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The UK’s Financial Conduct Authority (FCA) released a Discussion Paper (DP23/2: Updating and improving the UK regime for asset management) in February 2023 which recognises that, as a consequence of Brexit, it is time to consider what the shape of the UK's asset management regulatory regime will take in the future.
On March 8, 2023, the Consumer Financial Protection Bureau (CFPB) released the Supervisory Highlights Junk Fees Special Edition (Report) detailing unlawful fees the agency found in deposit accounts and in multiple loan servicing markets during CFPB examinations completed between July 1, 2022, and Feb. 1, 2023.
On March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank, Santa Clara, California (SVB) and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of SVB.
Amidst the increase in fraudulent NFT transfers, the American legal system has taken steps towards recovering stolen assets.
On Feb. 23, 2023, the Board of Governors of the Federal Reserve System (Federal Reserve), Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) (collectively, the Agencies) issued a joint statement (Joint Statement) that highlights liquidity risks crypto-asset-related (CAR) funding sources pose to banking organizations and provides some effective practices to manage such risks.
On Feb. 20, 2023, Florida Rep. Bob Rommel (R-Naples) introduced comprehensive legislation in the Florida House of Representatives, Florida House Bill 3 (HB 3 or the Bill), in an effort to address government and corporate activism by amending Florida statute provisions relating to: (i) deposits and investments of state money; (ii) state retirement plans and systems; (iii) state trust fund assets and public funds; (iv) state bonds; (v) state government contracts; (vi) financial institutions; (vii) consumer finance companies; (viii) money services businesses; and (ix) unfair and deceptive trade practices.
Covered financial institutions (such as banks and credit unions) have been swept into a new “fair chance” initiative designed to further reduce barriers to individuals with certain convictions.
On Feb. 15, 2023, the Securities and Exchange Commission (Commission) proposed a new rule for registered investment advisers that would replace Rule 206(4)-2 (current rule) under the Investment Advisers Act of 1940 (Advisers Act) with new Rule 223-1 under the Advisers Act (proposed rule) and make related changes to the Rule 204-2, which governs investment adviser books and records, and Form ADV.
As liquidity dries up and costs rise, people and businesses may resort to Ponzi and other fraudulent schemes to survive.
New York is now poised to impose Truth-in-Lending-like disclosure obligations on various types of commercial financing.
Most employment-based permanent residency applications require the applicant to go through the PERM labor certification process where the U.S. Department of Labor (DOL) certifies that there are not sufficient U.S. workers able, available, and qualified to fill a position.
On May 18, 2023, the United States Supreme Court issued its long-awaited decision in Andy Warhol Foundation for the Visual Arts, Inc. v. Goldsmith, a case that presented the Court with an opportunity to bring clarity to the often highly subjective standards lower courts apply when deciding the issue of fair use of visual works of art under copyright law.
It is more important than ever that employers understand the serious long-term, non-monetary consequences of settling or accepting Occupational Safety and Health Administration (OSHA) citations.
A new Washington law regulating employers’ use of production quotas or production standards for employees working at warehouse distribution centers (House Bill 1762) will go into effect on July 1, 2024.
As a part of the Consolidated Appropriations Act, 2023 (CAA), Congress passed new exceptions to the Physician Self-Referral Law (Stark Law) and the federal Anti-Kickback Statute (AKS) allowing certain healthcare entities to provide mental health or behavioral health improvement and/or maintenance programs to physicians and other clinicians.
On May 17, 2023, the Texas Senate approved Senate Bill No. 14 (SB 14), prohibiting physicians from providing gender-affirming medical care to minors experiencing gender dysphoria (distress that results from having one’s gender identity not match one’s sex assigned at birth).
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