Treasury Department Publishes Proposed Rule on CFIUS Filing Fees

By: Elena F. Mitchell and Frank Schall.  Further implementing the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA“), the U.S. Department of the Treasury recently published a proposed rule to establish filing fees for parties filing voluntary notices of certain transactions for review by the Committee on Foreign Investment in the United States (“CFIUS”). Under the proposed rule, CFIUS would accept a transaction for review only after payment of the filing fee. The proposed rule remains subject to public comment through April 8, 2020, and does not specify ...

Financial Services Regulators Call for Preparedness and Flexibility in Supervised Institutions’ Responses to COVID-19

By Kate Wellman and Neil Bloomfield. As COVID-19 continues to spread globally, U.S. financial services regulators have released guidance to their supervised institutions to encourage proactive planning for what may be months of sustained impact to business infrastructure and the financial system.  The theme running through recent guidance released by the Federal Financial Institutions Examination Council (FFIEC), Financial Industry Regulatory Authority (FINRA), and federal and state banking agencies is the need for flexibility.  Financial institutions, like all of us ...

Never Waste a Crisis: How Coronavirus May Help Shape the LIBOR Transition

The transition away from LIBOR was born from the financial crisis.  For years regulators have been pushing for an alternative to the dominant market benchmark.  The underlying market was illiquid.  The rate was set by opinion, not transactions.  It was easily manipulated.  It was set by only the largest of financial institutions.  In the U.S., SOFR—the secured overnight funding rate—has been designated as the LIBOR replacement.  In many ways, it cures the ills of LIBOR.  The underlying market is liquid and the rate is set by actual transactions.  But in many ways it is wholly dissimilar to ...

A Time of Testing – What Lawyers Can Do

A black swan has arrived – the Pandemic of 2020 and with it a bear market. As with previous black swan events, experts and leaders are in learning mode, with the facts and events evolving hourly. As my financial advisor told me, this event cannot be modeled. Nonetheless, there are lessons learned from past crises – we are facing not just a health crisis uprooting lives and businesses, but also we can expect significant economic impact. The event will have effects longer than initially predicted or imagined.

In such circumstances, what should be on in-house lawyers’ and leaders ...

House Financial Services Subcommittee Tackles Trafficking Prevention in Financial Systems

Last week, the House Financial Services Committee Subcommittee on National Security, International Development and Monetary Policy held a hearing on transnational trafficking networks and illicit finances.  Titled “The Traffickers’ Roadmap: How Bad Actors Exploit Financial Systems to Facilitate the Illicit Trade in People, Animals, Drugs, and Weapons,” the hearing was billed as the beginning of a bi-partisan counter-trafficking initiative to explore legislation to improve (i) the financial sector’s role in identifying trafficking; and (ii) communication ...

Valecia McDowell and Ed O'Keefe to Serve as Panelists for 2020 SIFMA C&L Annual Seminar

Charlotte White Collar, Regulatory Defense and Investigations Member Valecia M. McDowell and Financial Regulatory Advice and Response Member Edward O'Keefe will both serve as speakers at the 2020 SIFMA C&L Annual Seminar.

Sarah Byrne featured in Charlotte Magazine for role in Human Trafficking Pro Bono Project

MVA's Human Trafficking Pro Bono Project Leader, Sarah Byrne and her fight for victims of human trafficking was highlighted by Charlotte Magazine. The article titled, "Charlotte Attorney Sarah Byrne on Fighting for Victims of Human Trafficking" was published on February 13. Read the full article here.

New Treasury Department Regulations Expand CFIUS Authority

By: Elena F. Mitchell and Frank Schall.  The U.S. Department of the Treasury recently published final regulations to further implement the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA“) and to better address national security concerns resulting from certain investments and transactions in the U.S.

The Committee on Foreign Investment in the United States (“CFIUS”) is an interagency committee chaired by the U.S. Department of the Treasury and tasked with evaluating certain foreign investments and transactions for national security-related ...

Human Trafficking Awareness  – What Financial Institutions Need to Know

Anti-Money Laundering and Know Your Customer departments at financial institutions are on the front lines of human trafficking.  Not only does enhanced transaction monitoring help law enforcement identify trafficking circumstances through generation of Suspicious Activity Reports but it helps avoid high risk lending relationships and cuts the power source of businesses or people who facilitate trafficking.

Recently, there has been an emergence of legal action related to organizational responsibility for human trafficking.  In November, the Australian Transaction ...

Latest DOJ Spoofing Settlement

On November 6, 2019, the Fraud Section of the Department of Justice with the Office of the U.S. Attorney for the Southern District of Texas, and the CFTC, announced settlements of their spoofing and market manipulation investigations of Tower Research Capital LLC (Tower Research).  The penalties are the highest in a spoofing case to date. The Department’s settlement again indicates that the Fraud Section has concluded spoofing and market manipulation are widespread, so general deterrence requires harsher sanction. However, there is also important history.  The predicted ...

About MVA White Collar Defense, Investigations, and Regulatory Advice Blog

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