Arnold & Porter explains US Policy Developments in FinTech and Payments Systems: Federal Reserve Establishes Tasks Forces of Faster Payments and Secure Payments

FinTech businesses focused on payments systems and foreign exchange have witnessed an explosion of demand in recent years. As these payment systems services continue to gain mainstream acceptance, financial regulators in the US are increasingly interested in monitoring and, as appropriate, prescribing policies or regulations concerning them, slowly casting a prudential regulatory framework over the FinTech payments systems industry.[1] The policy and regulatory landscape in this area is undergoing fundamental change.

Background

Regulation of the US payment system is highly fragmented and often ad hoc. In the foreign exchange sector, for instance, the appropriate regulator and the nature of the … Read more

Approaching Deadline for Nasdaq-Listed Companies to Implement New Compensation Committee Standards

As annual meeting season approaches, so too does the first deadline for companies listed on the NASDAQ Stock Market (Nasdaq) to comply with amended compensation committee rules. Traditionally, evaluation of director independence of Nasdaq-listed companies differed for purposes of serving on an audit committee as compared to a compensation committee. Earlier this year, the Securities and Exchange Commission (SEC) approved Nasdaq’s proposed rule amendments to comply with certain requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank), including changes intended to conform the compensation committee independence standard to the existing audit committee standard. The first … Read more

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