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.
Legal, Regulation & Compliance
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.
04/14/2022
NMB Financial Corporation/New Millennium Bank Announces Proposal to Acquire Noah Bank and Potential US Treasury ECIP Investment Into NMB Financial Corporation
The investment by the US Department of Treasury is part of the Federal Government’s response to the COVID-19 pandemic.
04/14/2022
Hoxton Capital Management gains US Securities & Exchange Commission licence
It has further set up a branch as a state registered investment advisor in New Jersey.
04/11/2022
Hightower Receives Official Charter for Hightower National Trust Company
With approval from the U.S. Office of the Comptroller of the Currency, Hightower launches Hightower National Trust Company, offering corporate and administrative personal trust services for Hightower advisors and their clients.
04/08/2022
US SEC Issues SAB 121: Accounting for Custody of Crypto-Assets
This Legal Update focuses on who is affected, what the affected entities need to do and when the guidance applies; summarizes Commissioner Hester M. Peirce’s response to the Bulletin; and discusses some practical considerations for affected entities
04/08/2022
SEC Proposes Significant New Rules for Private Fund Advisers
While the Proposed Rules are still in the comment period, private fund advisers and investors alike should familiarize themselves now with the many changes that the Proposed Rules would impose.
04/08/2022
Sanctions Tracker – U.S. Imposes Broad New Restrictions on Investment in Russia
These new restrictions will likely have a broad impact for U.S. and non-U.S. companies doing business with Russia.
04/06/2022
Ex-Bank of America Bankers Are Among 6 Banned by Fed Over COVID Loan Fraud
Autumn Jordan and Manuel F. Pinazo, who previously worked at Merrill Lynch Wealth Management, were among those who applied for assistance under one of the government’s COVID-19 relief programs "based on false and fraudulent representations and
04/05/2022
Credit Suisse Announces $100,000 Grant to myFutureNC
This grant is part of Credit Suisse’s Future Skills program, which aims to support initiatives that help close educational and employment gaps for young people, especially disadvantaged, entering adulthood.
04/05/2022
A Deeper Dive Into the US Adjustable Interest Rate (LIBOR) Act
As the market begins to consider how the provisions of the LIBOR Act apply to their portfolios, we highlight a couple of recent issues.
04/05/2022
Wells Fargo to settle ERISA case for $32.5 million
Participants filed amended complaints in June 2021 and September 2021, in Becker et al. vs. Wells Fargo & Co. et al.
04/03/2022
Filing Instructions Released for New US Bank Incident Reporting Requirement
These instructions will assist financial institutions in satisfying their obligations under the new requirements once compliance is required on May 1, 2022.