On Dec. 7, 2021, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking to implement the beneficial ownership information reporting provisions of
Continue Reading FinCEN Proposes Rule on Beneficial Ownership Reporting Under Corporate Transparency Act
On Sept. 25, 2020, the SEC issued a No-Action Letter to FINRA, in response to a previously issued Joint Statement by the SEC and FINRA. This No-Action Letter detailed how
Continue Reading SEC Issues No-Action Letter Facilitating the Secondary Trading of Digital Assets
On Aug. 5, 2020, the SEC proposed modifications to current rules and forms that would significantly change the disclosures required of mutual funds and exchange traded funds (ETFs) that report
Continue Reading SEC Proposes Rule Changes to Mutual Fund and Exchange Traded Fund Disclosures
Many counterparties are dealing with the impact of market volatility, unprecedented margin calls and the combined effects on their financial contracts, many of which are active master agreements executed years
Continue Reading Prioritize Monitoring Financial Contracts
On May 9, 2019, the Financial Crimes Enforcement Network of the U.S. Department of the Treasury (FinCEN) issued “interpretive guidance” addressing how FinCEN’s money services business (MSB) regulations apply to
Continue Reading FinCEN Issues Guidance on Application of Regulations to Certain Business Models Involving Convertible Virtual Currencies
Greenberg Traurig, LLP is proud to sponsor and participate in the American Conference Institute’s (ACI) upcoming National Conference on Consumer Finance Class Actions & Litigation, to be held Jan.
Continue Reading Greenberg Traurig to Sponsor ACI’s 24th National Conference on Consumer Finance Class Actions & Litigation
Through her Sept. 9, 2015, Memorandum entitled “Individual Accountability for Corporate Wrongdoing,” the Deputy Attorney General of the United States, Sally Quillian Yates, issued clear marching orders to civil and criminal prosecutors that will surely shape current and future Wall Street prosecutions. The stated purpose of the memo, to improve “effective enforcement of the civil and criminal laws that protect [our nation’s] financial system…”(Sept. 9, 2015, Memorandum from Sally Quillian Yates, Page 1) makes it clear that this policy directive will dramatically impact the resolution of virtually all civil or criminal investigations for corporations and individuals in the financial services industry. The theme of the Deputy Attorney General’s message is equally clear: any corporation hoping to resolve a civil or criminal matter with the Department of Justice (DOJ) must be prepared to serve up individuals who have participated in wrongful conduct.
Although it is debatable whether this is in fact a shift in policy (as the Memorandum claims), what is clear is that this is the first time DOJ has articulated this policy in a written document. Therefore, anyone trying to resolve issues arising out of a civil or criminal investigation must be mindful of the marching orders to prosecutors contained in the Memorandum.
Continue Reading DOJ’s Recent Memo Reshapes Government Investigations