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SEC Enforcement Action – VALIC Financial Advisors
Dinsmore & Shohl LLP, October 2020

On July 28, 2020, the SEC announced a pair of settled administrative actions against Houston-based VALIC Financial Advisors (VFA). In the first action, the SEC charged VFA with failing to disclose that its parent company paid a for-profit entity owned by a Florida teacher’s union to promote VFA to Florida teachers. The second action involved VFA’s wrap fee arrangements with clients...

Buchalter COVID-19 Client Alert: CFPB Issues Rule Extending the “GSE Patch”
Buchalter, October 2020

On October 20, the Consumer Financial Protection Bureau (CFPB) issued a final rule extending the Government Sponsored Enterprise “GSE Patch”, which was set to expire on January 10, 2021...

Post-No-Debit Orders on the Accounts of Customers: Limitation to the Powers of Regulatory Agencies and Financial Institutions
AELEX, October 2020

INTRODUCTION There are several government agencies regulating various sectors of the Nigerian economy. Most of these regulatory agencies are creation of statutes which usually specify their functions, powers and general mode of operations. While some of these agencies are responsible for sensitising the citizens about government policies,[1]a good number are charged with the task of enforcing policies, programmes and laws enacted by the Government...

CFIUS: Now More Complicated and More Expensive
Dinsmore & Shohl LLP, October 2020

Effective Oct. 15, 2020[1], the Committee on Foreign Investment in the United States’ (CFIUS) mandatory filing requirement will shift from a critical technology[2], industry-specific focus to one focused on export controls. It will focus on whether the U.S. regulatory authorization would be required to export the target U.S. business’ critical technology to the foreign person party to the transaction, including certain parties in the foreign person’s ownership chain...

SEC Issues Additional Form CRS Guidance
Dinsmore & Shohl LLP, October 2020

On Oct. 8, 2020 the SEC issued a joint statement on additional Form CRS guidance regarding firms’ disciplinary history. The statement was released in tandem with several new FAQs, which help clarify firms’ disclosure obligations as they relate to disciplinary history. The update guidance comes in response to the SEC’s early review of firms’ Form CRS filings...

Supervision by Banco de Portugal of Activities Involving Virtual Assets
PLMJ, October 2020

Law 58/2020 of 31 August implements into Portuguese law Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. It enshrines in the Portuguese legal framework a first approach to the regulation of entities that engage in activities with virtual assets...

SEC Updates and Modernizes Statistical Disclosures for Financial Institutions
Waller, October 2020

The Securities and Exchange Commission (SEC) recently adopted rules to update the statistical disclosures that bank holding companies, banks, savings and loan holding companies, and savings and loan associations (Financial Institutions) provide to the market. The rules will eliminate Guide 3 and will replace it with new Subpart 1400 of Regulation S-K. The rules primarily streamline former Guide 3 disclosures and eliminate disclosures that overlap with SEC rules and U.S...

Clear as Mud? Understanding The Fed's Change in Control Rules and Common Inadvertent Violations
Hunton Andrews Kurth LLP, October 2020

The Board of Governors of the Federal Reserve System (the “Fed”), the Office of the Comptroller of the Currency (the “OCC”), and the Federal Deposit Insurance Corporation (the “FDIC”) each have regulations implementing the Change in Bank Control Act (12 U.S.C...

CFPB Speaks: Expectations for Servicers in the Age of COVID-19 Webinar Recording
Bradley Arant Boult Cummings LLP, October 2020

Join us for a special opportunity to hear directly from the CFPB about mortgage servicing in the COVID-19 era. On October 14 from 2:00-3:00 p.m. ET, Bradley hosted a Q&A session with Allison Brown of the CFPB's Office of Supervision Policy to discuss the CFPB’s supervisory expectations as the industry grapples with CARES implementation and other challenges arising from the coronavirus crisis...

Securities and Exchange Commission Rescinds Guide 3
Dinsmore & Shohl LLP, October 2020

Since the 1960s, the United Stated Securities and Exchange Commission (SEC or Commission) has implemented several “Guides” for business disclosure by certain SEC registrants involved in banking, oil and gas, real estate, insurance, and mining activities...

Buchalter COVID-19 Client Alert: New PPP Guidance Simplifies Forgiveness Application Process for Small PPP Loans of $50,000 or Less; Clarifies Lenders’ Responsibilities Regarding Review of Borrower Calculations and Documentation of Forgivable Eligible Costs for Such Small Loans
Buchalter, October 2020

On October 8, Treasury issued a new Interim Final Rule Re Additional Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules (new IFR), along with a new Loan Forgiveness Application Form 3508S and Instructions for the new Form, addressing applications for forgiveness of PPP loans of $50,000 or less.  Links to the new IFR, the new Form 3508S, and the new Instructions for Form 3508S are set out below...

Arendt Weekly Update - 9 October 2020
Arendt & Medernach, October 2020

 The Arendt Weekly Update is a newsletter designed to give you the insight you need without overloading your mailbox. It lists the latest news, topical webinars, training courses and more...

Coronavirus: Financing Moratoriums
PLMJ, October 2020

To combat the economic consequences of the COVID-19 pandemic, the government approved Decree-Law 10-J/2020 of March 26 (the “Decree-Law”). The Decree-Law established a set of economic measures to protect liquidity and treasury, and in this document, we focus on the financing moratorium...

