Corporate and Financial Weekly Digest - October 19, 2012


In this issue:

- SEC Requires All EGC Non-Public Registration Statements to Be Filed Via EDGAR

- Trade Associations Sue SEC to Block Resource Extraction Disclosure Rules

- CBOE – New Order Origin Code for Joint Back Office Accounts

- SEC Proposes Rules for Security-Based Swap Dealers and Major Security-Based Swap Participants

- CFTC Issues Guidance in Conjunction with “Swap” Definition Effective Date

- CFTC Adopts Final Rules Incorporating Swaps into Existing Regulations

- CME Group to Offer Portfolio Margining for Certain Transactions

- ICE Futures U.S. Publishes Revised Pre-Execution Communications FAQs

- CFTC to Hold Open Meeting to Consider Proposed Customer Funds Protection Rules

- CFTC Provides Guidance on Bona Fide Hedging for Rule 4.5 Compliance

- Chancery Court Finds Fiduciary Duties Waived by Contract

- District Court Compels SEC to Produce Non-Public Documents

- Comptroller Curry Speaks to the ABA About the New Capital Proposals

- OCC Issues New Stress Testing Tools for Smaller Banks, Thrifts

- CFPB Proposes Making it Easier for Stay-at-Home Spouses and Partners to Get Credit Cards

- HM Treasury Consults on Financial Services Regulatory Changes

- UK Government Endorses All Recommendations of Wheatley LIBOR Review

- FSA Consults on Operation of FCA and Sets Out PRA’s Approach

An excerpt from "Comptroller Curry Speaks to the ABA About the New Capital Proposals"

On October 15, Comptroller of the Currency Thomas J. Curry spoke to bankers at the recently concluded American Bankers Association convention about the new capital proposals, and particularly about Basel III. His remarks, which were brief, are reprinted in their entirety below. They are worth reading, particularly as Comptroller Curry identified areas in which his agency may be more receptive to comments from community bankers. Those areas include accumulated other comprehensive income (AOCI), a concept which includes unrealized gains and losses on available for sale securities. While stating that both sides have compelling arguments, "[w]e recognize that the extra volatility that such an AOCI pass though would cause would be expensive and difficult to manage…." Comptroller Curry also identified another area of concern where industry comments will be closely listened to—mortgages...

Please see full newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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