Last week, in Pictet Overseas, Inc. v. Helvetia Trust, the Eleventh Circuit U.S. Court of Appeals affirmed a Florida district court’s order permanently enjoining two offshore trusts from pursuing a FINRA arbitration against a FINRA member and its associated person owners. In Pictet, two offshore trusts, Helvetia Trust and AAA Group International Trust, held custodial … Continue Reading
Rule 15c2-12 of the Securities Exchange Act of 1934 (Rule 15c2-12) was adopted by the Securities and Exchange Commission (SEC) in 1989 to establish standards for the procurement and dissemination of disclosure documents by underwriters as a means of enhancing the accuracy and timeliness of disclosure to municipal securities investors. Previous amendments to Rule 15c2-12 … Continue Reading
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 GT Alert cited the SEC’s 30-day stay of “all administrative proceedings” “before an administrative law judge” and foretold continued uncertainty concerning the status of administrative law … Continue Reading
General Session Panel Highlights One-on-One with SEC Chairman Jay Clayton and SIFMA President & CEO Kenneth E. Bentsen, Jr. The conference began with a one-on-one discussion with SEC Commissioner Clayton. He applauded the agency for its diverse talent and an ability to coordinate effectively with other state and federal regulators and FINRA. Commissioner Clayton acknowledged … Continue Reading
On Feb. 21, 2018, the U.S. Supreme Court held that the anti-retaliation provision of the Dodd-Frank Act (DFA) protects only employees who complain to the Securities and Exchange Commission (SEC) and not those who make only internal complaints. In a unanimous decision, the justices ruled in favor of Digital Realty Trust (Digital Realty), finding that … Continue Reading
FINRA recently issued Notice to Members 17-42, which proposes sweeping changes to the process by which a securities broker may seek to expunge reference to a customer complaint from his or her public record. The comment period for the proposed rule amendments ended on Feb. 5, 2018. The proposed changes will now to go the … Continue Reading
The European Systemic Risk Board (the Board) published a recommendation that the European Union should adopt rules to prevent funds from taking on excessive debt and from allocating inadequate reserves to compensate for assets that are hard to sell. The board went so far as to suggest stronger liquidity stress tests, improved liquidity management and … Continue Reading
As it does every January, FINRA released its annual Regulatory and Examinations Priorities Letter identifying areas of examination focus for the coming year, recurring challenges faced by firms, and possible risks impacting the financial sector. FINRA’s 2018 exam priorities for the first time identify cryptocurrencies and related initial coin offerings (ICOs). Other first-mentions include technology governance, … Continue Reading
In February, President Trump signed an Executive Order directing the U.S. Department of Labor (DOL) to review the fiduciary rule for brokers that President Obama’s Labor Department adopted. The federal rule would expand the definition of “investment advice” in the retirement context and require brokers to provide advice that is in the consumer’s best interest. … Continue Reading
Companies across many different industries are starting to look toward blockchain technology as a way to conduct business more effectively, efficiently, and securely. As a result, there are new blockchain technology startups and strategic partnerships being established at break-neck speed. And, like any burgeoning industry, there seem to be new innovations introduced almost every day.… Continue Reading
Nanette Aguirre, corporate shareholder, will participate in the Florida Alternative Investment Association (FLAIA) Global Perspective 2018 Conference in Miami, FL, Dec. 5. Aguirre will participate as a speaker and provide an update on developments in current regulation and market trends. Aguirre is joined by a series of panelists from private funds who will address the … Continue Reading
Jennifer Weddle and Gil Rudolph, Greenberg Traurig, LLP shareholders, will participate in the 2017 Tribal Financial Regulators Conference in Minneapolis, Nov. 30. Rudolph and Weddle will speak in the session titled “Hot Topics in Federal Consumer Protection and Best Practices for Addressing All That is in Third Party Vendor Contracts.” The conference brings together tribal financial … Continue Reading
