Banking and Finance

Storm Warning: Will Stagflation Herald A Wave of Corporate Failures?

Storm Warning: Will Stagflation Herald A Wave of Corporate Failures? 1

Herbert Smith Freehills – With inflationary pressures and battered supply chains plaguing business, the debate has resumed over how long struggling firms can put off restructuring With governments winding down Covid-19 support, supply chains buckling under multiple disruptions, growth stalling and high inflation taking hold, it is unsurprising that businesses are feeling the pressure at …

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Cannabis Industry Handcuffs – Is Cannabis Banking Reform On The Way?

Cannabis Industry Handcuffs - Is Cannabis Banking Reform On The Way? 2

Locke Lord – Those who follow the cannabis industry (and our blog) well know by now that federal cannabis reform is speculated about regularly, but has not seen much tangible progress to date. Industry followers also know that lack of access to traditional banking and financing remains a major handcuff on most industry participants. While …

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A Colossal Multi-Billion Dollar Money Laundering Scandal Showed Deficiencies in AML Procedures

A Colossal Multi-Billion Dollar Money Laundering Scandal Showed Deficiencies in AML Procedures 4

Ballard Spahr – This week Danske Bank released a report detailing the results of its much anticipated internal investigation into allegations of money laundering perpetrated in its Estonian branch. The results of the investigation dwarfed even the boldest predictions. The report found between 2007 and 2015 the Estonian branch processed a staggering 200 billion Euros, or $234 …

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EU banking supervision: What to expect in 2018

White & Case – 2018 will be a year of change, challenges and opportunities for banks and financial services providers. European financial regulation will take a big leap forward in 2018. The implementation of MiFID II and PSD II will change the legal framework for investment services and electronic payments. Further big revisions to EU …

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Reduce Risk Posed by Financial Aggregators and Cyber Attacks

Reduce Risk Posed by Financial Aggregators and Cyber Attacks 6

Winthrop & Weinstine – Has your banking organization conducted its annual review of its electronic banking agreements? If you haven’t, your organization may want to consider whether revisions are required to your bank’s deposit agreements, online banking agreements and other electronic banking services agreements in light of increased activity from financial aggregator websites. What are financial aggregators? …

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Risks Relating to Liquidity Concerns & Market Instability

Risks Relating to Liquidity Concerns & Market Instability 7

Skadden – Recent events relating to the fixed-income markets — including volatility in the high-yield markets and the high-profile closings of a number of funds invested in high-yield and distressed assets — have raised concerns among investors and led many to question whether broader market instability may follow. We have divided the below into two …

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Citibank’s Ice-Breaking $23 Million Settlement in Libor Class Action

Citibank's Ice-Breaking $23 Million Settlement in Libor Class Action 8

Bilzin Sumberg – Citibank, N.A. has asked a federal district court to bless its $23 million settlement in a class action lawsuit alleging a wide-ranging conspiracy among banks to fix yen-denominated London Interbank Offered Rates (LIBOR) interest rates between 2006 and 2010. The settlement is the first of its kind in the case. The lead plaintiff …

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Enforcement Trends in Cryptocurrency Today

Enforcement Trends in Cryptocurrency Today 9

Latham & Watkins–the world’s largest law firm with approximately 2,000 attorneys in the United States, Europe, the Middle East and Asia–has recently released research results on today’s enforcement trends in cryptocurrency. Since the beginning of 2015, an increasing number of government and law enforcement agencies including the Securities and Exchange Commission (SEC), the Department of …

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“CFTC Asserts Jurisdiction in Bitcoin Markets”

"CFTC Asserts Jurisdiction in Bitcoin Markets" 10

Skadden Arps – Maureen A. Donley, Theodore M. Kneller, Trevor Levine, Mark D. Young The Commodity Futures Trading Commission (CFTC) recently took a series of actions confirming views expressed late last year by CFTC Chairman Timothy Massad that “[d]erivatives contracts based on a virtual currency represent one area within [the CFTC’s] responsibilities.”1 With very limited exceptions, the Commodity …

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Iran Sanctions Relief: The Implications

Iran Sanctions Relief: The Implications 11

“Sanctions Relief Under the P5+1 Agreement With Iran: Implications for US, EU and International Business” Skadden, Arps, Slate, Meagher & Flom LLP | Jamie L. Boucher, Bernd R. Mayer, William J. Sweet, Jr., Eytan J. Fisch, Francois Michaud, Richard W. Roeder Editor’s note: This article was updated on July 23, 2015, to reflect certain additional …

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