RPX Corporation’s Post

The Supreme Court struck down “Chevron deference” today, which required courts to defer to federal agencies in their interpretations of ambiguous statutes. Chevron deference has been the law of the land for 40 years. Few remember the regulatory environments that preceded it. In the 1960s and 1970s, the Office of the Comptroller of the Currency fought repeatedly to liberalize its interpretations of the Bank Company Holding Act (BHCA) in response to vastly changed market conditions from the 1930s. Comptroller William B. Camp was often thwarted in his efforts. In 1971, the Supreme Court established the “subtle hazards” doctrine in the case Investment Co. Institute v. Camp. In essence, the court evaluated the purposes of the law and struck down any OCC decision that might touch upon the “subtle hazards” that Glass-Steagall sought to prevent. The case specifically invalidated OCC approval for banks to operate a collective investment fund. However, the doctrine was the death of many efforts to make banks more competitive in the financial services landscape. Many laws deregulating banks have been passed since 1971, so the end of Chevron does not mean that banks will lose any powers they have today. That said, a landmark decision like this one can have both benefits and costs. Personally, I’ll save my celebrating until after a few post-Chevron cases work their way through the legal system. #Chevron #OCC #SCOTUS

Great commentary by Jason on what appears to be the first step of a nuanced approach to rule-making: One that attempts to preemptively side-line challenges based on wrongful or unauthorized statutory interpretation. Can't wait to see what the 5th Circuit thinks about that (LOL).

🔔 The Financial Action Task Force (FATF) has issued an update to its #risk-based guidelines pertaining to Recommendation 25, following the revisions made in February 2023. This update primarily focuses on ensuring #transparency regarding #beneficial #ownership and legal arrangements. The revised guidance, aligned with the February 2023 amendments, complements the existing guidelines for Recommendation 24 concerning legal entities. This update seeks to enhance global transparency regarding beneficial ownership. ❗Strengthened FATF standards and guidance in this domain will aid in the identification of #corrupt individuals, #sanctions violators, #money #launderers, and tax evaders who conceal or launder illicit proceeds or activities through shell companies or other intricate structures, including trusts or legal arrangements. ⬇ ⬇ ⬇

The Australian Securities and Investments Commission (ASIC) have again extended the transitional relief for foreign financial service providers (FFSPs). Now, ASIC have issued the ASIC Corporations (Amendment) Instrument 2024/497 ("Amendment Instrument") and an explanatory statement ("Explanatory Statement"). Click the link below for the full article

Major banking & finance legal developments in June included not only the overturning of the Chevron doctrine but also several rulemakings from banking regulators. In addition, a significant development in the Flagstar Bank case saw the Supreme Court grant a petition for certiorari, vacating the judgment and remanding the case to the United States Court of Appeals for the Ninth Circuit for further consideration consistent with the high court’s recent decision in Cantero v. Bank of America. Banking and Finance Law Daily keeps you up to date on breaking banking and finance law news with a comprehensive daily report. Find out more: https://lnkd.in/ef8aBHNB #BankingLaw #FinanceLaw #Chevron

The Australian Securities and Investments Commission (ASIC) have again extended the transitional relief for foreign financial service providers (FFSPs). Now, ASIC have issued the ASIC Corporations (Amendment) Instrument 2024/497 ("Amendment Instrument") and an explanatory statement ("Explanatory Statement"). Click the link below for the full article

The Supreme Court's upcoming decisions in two cases concerning the Chevron doctrine could drastically change how regulatory interpretations are handled. This could reshape the legal landscape for banks, affecting everything from rulemaking to compliance strategies. Dive into this new RMA Journal article authored by RMA corporate member Covington & Burling LLP to understand the implications for the banking industry and to learn how to stay prepared for these pivotal changes. https://lnkd.in/eYkCzM_H #regulatorylandscape #financialregulation #riskmanagement

I first learned that there is a concept in the US called the Chevron doctrine. It says that the government has the authority to interpret what is ambiguous in the law. To us Japanese, that is a matter of course, without the need for a court's decision. The TSE's request to improve P/B ratios, which has become a hot topic in the stock market, is a typical example. It is not at all clear that the TSE has the authority to do so. However, listed companies, which until now have not listened to shareholder suggestions, have suddenly begun share buybacks and other forms of shareholder returns simply because they are told to do so by a public agency. For better or worse, this is Japan. https://lnkd.in/dy83gvyi #Chevrondoctrin #TSE

'Finfluencers' face FCA legal action 👩⚖️ over trading scheme. The Financial Conduct Authority (FCA) has taken legal action against nine people involved in an unauthorised foreign exchange trading scheme propagated on social media platforms. Check out Sahar Nazir's latest article 👇 https://incm.pub/4bCpkEs #investing #assetmanagement #wealthmanagement #finance

The Chairman of the Board of Directors of the Securities and Commodities Authority “Authority” issued Resolution No. (42/R.M) of 2023 on 5 December 2023 approving Appendix No. (5) on investing funds for the purposes of implementing optional alternative system to the end-of-service gratuity system. The funds of saving the end of service gratuity are considered a public (open) local fund licensed by the Authority. In this insight, our Senior Associate Bassem Elazhary explored the details of the system, covering its policies, additional obligations, and the procedures for licensing funds, along with the broader provisions that govern them. Read the full insight here: https://lnkd.in/e8MUCMPj