12/24/2020
Ex-Merrill Broker in Kentucky Sentenced to Eight Years
Hibbard, who worked at Merrill for seven-and-a-half years of his 18-year brokerage career, pled guilty in June to wire and investment fraud.
Legal, Regulation & Compliance
12/24/2020
UBS Dinged in YES Options Case, Complaints Remain on Brokers’ Records
The strategy, managed by a team of New York City advisors who shared production credits with other UBS brokers who referred clients to them, went awry in volatile markets, the investors have claimed.
12/24/2020
New Incident Notification Requirements Proposed by Federal Regulators for US Financial Institutions and Their Service Providers
Comments on the Proposal are due within 90 days of publication in the Federal Register, which is expected to occur later this month or early in 2021.
12/24/2020
Servpac and American Savings Bank Announce Data Center Partnership
Enhanced security features make MTP Data Center the only Tier 4 Data Center on Oahu
12/23/2020
CI Global Asset Management Announces December 2020 Distributions for CI ETFs
The record date for the 2020 annual reinvested distributions is December 31, 2020, payable January 8, 2021.
12/23/2020
US Congress Passes Significant Legislation on the Security of the Internet of Things
Finally, Section 4 directs that the “Federal Acquisition Regulations shall be revised as necessary to implement any standards and guidelines” promulgated as described above.
12/22/2020
Transamerica to Pay $8.8 Million for Supervision Lapses
Firm Ordered to Pay $4.4 Million in Restitution to Approximately 2,400 Affected Customers
12/22/2020
Wells Fargo set to be freed from AML consent order
Referring to the bank’s regulatory woes, Scharf said earlier this month at an investor conference, “I think it took a while for people to really digest what it all meant for the company, quite frankly.”
12/22/2020
Cayman: a jurisdiction of choice for Canadian HNWIs
The COVID-19 pandemic has also led many to have a fundamental rethink as to how and where they want to live, with a better work/life balance and a healthier lifestyle topping people's list of priorities.
12/22/2020
All U.S. Bank Regulators Should Require Banks To Incorporate Climate Change Risks Into Their Risk Management Frameworks And Disclosures
Banks should also start conducting scenario analysis of what impact new Biden-Harris climate change initiatives could have on their loan and trading portfolios.
12/22/2020
ABA Hits Out at New Credit Union Debt Rule
The association objects to further capital raising flexibilities for large credit unions that already receive tax exemptions
12/21/2020
CDC Recommends Bank Workers Be in Third Phase of Vaccinations
In addition to financial workers, Phase 1c will include persons over 65 and those aged 16 to 64 with high-risk conditions, as well as workers in the transportation, food service, construction, IT and telecommunications, energy, media, legal, safety engine
12/21/2020
US Collateral Account Best Practices
This Legal Update explores potential areas of concern for lenders associated with Collateral Account documentation and follows with considerations for drafting and best practices used to mitigate, and ideally avoid, potential issues associated with Collat
12/21/2020
All U.S. Bank Regulators Should Require Banks To Incorporate Climate Change Risks Into Their Risk Management Frameworks And Disclosures
Those communities need our support, they need institutions to act, and they need representation when it comes to making these decisions that deeply affect them.
12/21/2020
Federal Reserve Frees Up US Banks After Stress Test Results
On Friday the Fed updated the restrictions for the March quarter saying, “In light of the ongoing economic uncertainty and to preserve the strength of the banking sector, the Board is extending the current restrictions on distributions, with modific
12/21/2020
Regulation alone will not strengthen Europe’s digital sector
The EU needs more risk-taking capital and reformed product markets
12/18/2020
Brand New Litigation Boutique Is Already Beating Cravath On Bonuses
Wow, the firm isn't even a year old yet. Great work!
12/18/2020
The U.S. Should Stop Helping Criminals Hide Money
Requiring companies to reveal their true owners would be a step in the right direction.
12/17/2020
JPMorgan was losing bidder in $7bn battle for asset manager Eaton Vance
Revelation underscores competition among banks to bolster investment management divisions
12/16/2020
In Final 2020 Meeting, Fed Looks to Bridge the Gap
Hints about new criteria, or even the pre-conditions for deviation from existing policy, will have implications for investors.