In a recent battle with its regulator, Advanta Bank (Bank), a bank subsidiary of Advanta Corp. (Advanta) that is regulated by the Federal Deposit Insurance Corporation (FDIC), won a victory over the agency, when a U.S. District Court ruled that the FDIC did not have the authority to issue a temporary cease and desist order (C&D) against the Bank.

Two leading members of the Senate recently introduced a bill that would substantially expand the carryback period for net operating losses.

The good news is that private equity (“PE”) investments in financial institutions are occurring at an unprecedented pace, and there is a backlog of deals in active discussion with the FRB and the OTS.

On December 1, the Federal Trade Commission ("FTC") issued an administrative complaint challenging Laboratory Corporation of America’s ("LabCorp") consummated acquisition of rival Westcliff Medical Laboratories, Inc. ("Westcliff").

The Commodity Futures Trading Commission (the “CFTC”)’s Division of Market Oversight recently issued a Staff Advisory concerning the CFTC’s recordkeeping requirements applicable to futures commission merchants, introducing brokers, and members of a designated contract market (i.e., a CFTC-approved domestic futures exchange) (hereinafter, the “Advisory”).

On September 18, 2013, a divided SEC Commission voted to propose for public comment rules to implement Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Last Friday, the House of Representatives passed the “Corporate and Financial Institution Compensation Fairness Act of 2009.”

The SEC voted unanimously today to propose changes to Form ADV Part II.

Two recent court decisions have demonstrated that New York courts continue to dismiss complaints alleging fraud.

Today the Supreme Court heard oral argument in Allison Engine Co., Inc. v. United States ex rel. Sanders, No. 07-214.

On August 5, 2013, the Federal Energy Regulatory Commission (the "Commission" or "FERC") issued an order directing BP America Inc. and its affiliates (collectively, "BP") to show cause why it should not pay a $28 million civil penalty and a $800,000 disgorgement fee for manipulating the next-day, fixed-price gas market at the Houston Ship Channel ("HSC") from September to November 2008 in violation of Section 4A of the Natural Gas Act ("NGA") and Section 1c.1 of the Commission’s regulations (

The Office of the Comptroller of the Currency (OCC) on March 20, 2008, adopted an interim final rule that authorizes national banks, in emergency situations and with the OCC’s written approval, to make loans in excess of the normal limits on loans by a bank to a single borrower.

On February 24, 2010, the Securities and Exchange Commission adopted a rule that will restrict short selling on any day on which the price of a stock listed on a national securities exchange, whether traded on an exchange or in the over-the-counter market, declines by 10 percent or more from the prior day’s closing price.

A discussion on the Court of Appeal decision of Lady Justice Arden in Revenue & Customs Commissioners v George Anson [2013].

The judgment of Mr Justice Mann in the Upper Tier Tribunal in Anson v Revenue and Customs Commissioners (FTC/39/2010) was published on 5 August 2011.

On June 19, 2008, and again in a July 2 speech in London, citing the twin principles of market discipline and financial oversight, Secretary of the Treasury Paulson once again called for broader and deeper regulation of players in the financial services area.

The Division of Swap Dealer and Intermediary Oversight of the Commodity Futures Trading Commission has recently issued a number of no-action letters.

In its policy paper entitled "Partnerships Review".

Investment advisers, broker-dealers, and other regulated entities should be aware that the documents they provide to the United States Securities and Exchange Commission (the "SEC" or "Commission") during examinations now have less protection from public disclosure than initially provided for under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act").

Recently, the D.C. District Court issued a decision in the case challenging various aspects of the final rule adopted by the Securities and Exchange Commission pursuant to Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act pertaining to conflict minerals.