Traurig Shareholders Nanette Aguirre and Joseph Suh will be participating in a panel discussion that is co-hosted by GT, DXA Investments, DMS Governance, and Trident Trust on May 23 in the GT Miami Office. The discussion will focus on high growth opportunities in investing in small companies in Brazil, despite a recession. The discussion … Continue Reading

Corporate Governance in Insurance: Key Regulatory Considerations

Corporate governance in insurance continues to be a growing focus among state regulators. The National Association of Insurance Commissioners (the NAIC) adopted the Corporate Governance Annual Disclosure (CGAD) Model Act and Model Regulation in 2014, which set forth requirements insurers will need to implement and disclose. Currently, 14 states (California, Connecticut, Florida, Idaho, Indiana, Iowa, … Continue Reading

Nanette Aguirre to Moderate the Minorities in Restructuring and Alternative Investments (MRAI) Networking Event

Nanette Aguirre, Financial Regulatory and Compliance shareholder and MRAI executive committee member, will participate as a moderator at the Minorities in Restructuring and Alternative Investments (MRAI) Forum which will take place on May 11 at The National at the Benjamin Hotel in New York City. The discussion will highlight the growing number of minorities in … Continue Reading

Arthur Don to Speak at ACA’s Spring 2017 Compliance Conference in Florida

Arthur Don, co-chair of the Investment Regulation Group, will participate in the ACA Spring 2017 Compliance Conference, Thursday, May 4, in Florida. Arthur will speak on the panel, “Business Continuity: What Should Advisors be doing Now?” which will focus on mergers and acquisitions of advisory firms, incapacitation of a key man, and winding down.  The … Continue Reading

Jennifer Gray to Speak at MBA Legal Issues & Regulatory Compliance Conference

Jennifer L. Gray, co-chair of the Consumer Financial Services Litigation Practice, will be speaking at the 2017 Mortgage Bankers Association (MBA) Legal Issues & Regulatory Compliance (LIRC) Conference. This four-day event will take place May 7-10, 2017, at the InterContinental Miami. Gray will be presenting on the panel “Litigation Forum: TILA, RESPA, ECOA, FHA,” taking … Continue Reading

No “Sandbox” in Germany

British start-ups in the financial sector enjoy more freedom – is that better? Innovative providers of financial services in Great Britain are allowed into the sandbox: In the “Regulatory Sandbox”, such undertakings can test their business models in the market under less stringent regulatory supervision before becoming obliged to fulfill stricter regulatory requirements. In Germany, … Continue Reading

Greenberg Traurig to Host the Second Atlanta-Israel FinTech Innovation Conference

May 22-23, 2017, Greenberg Traurig’s Atlanta office will host the second Atlanta-Israel FinTech Innovation Conference. With over 100 guests expected, the conference brings together both U.S. and Israeli companies seeking synergy and collaboration opportunities. U.S. companies attend fin search of “cutting edge” Israeli technologies and Israelis leverage the event to showcase their technologies and make … Continue Reading

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
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