On March 1, 2024, New York Gov. Hochul signed into law chapter 102 of the laws of 2024, which is a chapter amendment1 to the New York LLC Transparency
Continue Reading NY Gov Signs Amended LLC Transparency Act
News & Commentary on Financial Regulatory and Compliance Matters
On March 1, 2024, New York Gov. Hochul signed into law chapter 102 of the laws of 2024, which is a chapter amendment1 to the New York LLC Transparency…
Continue Reading NY Gov Signs Amended LLC Transparency ActOn Nov. 20, 2023, Florida Rep. Bob Rommel (R-Naples) introduced Florida House Bill 585, which proposes to require certain financial institutions operating in Florida to file a “termination-of-access report” with…
Continue Reading New Florida Legislation Proposes Notification Requirements for Certain Financial Institutions When They Terminate, Suspend, or Take Similar Action to ‘Restrict’ Customer Account AccessOn Aug. 2, 2023, California’s Department of Financial Protection and Innovation (DFPI) released a new rule expanding its authority to regulate unfair, deceptive, and abusive acts and practices (UDAAP). The…
Continue Reading California Regulator Finalizes Rule Expanding UDAAP Authority to Commercial FinancingOn July 27, 2023, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation issued an interagency…
Continue Reading Federal Banking Agencies Propose New Rules to Strengthen Capital Requirements for Large BanksIf enacted, the Unlocking Capital Act would establish two investment professional categories—private placement brokers and finders. The legislation would allow these professionals to engage in many activities that, due to…
Continue Reading Proposed Legislation Would Create a Tiered Exemption from Broker RegistrationOn Oct. 11, 2022, the U.S. Treasury Department announced that cryptocurrency exchange Bittrex Inc. had agreed to settle $53 million total in fines over allegations it violated sanctions and anti-money-laundering…
Continue Reading Crypto Exchange Bittrex Settles $53 Million in Fines with Treasury Department for Sanctions, Anti-Money-Laundering ViolationsOn Oct. 3, the Financial Stability Oversight Council (FSOC) took another step in identifying, assessing, and responding to the risks various types of digital assets pose to the financial system…
Continue Reading Digital Assets: Financial Stability Oversight Council Risk Report Assesses Regulatory Gaps; Offers RecommendationsOn July 14, 2022, the U.S. House of Representatives passed bipartisan legislation that, if passed by the Senate and signed into law, would expand the types of institutions required to…
Continue Reading ENABLERS Act Proposes to Expand Definition of ‘Financial Institution’; Impose BSA/AML Requirements on Professional Service ProvidersOn June 3, 2020, Congress passed the PPP Flexibility Act to loosen requirements for loan forgiveness for CARES Act Paycheck Protection Program (PPP) borrowers. The new forgiveness rules will allow…
Continue Reading Congress Passes the PPP Flexibility Act
In 2018 the House of Lords announced it would set up an ad hoc Select Committee to conduct a post-legislative review of the Bribery Act 2010. Greenberg Traurig Shareholder Anne-Marie…
Continue Reading UK Review of the Bribery Act 2010 – Committee Concludes New Guidance Needed