The SEC Office of Municipal Securities has issued interpretive guidance to address questions from market participants regarding the implementation of new final SEC rules requiring municipal advisors to register with the...more
The SEC has adopted amendments to eliminate references in certain of its rules and forms to credit ratings by nationally recognized statistical rating organizations, or NRSROs.
The changes were required by the...more
On December 18, 2013, the SEC published its proposal to modify Regulation A. The SEC is proposing to expand Regulation A into two tiers: Tier 1, for offerings of up to $5 million; and Tier 2, for offerings of up to $50...more
The Dodd-Frank Act requires or authorizes various federal agencies to issue hundreds of rules to implement reforms intended to strengthen the financial services industry. As amended by Public Law No. 112-10, the act also...more
The so-called Volker Rule, as required to be implemented by the Dodd-Frank Act, generally prohibits any banking entity from engaging in proprietary trading. The final rule has been adopted by the Office of the Comptroller of...more
Whistleblowers covered by one of 22 statutes (including Sarbanes-Oxley and Dodd-Frank) administered by the U.S. Department of Labor’s Occupational Safety and Health Administration will now be able to file complaints online. ...more
The staff of the Office of Credit Ratings of the SEC has submitted a study under Section 939C of the Dodd-Frank Wall Street Reform and Consumer Protection Act to the Committee on Banking, Housing, and Urban Affairs of the...more
Congress is working to reconcile differing versions of legislation to implement an Obama Administration deal with Mexico to develop oil and gas resources in the Gulf of Mexico. Three Democratic lawmakers recently wrote...more
In Pruett v BlueLinx Holdings, Inc., decided by the United States District Court for the Northern District of Georgia (1:13-cv-02607), the court held that a whistleblower suing under Dodd-Frank’s non-retaliation provisions...more
The Financial Stability Oversight Council, or FSOC, decided to study the activities of asset management firms to better inform its analysis of whether—and how—to consider such firms for enhanced prudential standards and...more
It began with announcements like this from AngelList. For just $99 plus $25 per investment, wefunder will let you create a create a “beautiful profile” and send updates to followers, and provide free investment contracts,...more
The SEC has proposed rules related to pay ratio disclosures required by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. It works like this...
Norm Champ, the SEC’s Director of the Division of Investment Management, recently gave a speech addressing the SEC’s priorities regarding hedge fund managers.
Three swap data repositories, or SDRs, have announced procedures to make filings for the swap end-user exception. Apparently you file with the SDR that the swap is reported to.
The three SDRs are...more
Six federal agencies have issued a notice revising a proposed rule requiring sponsors of securitization transactions to retain risk in those transactions. The new proposal revises a proposed rule the agencies issued in 2011...more
The SEC has charged a former portfolio manager at Oppenheimer & Co. with misleading investors about the valuation and performance of a fund consisting of other private equity funds. ...more
Three federal bank regulatory agencies are seeking comment on proposed guidance describing supervisory expectations for stress tests conducted by financial companies with total consolidated assets between $10 billion and $50...more
The SEC recently issued proposals related to Regulation D which, among other things, require a Form D to be filed fifteen days before a general solicitation under Rule 506(c) can commence....more
The SEC suggests in its final rules eliminating the ban on general solicitation that law firms may be in a position to verify accredited investor status for issuers conducting Rule 506(c) offerings. ...more
The United States District Court for the District of Columbia has upheld the SEC’s conflict minerals rule in National Association of Manufacturers et al v. Securities and Exchange Commission. ...more
The Fifth Circuit has held in Asadi v. G.E. Energy (USA), LLC that a whistleblower must provide information to the SEC in order to be protected by the Dodd-Frank anti-retaliation provisions. ...more
The SEC has adopted final rules to implement Section 926 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 926 required the SEC to adopt rules that disqualify securities offerings involving certain...more
The SEC has adopted final rules eliminating the ban on general solicitation and advertising in Rule 506 offerings. The changes are mostly embodied in new Rule 506(c)....more
FSOC has designated the following as nonbank financial companies...more
The SEC has denied granting an award to another whistleblower in the second action of this year....more