05/04/2022
Three reasons why odds of US recession are high
A hoped for soft economic landing seems unlikely as the Federal Reserve seeks to restore price stability.
Legal, Regulation & Compliance
05/03/2022
US FinCEN Warns Financial Institutions About Activities of Kleptocracies and Foreign Corruption
This Legal Update summarizes some of the key points that FinCEN highlighted to help financial institutions identify potential indicators of kleptocracies and corrupt foreign public officials.
05/02/2022
Credit Suisse sued in U.S. over alleged business related to oligarchs
The law firm alleged disclosure shortcomings around a securitisation deal.
05/02/2022
SEC proposes expansive climate-related disclosure rules
Under the new rules, companies would be obligated to present sweeping and detailed climate-related disclosures in their annual reports and registration statements.
04/29/2022
Medley Management and Former Co-CEOs to Pay $10 Million Penalty for Misleading Investors and Clients
Settlement Structured to Expedite Payment to Bondholders Through Related Bankruptcy Proceeding
04/28/2022
Four Charged In Connection With Multi-Billion Dollar Collapse Of Archegos Capital Management
Sung Kook (Bill) Hwang – the Founder and Head of Archegos – and Three Others Charged with Racketeering and Fraud Offenses Related to Market Manipulation Scheme
04/26/2022
SEC Proposes Broad Emissions Disclosure Rules
The proposed rules cover information provided to investors related to greenhouse gas emissions and climate change risks
04/25/2022
Bank of America blocks funds of Russian Consulate General in New York: Russian diplomat
Earlier in the day, Russian Ambassador Anatoly Antonov said that Bank of America closed the accounts of two Russian consulates general in Houston and New York.
04/25/2022
Bankers defend fees and fairness
The bankers allege that the bureau has already concluded that the financial services market is not competitive, and that fees are hidden and hurt consumers.
04/22/2022
Credit Suisse's U.S. Pension Business Under Threat
Institutions or individuals that manage pensions overseen by the Labor Department are required to get permission to continue operations in the event of certain criminal convictions.
04/22/2022
New Laws Targeting Assets of Russian Oligarchs: The U.S. Announces Task Force KleptoCapture and the Kleptocracy Asset Recovery Rewards Program
Task Force KleptoCapture will operate out of the Office of the Deputy Attorney General, but will also include agents and analysts from numerous law enforcement agencies.
04/22/2022
US SEC’s Climate Risk Disclosure Proposal Likely to Face Legal Challenges
Though some companies voluntarily report climate-related information, currently there are not any standardized requirements imposed by the SEC.
04/21/2022
UBS U.S. Legal Dispute Ends With a Wire Transfer
The officer was fired in 2018, and sued the firm later that year for defamation, initially winning an $11.1 million award following arbitration.
04/21/2022
Milbank Advises Silicon Valley Bank in the $190 Million Financing of a US Solar Portfolio
The firm was also recently recognized as “North America Legal Advisor of the Year” by Proximo for the second year in a row
04/21/2022
SEC Rule Proposal Seeks to Clarify “Dealer” Definition for Persons Engaging in Liquidity-Providing Activities
Proposed Rules would establish three (3) qualitative standards designed to require registration of market participants who engage in a routine pattern of buying and selling securities
04/21/2022
16 charged by US over $194m complex investment scam across 3 continents
All of the investigations received assistance from the SEC’s Office of International Affairs
04/19/2022
Former UBS Rep Faces 60 Years in Prison for Stealing Millions
German Nino pleaded guilty to wire fraud in Florida federal court for stealing more than $5 million from clients and spending it on 'romantic partners,' according to the DOJ.
04/18/2022
Americans will have to pay price of Fed’s fight against inflation
“There will be pain. I don’t see how the Fed can [fight inflation] without having growth less than potential for some period of time.”
04/14/2022
US-Spain cooperation leads to seizure of Russian yacht
US attorney general Merrick B. Garland said the case was the first seizure of a Russia-linked sanctioned individual’s assets and promised that it would “not be the last”.
04/14/2022
US SEC Cyber Risk Management Proposed Rules: Analysis for Investment Advisers, Investment Companies, BDCs and Broader Implications for Private Sector
Although the proposed rules remain subject to comment, in many ways they reflect preexisting SEC expectations for how regulated entities should manage cybersecurity risks and report cybersecurity incidents.