Eric Fischer

Eric Fischer

Goodwin Procter LLP

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FRB, FDIC and OCC Issue Final Rule Regarding Leverage Ratios for Largest Top-Tier Bank Holding Companies

On April 8, 2014, the FRB, FDIC and OCC (collectively, the “Agencies”) released a final rule (the “Final Rule”) concerning the leverage ratio standards for large, interconnected U.S. banking organizations. The Final Rule...more

4/18/2014 - Bank Holding Company Banks FDIC Federal Reserve Leverage Ratio OCC

FFIEC Warns Financial Institutions that Financial Regulators Expect Them to Address Risks from Widely Reported Material Computer...

On April 10, 2014, the Federal Financial Institutions Examination Council (“FFIEC”), whose members are the FRB, FDIC, OCC, NCUA, CFPB and the State Liaison Committee (the “Financial Regulators”), issued an alert (the “Alert”)...more


FINRA Requests Comment on the Effectiveness and Efficiency of its Rules on Gifts and Gratuities and Non-Cash Compensation and its...

As part of an assessment of selected rules and related administrative processes, FINRA has issued Regulatory Notice14-15 and Regulatory Notice14-14 seeking public comment on the effectiveness and efficiency of its (a) Gifts...more

4/17/2014 - Corporate Gifts FINRA Incentive Compensation Tips

CFTC Staff Provides Guidance on Auditor Independence Requirements Under FCM Customer Protection Rules

The CFTC’s Division of Swap Dealer and Intermediary Oversight (the “Division”) issued an interpretive letter regarding the auditor independence standards included in CFTC Regulation 1.16, specifically as it applies to...more

4/9/2014 - Auditors CFTC FCMs Futures Securities Exchange Act

SEC Staff Provides Guidance for Advisers Using Social Media on Compliance with General Prohibition on Testimonials

The staff of the SEC’s Division of Investment Management (the “Staff”) issued IM Guidance Update No. 2014-4 discussing how a registered adviser or its investment advisory representatives (“IARs”) may use public commentary...more

4/9/2014 - Investment Adviser SEC Social Media Testimonial Statements

SEC Reopens Comment Period on Proposed Target Date Fund Disclosure Requirements to Address Investor Advisory Committee...

The SEC issued a release reopening the comment period on proposed amendments (the “Proposed Amendments”) to Rule 482 under the Securities Act of 1933, as amended, and Rule 34b-1 under the Investment Company Act of 1940, as...more

4/9/2014 - Investment Advisers Act of 1940 Risk Assessment SEC Securities Act of 1933

FFIEC Issues Joint Statements on DDoS Cyber-Attacks and Cyber-Attacks on ATM and Card Authorization Systems

On April 2, 2014 the members of the Federal Financial Institutions Examination Council (“FFIEC”) issued two joint statements: the first joint statement regards distributed denial-of-service (“DDoS”) attacks, and the second...more

4/9/2014 - ATMs CFPB Cyber Attacks Distributed Denial of Service FDIC Federal Reserve FFIEC NCUA OCC

Basel Committee Issues Revised Guidelines Concerning External Audits of Banks

The Basel Committee on Banking Supervision (the “Basel Committee”) of the Bank for International Settlements issued a revised set of guidelines (the “Guidelines”) concerning the external audits of banks. The Basel Committee...more

4/9/2014 - Audits Banking Crisis Banks Basel Committee

SEC Extends Re-Opened Comment Periods for Asset-Backed Securities Proposals Until April 28

The SEC extended until April 28, 2014 the comment periods previously re-opened on its rule proposals regarding asset-backed securities described in the releases entitled “Asset-Backed Securities” (the “2010 Release”) and...more

4/4/2014 - Asset-Backed Securities Compliance SEC

SEC Staff Posts Analyses of Money Market Fund Reform Literature for Public Comment

The SEC staff has made available as a supplement to its June 2013 money market fund reform proposal (discussed in the June 11, 2013 Financial Services Alert) the following analyses of data and academic literature related to...more

4/4/2014 - Financial Regulatory Reform Money Market Funds SEC

FinCEN Issues Advisory Regarding the FATF’s Updated List of Jurisdictions with AML/CTF Strategic Deficiencies

FinCEN issued an advisory (the “Advisory”) regarding the issuance by the Financial Action Task Force (the “FATF”) of an updated list of jurisdictions that the FATF has identified as having strategic deficiencies in their...more

4/4/2014 - Anti-Money Laundering FATF FinCEN Terrorism Funding

FRB Approves Capital Plans of 25 Large Banking Holding Companies, but Rejects Capital Plans of Five Other Large Banking...

