Welcome to the inaugural issue of Greenberg Traurig’s Financial Services Insights. The impact of Coronavirus Disease 2019 (COVID-19) has been both unexpected and devastating. As the economic fallout spreads, financial
Financial Services Insights | Summer 2020
Webinar – Aug. 20: LIBOR Phaseout – Preparing for the Beginning of the End
On Thursday, Aug. 20 at 11 a.m. EST, join GT Shareholders Carl Fornaris and Oscar Stephens for a complimentary webinar on the status of the phaseout of LIBOR, current trends
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SEC Disgorgement Lives to See Another Day After Supreme Court’s Liu v. SEC Ruling
On June 22, 2020, in Liu v. SEC, the Supreme Court affirmed in an 8-1 ruling that the Securities and Exchange Commission may continue to pursue disgorgement awards under
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Congress Passes the PPP Flexibility Act
On 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
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FinCEN Director Confirms Enforcement Focus on Virtual Currency AML Compliance
As another sign of the times, but arguably quite apt given the subject matter, the Consensus Blockchain Conference convened virtually in 2020, with Financial Crimes Enforcement Network (FinCEN) Director Ken
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When Can Futures Commission Merchants and Broker-Dealers Be Deemed Banks?
On March 21, 2019, in Whitaker v. Wedbush Securities, an Illinois appellate court for the first time addressed the liability of a futures commission merchant (FCM) or broker-dealer (BD)
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Prove It or Lose It! Part III: A Step Too Far? Account Freezing Orders & Account Forfeiture Orders in the UK
The U.K.’s Criminal Finances Act 2017 provides law enforcement with new powers to obtain orders to freeze bank accounts and apply for forfeiture orders, permanently depriving the account holder of
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Prove It or Lose It! Parts I and II: Unexplained Wealth Orders and Civil Recovery Orders in the United Kingdom
Unexplained Wealth Orders (UWOs) extend the powers available to UK law enforcement authorities under the Proceeds of Crime Act 2002 (POCA), enabling investigators to ask people who are holding assets,
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New California Law Imposing Gender Diversity on Boards of Publicly Held Corporations Raises Constitutional Concerns
On Sept. 30, 2018, Gov. Jerry Brown signed into law Senate Bill No. 826 (SB 826), California’s new legislation promoting gender balance on the boards of directors of publicly held
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SEC Order Seeks to Clarify Steps Forward Following Lucia
In a previous GT Alert, we summarized and analyzed the Supreme Court’s June 21, 2018, decision in Lucia v. Securities & Exchange Commission, 138 S. Ct. 2044 (2018). That
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