In BTI 2014 LLC v. Sequana S.A.  UKSC 25 (Sequana) the UK’s highest court, the Supreme Court (the Court), has considered for the first time the circumstances in which directors are required to consider the interests of creditors in carrying out their fiduciary duty to act in good faith in the interests of the company.
On 10 November, the UK’s Office of Financial Sanctions Implementation (OFSI) published its annual review for the period April 2021 to August 2022, with a focus on the effect of sanctions on Russia following the invasion of Ukraine in February.
On 16 November 2022, in Decision No. 33719, the Italian Supreme Court appear to have ended the nearly decade-long case law dispute on the consequences of a breach of the 80% financeability threshold of land loan agreements entered pursuant to Article 38 of Italian Consolidated Banking Law (TUB).
On Dec. 12, 2020, the U.S. Securities and Exchange Commission brought what crypto followers consider one of the most consequential enforcement actions related to the sale of cryptocurrency since the industry’s inception.
On Sept. 29, 2022, the Financial Industry Regulatory Authority (FINRA) released Regulatory Notice 22-20, alerting members to changes to the Sanctions Guidelines (Guidelines), effective immediately.
On Oct. 19, 2022, a three-judge panel of the United States Court of Appeals for the Fifth Circuit ruled that the funding mechanism for the Consumer Financial Protection Bureau (CFPB) violates the appropriations clause of the Constitution, and as a result vacated the CFPB’s 2017 payday lending rule.
On October 11, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN) announced settlements of over $24 million and $29 million, respectively, with Bittrex, Inc., a crypto trading platform based in Bellevue, Washington, for violations of the Bank Secrecy Act.
On Oct. 3, the Financial Stability Oversight Council (FSOC) took another step in identifying, assessing, and responding to the risks various types of digital assets pose to the financial system by releasing its Report on Digital Asset Financial Stability Risks and Regulation (Report) in response to President Biden’s March 2022 Executive Order on “Ensuring Responsible Development of Digital Assets.”
On July 14, 2022, the U.S. House of Representatives passed bipartisan legislation that, if passed by the Senate and signed into law, would expand the types of institutions required to comply with AML requirements under the Bank Secrecy Act (BSA).
In late May of this year, the United States Department of Justice indicted and arrested Nathaniel Chastain, a former OpenSea employee, charging Mr. Chastain with wire fraud and money laundering in connection with what the government alleges to be the first ever NFT-centered insider trading scheme.
Both the House and Senate have passed legislation under the Railway Labor Act to avoid a railroad strike by imposing the bargaining agreement brokered by President Joe Biden in September 2022.
College life was just one of the many things affected by the COVID-19 pandemic.
The regulations implementing the CCPA require that a business verify the identity of a consumer that submits a specific-information access request to a “reasonably high degree of certainty.”
The Financial Industry Regulatory Authority (FINRA) in November 2022 released a targeted exam letter pertaining to communications for crypto products and services.
It has been a long and heated debate as to whether NFTs and certain cryptocurrencies can be deemed as securities under applicable laws and precedents.
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