Blog
U.K. Exit from E.U. Taking Shape Amid Political Confusion
On June 26, 2018, the United Kingdom adopted the European Union (Withdrawal) Act 2018 providing for a framework for “Brexit” under which E.U. law adopted in the U.K. would continue to apply during an implementation period and government minsters would have the power to adopt implementing rules. The United Kingdom is currently to leave the European... Read more »
SEC Proposes Standards for Broker-Dealers and Investment Advisers
On April 16, 2018, the Securities and Exchange Commission (the “SEC”) adopted three new proposals for standards that would apply to broker-dealers and investment advisers in dealing with retail customers. Regulation “Best Interest” would apply to broker dealers. Another release would interpret and enhance the “fiduciary” standard applicable to investment advisors. Finally, the third release... Read more »
FinCEN Guidance on AML Customer Due Diligence Rules to Become Fully Effective May 11, 2018
The Finance Crimes Enforcement Network (“FinCEN”) of the U.S. Treasury Department, which oversees most of the federal anti-money laundering (“AML”) regulations, issued Customer Due Diligence (“CDD”) rules on May 11, 2016, that are to become fully effective on May 11, 2018. These rules apply to AML diligence to be done by covered U.S. financial institutions,... Read more »
FCA Papers on Approaches to Regulation, Supervision and Enforcement
The U.K. Financial Conduct Authority (the “FCA”) has followed its 2017 papers on the principles and approaches it will apply to regulation, consumers, competition and authorization with two March 2018 papers on supervision and enforcement. See Press Release, which sets forth links to the two papers, Approach to Supervision and Approach to Enforcement. The FCA says that it plans to... Read more »