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DFS Cybersecurity rules addresses innovative use of data in banking and financial services 


The Governor of New York, Andrew Cuomo, proposed on 13th September 2016 the first Cybersecurity regulation in the US which would require banks, insurance companies and other financial institutions in New York to ensure protection of consumer data in financial transactionsRead about it in Regulation Insight. 


The author, Marcia B Moulon-Atherley, Esq. is an Attorney at Law and Avocat à la Cour, who is licensed to practice law in the State of New York, in the Supreme Court of the Organization of Eastern Caribbean States (OECS), in the Supreme Court of the Caribbean Community and Common Market (CARICOM), and as an Avocat à la Cour in France and Europe. She is an independent Legal Practitioner and an active member of a range of Business, Intellectual and Industrial Property Rights, Trade and Investment Committees of the American Bar Association and the New York State Bar Association and – as a member – contributes to policy making. As a legal practitioner, she specializes in Intellectual and Industrial Property Law, Investment Law and Finance Law.


The above constitutes Attorney advertising. Kindly contact us directly should you require Legal Advice, by email info@moulonlaw.com or Twitter Moulonlaw or LinkedIn Marcia B Moulon-Atherley.

 

 Copyright Marcia B Moulon-Atherley, Esquire., 2016. All Worldwide Rights reserved.

Published November 13, 2016


France allies itself to global trade with Sapin 2


It took hefty fines by the Department of Justice, on inter alia, Alstom - who had to pay $77M in 2014, Total SA – who had to pay $398M in 2013, and Technip SA – who had to pay $338M in 2010, and France’s National Assembly recognizing – in a report by the Commission of Foreign Affairs and the Commission for Finance – the impact of the extraterritoriality of US legislation on French companies and on French citizens for the French National Assembly to adopt text n°830 adopted on 8th November 2016 otherwise known as Sapin 2. Read more at Moulonlaw News. 


The author, Marcia B Moulon-Atherley, Esq. is an Attorney at Law and Avocat à la Cour, who is licensed to practice law in the State of New York, in the Supreme Court of the Organization of Eastern Caribbean States (OECS), in the Supreme Court of the Caribbean Community and Common Market (CARICOM), and as an Avocat à la Cour in France and Europe. She is an independent Legal Practitioner and an active member of a range of Business, Intellectual and Industrial Property Rights, Trade and Investment Committees of the American Bar Association and the New York State Bar Association and – as a member – contributes to policy making. As a legal practitioner, she specializes in Intellectual and Industrial Property Law, Investment Law, Trade Law and Finance Law.


The above constitutes Attorney advertising. Kindly contact us directly should you require Legal Advice, by email info@moulonlaw.com or Twitter Moulonlaw or LinkedIn Marcia B Moulon-Atherley.


Copyright Marcia B Moulon-Atherley, Esquire., 2016. All Worldwide Rights reserved.

Published November 13, 2016


Derisking - the impact and consequences of trade with developing countries 


In a Comment Letter to the New York Department of Financial Services (DFS), dated March 31, 2016, the American Bankers’ Association (ABA) underscored their ongoing commitment in the battle against money laundering and terrorist financing. And in a recent address (dated March 7, 2016), the Comptroller of the Currency, Thomas Curry, stated that “…suffice it to say that the vast majority of institutions we supervise have solid programs in place to manage and control BSA/AML risk”… but that “...these re-evaluations have led banks to terminate some of these relationships, typically because of concerns about the host country’s ability to supervise AML risk and doubts that the potential financial benefits of the relationship would offset the cost of managing the BSA compliance risk associated with the relationship. Read about it in Regulation Insight. 

 

The author, Marcia B Moulon-Atherley, Esq. is an Attorney at Law and Avocat à la Cour, who is licensed to practice law in the State of New York, in the Supreme Court of the Organization of Eastern Caribbean States (OECS), in the Supreme Court of the Caribbean Community and Common Market (CARICOM), and as an Avocat à la Cour in France and Europe. She is an independent Legal Practitioner and an active member of a range of Business, Intellectual and Industrial Property Rights, Trade and Investment Committees of the American Bar Association and the New York State Bar Association and – as a member – contributes to policy making. As a legal practitioner, she specializes in Intellectual and Industrial Property Law, Investment Law and Finance Law.


The above constitutes Attorney advertising. Kindly contact us directly should you require Legal Advice, by email info@moulonlaw.com or Twitter Moulonlaw or LinkedIn Marcia B Moulon-Atherley.


 Copyright Marcia B Moulon-Atherley, Esquire., 2016. All Worldwide Rights reserved.

Published June 21, 2016


New York Department of Financial Services proposes automation of services under the Bank Secrecy Act and Anti-Money Laundering Laws and regulations

 

In December 2015, Governor Andrew Cuomo of New York, announced what he defined as a “new anti-terrorism, anti-money laundering regulation” which was to, inter alia, ensure that regulated “institutions have sufficient systems in place to detect, weed out, and prevent illicit transactions”.


