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Christopher M. Paridon

All Things FinReg

LATEST REGULATORY DEVELOPMENTS IMPACTING
THE FINANCIAL SERVICES INDUSTRY

UK Government Signals Intention to Streamline the Regulation of Alternative Investment Fund Managers

By Simon Currie , William Yonge , and Steven Lightstone
// April 07, 2025
The UK government has been pursuing a pro-growth agenda as one of its core missions, which has resulted in consultations on lighter-touch regimes to encourage investment, and the regulations which govern alternative investment fund managers (AIFMs) are next on its list.
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Topics: Investment Funds, Investment Management, Private Equity, Private Investment Funds, Regulatory

SEC Stays Approval of Amendment to FINRA Rule 2210 That Would Allow Projections of Performance

By James E. Doench , Steven W. Stone , Amy Natterson Kroll , Christine M. Lombardo , John J. O'Brien , Christine Ayako Schleppegrell , and Kyle D. Whitehead
// July 30, 2024
In an unusual move, on July 26, 2024, the Securities and Exchange Commission (SEC) stayed an order that was previously issued by its own Division of Trading and Markets just one week earlier on July 19, 2024. That order approved amendments to Financial Industry Regulatory Authority (FINRA) Rule 2210 that would have allowed FINRA member broker-dealers to use projected performance and target returns in communications limited to institutional investors and qualified purchasers (subject to compliance with certain other requirements).
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Topics: Broker-Dealer & Capital Markets Regulation, FINRA, FinTech, Regulatory, SEC

US Supreme Court Upholds Consumer Financial Protection Bureau Funding Structure

By Allen Denson , Daniel C. Fishbein , Nicholas M. Gess , Molly Moriarty Lane , Joshua B. Moses , and Ari M. Selman
// May 20, 2024
The US Supreme Court ruled on May 16, 2024 that the funding structure of the Consumer Financial Protection Bureau (CFPB)—which is funded with money from the Federal Reserve rather than the US Congress—does not run afoul of the Appropriations Clause of the US Constitution. The Court’s decision reversed the Fifth Circuit’s ruling that the CFPB’s funding structure was unconstitutional and put a definitive end to the last pending wholesale challenge to the CFPB’s constitutionality.
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Topics: CFPB, Consumer Financial Protection Bureau, Consumer Financial Services, Dodd-Frank Act, Enforcement, Federal Reserve, Payday Lending, Regulatory

OCC Proposes Substantive and Procedural Revisions for Bank Mergers

By Christopher M. Paridon
// February 02, 2024
The US Office of the Comptroller of the Currency (OCC) on January 29 proposed meaningful revisions to its rules and processes for reviewing proposed transactions involving national banks under the Bank Merger Act. The proposed amendments would notably remove the expedited application review process and associated OCC streamlined business combination application, replacing them with a policy statement that outlines the principles the OCC plans to use when evaluating merger applications, including a number of proposed indicia that support approval and, potentially, denial.
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Topics: Bank Merger Act, Banking, Business Combinations, Mergers and Acquisitions, National Banks, Office of the Comptroller of the Currency, Regulation, Regulatory

Regulation, Innovation, and Authentication: What’s on the Horizon for Fintechs in 2024

By Allen Denson , Andrew M. Ray , and Christina W. Wlodarczyk
// November 21, 2023
Financial services is perhaps the most regulated industry in the world, and the intersection between financial services, technology, and law remains a complicated and evolving space. A team of Morgan Lewis lawyers recently attended the 2023 Money 20/20 conference and previewed some major themes and trends that the industry can expect in 2024.
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Topics: Anti-Money Laundering, Banking, BitLicense, Blockchain, California, CFPB, CFTC, Change in Washington, Compliance, Consumer Financial Services, Cryptocurrency, Customer Protection, Cyber Risks, Digital Assets, Enforcement, FinTech, Innovation, Privacy, Regulation, Regulatory, SEC, State Regulation

Federal Reserve Announces Supervisory Developments for Dollar Tokens and ‘Novel Activities’ – But What’s New?

By Christopher M. Paridon
// August 11, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) took another tepid step into the digital asset space on August 8, announcing that it has established a program to “enhance the supervision of novel activities conducted by banking organizations supervised” by the Federal Reserve. In addition, the Federal Reserve issued guidance explaining the supervisory nonobjection process for state member banks “seeking to engage in certain activities involving tokens denominated in national currencies and issued using distributed ledger technology or similar technologies to facilitate payments.”
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Topics: Banking, Compliance, Cryptocurrency, Digital Assets, Federal Deposit Insurance Corporation, Federal Reserve, FinTech, Office of the Comptroller of the Currency, Regulation, Regulatory

Increased Scrutiny of Uninsured Deposits Continues: FDIC Reminds IDIs of Uninsured Deposit Reporting Obligations

By Christopher M. Paridon
// July 28, 2023
The Federal Deposit Insurance Corporation (FDIC) continued the focus shown over the last several months, and especially since the March 2023 failure of Silicon Valley Bank (SVB) and associated events, by the federal banking agencies on uninsured deposits when it issued a Financial Institution Letter (FIL), Estimated Uninsured Deposits Reporting Expectations, on July 24, 2023.
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Topics: Banking, Compliance, Federal Deposit Insurance Corporation, Federal Reserve, Federal Reserve Board, Office of the Comptroller of the Currency, Regulation, Regulatory, Regulatory Reporting, Uninsured Deposits

CFPB Releases Final Small Business Lending Rule

By Nicholas M. Gess and Martin Hirschprung
// April 06, 2023
The Consumer Financial Protection Bureau (CFPB, the Bureau) promulgated on March 30 its final rule implementing Section 1071 of the Dodd-Frank Act. The rule requires that covered financial institutions collect and report to the Bureau data on applications for credit by small businesses (those having gross revenue of under $5 million in their latest fiscal year).
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Topics: CFPB, Enforcement, FinTech, Innovation, Regulation, Regulatory, Small Business, Supervision and Examination

New York Releases Long-Awaited Rule on Commercial Financing Disclosures

By Christopher M. Paridon
// February 08, 2023
The New York Department of Financial Services (NYDFS) promulgated its long-awaited final rule regarding commercial financing disclosures, which applies to transactions of $2.5 million or less, on February 1, 2023. The state’s Commercial Finance Disclosure Law (CFDL) took effect January 1, 2022 and requires a TILA-like cost-of-credit disclosure to small businesses when they shop for commercial financing.
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Topics: California, Enforcement, FinTech, Innovation, New York, Regulation, Regulatory, State Regulation, Supervision and Examination

SEC Staff Clarifies Position on Disaggregation for Section 13(d) and 16(a) Reporting by Certain ETF Authorized Participants

By W. John McGuire
// December 16, 2022
The SEC’s Division of Corporation Finance recently posted new compliance and disclosure interpretations concluding that any registered broker-dealer acting as an authorized participant (AP) for any ActiveShares exchange-traded fund (ETF) may rely on the Commission’s disaggregation guidance to separately report ownership of securities acquired in a confidential brokerage account (Confidential Account) with a nonaffiliated brokerage firm (AP Representative), for the benefit of the AP.
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Topics: Broker-Dealers, Regulatory, SEC
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