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CFPB Finalizes COVID-19 Mortgage Servicing Rules, The Banking Law Journal
Hunton Andrews Kurth LLP, November 2021

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Changes to the Cayman restructuring regime – key points
Carey Olsen, November 2021

This initiative is a significant departure from the current position where an application for the appointment of a 'light touch' provisional liquidator, for the purpose of restructuring, must be made as part of the winding up process. Under the changes, a restructuring officer can be appointed by a company acting by its directors without a resolution of its members or an express power in its articles of association...

SEC Continues to Drive ESG—More Steps Toward Climate Change Disclosure
Dinsmore & Shohl LLP, November 2021

In her speech to the Principles for Responsible Investment and the London Stock Exchange Group, SEC Commissioner Allison Herren Lee made it clear that a climate change disclosure proposal is no longer a question of if, but when and provided some hints about what the proposal will look like. After remarking that “[c]limate change is . . ...

Federal Trade Commission Updates Cybersecurity “Safeguards Rule” for Financial Institutions
Dinsmore & Shohl LLP, November 2021

Last week, in the culmination of a process that began in 2016, the Federal Trade Commission (FTC) issued a Final Rule to update the Safeguards Rule promulgated under the Gramm-Leach-Bliley Act...

FATF releases updated virtual asset and virtual asset service provider guidance
MinterEllisonRuddWatts, October 2021

On 28 October, the Financial Action Task Force (FATF) issued an update for its 2019 Guidance for a Risk-Based Approach to Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs) (Updated Guidance) in relation to anti-money laundering and countering financing of terrorism (AML/CFT). This followed the FATF’s Second 12-Month Review of the Revised FATF Standards on Virtual Assets and Virtual Asset Service Providers (Virtual Assets Review) released earlier this year...

Recent update on Term SOFR and ARRC’s best practice recommendations
Deacons, October 2021

On 27 August 2021, the Alternative Reference Rates Committee (“ARRC”), a group of private-market participants convened by the Federal Reserve Board and the Federal Reserve Bank of New York in 2014 to lead the LIBOR transition in the United States, issued FAQs and Best Practice Recommendations on, among other things, the use of the Secured Overnight Financing Rate (“SOFR”) and its term rates (“Term SOFR”), following the ARRC’s formal recommendatio

A Tale of Two Crises: What 2008 Foreclosures Can Teach Us About Attorney General Enforcement Following COVID-19
Bradley Arant Boult Cummings LLP, October 2021

[!<CDATA[ Moratoriums on foreclosures due to COVID-19 ended this summer, prompting concerns of a shock similar to the 2008 housing crisis. While there are numerous differences between today and the previous recession, financial service providers can stay a step ahead by arming themselves with a few lessons learned...

Thailand: AMLO Notification Calls for Stringent Customer ID Measures and KYC Procedures from 25 September 2021 Onward
DFDL, October 2021

28 January 2021 saw the release of a Notification Concerning Guidelines for the Identification and Verification of Customers and Ultimate Beneficial Owners (“AMLO Notification”) by the Anti-Money Laundering Office (“AMLO”)...

Mainland China briefing: China expands the investment scope for QFIs
Deacons, October 2021

On 13 October 2021, the China Securities Regulatory Commission (CSRC) issued an Announcement on the Participation of Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors in Financial Derivatives Transactions (Announcement, available here in Chinese)...

Launch of Hong Kong re-domiciliation mechanism for foreign investment funds
Deacons, October 2021

On 30 September 2021, the Government passed into law the Securities and Futures (Amendment) Ordinance 2021 and the Limited Partnership Fund and Business Registration Legislation (Amendment) Ordinance 2021 (the Ordinances). These new laws will enable foreign investment funds to be re-domiciled and registered in Hong Kong as open-ended fund companies (OFCs) or limited partnership funds (LPFs). The Ordinances will come into effect on 1 November 2021...

Unpacking the SFC’s requirements on the management and disclosure of climate-related risks for fund managers
Deacons, October 2021

Hong Kong’s Securities and Futures Commission (SFC) held two virtual briefing sessions in October 2021 and provided useful guidance on its newest climate-related risk management requirements for fund managers, as detailed in the Consultation Conclusions on the Management and Disclosure of Climate-related Risks by Fund Managers (with amendments to the Fund Manager Code of Conduct (FMCC)) and the Circular issued on 20 August 2021...

Making the Shift Towards Ethical Banking
Shepherd and Wedderburn LLP, October 2021

Banks were cast as the villain of the piece in the so-called ‘Great Recession’ of 2007–2009, the last downturn to hit our economy before the coronavirus pandemic. Their role in the subprime mortgage debacle led directly to a global financial crisis and the deepest UK recession since the Second World War. By contrast, in the economic downturn triggered by the COVID-19 pandemic in 2020, the banking industry played a crucial role in stabilising our economy...

New Oregon Brownfield Loan Program to Watch
Schwabe, Williamson & Wyatt, October 2021

Revitalizing Brownfields has long been considered a centerpiece for community efforts to encourage growth and development of properties impacted by contamination.  In 2021, Oregon’s Legislature passed HB 2518, which seeks to enhance Brownfield development by making forgivable loans available to assist with the cleanup of blighted properties...

