Financial Services Spotlight

March 2016 First Half Developments

Posted by Roy Andersen on Mar 16, 2016 12:00:00 PM

Overview

FinCEN published changes to the rules governing FBARs.  The change that may require more work is for those institutions that control more than 25 foreign accounts because more information will need to be reported with regarding to those accounts. The nuclear agreement with Iran resulted in dozens of changes to the SDN List and OFAC has published a comprehensive list of changes, most of businesses that are now authorized to engage in increased business activities.  Credit Unions continue to make inroads on banking activities and a new rule was adopted to liberalize commercial lending activities. Such lending is still an overall small percentage of credit union business but it is the fastest growing segment of credit union activity.

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Topics: OFAC, Ukraine, Iran, FBARs, Foreign Bank Accounts, Zimbabwe, Venezuela, Foreign Banking, Money laundering, FinCEN, Credit Union Commercial Loans, Terrorism Risk Insurance

January 2016 Second Half Developments

Posted by Roy Andersen on Feb 5, 2016 12:00:00 PM

Overview

Longstanding OFAC rules were changed regarding Iran and Cuba.  The Cuban sanctions were the first imposed by the Treasury in the 60’s and have been the model for sanctions programs since then.  Given the results of the 50- plus-year restriction on the Cuban economy it is safe to say that their economy simply stopped working and the Cuban people have eked out a living under mid-last century conditions.   Of course, a socialist economy may have also contributed to the dire circumstances.   If Iran truly abandons its nuclear program, then the leverage provided by the sanctions proves for all time their value as a political tool and another reason not to resort to war.  Treasury provided a concise up-to-date description of the Treasury securities market that was educational for me-- whose last real understanding of that market was forged when primary dealers ran the show.

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Topics: SEC, Iran, Cuba, Foreign Banking, OFAC rules, JCPOA

January 2016 First Half Developments

Posted by Roy Andersen on Jan 15, 2016 12:00:00 PM

The CFTC wants to remove the requirement that certain foreign applicants provide fingerprints, while experts on security are advocating at the same time that there be greater sharing of fingerprint and other data to identify people between the U.S. and foreign countries.  The introduced the formula for this year for determining the banks that will be treated as global systemically important bank companies for purposes of the capital surcharges.

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Topics: Fingerprinting, Capital Surcharges, Global Banking, Foreign Banking, CFTC, Uncleared Swaps

About the Spotlight


The Financial Services Spotlight examines the regulatory and technology developments impacting banks, asset managers and other financial services providers—where challenges meet opportunities.

 

Meet the Authors


Roy C. Andersen, of counsel in Sullivan & Worcester's New York office, is a member of the Corporate Department. Mr. Andersen focuses on bank regulatory and compliance matters, including international banks and their branches and agencies in New York.

Joel Telpner, partner in the firm's New York office, is a seasoned advisor, strategist and problem solver. Mr. Telpner brings more than 30 years of legal experience in a career that includes time as an AmLaw 100 partner, the former U.S. general counsel of a global financial institution, and a venture capitalist. He is recognized for his ability to deftly manage complex financial transactions, especially those involving sophisticated structured finance and derivatives matters and has an extensive and unique combination of transactional and regulatory experience.

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