08/29/2023
Credora granted Class M digital asset business licence by BMA
It added that all Instant Lend collateralised lending activity would transact through the newly licensed Bermudian subsidiary, Intermediary Services Ltd.
Legal, Regulation & Compliance
08/28/2023
If You Can’t Beat the Lunatics, Join ‘Em—SD Bankers Decide to Oppose Central Bank Digital Currency
The Federal Reserve is nowhere near issuing a CBDC, and even if it were, the passage of HB 1193 would not have sped that issuance, and the veto of HB 1193 did nothing to slow that issuance.
08/28/2023
BlackRock hit by backlash after fall in ESG votes
New York City comptroller Brad Lander accused BlackRock, the world’s largest money manager, of caving in to a “misinformed and shortsighted war against ESG at the behest of special interests”.
08/24/2023
Changes to Side Letters, Audits, and More: Unpacking the SEC’s New Rules for Private Funds
Regulators voted Wednesday to approve new rules for asset managers, including private equity firms and hedge funds.
08/23/2023
Brazil central bank director sees room for rate cuts but policy to stay tight
The central bank's weekly Focus survey of private economists shows median inflation forecasts at 3.86% next year and 3.5% in 2025 and 2026.
08/23/2023
Ex-JPMorgan Gold Traders Get Prison for ‘Prolific Spoofing’
In imposing sentence, the judge said Smith and Nowak clearly knew what they were doing was wrong.
08/23/2023
No sooner does Schwab disclose need for (up to) $500 million than it files with SEC for $2.35 billion cash injection by debt issuance and shares tumble 4.95%
Charles Schwab Corp. is seeking of $2.35 billion
08/22/2023
SEC charges fintech investment adviser with violating marketing rule
In the first case involving the SEC's amended marketing rule, Tian has agreed to pay over $1 million to settle the charges, without admitting or denying the findings.
08/21/2023
Fintech firm Titan to pay over $1 million to settle US SEC charges
Reuters previously reported the SEC was investigating investment advisers over whether they are meeting rules around custody of client crypto assets.
08/21/2023
Major bank follows Bank of America and will close sixth branch in weeks due to customers changing ‘preferences’
This closure follows four other Santander branches across Pennsylvania being closed already this year.
08/21/2023
$1 Trillion Of Private Debt Faces Potential Trouble, Bank Of America Warns
The remaining 40% falls under the category of private debt.
08/18/2023
The SEC and CFTC crack down: Record-keeping fines soar beyond $2.5bn
The implicated firms did not contest the allegations, accepting their roles in violating record-keeping standards.
08/18/2023
Best Lawyers in America 2024 Selects Six Attorneys from Keller/Anderle LLP and Names Kay Anderle as "Lawyer of the Year" for Legal Malpractice Law
The firm represents individuals, closely-held corporations, and some of the nation's largest corporations.
08/18/2023
Ex-Merrill Broker in Michigan Trims $865k Recruiting Loan Tab in Note Case
But the panel also held Merrill responsible for $300,000 based on the broker’s counterclaim that firm policy changes and lack of support effectively forced him out.
08/16/2023
Morgan Lewis Advises Bank of America
Partner Sandra Vrejan, along with partners
08/16/2023
US and Bermuda regulators to discuss long term re/insurance
The panel will discuss topics such as the global protection gap that exists in the availability of pension benefits, the influx of capital into the sector, and cross border reinsurance.
08/15/2023
UBS resolves RMBS matter with US Department of Justice
UBS has reached an agreement with the United States Department of Justice (DOJ)
08/15/2023
Vesttoo begins Chapter 11 proceedings
Newly appointed chief executive officer Ami Barlev said: "We believe the steps we are taking are best for Vesttoo’s long-term growth and success.
08/14/2023
New York judge freezes Vesttoo’s assets
White Rock is planning to launch arbitration proceedings against Vesttoo in Bermuda
08/14/2023
‘Huge scam’ in rural Kansas town fells fourth U.S. bank this year
“They are well-capitalized, have strong reserves, are profitable and maintain record levels of loan reserves.”