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News & Commentary on Financial Regulatory and Compliance Matters

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California’s Adoption of ‘Mini-CFPB’ Will Transform Consumer Financial Services Regulation in the State

By Jeffrey Leacox, Lisa M. Simonetti, Marina Olman-Pal, Rosemarie "Rosy" Aleman & Greenberg Traurig on November 13, 2020
Posted in CFPB, Consumer Financial Services, Featured, Financial Regulation, GT Alert

On Sept. 25, 2020, California Gov. Gavin Newsom signed into law the California Consumer Financial Protection Law (CCFPL), which was passed by the California Legislature Aug. 31, 2020. The…
Continue Reading California’s Adoption of ‘Mini-CFPB’ Will Transform Consumer Financial Services Regulation in the State

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FRB and FinCEN Propose Significant Amendments to Recordkeeping and Travel Rule Regulations

By Kyle R. Freeny, Marina Olman-Pal & Greenberg Traurig on October 29, 2020
Posted in banking, Banks, Blockchain, Compliance, Featured, Financial Regulation, GT Alert, Regulatory Compliance, white collar

On Oct. 23, 2020, the U.S. Department of the Treasury, Financial Crimes Enforcement Network (FinCEN) and the Board of Governors of the Federal Reserve System (FRB) (FinCEN and the FRB

…
Continue Reading FRB and FinCEN Propose Significant Amendments to Recordkeeping and Travel Rule Regulations

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SEC Proposes Exemption from Registration for Finders

By William Mack & Dale Rose Goldstein on October 9, 2020
Posted in banking, Banks, Brokers, Compliance, Corporate Governance, Featured, Financial Regulation, Financial Services Litigation, GT Alert, Regulatory Compliance, SEC, Securities, Securities and Exchange Commission

On Oct. 7, 2020, the U.S. Securities and Exchange Commission (SEC) held an open meeting and issued a notice proposing a conditional exemption from securities broker-dealer registration under Section 15

…
Continue Reading SEC Proposes Exemption from Registration for Finders

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SEC Issues No-Action Letter Facilitating the Secondary Trading of Digital Assets

By Barbara A. Jones, William Mack, Jocelyn M. Coney & Greenberg Traurig on October 8, 2020
Posted in banking, Banks, Blockchain, Brokers, Compliance, convertible virtual currency, cryptocurrency, Cybersecurity, Featured, Financial Regulation, Financial Services Litigation, FINRA, GT Alert, Litigation, SEC, Securities, Securities and Exchange Commission, Technology, Virtual Currency

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

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Another Significant Cryptocurrency Decision: SEC v. Kik Interactive Inc. and Token Offerings Under the Securities Laws

By David I. Miller & Charlie Berk on October 6, 2020
Posted in Blockchain, cryptocurrency, Featured, SEC

In March 2020, a Southern District of New York court issued a significant decision in Securities and Exchange Commission v. Telegram Group Inc. et al., strengthening the U.S. government’s…
Continue Reading Another Significant Cryptocurrency Decision: SEC v. Kik Interactive Inc. and Token Offerings Under the Securities Laws

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The OCC and SEC’s FinHub Issue Guidance on Fiat-Backed Stablecoin Reserves

By Barbara A. Jones, William Mack, Jocelyn M. Coney & Greenberg Traurig on October 5, 2020
Posted in banking, Banks, BitLicense, Blockchain, Blockchain Technology Task Force, Compliance, convertible virtual currency, cryptocurrency, Cybersecurity, Featured, Financial Regulation, Financial Services Litigation, GT Alert, SEC, Securities, Securities and Exchange Commission, Virtual Currency

On Sept. 21, 2020, the Office of the Comptroller of the Currency (the OCC) issued guidance pertaining to whether national banks could hold stablecoin reserves. That same day, the Securities…
Continue Reading The OCC and SEC’s FinHub Issue Guidance on Fiat-Backed Stablecoin Reserves

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Commodity Futures Trading Commission Issues Time-Limited Relief from CFTC Rule 1.56

By Jeffry M. Henderson & Douglas E. Arend on October 1, 2020
Posted in banking, Banks, CFTC, Featured, Financial Regulation, Financial Services Litigation, GT Alert, Investment Regulation, Litigation, Regulatory Compliance, Securities

The Commodity Futures Trading Commission (CFTC) issued Letter No. 20-28 on Sept. 15, 2020. Letter 20-28 addresses issues of relevance both for futures commission merchants (FCMs) as well as asset

…
Continue Reading Commodity Futures Trading Commission Issues Time-Limited Relief from CFTC Rule 1.56

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SEC Proposes Rule Changes to Mutual Fund and Exchange Traded Fund Disclosures

By Arthur Don on August 27, 2020
Posted in banking, Banks, Capital Markets, Compliance, Exchange-Traded Funds (ETFs), Featured, Financial Regulation, Financial Services Litigation, GT Alert, Investment Regulation, Regulatory Compliance, SEC, U.S. Financial Market

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

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Financial Services Insights | Summer 2020

By Paul Ferak, Michele L. Stocker, Jonathan H. Claydon, Joel Max Eads, Cindy Hamilton, Michael M. Krauss, Lisa M. Simonetti, Kathleen M. Kline, Jacob D. Bundick, David G. Thomas, John C. Molluzzo & Michael R. Hogue on August 21, 2020
Posted in banking, Banks, Class Action Litigation, Compliance, coronavirus, Debt relief, Featured, Financial Regulation, Financial Services Litigation, Lending, LIBOR, Litigation, Mortgage, Regulatory Compliance, Risk, Risk Management, Securities

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

…
Continue Reading Financial Services Insights | Summer 2020

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Webinar – Aug. 20: LIBOR Phaseout – Preparing for the Beginning of the End

By Kyra Rooney on August 19, 2020
Posted in Compliance, Events, Featured, Financial Regulation, Financial Services Litigation, GT Alert, LIBOR, Litigation, Regulatory Compliance

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…
Continue Reading Webinar – Aug. 20: LIBOR Phaseout – Preparing for the Beginning of the End

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Greenberg Traurig’s Financial Regulatory and Compliance Group brings together attorneys from various offices and practice areas to assist financial services firms of all types and sizes, as well as vendors to those firms, as they face regulatory, legislative, supervision, examination, licensing, compliance, and governance matters

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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…

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Nanette Aguirre, corporate shareholder, will participate in the Florida Alternative Investment Association (FLAIA) Global Perspective 2018 Conference in Miami,…

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