RBNZ launches review of overseas bank branches in New Zealand
MinterEllisonRuddWatts, October 2021

On Wednesday, the Reserve Bank of New Zealand (RBNZ) announced a review of its policy for the registration of branches of overseas banks in New Zealand. The review is aimed at creating “a simple, coherent and transparent policy framework for branches of overseas banks”. The consultation closes on Wednesday, March 2, 2022. The RBNZ intends to develop a policy approach after considering all submissions, and to subsequently undertake further consultation on that approach...

Navigating the SEC’s Renewed Clawback Rule Proposal
Dinsmore & Shohl LLP, October 2021

The Renewed Proposal On Oct. 14, 2021, SEC Chairman Gary Gensler released a statement announcing the SEC would once more open comment on the Dodd-Frank Act rule regarding clawbacks of incentive-based compensation that had been improperly awarded due to since-corrected accounting errors. Should a company not comply or refuse to institute a compensation recovery policy, the SEC proposal goes so far as to threaten delisting...

FMA sets FAP full licence target application dates
MinterEllisonRuddWatts, October 2021

Today the FMA has published target application dates for financial advice provider (FAP) full licences. A link to themedia releaseis available. Who needs to read it? Why? This update will be of significance to anyone that currently holds a FAP transitional licence, or anyone who is expecting to give financial advice in the future, and are looking to apply for a FAP full licence. All providers of regulated financial advice to retail clients will need a FAP licence...

Thailand: Foreign Investment Promotion Permitting Wealthy Foreigners to Buy Land and Houses
DFDL, October 2021

On 14 September 2021, the Thai cabinet passed a resolution (“Cabinet Resolution”) proposed by the Centre for Economic Situation Administration (“CESA”) to incentivize foreign investment in Thailand through the issuance of new visa, tax, and foreign land ownership incentives. The CESA particularly aims to attract high net worth foreign nationals, who wish to invest in land and buildings, and who can meet these minimum qualifications: 1...

Africa Projects, a curated collection of resources and articles on the development and financing of power, energy, and infrastructure projects on the African continent
Hunton Andrews Kurth LLP, October 2021

table border="0" width="780" cellspacing="2" cellpadding="0" tbody tr td https://www.huntonak.com/en/insights/africa-projects-a-curated-collection-of-resources-and-articles-on-the-development-and-financing-of-power-energy-and-infrastructure-projects...

FMA releases guidance on advertising financial products
MinterEllisonRuddWatts, October 2021

The Financial Markets Authority (FMA) has published its guidance note on advertising offers of financial products under the Financial Markets Conduct Act 2013 (FMCA). It comes after the FMA initiallyconsultedon the draft guidance in November 2020. Links tomedia releaseand thenew guidanceare available...

New exemptions align Jersey’s prospectus rules with familiar UK/EU exemptions
Carey Olsen, October 2021

The current prospectus rules The current Jersey definition of “prospectus” has often meant that a securities offer by a Jersey company is a prospectus for Jersey law purposes, even where an exemption from the obligation to produce an approved prospectus is available in other jurisdictions in which the offer will be circulated...

Jersey: A clear route to market
Carey Olsen, October 2021

There has been an increase in market capitalisation of Jersey listed companies on global exchanges from £269 billion in 2014 to £278.9 billion in 2021. Furthermore, The International Stock Exchange (TISE) has seen the number of listings increase from 2,272 in 2016 to 3,431 securities on its official list at end of June 2021. These are just some examples which explain why Jersey is now regarded as a premier international finance centre...

Important Bermuda judgment on the role of protectors in offshore trusts
Carey Olsen, October 2021

In the Matter of the X Trusts [2021] SC (Bda) 72 Civ (7 September 2021) Assistant Justice Dr Ian R.C. Kawaley of the Supreme Court of Bermuda has handed down significant guidance to assist in the understanding of this important relationship in offshore trusts...

Enhanced secured creditors in France after cornerstone reform of security Law and collective proceedings of September 15, 2021.
Jeantet, October 2021

October 2021 Ordinances n°2021-1192 and 2021-1193 of September 15, 2021, respectively reforming security law and amending Book VI of the French Commercial Code, implement mandates of the PACTE Law of May 22, 2019[1] to: modernize security law[2], improve the articulation of security law with collective proceedings law[3] and transpose the (EU) Directive 2019/1023 of June 20, 2019[4], known as the "Restructuring and Insolvency Directive"[5]...

Key Trends in Law Firm FinTech, CIO Applications
Hunton Andrews Kurth LLP, October 2021

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The Pension Schemes Act 2021: what’s in force and what you need to know about it
Shoosmiths LLP, October 2021

The Pension Schemes Act 2021 (the 'Act') amends the Pensions Act 2004 (the '2004 Act') in order to provide the Pensions Regulator ('TPR') with a wealth of new powers. Now that the day we have all been waiting for, 1 October 2021 (when the majority of the Act’s provisions were due to come into force) has come and gone, we’re taking a look the material provisions which came into force on that date - and what those changes mean...

 

 

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