Indeed, it would seem that having become aware of "shortcomings" in the transaction monitoring and filtering programme, the New York Department of Financial Services (DFS) has proposed regulation so as to ensure “robust governance, oversight and accountability at senior levels of these institutions”. Consequently, DFS is of the belief that other financial institutions may also have shortcomings in their “transaction monitoring programs for monitoring transactions for suspicious activities, and watch list filtering programs for “real-time” interdiction”, etc.


Equipped with this knowledge, the New York State Bar Association (NYSBA) – of which the author is a member – has prepared and submitted a Comment Letter to the DFS in which it underscores, among others, that the BSA/AML compliance is an ongoing program in which banks are involved on a day to day basis, from the boardroom and executive management to teller trainees. …. And that, banks with federal licenses under the Office of the Comptroller of the Currency, national banks and foreign banks supervised by the Comptroller of the Currency already have strong BSA compliance obligations without potential personal criminal liability hanging over the heads of their chief compliance officers. Read about it in Regulation Insight.


The author, Marcia B Moulon-Atherley, Esq. is an Attorney at Law and Avocat à la Cour, who is licensed to practice law in the State of New York, in the Supreme Court of the Organization of Eastern Caribbean States (OECS), in the Supreme Court of the Caribbean Community and Common Market (CARICOM), and as an Avocat à la Cour in France and Europe. She is an independent Legal Practitioner and an active member of a range of Business, Intellectual and Industrial Property Rights, Trade and Investment Committees of the American Bar Association and the New York State Bar Association and – as a member – contributes to policy making. As a legal practitioner, she specializes in Intellectual and Industrial Property Law, Investment Law and Finance Law.


The above constitutes Attorney advertising. Kindly contact us directly should you require Legal Advice, by email info@moulonlaw.com or Twitter Moulonlaw or LinkedIn Marcia B Moulon-Atherley.


Copyright Marcia B Moulon-Atherley, Esquire., 2016. All Worldwide Rights reserved.

Published May 23, 2016

Diligence in finance and investment – an underestimated necessity! 


To be diligent the Chambers Dictionary states that one must be industrious. As a corollary, diligence connotates industrialism, thus I find myself writing on this topic because the industrious nature of diligence is so oft either ignored or neglected. 


Indeed, as a Legal Practitioner in Intellectual / Industrial Property, Investment & Finance, upon receipt of the very first query, my first step is to commence initial diligence. But diligence, in corporate and commercial transactions, is an ongoing process and cannot, nor should not, be taken lightly or indeed, be dispensed with or viewed as a non-starter. 


Why is it required?


Diligence is required because parties to the transaction must understand and appreciate the risks involved. They must acquire a proper understanding of the nature and scope of the transaction so as to properly determine their level of financial exposure or financial gain and of course, the anticipated / associated costs as a consequence.  Read more at Moulonlaw News.


The author, Marcia B Moulon-Atherley, Esq. is an Attorney at Law and Avocat à la Cour, who is licensed to practice law in the State of New York, in the Supreme Court of the Organization of Eastern Caribbean States (OECS), in the Supreme Court of the Caribbean Community and Common Market (CARICOM), and as an Avocat à la Cour in France and Europe. She is an independent Legal Practitioner and an active member of a range of Business, Intellectual and Industrial Property Rights, Trade and Investment Committees of the American Bar Association and the New York State Bar Association and – as a member – contributes to policy making. As a legal practitioner, she specializes in Intellectual and Industrial Property Law, Investment Law and Finance Law.


The above constitutes Attorney advertising. Kindly contact us directly should you require Legal Advice, by email info@moulonlaw.com or Twitter Moulonlaw or LinkedIn Marcia B Moulon-Atherley.


Copyright Marcia B Moulon-Atherley, Esquire., 2016. All Worldwide Rights reserved.

Published April 02, 2016


The Avocat and the Fiduciary Contract – an ingenious tool!

 

In recognising that the Avocat à la Cour (the Avocat) is equipped with excellent strategic tools and is the first port of call for entrepreneurs and the natural companion for businesses of all sizes and stages, the French legislator -  in 2008 (Law n° 2008-776 of 4 August 2008) - has rightly extended the powers of the Avocat by enacting law allowing the Avocat to represent their clients as a Fiduciary, in matters relating to protecting and managing assets, by creating an engineering tool called the Fiduciary contract which practice has its own rules. Read more at Moulonlaw News. 


