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On October 5, 2018, the Treasury Department’s Office of Foreign Assets Control (“OFAC”) announced that it had entered into an approximately $5.3 million civil monetary settlement wi...
It is no secret that the United States lags behind other countries in the development of a national real-time payments infrastructure.[1] There are, of course, explanations for this lag,...
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and the federal banking regulators have taken a small step towards improving the BSA/AML compliance framework for...
FDIC Chairman Jelena McWilliams has announced a “Trust through Transparency” initiative that is remarkable and well worth a read. In our view, there are three main takeaways. One is...
Protect the Voice of Shareholders aims to oppose H.R. 4015, the Corporate Governance Reform and Transparency Act, that passed the House last October. While not effective, the Act is perh...
On the heels of California becoming the first state to impose requirements mandating gender diversity on boards, which we discussed here, State Street has announced policy changes also fo...
On September 30, 2018, California Governor Jerry Brown signed a bill, S.B. 826, which will require all NYSE- and Nasdaq-listed public companies with principal executive offices located in...
Rules and Regulations
SEC Withdraws Two No-Action Letters Ahead of November Roundtable
Industry Update
Statement on Investor Roundtables Regarding Standards of Conduct for Investmen...
Industry Update
SEC Chairman Gives Remarks on Capital Formation
Litigation
Regulators Step Up Enforcement on Crypto Firms
SEC Resolves FCPA Allegations Against U.S.-Based Investme...
Davis Polk has submitted a comment letter on the SEC’s Concept Release on Compensatory Securities Offerings under Rule 701 and Form S-8. Our comment letter focuses on expanding the scop...