10/21/2020
U.S. Banking Regulator Backs New Liquidity Requirements
FDIC board votes 3-1 to approve final rule for net stable funding ratio
Legal, Regulation & Compliance
10/20/2020
Goldman Poised to Pay More Than $2 Billion in DOJ’s 1MDB Probe
Deal to push Goldman’s tally of penalties to around $5 billion
10/20/2020
Decentralized Finance needs regulatory clarity and smarter compliance
As of mid-July 2020, according to the Bank for International Settlements report, at least 36 central banks have published retail or wholesale central bank digital currency work.
10/20/2020
Pandemic expected to push poorer Americans out of banking system
Complaints to the Consumer Financial Protection Bureau between March and July suggest many Americans are already being pushed to the edge of the financial system by the pandemic.
10/19/2020
Carey Olsen advises Take Blip as Warburg Pincus invests US$100 million
Supporting Brazilian law firm Ulhoa Canto, the Carey Olsen team comprised partner Alistair Russell and associate Jenna Willis and advised Take Blip on the establishment of the Cayman structure and the financing arrangements with Warburg Pincus.
10/19/2020
SIM card swap solutions could help prevent scammers from accessing your phone
One minute you're on your phone sending texts, the next your phone mysteriously shuts down without service.
10/18/2020
Software CEO Robert Brockman charged in $2 billion tax evasion case
Brockman made an initial federal court appearance Friday, where he pleaded not guilty on all counts and was released on a $1 million bond, according to a report from the Wall Street Journal.
10/16/2020
Brazil holding company agrees to pay $285 million to settle FCPA violations
JBS USA Holdings, Inc. owns 78.5 percent of Pilgrim’s Pride Corporation, one of the largest chicken-producing companies in the world.
10/15/2020
KPMG launches legal department transformation offering
Global Legal Operations Transformation Services supports GCs to adapt to a new reality.
10/15/2020
Billionaire Robert Smith to Pay $140 Million Over Tax Probe
Smith to cooperate, admit misconduct but won’t be prosecuted
10/14/2020
OFAC Advisory Warns of Civil Penalties for Ransomware Payments
Ransomware has long been a concern for organizations, both in the United States and abroad, having crippled hospitals, municipalities, educational entities and private companies of all industries in recent years.
10/13/2020
Use of Jersey and Guernsey Structures by US Managers Targeting European Capital
In the current politically driven regulatory climate, managers/promoters in the major US fund centres are increasingly looking for alternative ways to structure investment vehicles suitable for and acceptable to their European domiciled investor base.
10/12/2020
China's central bank to cut FX risk reserve ratio to zero
The move came after the onshore spot yuan rate ended at a 17-month high on Friday against the dollar, its biggest one-day percentage gain since 2005.
10/12/2020
OECD drafts principles for $100bn global corporate tax revolution
Technical blueprint would upend taxation of US tech groups but still needs political agreement
10/09/2020
Carey Olsen advises Kavak as it becomes Mexico's first unicorn
This is a testament to what the team at Kavak has built and we are excited to see what the future holds.
10/08/2020
Citigroup fined $400m over internal controls ‘deficiencies’
Federal regulators order US bank to upgrade processes and technology
10/08/2020
14 States that don’t Tax Pensions AND Social Security
By the way, if you are invested in one of these companies you should send an email to your company's IR contacts and ask them why they are still practicing excessive salary practices.
10/07/2020
FTC Fines: FTC Chairman Reminds Companies That Fines Are the FTC’s Strategic Tool To Deter Noncompliance
Aside from the settlement, the case is another important reminder that companies should be aware of what their vendors are doing because a vendor’s actions could cause the company to be noncompliant with privacy laws and subject to fines and penalti
10/06/2020
Lugano bank ‘seriously breached anti-money laundering regulations’
The breach is in connection with the handling of Venezuelan client relationships.
10/06/2020
HSBC’s role in the US lawsuit against Huawei called into question
Lawyers for Huawei argue HSBC improperly aided the US to indict CFO Meng Wanzhou