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United States: Firm Settles FINRA Charges For AML Program Deficiencies - Cadwalader, Wickersham & Taft LLP

A firm settled FINRA charges for failing to establish a reasonable AML program designed to report suspicious transactions, and for failing to respond reasonably to red flags associated with China-based accounts.
Tags: News, China, United States, AML, FINRA, Taft LLP, AML Program Deficiencies Cadwalader Wickersham


United States: President Biden Will Nominate Jonathan Kanter To Lead DOJ Antitrust Division - Cadwalader, Wickersham & Taft LLP

President Joseph R. Biden stated that he will nominate Jonathan Kanter to serve as Assistant Attorney General of the DOJ's Antitrust Division.
Tags: News, United States, Biden, Doj, Joseph R Biden, Taft LLP, Jonathan Kanter, DOJ Antitrust Division Cadwalader Wickersham


United States: President's Working Group To Issue Stablecoin Recommendations - Cadwalader, Wickersham & Taft LLP

At a meeting of the OCC, FDIC and President's Working Group on Financial Markets ("PWG"), the PWG stated its intent to address regulatory gaps with respect to stablecoins in the coming months.
Tags: News, United States, Taft LLP, Pwg, OCC FDIC, Working Group on Financial Markets PWG, Stablecoin Recommendations Cadwalader Wickersham


United States: NFA Extends Relief From On-Site Inspection Requirement - Cadwalader, Wickersham & Taft LLP

NFA extended relief from the requirement to conduct on-site annual inspections of their branch offices and guaranteed introducing brokers.
Tags: News, United States, NFA, Cadwalader Wickersham, Taft LLP


United States: FDIC Proposes Simplified, Expanded Deposit Insurance For Trusts And Mortgage Accounts - Cadwalader, Wickersham & Taft LLP

The FDIC proposed to amend its deposit insurance coverage rules.
Tags: News, United States, FDIC, Cadwalader Wickersham, Taft LLP


United States: OCC To Propose Rescission Of 2020 CRA Rulemaking, Will Collaborate With FRB And FDIC On New Rule - Cadwalader, Wickersham & Taft LLP

The OCC will propose rescinding a 2020 rulemaking that amended regulation implementing the Community Reinvestment Act ("CRA") for national banks.
Tags: News, United States, FDIC, OCC, CRA, Taft LLP, New Rule Cadwalader Wickersham


United States: Investment Adviser Settles SEC Charges For Unsuitable Investments In Volatility-Linked Exchange-Traded Products - Cadwalader, Wickersham & Taft LLP

An investment adviser settled SEC charges for failing to adopt reasonably designed policies with respect to the holding period for a volatility-linked exchange-traded product ("ETP") held in advisory clients' accounts.
Tags: News, United States, SEC, Cadwalader Wickersham, Taft LLP


United States: Company Subsidiaries Settle OFAC Charges For Violating Iran Sanctions Regulations - Cadwalader, Wickersham & Taft LLP

Two subsidiaries of the same Sweden-based company settled potential civil liability with OFAC for apparent violations of the Iranian Transactions and Sanctions Regulations ("ITSR").
Tags: News, Sweden, United States, OFAC, Taft LLP, Iran Sanctions Regulations Cadwalader Wickersham


United States: Reg. Tracker: July 16 To July 31 - Cadwalader, Wickersham & Taft LLP

The Cabinet Regulatory Tracker is a list of comment deadlines, expiration dates and effective dates.
Tags: News, United States, Cadwalader Wickersham, Taft LLP, Cabinet Regulatory Tracker


United States: The President's Competition Order – One Week On - Cadwalader, Wickersham & Taft LLP

On July 9, 2021, President Biden issued an "Executive Order on Promoting Competition in the American Economy" (the "Order"). The Order responds to what the President characterizes as a "failed experiment"...
Tags: News, United States, Biden, Cadwalader Wickersham, Taft LLP


