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Financial services update August 18 2014 industry news

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • August 18 2014

On August 15th, Reuters discussed how banking regulators are enlisting banks in the fight against money laundering. Enlistment. Living Wills and

Reduction of reporting times for agency pass-through MBS traded TBA

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • April 22 2013

On April 17th, the Financial Industry Regulatory Authority reminded firms of the coming reduction in reporting periods for the timely reporting of

Securitization trust prohibited from enforcing mortgage note

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • December 6 2010

On November 17th, a federal bankruptcy court denied a proof of claim against a bankrupt homeowner brought by the trustee for the securitization pool that owned the mortgage note

Class certification denied in securitization case

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • January 24 2011

On January 18th, the U.S. District Court for the Southern District of New York denied class certification in a mortgage-backed securities offering fraud case

FINRA proposes inclusion of ABS in TRACE

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • October 5 2009

On October 1st, the Financial Industry Regulatory Authority proposed the expansion of its Trade Reporting and Compliance Engine to include all asset-backed securities, including mortgage-backed securities and collateralized debt obligations

District court proceedings stayed while SEC appeals judge's refusal to approve proposed Citigroup settlement

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • January 3 2012

On December 27th, the Second Circuit granted the SEC's emergency motion to stay the district court proceedings in its case against Citigroup concerning a collateralized debt obligation

Securitization note holders prevail in interpleader action

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • June 7 2010

On June 1st, the Second Circuit discussed the respective rights of the note holders in a failed credit card securitization, and the FDIC as receiver of the failed issuing bank

TALF and non-mortgage ABS: formal risk assessment and expansion of credit rating agency eligibility

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • October 9 2009

On October 5, 2009, the Federal Reserve Board (the "Board") announced changes to the Term Asset-Backed Securities Loan Facility ("TALF"), which is maintained by the Federal Reserve Bank of New York ("FRBNY") as authorized on November 24, 2008, and is intended to aid market participants in meeting the credit needs of investors in highly rated asset-backed securities ("ABS"

Federal Reserve Board issues final rule on TALF credit rater eligibility

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • December 14 2009

On December 4th, the Federal Reserve Board announced the adoption of a final rule that would establish a process by which the Federal Reserve Bank of New York may determine the eligibility of credit rating agencies for the Term Asset-Backed Securities Loan Facility

FINRA reminds firms of sales practice obligations relating to principal-protected notes

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • January 4 2010

On December 17th, the Financial Industry Regulatory Authority reminded firms to ensure that promotional materials and public communications regarding principal protected notes are fair, balanced, and do not overstate the level of protection offered or an investment's potential returns, and that firms have a duty to ensure that their registered representatives understand the risks, terms and costs associated with these products, and that they perform an adequate suitability analysis before recommending them to a customer