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BNA INSIGHTS: Top Ten SEC Enforcement Developments of 2012

This article highlights significant developments during 2012 in the enforcement program of the U.S. SEC. Developments were selected because they may signal future trends or establish new legal standards…

Long-Awaited Foreign Account Tax Compliance Act Final Rules Issued by Government

The Treasury Department and the IRS issued long-awaited final rules, with changes intended to harmonize agreements negotiated with other countries. The 2010 law is intended to stop cross-border tax evasion…

BNA INSIGHTS: 2012: Annus Horribilis for the Banking Industry

The year 2012 proved to be an annus horribilis for the banking industry.. This essay analyzes the most significant enforcement developments in 2012 and assesses the prospects for heightened scrutiny and increased enforcement action against the banking industry in 2013…

HSBC Agrees to Pay U.S.$1.9 Billion to Resolve Money Laundering Case

The London-based HSBC Group and HSBC Bank USA have agreed to pay $1.9 billion and enter into a deferred prosecution agreement (DPA) to resolve charges of money laundering and doing business with countries subject to U.S. sanctions…

Federal Reserve Proposes Guidelines for Foreign Banks in Keeping with U.S. Bank Capital Standards

Big foreign banks would face capital standards applied to their U.S. counterparts and be required to maintain a 30-day buffer of highly liquid assets under a proposal Dec. 14 by the Federal Reserve that makes significant change in its regulation of overseas lenders…

Schapiro to Leave SEC in Mid-December; White House Taps Walter as Replacement

Ending weeks of speculation, SEC Chairman Mary Schapiro Nov. 26 announced that she will step down on Dec. 14. On the same day, the White House announced that it intends to designate SEC Commissioner Elisse Walter to the chairmanship after Schapiro departs…

Fed to Overhaul Regulation of Foreign Banks, Eyeing Three-Part Framework

The Federal Reserve Board plans to overhaul how it regulates the U.S. operations of large foreign banks, outlining a three-part framework based on a new holding company structure, uniform capital and stress-testing requirements, and liquidity standards…

BNA INSIGHTS: The Perilous Sanctions Regime: Understanding ING Bank’s $619 Million Settlement with the Office of Foreign Assets Control

ING Bank had agreed to pay $619 million to resolve its civil and criminal liability in connection with conduct that potentially violated a host of sanctions regulations promulgated pursuant to the Trading with the Enemy Act and the International Emergency Economic Powers Act as well as New York state laws…

IRS Coordinates Due Diligence Timelines for Requirements Related to Foreign Account Tax Compliance Act

The IRS announced Oct. 24 it would significantly reduce the administrative burden of completing due diligence requirements for U.S. withholding agents and foreign financial institutions under the FATCA, by aligning the time frames placed on withholding agents to identify the U.S. accounts to be reported to IRS…

BNA INSIGHTS: Controversial New Regulator Begins With Aggressive Enforcement Settlement Against Financial Services Company

On July 17, 2012, the CFPB reached a groundbreaking $165 million settlement with Capital One in its first enforcement action, ordering the credit card issuer to refund $140 million to 2 million customers who purchased its credit card “add-on” products and to pay a $25 million fine into the CFPB’s Civil Penalty Fund…

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