Financial Institutions and Markets (J)

Contact: von Briesen & Roper, s.c. (Wisconsin, USA - TAGLaw)

The use of third-party relationships has allowed financial institutions to outsource key functions such as tax, legal, audit, information technology and loan servicing (among others). This allocation of banking functions can generate cost savings, increase efficiencies, refocus internal operations and can allow a financial institution to offer new products or services and access new markets.

Read more: Managing Third Party Relationships: New Regulatory Guidance for Banks

Contact: Heather Morris; Spencer Fane Britt & Browne LLP (Missouri, USA - TAGLaw)

As you may be aware, Section 408.140 of the Missouri Revised Statutes, concerning loan fees for small loans, has recently been modified.  We previously blogged about the changes regarding short term cash advance fees.  As we indicated, with respect to open-end credit tied to a transaction account, the maximum credit advance fee that may be charged by a lender is now the lesser of $75 or 10% of the amount advanced.  This change became effective August 28, 2013.

Read more: Reminder of Fee Changes for Certain Missouri Loans

Contact: Heather Morris; Spencer Fane Britt & Browne LLP (Missouri, USA - TAGLaw)

The FDIC has issued final guidance for state chartered banks regarding deposit advance products.  We previously mentioned the proposed guidance and discussed applicable risks in connection with our first of two blog entries regarding changes to Missouri law that may now make deposit advance products more appealing.

Read more: Final FDIC Guidance regarding Deposit Advance Products

Contact: LK Shields Solicitors (Ireland - TAGLaw)

Central Bank issues deadline for submission of applications for authorisation as AIFM.

The Central Bank of Ireland has advised that 21 February 2014 has been set as the latest date for receipt of applications seeking authorisation as an alternative investment fund manager (AIFM) including internally managed alternative investment funds (AIFs).

In addition, those applicants whose assets under management are below the relevant thresholds and intend to register as AIFMs, should also submit applications to the Central Bank by 21 February 2014.

Read the entire article.

Contact: Mark D. Knoll & Daniel G. Nelson; Bressler, Amery & Ross, P.C. (New Jersey, USA - TAGLaw)

On October 23, 2013, the SEC announced that three investment advisory firms had agreed to settlements for repeatedly ignoring significant problems with their compliance programs.  The firms - Modern Portfolio Management Inc., Equitas Capital Advisers LLC, and Equitas Partners LLC - agreed to pay financial penalties totaling $400,000 and undertake a host of remedial measures, including hiring independent compliance consultants. In addition to the financial penalties leveled against the firms, in all three cases, individual employees agreed to pay civil money penalties. 

Read entire article here.