Blog
Giancarlo Suggests Overhaul of CFTC
President Trump’s nominee for the permanent head of the Commodity Futures Trading Commission (the “CFTC”), J. Christopher Giancarlo, is a Republican and acting head of the CFTC. In a well-received and widely reported speech yesterday to an industry conference, Mr. Giancarlo said he would fix the “flawed” swaps trading rules. He also pledged to streamline the CFTC... Read more »
Federal Jury in California Awards Over $8 Million to General Counsel Whistleblower
Whistleblowers may take heed of a February 2017 jury award to a General Counsel, who had been in his position for 25 years, of $3 million in back wages (which is doubled under the Dodd-Frank Act) and $5 million in punitive damages, for a total of nearly $11 million. The case pitted Sanford Wadler against Bio-Rad Laboratories Inc.,... Read more »
UK FCA and PRA Amend Enforcement Procedures
In February 2017, the UK Financial Conduct Authority (the “FCA”) and the Prudential Regulation Authority issued a joint policy statement (the “Statement”) regarding enforcement, following up on their April 2016 consultation paper. The Statement announces changes to the Decision Procedure and Penalties Manual (the “DEPP”) and the Enforcement Guide (the “EG”). While there are a... Read more »
NY Department of Financial Services Publishes Revised Cybersecurity Rules
As reported previously, the NY Department of Financial Services (the “NYDFS”) published proposed comprehensive cybersecurity rules that would apply to financial institutions holding a state license. On December 28, 2016, the NYDFS published revised rules, taking into account some, but not all, of the objections to the original rules. The new rules have a 30... Read more »