11/04/2020
JPMorgan Faces Possible Fine Related to Internal Controls
A JPMorgan spokeswoman declined to comment. An OCC spokesman also declined to comment on the bank’s disclosure.
Legal, Regulation & Compliance
11/04/2020
Wells Fargo Lifts Hiring Bonuses for Advisors Hitting Asset-Transfer Targets
It will pay an additional 50% of T-12 to brokers who transfer 70% of their assets by the end of their sixth month, and another 30% at the end of each of their first, second and third years for hitting further asset-growth targets.
11/04/2020
Government Revises Base Difference Rules in New Foreign Tax Credit Regulations
In particular, these regulations limit the situations in which taxpayers are prevented from claiming foreign tax credits attributable to base difference items.
11/03/2020
Focus Financial Partners Announced that Oak Asset Management Will Join Partner Firm Vestor Capital
This transaction will help expand our local presence with a partner that represents an ideal strategic and cultural fit for our firm.
11/03/2020
How Will Increased Privacy Regulation Affect Bank Marketing?
Ron van Wezel, senior analyst for the Aite Group, says privacy and data protection are becoming central to bank policies.
11/03/2020
Wake-Up Call? SEC Enforcement Action Against Trust Company for Unregistered Collective Trust Funds
This Legal Update provides further detail on this development, which banks and advisers involved in the operation or maintenance of collective or common trust funds would be wise to carefully consider.
11/01/2020
Crypto Crime Enforcement Trends: The US Department of Justice steps up
The Framework examines the DOJ’s role in prosecuting related misconduct, including applicable federal statutes, key partnerships, and enforcement challenges.
10/30/2020
Hogan Lovells makes over 40 business services staff redundant
Like many other firms, it's a bit of a rollercoaster of ups and downs for staff due to the pandemic.
10/30/2020
FBI investigating Hunter Biden over money-laundering allegations
During a hastily scheduled press conference before the presidential debate, Bobulinski showed reporters three phones that spanned 2015 to 2018, saying they were evidence that he would provide the FBI.
10/30/2020
Law firms: is COVID-19 the catalyst for change?
Property, employment, family, private client, commercial and corporate law are all experiencing some increase in activity—with personal injury litigation as the outlier
10/30/2020
Proskauer Acts for Newbury Partners in Strategic Minority Transaction
Proskauer has represented Newbury Partners on a broad range of matters since its inception in 2006.
10/30/2020
IRS Releases Final Withholding Tax Regulations on Sales of Partnership Interests
This Legal Update provides an overview of the Final Regulations and highlights departures from the Proposed Regulations.
10/29/2020
St Kitts and Nevis' Citizenship by Investment Programme Offers Wealthy Americans a Plan B
Americans are looking for a safe and secure route to alternative citizenship offering a Plan B in the face of unpredictability.
10/29/2020
UK Regulators Fine Goldman Sachs International $126 Million for 1MDB ‘Failures’
The Financial Conduct Authority and the Prudential Regulation Authority said the firm allowed severe misconduct to go unaddressed.
10/28/2020
SEC proposes exemption from broker-dealer registration for finders
There will be a 30-day comment period on the prosed exemption, with comments due to the SEC by no later than November 12, 2020.
10/27/2020
First comprehensive digital asset wealth management platform receives regualatory clearance
Opalesque Industry Update - Two Ocean Trust, a Wyoming-chartered trust company that provides wealth management services for high-net worth individuals, family offices, and advisers, announced the launch of a comprehensive suite of digital asset products a
10/23/2020
Goldman is clawing back or cutting millions in pay from CEO Solomon, Blankfein and others over 1MDB
Goldman is seeking to claw back $76 million from the three former employees most implicated in the scandal, the bank’s board said Thursday in a statement.
10/23/2020
‘Government must lead again’ – US Impact Investing Alliance
The recommendations in that document, setting out how federal policy could spur the growth of impact investing, had had “a lasting impact”, said Seegull, with 80% of them acted upon.
10/23/2020
Canada aiming for high immigration levels despite coronavirus pandemic, Bloomberg reports
Even though travel is limited, Canada is expected to continue rising immigration targets beyond this year.
10/23/2020
US Regulators Propose a Rule to Distinguish Guidance from Regulation
The Agencies also reiterate that they will not issue an enforcement action on the basis of a “violation” of or “non-compliance” with supervisory guidance.