Managers of Wealth Americas

Banks push back on OCC’s bid to ban lending bias

But the OCC appears to be standing firm. It argues that the proposal simply formalizes guidance "issued and reinforced" by the agency since 2014.

JPMorgan Chase Fined $250 Million Over Failings In Fiduciary Business

The bank has remediated the deficiencies that led to this action.

Chubb Cyber Index(SM) Highlights Importance of Professional Services Industry Taking More Protective Steps Against Cyber Attacks

Businesses can take extra steps to protect their remote workforce against cyber threats

Three Healthcare Achievements To Be Thankful For

For a family of four, that plan will run $1,486 in 2021, compared to $1,524 last year.

Qatar starts legal proceedings against FAB in New York in market manipulation row

Qatar in 2018 alleged that First Abu Dhabi Bank, the United Arab Emirates’ largest lender, made “bogus” foreign exchange deals to harm Qatar’s economy after the UAE and other Arab states began a boycott of Qatar in 2017.

Hedge Funder Sues Gallery Over George Washington Painting

Former hedge-fund manager Michael Steinhardt says the gallery misled him during a consignment.

Finra Hits Another Veteran Broker Over UIT Sales

Stifel itself agreed in May to pay more than $3.6 million for allegedly giving inaccurate information on the costs of rollovers and related supervisory violations.

Wells Fargo executives charged with disclosure of false and misleading KPIs and certifications

According to the Order and the complaint, for several years, Wells, Stumpf and Tolstedt publicly touted Wells’ cross-selling strategy as key to Wells’ successful growth

US tax rules for a Delaware LLC

These non-US resident tax members are responsible for assessment on any net profits at 30% of their US-sourced income.

Offshore Cheat Sheet: How to Navigate LatAm's New Regulatory Minefield

US firms should consider the impact of the law, as well as AML concerns that may arise from any transactions with institutions in the country.

Pulling “Shadow Banking” Out of the Shadows: FSB Report on March 2020 Turmoil Signals Increased Regulatory Scrutiny of Non-Bank Financial Intermediation

The Report also recommends that, based on the FSB’s analysis, the international efforts to boost the resiliency of NBFI focus on three main areas

Silicon Valley Newsletter | November 2020

So as your teams are getting reoriented after the election here in the US, we’d love to talk to you about your international plans for 2021.

SECs OCIE Issues Warning to Registrants Regarding Complex ExchangeTraded Products

The orders against each firm found that the firm failed to implement written policies and procedures reasonably designed to prevent violations of the Investment Advisers Act of 1940 and the rules thereunder.

SEC Charges Five Firms With Improperly Selling Volatility-Linked ETPs

More than $3 Million to be Returned to Harmed Retail Investors as Part of Ongoing Risk-Based Initiative

SEC Awards Over $1.1 Million to Whistleblower for Independent Analysis

The SEC has awarded more than $720 million to 113 individuals since issuing its first award in 2012.

The MD of Wells Fargo warns of the difficulties facing the dollar.

Schumacher blames the Federal Reserve’s recent interest rate decision, in addition to its deafness, on the weakening trend of the dollar.

Ogier in Guernsey advises Burford Capital on its dual New York Stock Exchange and London Stock Exchange listing

Burford is the leader in its field and we congratulate them on this success.

Former Wells Fargo CEO barred from industry, to pay $17.5 million for sales scandal

The SEC’s filings include settled charges against Stumpf, who agreed to pay a $2.5 million penalty, and a litigated action alleging Tolstedt committed fraud.

New rule complicates private equity’s ESG push

US Labor Department rule on impact investments was opposed by asset managers

JPMorgan to Reveal Bankers Who Approved Suspicious Transfers

Lawyers for JPMorgan and the Nigerian government said at the end of a London court hearing Thursday that the bank would clarify who was involved in the decisions on the payments. The trial is expected in early 2022.

Legal, Regulation & Compliance