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Banking
USA
Overview
Including: Basel IA and Basel II; Correspondent and Private Banking Accounts; Revised Examination Manual; Deposit Insurance Reform; Industrial Loan Companies; Cross-Border Wire Transfers.
The Securities and Exchange Commission and the board of governors of the Federal Reserve System have proposed new Regulation R in order to implement the Gramm-Leach-Bliley Act statutory exceptions for bank brokerage activities. The proposed regulation addresses four of the 11 statutory bank exceptions to the general broker definition contained in the Securities Exchange Act 1934.
Section 670 of the John Warner National Defence Authorization Act, as recently adopted by Congress, includes restrictions on credit extended to certain members of the armed forces and their dependants. Although the original intent of the act was to regulate payday or other 'high-cost' loans made to active duty service members, the scope of the legislation could be broader and affect consumer credit programmes.
Congress has recently passed the Financial Services Regulatory Relief Act 2006. The act represents a long-anticipated bank regulatory relief package that streamlines certain regulations pertaining to financial institutions, although the act is more limited than many in the banking industry had wanted. In addition, the act expands the enforcement power of the federal banking agencies.
E-commerce
USA
Internet regulation by particular states almost inevitably has a significant impact on out-of-state activities and interstate commerce. Accordingly, courts have invalidated a number of state laws restricting internet-related activities under the federal Constitution’s so-called 'dormant commerce clause'.
Recent guidelines drafted by the Federal Bureau of Investigation and the Secret Service outline practices advocated by these bodies to deter and respond to cyberattacks. They are a useful source for businesses that wish to formulate a proactive and responsive strategy to this threat.
The Child Online Protection Act has cleared its first hurdle before the Supreme Court, but this was a limited test that left many questions unanswered concerning the act’s constitutionality. In spite of their different approaches, six justices have indicated significant concerns about this issue. The future of the act thus remains uncertain.
While the constitutionality of the Anti-cybersquatting Consumer Protection Act's jurisdiction over domain names has been questioned, analysis shows that fits squarely within the boundaries of established law and relies upon a court’s sovereign power to adjudicate the rights to an item of property under the custody of the law.
A new Minnesota internet privacy bill provides consumers with a right of action against both internet service providers (ISPs) and spammers for violation of its provisions; but its enactment presents a troubling development for ISPs due to the restrictions and uncertainties of a vague, untested statutory text.
Registering New '.us' Top-Level Domain Names
The new '.us' country-code top-level domain for the United States within the global domain name system went live on April 24 2002. Names within this domain can be registered by US citizens and residents, as well as businesses and organizations with a genuine presence in the United States.
Environment
International
The International Organisation for Standardisation (ISO) is reviewing and revising ISO 14001 – the accepted template for environmental compliance systems in the context of resolving enforcement actions. If adopted, the changes will result in closer scrutiny of ISO 14001-certified facilities and less flexible requirements where such environmental management systems are implemented in the context of resolving enforcement matters.
USA
Continuing a message from his January 2013 inaugural speech, President Obama devoted a portion of his State of the Union address to climate change. He surprised many with his request that Congress enact "market-based" climate change legislation. In addition, Environment and Public Works Committee Chair Barbara Boxer recently held a public briefing focused on the science surrounding climate change.
The Environmental Protection Agency has issued two new guidance documents on the use of institutional controls at contaminated sites regulated under the Comprehensive Environmental Response, Compensation and Liability Act, the Resource Conservation and Recovery Act, brownfields programmes and other federal programmes. Institutional controls are often an important part of the clean-up at such sites.
EPA finalises pending actions
The Environmental Protection Agency (EPA) recently focused on finalising various priorities. As well as releasing a progress report on its study regarding the environmental safety of hydraulic fracturing, the EPA issued its long-awaited boiler maximum achievable control technology rule and final amendments to the 2010 cement manufacturing clean air standards.
Two Republican bicameral lawmakers have indicated that they will introduce and advance a concurrent resolution that would express the sense of Congress that a carbon tax is not in the best interest of the United States. While non-binding, such a vote could publicly gauge the support for a carbon tax.
The Environmental Protection Agency has issued the PCB Bulk Product Waste Reinterpretation, which addresses the regulatory status of building debris that has been in contact with non-liquid polychlorinated biphenyls (PCBs), such as PCB-containing caulk and paint. This reinterpretation should be taken into account in planning building maintenance or demolition projects.
The Federal Trade Commission (FTC) has issued its revised Guides for the Use of Environmental Marketing Claims – known as its 'Green Guides' – which contain guidance on how product marketers should use environmental claims in their advertising and packaging. The FTC intends these revisions to encourage marketers to support clearly claims of their products' environmental benefits.
Trade & Customs
USA
The United States and the European Union recently implemented a mutual recognition arrangement for their respective supply chain security programmes. The US Customs-Trade Partnership Against Terrorism is now recognised as equivalent to the European Union's Authorised Economic Operator programme. Programme members receive certain benefits, including expedited EU customs clearance.
Adding a chapter to the long-running controversy over the Department of Commerce's application of the anti-subsidy (countervailing duty) statute to goods imported from non-market economy countries, the US Court of International Trade has rejected constitutional challenges to legislation to provide a retrofitted legal foundation for the department's practice.
United States waives ban on Burmese imports
The US Departments of State and Treasury have announced the issuance of a new general licence that waives a nearly decade-old US import ban on most Burmese-origin goods. The move represents the latest step in a process of targeted easing first proposed by Secretary of State Hillary Clinton. US persons now may import any article that is a product of Burma, subject to certain limitations.
Further sanctions imposed on Iran
The Iran Threat Reduction and Syria Human Rights Act of 2012 has been signed into law. Capping months of congressional debate over Iran's nuclear weapons programme and Syria's crackdown on opposition groups, the new law expands the Iran Sanctions Act of 1996 and the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010. It also codifies various prohibitions recently imposed by executive order.
The Office of Foreign Assets Control recently authorised new investment in and exportation of financial services to Myanmar, easing sanctions that have been in place for over 15 years. The statutory framework for the US sanctions remains in place, thereby permitting the US government to re-impose sanctions should reforms in Myanmar not proceed as hoped.
President Obama recently determined that there is a sufficient supply of petroleum products in world markets to allow countries to reduce their petroleum imports from Iran significantly. The finding clears the way for new sanctions under Section 1245 of the National Defence Authorisation Act on foreign financial institutions that conduct or facilitate financial transactions related to purchases of petroleum products from Iran.
