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SEC Launches Cooperation Initiative to Encourage Municipal Issuers and Underwriters to Self-Report Continuing Disclosure...

On March 10, 2014, the Securities and Exchange Commission ("SEC") announced that issuers and underwriters of municipal securities may voluntarily report materially inaccurate statements made in offering documents regarding...more

Federal Regulators Propose Framework for State Supervision of Appraisal Management Companies

On March 24, the Federal Reserve Board, the OCC, the FDIC, the CFPB, the FHFA, and the NCUA proposed a rule to implement the Dodd-Frank Act’s minimum requirements for registration and supervision of Appraisal Management...more

Bankers Win Latest Interchange Battle

The U.S. Court of Appeals for the District of Columbia Circuit recently reversed a lower court decision and upheld the interchange rules adopted by the Federal Reserve Board (FRB) under the so-called Durbin Amendment to the...more

Brother Can You Spare $8.9 Billion? Making Sense of SEC Civil Money Penalties

If you or your company has ever been involved in a long SEC enforcement investigation, you’ve probably gone through the five stages of grief?denial that you did anything wrong, anger that the enforcement lawyers are pursuing...more

Agencies Appear to Signal Retreat on CDO TruPS Issue

In the wake of the American Bankers Association’s lawsuit challenging the Volcker Rule’s treatment of collateralized debt obligations (CDOs) backed by trust preferred securities (TruPS), the Office of the Comptroller of the...more

Controversy over the Volcker Rule and Trust-Preferred CDOs

The banking industry’s recent challenge to the newly promulgated Volcker Rule focuses on collateralized debt obligations backed by trust-preferred securities (TruPS CDOs). Even though TruPS CDOs do not represent the kind of...more

Time’s Up: Supreme Court Upholds Enforcement of Claim Limitations in ERISA Plan Language

Christmas may have come a little early for plan administrators and companies looking for clarity in ERISA litigation. Last Monday, the U.S. Supreme Court ruled 9-0 in Heimeshoff v. Hartford Life & Accident Insurance Co. that...more

CFTC Faces Court Challenge to Cross-Border Guidance

The Securities Industry and Financial Markets Association (“SIFMA”), International Swaps and Derivatives Association (“ISDA”), and Institute of International Bankers (“IIB”) filed a suit against the CFTC in the U.S. District...more

CLO Risk Retention: Late-Season Predictions

For college football fans, the regular season is drawing to an end, which means it is time for the pundits to start breaking out the bowl game predictions. Of course the experts never get it fully correct (who could have...more

MoFo New York Tax Insights - Volume 4, Issue 12 - December 2013

In This Issue: Governor’s tax Reform Commission Issues Final Report; Third Department Affirms tribunal: Government Financing Arrangements Are not Investment Capital; Appellate Division holds taxpayer Failed to Prove...more

The PBGC Not Entitled to Administrative Deference for Involuntary Plan Termination

As we previously noted, the PBGC filed a complaint (E.D. Pa. Case No. 13-02069) to involuntarily terminate a defined benefit plan prior to a corporate transaction that would change the plan sponsor’s controlled group. The...more

FINRA Requests Comment on Revised Proposed Rules Governing Membership Applications

FINRA, in Regulatory Notice 13-29, requested comment on a revised proposal (the “Revised Proposal”) to transfer the NASD Rule 1010 Series (“Membership Proceedings Rules”), with substantive changes, into the consolidated FINRA...more

Third-Party Risk Management: Busting Myths and Telling Truths

A presentation for the American Conference Institute's 12th National Forum on Residential Mortgage Litigation & Regulatory Enforcement examining increased scrutiny by government regulators of third party vendor management...more

Legal Alert: Florida Announces DMF Search Requirement and Date-of-Death Dormancy Trigger

In an administrative declaratory ruling, the Florida Department of Financial Services (DFS) announced that Florida’s unclaimed property statute requires life insurers to search the Social Security Administration Death Master...more

Federal District Court Invalidates Application Of HUD Regulation Requiring Full Payment Of Reverse Mortgage From Surviving Spouses

On September 30, the U.S. District Court for the District of Columbia held that a HUD regulation defining conditions under which it would insure a reverse mortgage agreement, which would have made it easier for lenders to...more

Unclaimed Property Reporting - Are You In Compliance?

Most states require the holder of “abandoned” or “unclaimed” property to report (and remit) such property after the expiration of a certain number of years (the “holding period”). These “escheat” laws generally apply to any...more

Form 10s as Alternatives to Traditional IPOs – Interview with Bill Hicks, Member, Mintz Levin [Video]

Attorney Bill Hicks, Member of Mintz Levin's Corporate & Securities Practices, discusses the advantages of going public via a Form 10....more

Petition Questions Lack Of MTA Regulations

Soon, the Office of Administrative Law will decide whether it will determine the merits of a petition for review of underground regulations allegedly being enforced by the Department of Business Oversight (fka Department of...more

The Penalties Applicable to Legal Entities Convicted for Corruption under French Law - Are the Administrative Consequences the...

Under French law, an act of corruption is exclusively subject to criminal liability; there is no administrative liability. Specific rules of administrative laws, however, which provide that a company convicted by a final...more

U.S. Consumer Financial Protection Bureau Acts to Expand Its Authority Over Nonbank Consumer Financial Services Companies

The Consumer Financial Protection Bureau (“Bureau”), pursuant to its authority to extend its supervision to persons that offer or provide any consumer financial product or service that poses a risk to consumers, has adopted a...more

U.S. Senators Express Concern Over Manipulation of Electricity Markets and Request Information Regarding FERC Enforcement

On July 31, 2013, United States Senators Elizabeth Warren and Edward J. Markey submitted a letter to Federal Energy Regulatory Commission (“FERC”) Chairman Jon Wellinghoff, expressing serious concern over the apparent...more

D.C. Federal District Court Vacates Federal Reserve Board’s Interchange Fee Rule

On July 31, the U.S. District Court for the District of Columbia held that the Federal Reserve Board’s 2011 final rule implementing the so-called Durbin Amendment is invalid under the Administrative Procedures Act (APA). NACS...more

Ongoing Tension Between Filed-Rate And State Doctrines

In a Sept. 13, 2012 Competition Law 360 article, we discussed the Third Circuit’s opinion in McCray v. Fid. Nat’l Title Ins. Co., in which the Third Circuit applied the filed-rate doctrine to title insurers’ rate filings with...more

Is the State Holding Your Association’s Money?

Like many other states, Connecticut has appointed itself as the official “lost and found” for all money abandoned within the state’s borders. We’re not talking about coins dropped on a sidewalk. Abandoned money can include...more

SBA Rules: Investment Funds Can Now Be Majority Owners of SBIR Companies

The Small Business Administration (SBA) recently amended the rules relating to its Small Business Innovation Research (SBIR) program and Small Business Technology Transfer (STTR) program. The new SBA rules implement the...more

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