A holding subjecting Term Loan Bs to securities regulation would have a profound effect on the $1.4 trillion market for syndicated term loans and on financial institutions at a time of limited liquidity.
Continue Reading Are Syndicated Term Loans Securities Under Reves v. Ernst & Young? 2nd Circuit Solicits SEC Views
Crypto-asset businesses, particularly those offering crypto lending, non-fungible tokens, or digital wallet/payments products — which are already facing intense scrutiny from the SEC, CFTC, U.S. Department of Justice and U.S. Department of the Treasury — should not neglect the need to prepare for CFPB and FTC scrutiny. This article explores this trend by the CFPB
On Feb. 7, 2023, the Securities and Exchange Commission’s Division of Examinations announced its 2023 examination priorities. The announcement focuses on six different categories.
On Dec. 29, 2022, President Biden signed into law H.R. 2617, the “Consolidated Appropriations Act of 2023.” Among the routine federal funding provisions, Title V of the bill, the “Small Business Mergers, Acquisitions, Sales and Brokerage Simplification” (Title V), contains a provision on qualifying mergers and acquisitions brokers.
On Dec. 14, 2022, Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), released a statement announcing a proposal to establish an SEC rule setting forth a best execution standard for broker-dealers. Chair Gensler expressed his support of the new rule, stating it would help ensure brokers have policies and procedures in place
Last summer, the Financial Regulatory Authority (FINRA) proposed a rule change to its supervision rule (FINRA Rule 3110) to allow member firms to conduct remote inspections of some or all branch offices and locations. This three-year pilot program would allow members to fulfill Rule 3110(c) obligations without on-site inspections.
On Dec. 13, 2022, the Department of Justice announced that Danish global financial institution Danske A/S (Danske Bank) pled guilty and agreed to forfeit $2 billion to resolve an investigation into fraudulent representations it made to U.S. banks about its anti-money laundering (AML) controls in Estonia. As part of a parallel proceeding, the SEC also
On March 28, 2022, the Securities Exchange Commission (SEC) issued a press release regarding two proposed rules, Rules 3a5-4 and 3a44-2 under the Securities Exchange Act of 1934 (the Act). These proposed rules intend to further define the phrase “as part of a regular business” to identify certain activities that would cause a firm to
Registered public companies would be required to report their greenhouse gas (GHG) emissions and certain information regarding climate-related financial risks and metrics, including any actual or likely material impacts to their businesses, pursuant to a long-awaited proposed rule the U.S. Securities and Exchange Commission (SEC) voted 3-1 to issue on March 21, 2022.
On Feb. 9, 2022, the SEC released its long-awaited proposed cybersecurity rule, and there’s a lot to unpack. As GT reported previously, the SEC increased enforcement of cybersecurity compliance in 2021. As recently as Jan. 24, 2022, Chair Gary Gensler made cybersecurity the focus of his speech at Northwestern Law School’s Securities Regulation