A recent SEC conditional no-action position (the “No-Action Statement”) has further opened the regulatory door to trading of digital asset securities (“DAS”), by allowing certain limited purpose DAS-only broker-dealers to maintain custody of these securities on behalf of customers. Efforts to meet the SEC staff’s prior guidance that broker-dealers generally
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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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The Road Ahead for Financial Regulatory Reform in a Time of Democrats in Control
By John Banes, Luigi L. De Ghenghi, Randall D. Guynn, Jai R. Massari, Daniel Stipano, Gabriel D. Rosenberg, Margaret E. Tahyar, Zachary J. Zweihorn, Kyoko Takahashi Lin & Veronica M. Wissel on
Posted in Administrative Law, Anti-Money Laundering, Bank Capital, Bank Regulation, Biden Transition, Cannabis Banking, CFPB, CFTC, Community Reinvestment Act, Executive Compensation, FDIC, Federal Reserve, FSOC, Liquidity, M&A, Midnight Regulations, OCC, Payments, SEC, Stress Testing, U.S. Basel III, U.S. Congress, Volcker Rule
Today, we released our deck “The Road Ahead for Financial Regulatory Reform in a Time of Democrats in Control.” This deck describes our view of the road ahead for financial regulatory reform under a Biden Presidency, and updates the deck we published shortly after the 2020 election to reflect the…
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The Anti-Money Laundering Act of 2020 – Key Takeaways
The Anti-Money Laundering Act of 2020 implements the most extensive revisions to anti-money laundering law since the USA PATRIOT Act of 2001. The changes will affect both traditional financial institutions and FinTechs, including a new beneficial ownership provision that requires shell companies to submit ownership information to a non-public FinCEN…
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Financial Services Regulatory Reform in the Biden Administration: Key Areas of Focus
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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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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