Elizabeth Fries

Elizabeth Fries

Goodwin Procter LLP

Contact  |  View Bio  |  RSS

Latest Publications

Share:

Secretary of the Treasury Lew Urges Financial Institutions to Enhance Their Cybersecurity Defenses

Secretary of the Treasury Jacob J. Lew presented remarks at a conference hosted by CNBC and Institutional Investor in which he urged financial institutions to increase their cybersecurity defense efforts because cyber...more

7/23/2014 - Cybersecurity Data Protection

SEC Staff Legal Bulletin Addresses Use of Proxy Advisory Firms by Advisers and Reliance by Proxy Advisory Firms on Proxy Rules...

The SEC’s Divisions of Investment Management and Corporation Finance issued Staff Legal Bulletin No. 20 (the “Guidance”) which provides guidance from the Division of Investment Management to investment advisers on their...more

7/23/2014 - Compliance Proxy Advisors Proxy Statements SEC Securities Exchange Act

FDIC Proposes Rule to Revise Deposit Insurance Assessments to Reflect the Basel III Capital Rule

The FDIC issued a notice of proposed rulemaking (the “Proposed Rule”) that would revise the FDIC’s risk-based deposit insurance assessment system to reflect the final Basel III capital rule (the “Final Capital Rule”) adopted...more

7/23/2014 - Basel III Deposit Insurance EU FDIC Federal Deposit Insurance Act Federal Reserve OCC

SEC Staff Provides Guidance on Custody Rule Compliance When Private Funds Use SPVs and Escrow Accounts

The staff of the SEC’s Division of Investment Management issued IM Guidance Update No. 2014-7 (the “Guidance Update”) to provide guidance on how Rule 206(4)-2 under the Investment Advisers Act of 1940 (the “Custody Rule”)...more

7/16/2014 - Custody Rule Escrow Accounts Guidance Update Investment Adviser Investment Advisers Act of 1940 Private Funds SEC SPVs

Director of SEC’s Division of Investment Management Discusses Alternative Mutual Funds

In a speech presented to the Practicing Law Institute’s Private Equity Forum on June 30, 2014, Norm Champ, Director of the SEC’s Division of Investment Management (the “Division”), discussed the rise of open-end mutual funds...more

7/16/2014 - Alternative Mutual Funds Disclosure Requirements Liquidity Profiling Mutual Funds NAV OCIE Private Equity Risk Management SEC

GAO Issues Report Concerning Emerging Challenges Posed by Virtual Currencies

The Government Accountability Office (the “GAO”) issued a report concerning virtual currencies (the “Report”) to the U.S. Senate’s Committee on Homeland Security and Governmental Affairs. The Report discusses emerging...more

7/9/2014 - Bitcoins DHS GAO Virtual Currency

SEC Staff Provides Guidance on Summary Section of Mutual Fund Prospectuses

The staff of the SEC’s Division of Investment Management issued IM Guidance Update No. 2014-8 (the “Guidance Update”) to provide guidance based on comments the Division has provided on the information required to be presented...more

7/9/2014 - Compliance Mutual Funds Prospectus SEC

SEC Settles with Hedge Fund Adviser over Principal Transactions and Retaliation Against Whistleblower

The SEC settled administrative proceedings against an investment adviser, Paradigm Capital Management, Inc. (the “Adviser”), and Candace King Weir, the Adviser’s principal owner (the “Principal”), over violations of the...more

7/7/2014 - Enforcement Actions Investment Adviser Investment Advisers Act of 1940 Retaliation SEC Settlement Whistleblowers

FFIEC Establishes Cybersecurity Web Page and Announces Commencement of Cybersecurity Assessment Program of Community Banks

The Federal Financial Institutions Examination Council (the “FFIEC”) announced that it had established a web page on cybersecurity (the “Web Page”), which is designed to serve as a central repository for current and future...more

7/7/2014 - Banking Sector CFPB Cybersecurity FDIC FFIEC FRB OCC Popular Websites

SEC Adopts Cross-Border Security-Based Swap Rules

The SEC adopted final rules addressing when market participants engaging in cross-border transactions must register as security-based swap dealers or major security-based swap participants, as applicable. Additionally, the...more

7/7/2014 - Cross-Border SEC Security-Based Swaps Swap Dealers Swaps

Supreme Court’s Dudenhoeffer Decision Headlines New ERISA Litigation Update

Goodwin Procter’s ERISA Litigation Practice published its latest quarterly ERISA Litigation Update. The update discusses (1) the Supreme Court’s ruling in Fifth Third Bancorp v. Dudenhoeffer that there is no “presumption of...more

7/3/2014 - ERISA ESOP Fiduciary Duty FIfth Third Bancorp v Dudenhoeffer Fifth Third Mortgage Company SCOTUS Stock Drop Litigation US Bancorp

FRB Governor Tarullo Offers Retrospective and Perspective on Supervisory Stress Testing

In remarks delivered to the FRB’s Third Annual Stress Test Modeling Symposium FRB Governor Daniel K. Tarullo focused on the “qualitative assessment of [large] firms’ capital planning processes” that the FRB conducts “in...more

7/3/2014 - Banks CCAR Dodd-Frank FRB Risk Assessment Stress Tests

SEC Settles with Exempt Reporting Adviser over Pay-to-Play Violations

The SEC settled public administrative proceedings against TL Ventures Inc., a venture capital fund adviser (the “Adviser”), over violations of Rule 206(4)-5 (the “Rule”) under the Investment Advisers Act of 1940 (the...more

6/27/2014 - Enforcement Enforcement Actions Investment Advisers Act of 1940 Pay-To-Play SEC Settlement

FINRA Fines Broker-Dealer for Failing to Apply Class A Sales Charge Waivers for Certain Eligible Customers on its Mutual Fund...

