Financial Institutions and Markets (J)



Financial Institutions and Markets (J)


Author: David B. West

Executors have a duty to gather all of the assets of the decedent’s estate and prepare an inventory of the assets and debts. In days of old, this meant obtaining paper files that had been in the possession of the deceased. The digital world changed all that. Digital content is generally held, not by the owner of the information, but by a third-party custodian. The custodian of digital assets has an obligation to protect against disclosure of data to unauthorized users. Can an executor really be considered an unauthorized user?

Read more: Accessing and Protecting Digital Assets: Fiduciary Duties in a Digital World


Author: Andrea Beatty

In a large step towards the long-promised update to its responsible lending guidance, ASIC released a consultation paper setting out its proposed updated guidance and inviting public feedback. Partner, Andrea Beatty and lawyer, Gabor Papdi, review the proposed updated guidance.

On 14 February 2019, the Australian Securities and Investments Commission (ASIC) announced that it is reviewing and planning to update Regulatory Guide 209: Credit licensing: Responsible lending conduct (RG 209) and published Consultation Paper 309: Update to RG 209: Credit licensing: Responsible lending conduct (CP 309).[1] This comes over four years after RG 209 was last revised and follows a number of judicial decisions, ASIC issue-specific reviews, non-judicial enforcement action and a royal commission that have occurred during the intervening period.

Read more: ASIC announces intention to update RG 209, releases consultation paper


The Financial Services Authority (Otoritas Jasa Keuangan/”OJK”) has issued regulation on Equity Crowdfunding, i.e. OJK Regulation No. 37/POJK.04/2018 concerning Equity Crowdfunding (“POJK No. 37/2018”) which has been in force since 31 December 2018.

POJK No. 37/2018 sets out the terms and conditions for companies (particularly start-up companies) which intend to gain capital by way of fundraising with a concept of offering equity securities directly to investors through online platform operated by an equity crowdfunding operator (“Equity Crowdfunding”). The type of equity securities that are allowed to be offered in an Equity Crowdfunding platform are shares, whether conventional shares or sharia-based shares.

Read the entire article.


Authors: Erin F. Fonté, Brenna E. McGee & Jesse Tyner Moore

As an eventful 2018 comes to a close, we look ahead to 2019 and our “Top 10 List” of key issues U.S. financial institutions, non-banks providing financial services, and financial technology (fintech) entities should plan for and watch throughout the upcoming year. The first five items on the list are discussed below, and the remainder of our list will follow shortly in another post.

Read more: Crumpets, Congress, Cannabis and Crypto: Top 10 Issues for Financial Services in 2019


Author: Jerry G. Sanchez

One of the key provisions of the Dodd-Frank Act rollback law signed by President Trump on May 24, 2018, hasn’t met its early promise for U.S. community banks. Recently proposed rules to implement simplified capital requirements have fallen short of the industry’s expectations when the bank deregulation law was enacted in May.

On November 21, 2018, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency jointly announced a proposed rule to simplify capital requirements for qualifying community banking organizations that opt into the community bank leverage ratio framework. The agencies are seeking public comment on a proposal that would simplify regulatory capital requirements for qualifying community banking organizations, as required by the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155 regulatory reform bill).

Read the entire article.