United States: SEC Chair Gensler Names Policy Advisors - Cadwalader, Wickersham & Taft LLP

SEC Chair Gary Gensler named advisors to his public policy team.
Tags: News, United States, SEC, Gary Gensler, Taft LLP


United States: U.S. Government Advises On Risks Associated With Hong Kong Business Operations - Cadwalader, Wickersham & Taft LLP

The U.S. Departments of State, Treasury, Commerce and Homeland Security advised U.S. companies on the increasing risks associated with operations in the Hong Kong Special Administrative Region of the People's Republic of China.
Tags: Hong Kong, News, United States, Hong Kong Special Administrative Region, Taft LLP, Business Operations Cadwalader Wickersham


United States: Congressional Task Force Hears From Experts On Digital Identity Infrastructure - Cadwalader, Wickersham & Taft LLP

The U.S. House Committee on Financial Services Task Force on Artificial Intelligence considered testimony on how emerging technologies such as artificial intelligence, machine learning and blockchain can contribute to building digital identity infrastructure.
Tags: News, United States, Taft LLP


United States: NY Fed Appoints New Head Of Supervision - Cadwalader, Wickersham & Taft LLP

The Federal Reserve Bank of New York ("New York Fed") appointed Dianne Dobbeck to lead New York Fed's Supervision Group.
Tags: News, United States, New York Fed, Cadwalader Wickersham, NY Fed, Taft LLP, Federal Reserve Bank of New York New York Fed, Dianne Dobbeck


United States: SEC Division Of Examinations Director To Depart, Acting Director Named - Cadwalader, Wickersham & Taft LLP

Director of the SEC Division of Examinations ("the Division") Peter B. Driscoll will leave the agency on August 14, 2021.
Tags: News, United States, SEC, Cadwalader Wickersham, Taft LLP, Peter B Driscoll


United States: Firm And Principal Settle FINRA Charges For Failing To Retain Business-Related Text Messages - Cadwalader, Wickersham & Taft LLP

A firm and its general securities principal settled FINRA charges for (i) failing to maintain a reasonable supervisory system that detects potentially manipulative trading and (ii) failing to review and retain business-related text messages.
Tags: News, United States, FINRA, Taft LLP


United States: FINRA Adds Retail Communications To Private Placement Filing Requirements - Cadwalader, Wickersham & Taft LLP

FINRA adopted amendments to private placement filing requirements to require members to file retail communications related to an offering.
Tags: News, United States, FINRA, Cadwalader Wickersham, Taft LLP


United States: U.S. Government Launches New On-line Resource To Combat Ransomware - Cadwalader, Wickersham & Taft LLP

The DOJ and the Department of Homeland Security ("DHS"), along with other federal partners, launched a new website - StopRansomware.gov - to combat the threat of ransomware.
Tags: News, United States, Doj, Department of Homeland Security DHS, Cadwalader Wickersham, Taft LLP


United States: Marketplace Lending Update #10: OCC's True Lender Rule Is Repealed - Cadwalader, Wickersham & Taft LLP

On June 30, 2021, President Biden signed a joint resolution of Congress under the Congressional Review Act ("CRA") to disapprove the OCC's True Lender Rule. As a result, the True Lender Rule is now repealed.
Tags: News, Congress, United States, Biden, OCC, CRA, Taft LLP


United States: Challenges In Standardization Of Green Bonds: The US Perspective - Cadwalader, Wickersham & Taft LLP

Green bond issuance is growing dramatically, and so are the challenges resulting from a lack of standardisation among green bond offerings.
Tags: News, US, United States, Cadwalader Wickersham, Taft LLP


United States: SEC OASB Outlines Strategic Plan For 2021-2025 - Cadwalader, Wickersham & Taft LLP

The SEC Office of the Advocate for Small Business Capital Formation outlined its key goals and strategies through 2025.
Tags: News, United States, SEC, Cadwalader Wickersham, Taft LLP