Nanette Aguirre, Corporate Shareholder, will participate in the Fall 2017 Minorities in Restructuring and Alternative Investments (MRAI) Networking event in New York, NY, Nov. 30. Aguirre will participate in the program titled “Industries of the Future: How new technology and thinking will come of age and disrupt the status quo.” A panel of distinguished speakers … Continue Reading
Maria Sendra, a shareholder in the Silicon Valley office of global law firm Greenberg Traurig, LLP, will speak at Blockchain Expo North America 2017, at the Santa Clara Convention Center. The expo will feature interactive panel discussions and solution-based case studies with a focus on learning and building partnerships in the emerging blockchain space, and … Continue Reading
With the announcement of Richard Cordray’s resignation as Director of the federal Consumer Financial Protection Bureau (CFPB) by the end of November 2017, the latest D.C. guessing game is who will take over the helm of the CFPB. This simple question is really two questions. First, who will run the agency on an interim basis? … Continue Reading
The rise of blockchain technology ventures raising money preternaturally through initial coin offerings and token generation events (collectively, ICOs) is a capital formation disruptor, one which has and will continue to spawn considerable futures, fortunes, failures — and frauds. Blockchain-based ICOs have, through 121 offerings closed during January-August 2017, raised over $1.78 billion, with an … Continue Reading
Gil Rudolph, co-chair of the Financial Regulatory and Compliance Practice, and Lori S. Nugent, shareholder, will participate in the Conference on Consumer Finance Law Annual Consumer Financial Services Conference in Ft. Worth, TX, Nov. 2-3rd. Rudolph will moderate the panel session titled “CFPB Developments” on Thursday, Nov. 2. Nugent will speak in a panel session … Continue Reading
On Oct. 12, 2017, the Investor Advisory Committee of the U.S. Securities Exchange Commission (the SEC) hosted a panel discussion on blockchain technology. The session represented another instance of the SEC’s ongoing consideration of the impact of blockchain technology on U.S. securities markets and investors. Different perspectives on blockchain technology and its application to U.S. … Continue Reading
Greenberg Traurig Shareholder Obiamaka P. Madubuko will participate in the American Bar Association’s Section International Law Conference in Miami, Florida on Oct. 26. Madubuko will moderate the panel titled “How Smart is Your Smart Phone Really? Managing Digital Payment Risk on Mobile Devices.” This panel will explore how to manage digital payment risk on mobile … Continue Reading
Shareholders Carl A. Fornaris and William B. Mack of global law firm Greenberg Traurig, LLP will be participating at the Financial Markets Association’s 2017 Treasury and Capital Markets Legal and Legislative Issues Conference, Oct. 25 – Oct. 26. Mack is also a member of the conference’s 2017 Program Planning Committee. Fornaris will be moderating, “Recent … Continue Reading
Greenberg Traurig Shareholder Nanette Aguirre will participate in The Florida Alternative Investment Association (FLAIA) Meeting of the Americas 2017 Conference on Thursday, Oct. 19, in Miami, Florida. The conference will bring together investors, allocators, and fund managers from the United States, Latin America, and Canada to discuss opportunities, debate the substantive issues surrounding the current … Continue Reading
On Sept. 25, 2017, the Program on Corporate Compliance and Enforcement and the Institute for Corporate Governance and Finance at New York University School of Law hosted a policy speech by James McDonald, Director of the Division of Enforcement, United States Commodity Futures Trading Commission (CFTC). Mr. McDonald presented the CFTC’s new self-reporting and cooperation … Continue Reading
Fred Karlinsky, shareholder and co-chair, Insurance Regulatory and Transactions Practice; Rich Fidei, shareholder; and Jamey Zellner, practice group attorney, have co-authored an cybersecurity update article in Reactions magazine. Cybersecurity has emerged over the past several years as one of, if not the greatest threat to the insurance industry, with multiple high-profile data breaches of insurance … Continue Reading
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
