Posted in Financial Law, Miscellaneous

President Trump signs Executive Order setting the stage for Dodd-Frank rollback

All the promises to make life harder for bankers and Wall Street bankers had faded away since a long time.
On a similar note,  Trump also signed a presidential memorandum to delay implementation of the Labor Department’s Fiduciary Duty Rule.  If implemented, such rule  would expand the definition of “investment advice fiduciary” under the Employee Retirement Income Security Act of 1974 (ERISA) and, in turn, qualify all financial professionals who work with retirement plans (or provide retirement planning advice) to the level of fiduciary.
Clearly, if this is not signed, lots of people would be allowed to work with such products without the normal duties of a financial adviser.

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Posted in Brexit, Financial Law, Miscellaneous

French financial regulators join forces to attract banking and financial institutions to France post-Brexit

The AMF and the ACPR have announced that investment firms, payment institutions, electronic money institutions and insurance firms, currently under the supervision of the ACPR and wishing to pursue their current activities in France, would be subject to a simplified and accelerated procedure to obtain authorisation in France.

An English-speaking case manager would be assigned to each firm, plus a dedicated e-mail address (brexit-acpr@acpr.banque-france.fr) for investment firms, payment institutions, electronic money institutions and insurance firms to ask Brexit questions.

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