Financial Services Spotlight

June 2016 First Half Developments

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

Overview

The Fed has published the proposed enhanced prudential standards for certain large insurance companies in the United States.  These standards are similar to the requirements that have been imposed on large United States based and foreign financial organizations.  It is probable that these proposals will be vigorously opposed by the insurance industry.  FinCEN has taken the rare step of determining that a country is of primary money laundering concern. In this case, North Korea has been so designated.  The banking agencies have re-proposed the rules regarding incentive-based compensation.

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Topics: Belarus, North Korea, CFTC, FSOC, Liquidity Risk Measurement, NSFR, Automated Trading, Hizballah, ANPR

April 2016 First Half Developments

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

Overview

Crowdfunding portals will have to do AML checks on the investors in such proposed financings.  The parties offering such services will be defined as brokers or dealers in securities for AML purposes.  OFAC is imposing new sanctions rules on Hizballah and on the country of Burundi.

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Topics: CFPB, SDN List, Somalia, Burundi, South Sudan, Hizballah, Liquidity Ratios

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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