Fintech Companies Face Investment Company Status Challenges
Fintech companies can face a variety of regulatory challenges under the federal securities laws, including one that often receives minimal attention, namely a company’s status as an “investment company” under the US Investment Company Act of 1940 (the “1940 Act”).
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On February 4, 2021, after weeks of not granting early termination (ET) of the waiting period under the US Hart-Scott-Rodino Act (save for one exception involving a company that markets COVID-19 tests), the Federal Trade Commission (FTC), with the support of the Antitrust Division of the Department of Justice (DOJ), officially...
FTC and DOJ Suspend Grant of Early Termination for Merger Control Filings: Sign of the Times or Sign of Trouble?
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NY Enacts TILA-Like Disclosure Law for Business Loans and Purchases of Receivables (Factors, MCA Providers, Fintechs, Commercial Lenders—Take Note)
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The Competition and Markets Authority ("CMA") has published a new research paper: 'Algorithms: How they can reduce competition and harm consumers', identifying (in its view) the most harmful areas of algorithmic operation in digital markets.
Algorithms and consumer harm: CMA publishes new research paper and launches call for information
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With President Joe Biden’s inauguration as the 46th President of the United States, change is coming to Washington. And that change will be felt quickly and acutely at the Consumer Financial Protection Bureau (CFPB). At President Biden’s request, CFPB Director Kathy Kraninger submitted her resignation on Wednesday, clearing the way for the President to appoint current FTC Commissioner and former CFPB official Rohit Chopra as the next Director of the agency.
A New Day Dawns at the CFPB
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Update on the consultation for the proposed special administration regime (“SAR”) for payment and electronic money institutions (“PIs” and “EMIs”)
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On 15 December 2020, the European Commission published the long-awaited proposals for regulation of online platforms – the Digital Services Act (“DSA”) and the Digital Markets Act (“DMA”) – which form a part of its strategy to make Europe “fit for the digital age”. On the same day, the UK Government published its response to the Online Harms White Paper outlining its intention to introduce the Online Safety Bill in 2021 and confirming that Ofcom will become the online harms regulator in the UK.
New proposals for regulation of online platforms in Europe
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On 24 December 2020 it was announced that the United Kingdom ("UK") and European Union ("EU") had reached an agreement, in principle, outlining the basis for the ongoing relationship between the UK and EU once the Brexit transition period ends on 23:00 (GMT) 31 December 2020 ("Brexit Transition Period").
What does the provisional UK – EU trade agreement mean for personal data flows?
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New Incident Notification Requirements Proposed by Federal Regulators for US Financial Institutions and Their Service Providers
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2020 marked the Mayer Brown Insurance Industry Forum’s seventh year bringing together industry leaders, insurance regulators and leading bankers and advisors to the industry to discuss global trends and recent developments in insurance M&A and corporate finance.
Insurance Technology and Innovation: Invest, Buy or Build
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In this Winter 2020 edition of our Structured Finance Bulletin, we provide updates on recent legal and regulatory developments in the consumer loan space as well asthe latest on the transition from LIBOR.
We also analyze the Federal Housing Agencies and GSE updates to COVID-19 relief measures for mortgage loan borrowers and US M&A considerations for Fintech Businesses during the COVID-19 pandemic.
Structured Finance Bulletin
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Whilst the UK left the European Union ("EU") on 31 January 2020 ("Exit Day") it remained within the EU's legal framework during the Brexit Transition Period ("Transition Period"). When the Transition Period ends at 11:00 p.m. GMT on 31 December 2020 ("Completion Day"), EU law that was enacted before Exit Day applies in the UK as if it were national law by virtue of Section 3 of the European Union (Withdrawal Agreement) Act 2020 ("Withdrawal Agreement").
Brexit - Data protection after the Brexit transition period
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