Managers of Wealth Americas

Acting selfishly has consequences right now – why ethical decision making is imperative in the coronavirus crisis

In fluid situations, these conditions are hard to meet.

Law Firms Conduct Layoffs, Slash Salaries In Response To Pandemic

We sympathize with anyone who has to deal with the anxiety of a global health crisis AND financial insecurity.

Coronavirus Job Listings and Money Laundering Schemes

Scammers posing as a legitimate charity foundation are hiring online customer service representatives that are required to do some groundwork in an initial stage.

IRS Clarifies Tax Filing and Payment Deadline Extensions

The Internal Revenue Service released a Q&A on Notice 2020-18 to clarify the relief available to taxpayers during the Coronavirus (COVID-19) pandemic.

Employers can immediately recover the cost of mandatory COVID 19 related leave through reducing payrolltaxes

The Families First Coronavirus Response Act requires employers with less than 500 employees to provide 10 days paid sick leave plus paid FMLA leave for COVID-19-related reasons. We outline the ways employers can immediately take advantage of this change.

Statute of Limitations Suspended in New York

New York extends statutes of limitations and deadlines in New York State litigations in unprecedented move.

EU, US, UK Authorities Grant Relief on Call Recording Rules

Also last week, the UK FCA (Financial Conduct Authority) signalled it will give temporary relief on rules requiring bankers and traders working from home to record calls with clients.

CSA issues guidance as banks, insurers get court order to hold online AGMs

The guidance relates to all business done at annual meetings, including election of directors and amendments to equity incentive plans.

US Federal Coronavirus Update Administration Blueprint for Third Economic Relief Package

To that end, Leader McConnell announced the formation of three republican task forces to examine major aspects of any economic relief legislation and draft a bill that can then be negotiated with Senate democrats and the House.

NYDFS Seeks Assurances from Regulated Entities in the Wake of COVID-19

The four Industry Letters issued by the NYDFS are directed to various regulated entities and require responses regarding the entities’ prospective responses to COVID-19.

4 key coronavirus crash personal finance questions answered

We haven’t heard anything definitive yet on providing an exception to these IRS rules as part of any relief program during the coronavirus pandemic.

SEC Fines HSBC $725K For Allegedly Misleading Advisory Clients

However, HSBC allegedly did consider several financial factors in determining the representatives’ compensation, including how much clients paid in advisory fees for HSBC Spectrum and Managed Portfolio Account.

Institutional investors give thumbs down to federal response on outbreak

The survey results from 69 partner-level investors found that 38% have no confidence in the federal government’s ability to contain the outbreak

Even with $1 trillion stimulus, hit to economy and employment from virus will be big

The Federal Reserve announced facilities for commercial paper and primary dealers on Tuesday, as well as another big repo facility, but the Fed is also expected to do more to stave off a financial crisis.

Obscure Hedge Fund Behind Morgan Stanley Probe Also Roiled Citi

Losses stem from derivative bets by China-owned Pandion fund

SEC Charges Three Ex-Advisory Firm Employees In Ponzi Scheme

Criminal charges also were brought against him by the U.S. Attorney's Office for the Eastern District of North Carolina based on the same misconduct, as well as Peters' providing false information to SEC staff.

Sophisticated professionals flood into Miami with hedge funds

This will attract a substantial number of sophisticated financial professionals into the South Florida business community, and will substantially increase economic activity here.

Former Pilatus Bank chair Ali Sadr convicted of fraud

Faces a maximum of 85 years in jail

SEC rule changes will provide certain smaller issuers relief from auditor attestation requirement

On March 12, 2020, the SEC adopted rule changes to exempt certain smaller issuers from the auditor attestation requirement under Section 404(b) of the Sarbanes-Oxley Act of 2002. This alert provides an overview of these changes.

Wells Fargo takes back $15 million bonus from its former CEO

In canceling the $15 million bonus from last year, awarding him no bonus for last year and no severance on top of that, it’s a stark sign that the board apparently came to view Sloan as part of the problem.

Legal, Regulation & Compliance