Tag Archives: steven felsenstein

Qualifying Assets Under Investment Company Act Section 3(c)(5)(C) Mortgage Exemption

On Aug. 15, 2019, the staff of the Division of Investment Management at the U.S. Securities and Exchange Commission (the “Staff”) issued a significant no-action letter. The letter clarifies the treatment of certain assets held by an entity seeking to rely upon Section 3(c)(5)(C) to be exempt from registration as an investment company under the Investment … Continue Reading

Amendments to ‘Volcker Rule’ to Exclude Certain ‘Small’ Banks From Key Prohibitions

In connection with the U.S. financial crisis 10 years ago, legislation was adopted to enhance the safety and soundness of the commercial banking system in the United States. Amendments to the Bank Holding Company Act of 1956 required five federal financial agencies to adopt joint regulations to (i) limit the authority of commercial banking institutions to … Continue Reading

FINRA Wants to Hear From Firms BEFORE They Go Crypto

In 2018 the Financial Industry Regulatory Authority (FINRA) undertook efforts to have member firms contact FINRA before engaging in activities involving digital assets by issuing Regulatory Notice 18-20. That approach led to many discussions between FINRA staff and member firms, and FINRA found that process useful to help it become aware of developing practices and … Continue Reading

Cryptocurrencies and Unclaimed Property: Potential Implications of State Escheat Laws for the Blockchain Technology Industry

The use of blockchain technology and the issuance of cryptocurrencies have grown considerably in recent years, inviting heightened scrutiny and regulation. While federal securities, tax, and other financial services regulatory agencies, such as the SEC, the IRS, state securities commissioners and others, have begun applying their rules and regulations to cryptocurrency businesses, the cryptocurrency industry … Continue Reading

SEC Approves Final Regulation Best Interest, Form CRS

On June 5, 2019, the Securities and Exchange Commission (SEC) voted 3-1 to adopt a series of proposals intended to “substantially enhance” the standards of conduct for financial professionals. First and foremost, the SEC adopted Regulation Best Interest (Reg BI), a new rule establishing an updated standard of conduct for broker-dealers and associated persons of … Continue Reading

A Shift of Emphasis at the DOJ – the Yates Memo

On September 15, 2015, Deputy Attorney General Yates issued a memo shifting the focus of federal prosecutorial efforts with respect to corporate wrong-doing. The memorandum encouraged DOJ prosecutors who identify corporate wrong-doing to shift the emphasis, at least in part, to the individuals who commit corporate wrong-doing, rather than focusing only on the entity. (This … Continue Reading

Wendy Li to Speak at the Annual Saratoga Institute on Equine, Racing & Gaming Law Conference

Wendy Li, shareholder of Greenberg Traurig, will be speaking at the 15th Annual Saratoga Institute on Equine, Racing & Gaming Law Conference at Saratoga Springs, New York from August 11-12. The annual program organized by the Government Law Center of Albany Law School, is dedicated to exploring the legal and public policy implications of racing … Continue Reading

New York State Releases Final BitLicense Regulation

On June 3, 2015, the New York State Department of Financial Services (DFS) published its final BitLicense regulation. The regulation requires that firms engaged in “Virtual Currency Business Activity” that involves New York State or a New York resident apply to DFS for a BitLicense within 45 days of its effective date. In this Alert, … Continue Reading

Jennifer Gray to Speak at the Mortgage Servicing Compliance on June 25th

Jennifer Gray, Shareholder, will be presenting at the American Conference Institute 4th Bank & Non-Bank Forum on Mortgage Servicing Compliance Conference in Dallas, TX from June 25-26. The conference will provide attendees with the latest insights and advice on various topics, including challenges with mortgage loan servicing transfers, CFPB servicing rules update, strategies for servicers … Continue Reading
LexBlog