The U.S. Government Accountability Office (“GAO” or the “Office”) recently published its study related to the financial technology (“fintech”) industry. Members of Congress (Hon. Sherrod Brown, Hon. Jeanne Shaheen, and Hon. Jeffrey A. Merkley) asked the GAO to review a number of issues related to the fintech industry including how fintech products and services are … Continue Reading
Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest. U.S. Developments Announcements The OCC’s Office of Innovation To … Continue Reading
Fund groups face disruptive developments, as advances in financial technology, often called fintech, continue at an ever more rapid pace. Even as new efficiencies and opportunities blossom, regulators have pushed financial firms to recognize the dangers of technological failures. To help prepare investment management firms for changes ushered in by fintech, we offer our primer … Continue Reading
Below is a list of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest. U.S. Developments Arizona Bill Seeks to Recognize Validity of … Continue Reading
Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest. U.S. Developments California and New York Take Divergent Approaches … Continue Reading
On December 28, 2016, the New York State Department of Financial Services (NYDFS) issued a revised proposed cybersecurity regulation, Cybersecurity Requirements for Financial Services Companies. The revised proposed regulation reflects several substantive changes made in response to over 150 public comments received by NYDFS in response to the original proposed regulation published this past September. … Continue Reading
On December 2, 2016, the Office of the Comptroller of the Currency (“OCC”) announced its intention to move forward with considering applications from financial technology (“FinTech”) companies to become special purpose national banks. In his prepared remarks at the Georgetown University Law Center announcing the release of a new white paper entitled, “Exploring Special Purpose … Continue Reading