On June 16, 2014, the Financial Industry Regulatory Authority, Inc. (“FINRA”) accepted a Letter of Acceptance, Waiver and Consent (the “AWC”) from Merrill Lynch, Pierce, Fenner & Smith Incorporated (the “Firm”) regarding an...more

6/27/2014 - Broker-Dealer Brokers Compliance Enforcement Actions FINRA Waivers

SEC Integrates Two Exempt Reporting Advisers to Determine Advisers Act Registration Status

The SEC settled public administrative proceedings against TL Ventures Inc., a venture capital fund adviser (the “VC Fund Adviser”) and Penn Mezzanine Partners Management, L.P. (the “Private Fund Adviser” and with the VC Fund...more

6/27/2014 - Compliance Enforcement Actions Investment Adviser Pay-To-Play Registration SEC Settlement

Federal Banking Agencies Issue Final Version of Addendum to Interagency Policy Statement on Income Tax Allocation

The FRB, FDIC and OCC (collectively, the “Agencies”) issued a final version of an addendum (the “Addendum”) to their “Interagency Policy Statement on Income Tax Allocation in a Holding Company Structure” (the “Policy...more

6/25/2014 - Bank Holding Company Banks FDIC FRB IDIs Joint Policy Statements OCC Tax Allocation Agreements

OCC Updates Booklet in its Handbook Concerning Collective Investment Funds

The OCC issued a revised and updated booklet (the “Revised Booklet") concerning collective investment funds (“CIFs”). The Revised Booklet is part of the OCC’s “Comptroller’s Handbook.” The Revised Booklet (which updates the...more

6/16/2014 - Banks Handbooks Investment Funds OCC

SEC Staff Provides Guidance on Affiliated Person Determinations for Series Investment Companies

The staff of the SEC’s Division of Investment Management issued IM Guidance Update No. 2014-6 in which it advises registered funds organized as series of a “series company” that compliance with the affiliated transactions...more

6/13/2014 - Affiliates Investment Companies Investment Company Act of 1940 SEC

NFA Makes Changes to CPO Form PQR and CTA Form PR

The National Futures Association issued Notice I-14-13 advising of changes to CPO Form PQR and CTA Form PR that will be effective for the quarter ended June 30, 2014. ...more

6/13/2014 - Commodities Commodity Broker Commodity Pool Form PQR Form PR National Futures Association NFA

Federal Banking Agencies Seek Comments on Their Regulations in Effort to Reduce Regulatory Burden

The FRB, FDIC and OCC (the “Agencies”) published the first of a series of four requests seeking public comments to identify regulations of the respective Agencies that are seen as outdated, unnecessary or unduly burdensome. ...more

6/11/2014 - Banks Compliance Enforcement FDIC Federal Reserve Financial Regulatory Reform OCC

SEC Investment Management Staff Requests Certifications for Marked Copies of Exemptive Applications

The SEC’s Division of Investment Management issued an Information Update that describes the procedure for providing a version of an exemptive application marked to show changes from relevant precedent (in the case of an...more

6/6/2014 - Corporate Issuers Exemptions Filing Requirements Issuers SEC

FinCEN Issues Advisory on Increased Use of Funnel Accounts by Criminals as Part of Mexican Trade-Based Money Laundering...

FinCEN issued an advisory (the “Advisory”) to update financial institutions on the increased use of “funnel accounts” as part of trade-based money laundering (“TBML”) by criminals in the aftermath of the 2010 through 2012...more

6/5/2014 - Currency Exchange FinCEN Funnel Accounts Mexico Money Laundering TBML

U.S. District Court Upholds FDIC’s Golden Parachute Decision

The U.S. District Court for the Eastern District of Missouri (the “District Court”) issued a memorandum and order (the “Order”) in which the District Court upheld a decision of the FDIC that contract damages sought by the...more

6/4/2014 - Banks Contract Disputes Employment Contract FDIC Golden Parachutes Hiring & Firing Severance Pay Termination Written Consent

Credit Suisse Pleads Guilty to DOJ Charge of Conspiracy to Aid Tax Evasion; FRB and NYDFS Take Related Actions

As widely reported in the financial press, Credit Suisse AG (“Credit Suisse”), a large Swiss bank that maintains a branch and other offices in the United States pleaded guilty to the felony of conspiracy to aid tax evasion by...more

6/2/2014 - Conspiracies Credit Suisse Department of Financial Services DOJ Enforcement Enforcement Actions Federal Reserve Foreign Banks Popular Tax Evasion

NFA to Impose Fee for Failing to Disclose Disciplinary Matter

The National Futures Association (the “NFA”) issued Notice to Members I-14-11 (the “Notice”) announcing its adoption of new rule amendments that provide for payment of a $1,000 late disclosure fee when an applicant for...more

5/30/2014 - Amended Regulation Disclosure Requirements Fees NFA

173 Results
|
View per page
Page: of 7