The New York State Department of Financial Services urged the DOL to reconsider a proposed amendment that requires plan fiduciaries to recommend investments based solely on financial considerations, arguing that the amendment would discourage the consideration of environmental, social and governance-related investments.
The U.S. Court of Appeals for the Second Circuit denied a petition filed by several attorneys general and investment advisers challenging the legality of the SEC's adoption of Regulation Best Interest.
The New York Department of Financial Services reminded banking institutions of recent amendments to the New York Community Reinvestment Act that require additional information on activities with respect to minority- and women-owned businesses.
The U.S. District Court for the Southern District of New York held that certain syndicated loans sold to institutional investors are not "securities" and rejected claims of violations of federal and state securities laws.
The New York State Department of Financial Services provided temporary regulatory relief for New York-chartered financial institutions concerning (i) conducting in-person meetings and (ii) holding annual stockholder meetings.
The New York State Department of Financial Services issued an emergency regulation on New York Governor Andrew Cuomo’s Executive Order directing NYDFS-regulated institutions to provide loan forbearance.
The Alternative Reference Rates Committee proposed legislation for New York, designed to provide clarity for legacy financial instruments and contracts that have no, or inadequate, fallback provisions addressing the cessation of LIBOR.
A New York State Senator introduced legislation that would (i) prohibit law enforcement from using biometric surveillance technology and (ii) create a task force to evaluate whether such technology could be used in the future.
The New York State Department of Financial Services extended the deadline for regulated entities to submit their plans to address the end of LIBOR and the associated risks. The deadline was extended to March 23, 2020.
Cadwalader attorneys analyzed a decision by the U.S. Court of Appeals for the Second Circuit affirming a ruling dismissing constructive fraudulent conveyance claims based on the Bankruptcy Code's safe harbor protections for certain financial contracts.
New York State Department of Financial Services Superintendent Linda A. Lacewell proposed regulation designed to streamline the disclosure processes of confidential supervisory information to legal counsel and independent auditors.