The author, Marcia B Moulon-Atherley, Esq. is an Attorney at Law and Avocat à la Cour, who is licensed to practice law in the State of New York, in the Supreme Court of the Organization of Eastern Caribbean States (OECS), in the Supreme Court of the Caribbean Community and Common Market (CARICOM), and as an Avocat à la Cour in France and Europe. She is an independent Legal Practitioner and an active member of a range of Business, Intellectual and Industrial Property Rights, Trade and Investment Committees of the American Bar Association and the New York State Bar Association and – as a member – contributes to policy making. As a legal practitioner, she specializes in Intellectual and Industrial Property Law, Investment Law and Finance Law.


The above constitutes Attorney advertising. Kindly contact us directly should you require Legal Advice, by email info@moulonlaw.com or Twitter Moulonlaw or LinkedIn Maître Marcia B Moulon-Atherley


Copyright Marcia B Moulon-Atherley, Esquire., 2016. All Worldwide Rights reserved.

Published March 18, 2016

IP Education


It is critical and essential that knowledge and awareness of intellectual / industrial property remain at the fore in all corporate and / or commercial transactions. Thus the importance of underscoring what IP is so as to make the identification of same, an easy exercise. Consequently, the World Intellectual Property Organisation (WIPO) identifies a list of IP as follows: 

Trademarks, Geographical Indications, Copyrights and Related Rights, Trade Secrets, Industrial Designs, Patents, Database, Integrated Circuits, Layout-design (Topography). Read more at Moulonlaw News 


The author, Marcia B Moulon-Atherley, Esq. is an Attorney at Law and Avocat à la Cour, who is licensed to practice law in the State of New York, in the Supreme Court of the Organization of Eastern Caribbean States (OECS), in the Supreme Court of the Caribbean Community and Common Market (CARICOM), and as an Avocat à la Cour in France and Europe. She is an independent Legal Practitioner and an active member of a range of Business, Intellectual and Industrial Property Rights, Trade and Investment Committees of the American Bar Association and the New York State Bar Association and – as a member – contributes to policy making. As a legal practitioner, she specializes in Intellectual and Industrial Property Law, Investment Law, Trade Law and Finance Law.


The above constitutes Attorney advertising. Kindly contact us directly should you require Legal Advice, by email info@moulonlaw.com or Twitter Moulonlaw or LinkedIn Marcia B Moulon-Atherley 

 

Copyright Marcia B Moulon-Atherley, Esquire., 2016. All Worldwide Rights reserved

Published March 10, 2016

 

Business / Investment growth in the US and the importance of IP diligence


The US market, being the most advanced industrial market which has proven its capacity for capital inflow, opens up a plethora of opportunities for foreign businesses and foreign investors to grow their business and investment.


Thus a foreign company / investor seeking to grow its business / investment will - more than likely - need to pass via the US and subject to satisfying, among others, regulatory muster pursuant to the requirements imposed by the Securities and Exchange Commission (SEC) will have the capacity to grow their business and investment exponentially.


Indeed, one of the ways a foreign entity may wish to grow its business, in the US, is by way of acquisition and some structures which may have an interest in the acquisition of a business entity and its IP assets include, financial sponsors who are interested in stock transactions, private companies who are generally interested in the assets and private equity firms who would provide a convertible debt with exit at a specified period of time. Read more at Moulonlaw News. 


The author, Marcia B Moulon-Atherley, Esq. is an Attorney at Law and Avocat à la Cour, who is licensed to practice law in the State of New York, in the Supreme Court of the Organization of Eastern Caribbean States (OECS), in the Supreme Court of the Caribbean Community and Common Market (CARICOM), and as an Avocat à la Cour in France and Europe. She is an independent Legal Practitioner and an active member of a range of Business, Intellectual and Industrial Property Rights, Trade and Investment Committees of the American Bar Association and the New York State Bar Association and – as a member – contributes to policy making. As a legal practitioner, she specializes in Intellectual and Industrial Property Law, Investment Law and Finance Law.


The above constitutes Attorney advertising. Kindly contact us directly should you require Legal Advice, by email info@moulonlaw.com or Twitter Moulonlaw or LinkedIn Marcia B Moulon-Atherley 


Copyright Marcia B Moulon-Atherley, Esquire., 2016. All Worldwide Rights reserved

Published March 10, 2016




A look at what's making the news and recent developments


Andrew Cuomo, Governor of New York, announces new anti-terrorism, anti-money laundering regulation in New York - December 1st, 2015.  http://www.governor.ny.gov/news/governor-cuomo-announces-anti-terrorism-regulation-requiring-senior-financial-executives 


Blockchain is facilitating financial inclusion in Africa with another blockchain-based payment transfer network launched instant money transfer in Nigeria on February 5th, 2016  https://letstalkpayments.com/how-blockchain-is-facilitating-financial-inclusion-in-africa/ 


Quisk says Jamaica is fertile ground for mobile banking software and crucial for the provision of mobile services solutions in Jamaica and the Caribbean - April 27th, 2016.  http://www.jamaicaobserver.com/business/Quisk-says-Jamaica-is-fertile-ground-for-mobile-banking-software_59037 


