Acting as a director of a company or incorporated body (whether incorporated in or under the laws of the Bailiwick of Guernsey or elsewhere) by way of business[1] is a regulated activity under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 as amended (the "Fiduciaries Law") ...
The Probate (Amendment) (Jersey) Law 2023 came into force on 27 October 2023 and has introduced some flexibility for the management of a deceased person's movable (personal) property. Small estates exemption The main change is to the exception for small estates. Under the previous regime it was necessary for someone to apply a grant of probate/letters of administration (a "grant") if a deceased person died leaving any movable property in Jersey of any value whatsoever ...
Background The Malta Financial Services Authority has recently introduced changes to the investment services rulebooks for Undertakings for Collective Investment in Transferable Securities (UCITS) management companies (ManCos) and Alternative Investment Fund Managers (AIFMs) to: (i) transpose the Commission Delegated Directive (EU) 2021/1270 amending Directive 2010/43/EU (1) as regards the sustainability risks and sustainability factors to be taken into account fo
Background The Malta Financial Services Authority has informed investment firms of the amendments carried out to Part BI of the investment services rules for Investment Services Providers. These amendments seek to implement the provisions of the Commission Delegated Regulation (EU) 2021/1253 ...
This initiative is a significant departure from the current position where an application for the appointment of a 'light touch' provisional liquidator, for the purpose of restructuring, must be made as part of the winding up process. Under the changes, a restructuring officer can be appointed by a company acting by its directors without a resolution of its members or an express power in its articles of association ...
The SECURE (Setting Every Community Up for Retirement Enhancement) Act (the "Act") took effect on January 1, 2020, making substantial changes to the rules regarding retirement account distributions, including a required 10-year payout for most non-spouse beneficiaries of IRAs and other retirement plans. Changes to Existing Law For estate planning purposes, the Act's most important change is the elimination of the "stretch IRA ...
The Autorité des marchés financiers (the “AMF”) published a draft Commercial Practices Guideline, which is available for public consultation on the website of the AMF until April 22, 2011. This Guideline constitutes a statement of principle on the expectations of the AMF concerning the sound commercial practices of insurers and financial institutions ...
Overview and Outlook for Fintech in 2020 Technology continues to redefine our expectations in almost every area of our lives and shape the way we interact with the world ...
Further in their specialist series Chambers and Partners have launched this year’s guide for professional advisers to wealthy individuals and organisations, providing objective guidance on an international scale. The in-depth analysis covers trends within the private client market and has ranked the leading lawyers and law firms for international private wealth ...
On September 9, 2014, the Commodity Futures Trading Commission (the “CFTC”) issued CFTC Letter No. 14-116 (the “CFTC Letter”) providing exemptive relief allowing commodity pools to use general solicitation in certain types of private offerings, including offerings of private fund interests. The CFTC Letter is available here ...
On March 24, 2020, the Commodity Futures Trading Commission (“CFTC” or the “Commission”) unanimously approved its final interpretive guidance (“Final Guidance”) regarding retail commodity transactions involving certain digital assets ...
On Friday, December 2, 2011, the International Swaps and Derivatives Association ("ISDA") and the Securities Industry and Financial Markets Association ("SIFMA") jointly filed a lawsuit in the U.S. District Court for the District of Columbia against the Commodity Futures Trading Commission ("CFTC") and a petition for review in the U.S ...
On March 21, 2014, the Division of Swap Dealer and Intermediary Oversight (“Division”) of the CFTC issued a no-action relief letter (the “2014 Letter”),1 to temporarily allow entities to deal in utility operations-related swaps, as defined in the 2014 Letter, without counting such swaps towards the “sub-limit” threshold for swap dealer registration with regard to such swaps ...
The CFTC recently published several no-action letters issuing temporary relief to certain market participants in response to the Coronavirus/COVID-19 outbreak, which was declared a pandemic by the World Health Organization on March 11, 2020 ...
Last Wednesday, the United States Court of Appeals for the Fifth Circuit held that the CFPB's automatic funding structure violates the Constitution. Because the decision calls into question virtually all of the CFPB’s actions since its creation, it has wide-ranging potential implications for all financial services industries. Please join us for a lunch-time webinar as we unpack the Fifth Circuit’s decision and what it means for your business ...
May 26, 2023 By: Stephanie Shea The Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 amended TILA to require the CFPB to issue rulemaking addressing Property Assessed Clean Energy (PACE) loans. Specifically, the Act required the CFPB to apply TILA’s ability-to-repay (ATR) requirements to PACE loans and to apply TILA’s civil liability provisions to a PACE lender’s violation of those ATR requirements ...
On October 7, the Consumer Financial Protection Bureau (CFPB) took steps to clarify its interpretation of how settlement service providers may comply with the “no kickback” and “unearned fee” provisions of Section 8 of the Real Estate Settlement Procedures Act (RESPA) by promulgating a new set of Frequently Asked Questions (FAQs). The FAQs provided several concrete examples to shed light on what activities are allowed under those provisions ...
Hear directly from the CFPB about mortgage servicing in the COVID-19 era, including how the leadership transition is affecting the CFPB’s priorities and approach. From a webinar on March 3, Bradley hosted a Q&A session with Allison Brown of the CFPB's Office of Supervision Policy to discuss the CFPB’s supervisory expectations as the industry grapples with CARES implementation and other challenges arising from the coronavirus crisis ...
Join us for a special opportunity to hear directly from the CFPB about mortgage servicing in the COVID-19 era. On October 14 from 2:00-3:00 p.m. ET, Bradley hosted a Q&A session with Allison Brown of the CFPB's Office of Supervision Policy to discuss the CFPB’s supervisory expectations as the industry grapples with CARES implementation and other challenges arising from the coronavirus crisis ...
The Consumer Financial Protection Bureau (“CFPB”) announced today that it would allow financial institutions to provide their privacy notices to consumers online and would no longer require annual distribution of paper copies, provided that the institutions meet certain requirements. Among other things, companies that rely on this new exemption (1) must not share data in ways that would trigger consumers’ opt-out rights (e.g ...
February 8, 2023 By: Michael Flynn On February 1, the CFPB issued a proposed rule to cut the “safe harbor” amount that banks and credit card companies can charge for late fees. If finalized, the proposed rule would reduce the maximum safe harbor limit for credit card late fees to $8. The current safe harbor limits are $30 for a first missed payment and $41 dollars for each additional missed payment, indexed to inflation. The $8 limit would not be indexed to inflation ...
On April 5, 2021, the Consumer Financial Protection Bureau (the “CFPB”) issued a proposed rule that would, among other things, establish a temporary COVID-19 emergency pre-foreclosure review period until December 31, 2021, for principal residences. Currently, the moratorium on foreclosures and evictions for Federal Housing Administration, US Department of Agriculture, US Department of Veterans Affairs, Fannie Mae, and Freddie Mac loans has been extended until June 30, 2021 ...
January 10, 2023 By: Michael Flynn The Office of Information and Regulatory Affairs in the Office of Management and Budget has released the Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions (Agenda) reports on the actions administrative agencies plan to issue in the near and long term. Included is the CFPB’s regulatory agenda for 2023. The CFPB agenda may be found HERE ...
