Category Archives: Banking and Finance law

Proposed TRID Title Insurance Clarification: Senator Warren Cries Wolf

Recently, I came across an article written by Senator Elizabeth Warren entitled “Don’t Make Bad Bill on Bank Deregulation Worse.”  In this article, the Senator warned against efforts by the House to add additional deregulation measures to the bill that was approved by the Senate (S-2155, “The Economic Growth, Regulatory Relief and Consumer Protection Act”), opining that such efforts, if successful, would make the Senate bill even more dangerous than it already was. Regardless of anyone’s view on the merits of S-2155 or the House’s efforts to supplement it, I was struck by one of the examples she gave of the “dangerous” measures the House was considering adding to the bill.  It reminded me of the story about the boy who cried “wolf” so often that when a real wolf approached the town in which the boy lived, his cries of “wolf” raised no alarm among its residents. The example I’m talking….. To continue reading this legal news please click Read full information...

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EBA draft report on ITS on the provision of information for resolution plans

On 16 April 2018, the European Banking Authority (EBA) published a draft final report containing draft implementing standards on the provision of information for the purpose of resolution plans under Article 11(3) of the Bank Recovery and Resolution Directive (BRRD). The EBA published the original Implementing Technical Standards (ITS) on information for resolution plans in 2014-2015.  The revised ITS now put forward by the EBA seek to: clarify the scope of the reporting framework in line with the BRRD. The revised ITS establish a minimum set of reporting obligations for institutions. However, the revised ITS recognise the possibility for resolution authorities to require additional information necessary to draw up or implement resolution plans. They will also respect the right of resolution authorities, recognised in the BRRD, to set simplified reporting obligations for institutions the failure of which would have limited impact on financial stability; leverage on….. To continue reading this legal news please click Read full information...

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“101 Pro Tips – Career Advice for the Ages” Paperback!

You know you’re old when you’re writing a book with career advice. John & I have wrapped up our latest paperback – “101 Pro Tips – Career Advice for the Ages” Paperback. Here’s the “Table of Contents.” It’s free for members of TheCorporateCounsel.net (but it does cost $20 in shipping & handling). This book is designed for fairly young lawyers – both in law firms and in companies. It’s written in an “easy to read” style, complete with some stories & anecdotes to make it interesting. A fairly unique offering in our field. This is a unique offering – and I’m pretty happy about how it came out. Members can request it now. A Picture Says a Thousand Words So this is what John & I feel like giving career advice: Poll: Receiving Career Advice Please take a moment for this anonymous poll: free polls – Broc Romanek.. To continue reading this legal news please click Read full information...

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NASAA backs FINRA proposal to incentivize payment of arb awards, offers improvements

By John M. Jascob, J.D., LL.M. NASAA has offered support for a FINRA proposal that would use FINRA’s Membership Application Program to incentivize the timely payment of arbitration awards. NASAA believes that the proposed rule amendments represent a positive step in addressing the problem of broker-dealers and associated persons who fail to comply with their regulatory and ethical obligations to satisfy arbitral awards against them. NASAA cautioned, however, that the amendments will not, by themselves, resolve this important investor protection concern. Accordingly, NASAA’s comment letter offered suggestions to strengthen the proposal while offering help in finding a solution that will ensure that no investor awards or settlements go unpaid. Amendments to Membership Application Program. As described in FINRA Regulatory Notice 18-06, the amendments would amend FINRA’s new and continuing member application processes to address situations in which a FINRA member….. To continue reading this legal news please click Read full information...

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GFMA guiding principles for market transparency

On 16 April 2018, the Global Financial Markets Association (GFMA) published Guiding Principles for Market Transparency. The GFMA supports transparency requirements that are appropriately tailored for regulators to enhance market integrity through surveillance. The GFMA encourages policymakers and regulators to design market transparency frameworks in line with the following principles: transparency to regulators should be timely, consistent and appropriate to fulfil market surveillance duties and to support market integrity; public market transparency requirements should support the provision of liquidity for price formation and risk management, while doing no harm to market integrity, liquidity, efficiency and resilience; the level of transparency and timing for reporting should be appropriately calibrated based on regulatory intent, market structure, and liquidity profiles of specific assets; an effective transparency framework is based on consultation with all market….. To continue reading this legal news please click Read full information...

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