Managers of Wealth Americas

UBS fined over complex options scheme

The US regulator said that the firm had not adequately trained its advisers or provide oversight on its Yield Enhancement Strategy.

Grayscale Sues SEC Over Rejection of Proposed Spot Bitcoin ETF

The SEC is acting “arbitrarily and capriciously” in its treatment of similar investment vehicles, Grayscale’s senior legal strategist said

Ex-UBS Broker Who Led Big Ohio Team Suspended Over Rock Salt Business

Integrity Salt does appear on the broker’s approved outside business activity list on BrokerCheck, but the disclosure shows his involvement as beginning in September 2018.

Second Citizenships and Golden Passports

Help your clients flee the country—or at least gain citizenship in another—legally, and in compliance with the IRS.

Ukraine war: UK joins ban on imports of Russian gold

US President Biden suggested the other G7 nations - Germany, France and Italy - would also join the ban.

AllianceBernstein Partners with Impact Engine to Bolster Purpose-Driven Investment Offerings

The new partnership will focus on purpose-driven investments supporting environmental sustainability, economic opportunity, and health equity across venture capital, growth equity and buyout managers.

Funds with US Investments or Operations – Considerations for Non-US Investors

ECI exposure may also arise even through an investment into a non-US fund if that fund is classified as a partnership for US tax purposes and has certain US assets or activities.

Charlotte wealth adviser poached ultra-rich clients from Vanguard, lawsuit claims

Matthew DeAntonio, the attorney representing Snipes and Topsail, declined a request for comment from The Charlotte Observer on Friday.

U.S. banking stress indicator could worsen after Fed hike

The Fed raised rates by 75 basis points on Wednesday, its biggest increase since 1994, and expectations of more

Carey Olsen advises Brazilian start-up Destaxa on seed funding round

Carey Olsen's corporate team in the Cayman Islands have advised Brazilian payments platform Destaxa on its US$3.1 million seed funding round.

Mayer Brown expands Banking & Finance practice with Benjamin Snyder in New York

“Our clients will benefit from Ben’s ability to navigate the changing landscape of the syndicated leveraged finance market and capitalize on the upward trend in private lending.”

SEC investigating Goldman Sachs AM over ESG claims

The agency is examining ESG funds within the bank's asset management arm as part of a civil investigation

Tesla investigation deepens after more than a dozen US ‘Autopilot’ crashes

Regulators to look with enhanced scrutiny after cars with driver-assistance function crashed into parked emergency vehicles

Finra Sidelines Ex-Merrill Broker Who Managed $2-Billion Florida Team

Sonville also in 2018 “completed and submitted to the firm a compliance questionnaire in which he falsely stated that he had not loaned money to any customers,” the Finra letter said.

As Bank of Canada sprints to neutral, bets of recession climb

A strong, front-loaded assault from the Bank of Canada will slow domestic demand and should help keep rising inflation from turning into a price spiral, economists said.

KKR invest in Apexalanytix

The transaction is expected to close in the second half of 2022, subject to regulatory approvals and other customary closing conditions. Financial terms of the transaction were not disclosed.

BIS Revises Export Controls on Cybersecurity Items Used for Malicious Cyber Activity

As discussed in our prior Legal Update, the interim rule implemented new controls on “intrusion software”2 that balanced US foreign policy and national security concerns with the need for legitimate cybersecurity transactions

First Financial Bank Eliminates and Reduces Overdraft Fees

First Financial's Credit Achiever loan and secured credit card both allow clients to make purchases from pre-funded accounts so clients can improve their credit scores.

CI Global Asset Management Claims Compliance with the Global Investment Performance Standards

Along with the additional step of undergoing verification by an independent third party, this was a significant project for a large asset manager such as CI GAM.

U.S. Treasury yields nudge higher ahead of jobs data

Data on Thursday showed private sector employment rose by just 128,000 in May, payroll processing firm ADP reported Thursday.

Legal, Regulation & Compliance