The FRB released the results of its annual large bank holding company capital assessment exercise known as the Comprehensive Capital Analysis and Review (“CCAR”). The FRB evaluated the capital adequacy and planning processes...more

4/4/2014 - Banks Capital Requirements FRB

D.C. Circuit Appellate Court Overturns Lower Court Decision on FRB’s Interchange Fee Rule

On March 21, 2014, a panel of the United States Court of Appeals for the District of Columbia Circuit issued its decision in the highly anticipated case relating to debit card interchange and exclusivity, NACS v. Board of...more

3/28/2014 - Federal Reserve Fees Interchange Fees

FRB Releases Results of 2014 Stress Tests

The FRB released the summary results of the 2014 annual stress tests conducted by large financial institutions pursuant to the Dodd-Frank Act. 30 banking organizations participated in the 2014 stress tests. The financial...more

3/28/2014 - Banks Federal Reserve Stress Tests

Comptroller Curry Discusses Banks’ Progress in Meeting BSA Compliance Obligations; States that Senior Executives and Boards Should...

In a speech presented to the Association of Certified Anti-Money Laundering Specialists on March 17, 2014, Comptroller of the Currency Thomas J. Curry said that the OCC is seeing progress in terms of the priority that senior...more

3/28/2014 - Anti-Money Laundering Bank Secrecy Act Banks Board of Directors Compliance Comptroller Officers

FINRA Files Proposed Amendments to Communications Rules

FINRA filed with the SEC proposed amendments to FINRA Rule 2210, related to communications with the public, and FINRA Rule 2214, which sets forth requirements for the use of investment analysis tools (the “Amendments”). ...more

3/26/2014 - Electronic Communications Filing Requirements FINRA Prospectus

SEC Staff Grants No-Action Relief to Permit Fund to Implement Subadvisory Arrangement Prior to Shareholder Approval

The staff of the SEC’s Division of Investment Management granted no-action relief from Section 15(a) of the Investment Company Act of 1940, as amended (the “1940 Act”), that will permit a registered fund (the “Fund”) to enter...more

3/26/2014 - Investment Company Act of 1940 No-Action Relief SEC Shareholders

DOL Issues Proposed Rule Requiring Guide for 408(b)(2) Disclosures

On March 11, the Department of Labor (the “DOL”) issued a proposed rule (the “Proposed Rule”) which would require employee benefit plan “covered service providers” (as defined in the 408(b)(2) disclosure regulation of the...more

3/20/2014 - Disclosure Requirements DOL ERISA

SEC Proposes Standards for “Covered Clearing Agencies”

The SEC has proposed standards for “covered clearing agencies,” which would include registered clearing agencies that (i) have been designated as systemically important by the Financial Stability Oversight Council and for...more

3/20/2014 - CCPs CFTC Clearing Agencies SEC

CFTC Provides Time-Limited No-Action Relief to Certain Affiliated Swap Counterparties

The CFTC has issued two separate no-action relief letters to provide time-limited no-action relief pertaining to swaps between certain affiliated counterparties. The letters both pertain to CFTC Regulation 50.52, which...more

3/20/2014 - CFTC No-Action Relief Swaps

FINRA Proposes Separate Rules for Firms Whose Activities Are Limited to Advice on Capital Raising and Restructuring and...

In Regulatory Notice 14-09, FINRA requested public comment on a proposal to adopt a narrower set of rules (the “Proposed LCFB Rules”) for member firms that meet the definition of “limited corporate financing broker” (each, an...more

3/13/2014 - Brokers Capital Markets FINRA Private Equity Restructuring

OCC, FRB and FDIC Issue Joint Stress Test Guidance for Medium-Sized Banking Firms

The OCC, FRB and FDIC (collectively, the “Agencies”) issued joint final guidance (the “Final Guidance”) concerning the Agencies’ key supervisory expectations regarding how medium-sized banking organizations--those with more...more

3/13/2014 - Banking Sector FDIC Final Guidance FRB OCC Stress Tests

CFTC Staff Issues Best Practices for Customer Information Safeguards

The CFTC’s Division of Swap Dealer and Intermediary Oversight issued a Staff Advisory outlining recommended best practices for covered financial institutions to comply with Title V of the Gramm-Leach-Bliley Act of 1999...more

3/12/2014 - CFTC Confidentiality Agreements Gramm-Leach-Blilely Act Personally Identifiable Information Swap Dealers

SEC Staff Provides Guidance on Aggregate Advisory Fee Condition for Multi-Manager Relief

The staff of the SEC’s Division of Investment Management issued an IM Guidance Update concerning the aggregate advisory fee condition in the SEC’s “multi-manager” exemptive relief. (Under the terms of this relief, a...more

3/12/2014 - Exemptive Relief Fees Managers SEC

FRB Issues Supervisory Letter Concerning its Application Process and the Most Frequently Cited Reasons for Application and...

The FRB released a supervisory letter (the “Letter”) regarding the FRB’s applications process intended to provide financial institutions and the general public with a better understanding of the FRB’s approach to processing...more

3/6/2014 - Banks Federal Reserve No-Action Letters

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