Fed Invites Feedback on Changes to Community Reinvestment Act
Waller, October 2020

The Federal Reserve Board (“Fed”) recently issued an Advance Notice of Proposed Rulemaking (ANPR) inviting public comment on an approach to revise and modernize the regulations implementing the Community Reinvestment Act (CRA). Enacted in 1977, the CRA served as a landmark piece of legislation in the wake of the civil rights movement to address systemic inequities that inhibited access to credit markets for low- and moderate-income (LMI) communities and minorities...

CFPB Withdraws Former Marketing Services Agreement Guidance; Issues New Frequently Asked Questions Regarding RESPA Section 8 and MSAs
Buchalter, October 2020

On October 7, the Consumer Financial Protection Bureau (CFPB) took steps to clarify its interpretation of how settlement service providers may comply with the “no kickback” and “unearned fee” provisions of Section 8 of the Real Estate Settlement Procedures Act (RESPA) by promulgating a new set of Frequently Asked Questions (FAQs). The FAQs provided several concrete examples to shed light on what activities are allowed under those provisions...

Russian Bankruptcy Moratorium Extended until January, 2021
ALRUD Law Firm, October 2020

This is to inform you that the Resolution of the Government of the Russian Federation dated October 01, 2020 No. 1587, has extended the moratorium on bankruptcy of companies, at the request of their creditors, until January 07, 2021. In this regard, we would like to draw your attention to the key provisions related to the moratorium regime and its extension. Moratorium – the first results...

OCC and SEC Wade into Stablecoin Regulation
Waller, October 2020

The Office of the Comptroller of the Currency (“OCC”) issued an interpretive letter (the “Stablecoin Letter”) confirming that national banks and federal savings associations are permitted to take and hold fiat currency deposits that serve as reserves for fiat-currency backed stablecoins associated with hosted digital wallets (the “OCC Stablecoin Letter”)...

Expanding the Beachhead: Why Banks Should be Using the Main Street Lending Facilities
Hunton Andrews Kurth LLP, October 2020

The Federal Reserve, using CARES Act funding, has created a number of Main Street Lending Facilities (“MSLFs”). The two that should be of interest to most bankers are the Main Street New Loan Facility (“MSNLF”) and the Main Street Priority Loan Facility (“MSPLF”). These two facilities should enable banks that have successfully moved business from competitors pursuant to the Paycheck Protection Program (“PPP”) to continue such efforts...

German Insolvency Law: COVID-19-Suspension of Duty to File for Insolvency Ended on 30 September 2020 for Illiquid Companies
Heuking Kühn Lüer Wojtek, October 2020

Over-indebted companies still exempted from filing duty until 31 December 2020COVID-19-affected companies to benefit from easier access to protective shield proceedings and preventive restructuring schemes/ regimes as from 1 January 2021 Two German legislative initiatives taken in September 2020 will have an immediate impact on the options available to restructure a business under German law: DUTY TO FILE FOR INSOLVENCY RE-INSTATED FOR ILLIQUID COMPANIES AS OF 1 OCTOBER 2020; SUSPENSIO

SEC Issues Rules on Corporate Debt Vehicles
SyCip Salazar Hernandez & Gatmaitan, October 2020

 The Securities and Exchange Commission (SEC) has issued Memorandum Circular No. 23, Series of 2020 (CDV Circular), dated August 18, 2020, which provides a regulatory framework for the creation and operation of Corporate Debt Vehicles (CDV). The circular aims to alleviate the adverse economic effects of the COVID-19 pandemic on large corporations and medium-sized enterprises by giving them another mode of raising capital through the intermediation of a mutual fund. 1...

What Employers Need to Know about Coronavirus, Paid Leave
Dinsmore & Shohl LLP, October 2020

As seen in Bank Director From lobby closures to Paycheck Protection Program loans, the COVID-19 pandemic has thrown a lot at banks and other financial services providers during this pandemic. One more item to add to the list is the Families First Coronavirus Response Act (FFCRA)...

10 Legal Considerations When Starting a Hemp Business in Alabama
Bradley Arant Boult Cummings LLP, October 2020

So, you want to start a hemp company in Alabama. You have your big idea and a business plan ready, but you begin to wonder whether you should be thinking about any legal issues as you get your company off the ground. That’s where we come in. Bradley’s Cannabis Industry team has a deep understanding of the many unique legal and business issues that impact hemp companies in Alabama and beyond...

Buchalter COVID-19 Client Alert: SBA Issues New PPP Guidance Regarding Required Approval for a Sale of Assets or Transfer of Ownership of a PPP Borrower; Use of Escrow Accounts to Avoid Requirement of Prior SBA Approval
Buchalter, October 2020

On October 2, the SBA issued SBA Procedural Notice 5000-20057, Paycheck Protection Program Loans and Changes of Ownership (“Notice”).    A link to the Notice is set out below...

Russian Bankruptcy Moratorium Extended until January, 2021
ALRUD Law Firm, October 2020

This is to inform you that the Resolution of the Government of the Russian Federation dated October 01, 2020 No. 1587, has extended the moratorium on bankruptcy of companies, at the request of their credi-tors, until January 07, 2021. In this regard, we would like to draw your attention to the key provisions related to the moratorium re-gime and its extension. 1. Moratorium – the first results...

Shearn Delamore & Co. Legal Update September 2020 (Financial Services)
Shearn Delamore & Co., October 2020

SME Merger and Acquisition instruments exempt from stamp dutyThe Prime Minister announced that starting from 1 July 2020 until 30 June 2021, eligible SMEs will be exempted from paying stamp duty on instruments for Mergers & Acquisitions (“M&A instruments”), including Contracts or Agreements for sale or lease of properties (including land, building, machinery and equipment); Instrument of Transfer and Memorandum of Understanding; Loans or Financing Agreement; and First Tenancy



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