United States: FinTech Company Settles CFPB Charges For Originating Unauthorized Loans - Cadwalader, Wickersham & Taft LLP

A FinTech company engaging in origination and servicing activities settled CFPB charges for facilitating and processing loans to consumers who did not request them.
Tags: News, United States, Fintech, Cadwalader Wickersham, Taft LLP, Fintech Company


United States: U.S. Warns Businesses Of Potential Risks For Engaging With Xinjiang Human Rights Violators - Cadwalader, Wickersham & Taft LLP

In an updated advisory, the Departments urged potentially exposed businesses to mitigate their risk by implementing heightened human rights due diligence policies.
Tags: News, United States, Taft LLP


United States: CFTC MRAC Adopts "SOFR First" Recommendation - Cadwalader, Wickersham & Taft LLP

The CFTC Market Risk Advisory Committee ("MRAC") adopted the "Secured Overnight Financing Rate First" ("SOFR First") recommendation developed by MRAC's Interest Rate Benchmark Reform Subcommittee.
Tags: News, United States, Cftc, Taft LLP, CFTC Market Risk Advisory Committee MRAC, SOFR First Recommendation Cadwalader Wickersham, MRAC


United States: FRB, FDIC And OCC Propose Risk Management Guidance On Third-Party Relationships - Cadwalader, Wickersham & Taft LLP

The Federal Reserve Board, the FDIC and the OCC proposed risk management guidance for the third-party relationships of banking organizations.
Tags: News, United States, FDIC, OCC, Federal Reserve Board, Cadwalader Wickersham, Taft LLP


United States: OFAC Authorizes Petroleum Gas Transactions Involving Venezuelan Government, PdVSA - Cadwalader, Wickersham & Taft LLP

OFAC authorized transactions related to the exportation or re-exportation of liquefied petroleum gas to Venezuela involving the Government of Venezuela or Petróleos de Venezuela, S.A. ("PdVSA"). The authorizations run through July 8, 2022.
Tags: News, United States, Venezuela, OFAC, Taft LLP


United States: DOJ And Federal Maritime Commission To Cooperate On Antitrust Enforcement - Cadwalader, Wickersham & Taft LLP

The DOJ Antitrust Division and the Federal Maritime Commission entered into a Memorandum of Understanding ("MOU"), which sets forth the terms for agency cooperation on antitrust enforcement in the U.S.-international ocean liner shipping industry.
Tags: News, United States, Doj, Taft LLP, Federal Maritime Commission, DOJ Antitrust Division


United States: Secretary Yellen Says Consensus Is Near On International Corporate Tax Agreement - Cadwalader, Wickersham & Taft LLP

In remarks following the G20 Finance Ministers and Central Bank Governors meetings, Secretary of the Treasury Janet L. Yellen stated that 132 countries are coming to a consensus around a global corporate minimum tax rate of at least 15 percent.
Tags: News, United States, Yellen, Taft LLP, Central Bank Governors, Janet L Yellen


United States: FSB Chair Quarles And Treasury Secretary Yellen Push For Development Of Climate-Related Risk Disclosure - Cadwalader, Wickersham & Taft LLP

At the Venice International Conference on Climate Change, Financial Stability Board ("FSB") Chair Randal K. Quarles described "foundational components" for climate-related financial risk disclosure.
Tags: News, United States, Fsb, Yellen, Cadwalader Wickersham, Taft LLP, Randal K Quarles


United States: Senator Warren Writes SEC On Regulation Of Crypto Exchanges, Cites Need To Close Gaps - Cadwalader, Wickersham & Taft LLP

In a letter to SEC Chair Gary Gensler, Senator Elizabeth Warren (D-MA) requested information on the SEC's authority to regulate cryptocurrency exchanges.
Tags: News, United States, SEC, Gary Gensler, Cadwalader Wickersham, Elizabeth Warren D MA, Taft LLP



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