On November 9, 2020, we released our deck “Financial Services Regulatory Reform in the Biden Administration: Key Areas of Focus.” This deck describes our view of the road ahead for financial regulatory reform under a Biden Presidency and a Republican Senate. We see most of the action coming from the
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Jai R. Massari
Ms. Massari is a partner in Davis Polk's Financial Institutions Group and the trading and markets practice, based in the Washington DC office. [Full Bio]
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FinCEN and the Federal Reserve Board Propose Travel Rule Amendments to Lower the Threshold for Cross-Border Transfers and to Explicitly Cover Convertible Virtual Currencies and Digital Money
By Jai R. Massari, Will Schisa & Jane Faulkner on
The Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board (together the Agencies) last week proposed amendments (the Proposed Rules) to the Travel Rule regulations and related Recordkeeping Rules under the Bank Secrecy Act (together the Rules).[1]
Lowering the threshold for cross-border transfers…
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The OCC Finalizes a Rule to Answer the True Lender Question
The Office of the Comptroller of the Currency (OCC) has finalized a rule (Final Rule) establishing a bright-line test for determining the true lender of a loan. The Final Rule is intended to address the now-common lending arrangements involving a partnership between a national bank or…
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SBA Guidance: M&A Transactions and PPP Borrowers
The SBA has issued a long-awaited Procedural Notice providing guidance on the procedures for changes of ownership of an entity that has received Paycheck Protection Program funds.
Our memorandum contains flowcharts outlining when SBA consent is required for M&A transactions involving borrowers that want to sell their business to another…
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OCC Confirms that National Banks May Take Deposits that Serve as Reserves for Fiat-Pegged Stablecoins
The OCC has issued an interpretive letter confirming that national banks may take deposits that serve as reserves for fiat currency-pegged stablecoins. The letter continues the series of actions taken or announced by Acting Comptroller Brian Brooks to clarify how traditional banking regulations apply to fintech activities—particularly when those activities…
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The Federal Reserve And Central Bank Digital Currencies
Posted in Federal Reserve, Fintech
Our memo delivers key takeaways on the Federal Reserve’s recent announcement about its research into central bank digital currency, along with some useful resources. We also place the Federal Reserve’s recent announcement, in a speech by Governor Lael Brainard, in the overall international context.
Please read our client memorandum for…
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10 Key Takeaways from the Federal Reserve’s Final Rule on CSI and FOIA
The Federal Reserve’s recent updates to its regulations on confidential supervisory information and availability of information under the Freedom of Information Act include several meaningful modifications to adapt these rules for the digital age of emails, data rooms and slide decks and the modern organizational structure and operations of banking…
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The OCC Proposes Two Standards for the True Lender Question
As Acting Comptroller Brian Brooks promised in his Statement on Becoming Acting Comptroller, the OCC proposed a rule on July 20, 2020, setting forth standards for determining the true lender of a loan made in the context of a partnership between a national bank or federal savings association (…
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CFTC Withdraws Reg AT Proposal; Proposes Principles-Based Electronic Trading Risk Framework for DCMs
Posted in CFTC
The CFTC last week formally withdrew its controversial Proposed Regulation Automated Trading (Proposed Reg AT) and—consistent with Chairman Tarbert’s principles-based approach to regulation—proposed in its place new electronic trading risk principles (the Risk Principles) for designated contract markets (DCMs). The CFTC’s new approach is likely to be welcomed by…
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SEC Issues Order Requiring Changes to NMS Plan Governance
By Annette L. Nazareth, Jai R. Massari, Gabriel D. Rosenberg, Zachary J. Zweihorn, Mark A. Sater & Tyler X. Senackerib on
Posted in Broker-Dealer, SEC
The Securities and Exchange Commission acted on the first of its proposals to substantially revamp the regulations concerning equity market data by issuing an order directing the national securities exchanges and the Financial Industry Regulatory Authority to propose a new National Market System equity market data plan. The new plan,…
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