US Congress passes Bill and enacts the US Defend Trade Secrets Act of 2016 - May 11th, 2016.  https://www.congress.gov/bill/114th-congress/senate-bill/1890/text 

 

EU adopts new Trade Secret Directive - May 27th, 2016. 

 http://www.consilium.europa.eu/en/press/press-releases/2016/05/27-trade-secrets-new-directive/ 


The Defend Trade Secrets Act creates Federal Jurisdiction for Trade Secret litigation http://www.ipwatchdog.com/2016/05/23/defend-trade-secrets-act-2016-creates-federal-jurisdiction-trade-secret-litigation/id=69245/ thus providing addtional protection to litigants when combined with the Uniform Trade Secrets Act which is already enacted in 48 States. 

The EU Trade Secret Directive - Directive (EU) 2016/943 on the protection of undisclosed know-how and business information (trade secrets) against their unlawful acquisition, use and disclosure came into force - July 5th, 2016. http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32016L0943 


EU Commission adopts further proposal reinforcing anti-money laundering rules on virtual currencies - July 5th 2016.

http://europa.eu/rapid/press-release_IP-16-2380_en.htm

 

EU Commission proposes a central database of virtual currency users - July 5th 2016. 

http://ec.europa.eu/justice/criminal/document/files/aml-directive_en.pdf

http://bitlegal.io/2016/07/24/eu-commission-to-propose-central-database-of-virtual-currency-users/. This Central Database (Central VC User Database) would allow individual users of virtual currency to self-declare with the use of a form.


New EU-US Privacy Shield adopted - July 12th 2016

  http://europa.eu/rapid/press-release_IP-16-2461_en.htm 


Citibank to close Venezuela correspondent banking relationship - July 12th 2016. http://uk.reuters.com/article/us-venezuela-citibank-idUKKCN0ZS04E, an example of derisking (and terminating  franchisee relationships) in action.


The EU-US Privacy Shield came into force - August 1st 2016. http://ec.europa.eu/justice/newsroom/data-protection/news/160801_en.htm US companies must certify compliance with same with the Department of Commerce  http://ec.europa.eu/justice/newsroom/data-protection/news/160801_en.htm 


Hackers steal $65m on Bitcoin Hong Kong exchange - August 2nd, 2016

http://www.bloomberg.com/news/articles/2016-08-03/bitcoin-plunges-after-hackers-breach-h-k-exchange-steal-coins leading some to blame the US Regulator, the Commodity Futures Trading Commission (CFTC) for not authorising cold-wallets as they do not currently meet compliance standards as opposed to the preferred hot-wallets. Some argue hot wallets do not meet security requirements thus the most recent hack. https://news.bitcoin.com/bitfinex-us-regulation-cold-storage/


Elliptic integrates into LexisNexis's anti-money laundering (AML) risk management data into its Bitcoin transaction and monitoring compliance - August 3rd 2016.  http://www.bankingtech.com/546842/elliptic-and-lexisnexis-team-up-for-bitcoin-risk-management/?utm_source=rss&utm_medium=rss&utm_campaign=elliptic-and-lexisnexis-team-up-for-bitcoin-risk-management


New York Department of Financial Services (DFS) summons Goldman Sachs requesting information on due diligence the bank performed for the transfer of proceeds for three bond offerings it underwrote for 1Malaysia Development Bhd (1MDB) - August 5th 2016.  http://www.bloomberg.com/news/articles/2016-08-05/goldman-summoned-by-new-york-bank-regulator-over-1mdb-bond-sales 


UK Serious Fraud Office (SFO) starts bribery probe into Airbus Group for fraud and corruption relating to some of its third party consultants - August 8th 2016 

http://www.bloomberg.com/news/articles/2016-08-07/airbus-says-u-k-fraud-office-starts-criminal-corruption-probe


The Financial Industry Regulatory Authority (FINRA) fines Deutsche Bank Securities Inc. $12.5M for significant supervisory failures related to research and trading-related information - August 8th 2016.  http://www.finra.org/newsroom/2016/finra-fines-deutsche-bank-securities-inc-125-million-inadequate-supervision-internal


The Superintendent of Financial Services in New York (formerly known as the Superintendent of Banks) initiates formal proceedings to start the claims-payment process in receivership of New York-licensed agencies of two Belgrade headquartered financial institutions, Jugobanka A.D. and Beogradska Banka A.D Beograd - September 6th 2016.  http://www.dfs.ny.gov/banking/beograd.htm


Governor of New York, Andrew Cuomo, announces proposal for new regulation - the first ever in the US - on a cybersecurity programme for the protection of financial services institutions and consumer data.

September 13th 2016.

http://www.dfs.ny.gov/about/press/pr1609131.htm



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