Civil Law

Acting Comptroller of the Currency Hints About Possible Operational Resilience Regulations

On March 12, at the Institute of International Bankers Annual Washington Conference, Acting Comptroller of the Currency Michael J. Hsu discussed the importance of operational resilience in the banking sector and hinted that potential regulations aimed to promote the same may be forthcoming.

Comptroller Hsu defined operational resilience as a bank’s ability “to prepare for, adapt to, and withstand or recover from disruptions.” These disruptions can stem from external events like natural disasters, bad actors, pandemics, or global conflicts, or … Read the rest

Civil Law

No Breach Too Small: OFSI Reports First Breach of UK’s Russian Sanctions Regulations

On 31 August 2023 the UK’s Office of Financial Sanctions Implementation (OFSI) issued a “Disclosure” against Wise Payments Limited, a UK-registered company, regulated by the Financial Conduct Authority, for breaching Regulation 12 of The Russia (Sanctions) (EU Exit) Regulations 2019 by making funds available to a company owned or controlled by a designated person.

Continue reading the full GT Alert.

LexBlog… Read the rest

Civil Law

FSIS seeking public comments on a number of proposed rules and regulations for the USDA

The USDA’s Food Safety and Inspection Service are seeking public comments on proposed rules and notices, which are viewable on the FSIS Federal Register & Rulemaking webpage.

Of note is that FSIS extended the written comment period on the proposed Salmonella framework to Dec. 16, 2022. Written comments should be submitted through Regulations.gov. Visit the FSIS website to view the Federal Register notice and details on how to comment.

FSIS is currently seeking comments on the following:

  • Until December 16: Proposed Framework for Controlling Salmonella
… Read the rest
Civil Law

Colorado Adopts Regulations to Prevent Insurers from Stopping ALE and Replacement Cost Benefits

Colorado has suffered major wildfire catastrophes. There are not enough contractors to handle the repairs. As a result, Colorado issued new regulations for insurers regarding the handling of these claims.

The most important part of the Colorado bulletin is the following:

Section 5 Rules

In the event of a catastrophic disaster, an insurer shall waive any waiting periods related to ALE benefits for those policyholders whose residence requires repair or replacement or if the policyholder permanently relocates.

In the event

… Read the rest
Civil Law

Years in the making: New York issues two sets of “final draft” corporate tax reform regulations

On April 29, 2022, the New York State Department of Taxation and Finance issued two sets of “final draft” regulations relating to the corporation franchise tax reform that took effect for tax years beginning on or after January 1, 2015. Since the sweeping corporate tax reform was enacted, the Department has published a series of proposed updates to the Article 9-A corporation franchise tax regulations, but the two sets of regulations issued on April 29 are the first to be … Read the rest