Financial Services Spotlight

May 2016 First Half Developments

Posted by Roy Andersen on May 18, 2016 12:00:00 PM

Overview

In a major change for compliance at financial institutions, FinCEN is requiring banks to understand who are the beneficial owners of bank institutional customers.  This will require banks to gather even more information from legal entities on who the individual owners are.   This rule becomes effective in two years because it may take that long to develop compliance mechanisms.  Swap dealers now have final standards regarding business operations including the requirements to appoint a chief compliance officer and how to deal with cross-border application of CFTC rules.

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Topics: Securities Exchange Act, Syria, Qualified Financial Contracts, Yemen, FFIEC, GSIB

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About the Spotlight


The Financial Services Spotlight examines the regulatory and technology developments impacting banks, asset managers and other financial services providers—where challenges meet opportunities.

The material on this site is for general information only and is not legal advice. No liability is accepted for any loss or damage which may result from reliance on it. Always consult a qualified lawyer about a specific legal problem.

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