In this issue;
- FINRA Reminds Firms of Their Obligations Regarding the Supervision of Registered Persons Using Senior Designations
- Broker Dealer and Investment Adviser Renewal Statements for 2012 Available on Web CRD/IARD
- Court Adopts Model Order on E-Discovery in Patent Cases for Litigation Between Competitors
- Court of Chancery Analyzes Class Conflicts for Certification
- IRS Reverses Position and Timing of Bonus Deductions
- Agencies Issue Statement to Clarify Supervisory and Enforcement Responsibilities For Federal Consumer Financial Laws
- European Parliament Passes Short Selling Regulation
- ESMA Publishes Final Advice on AIFM Directive Implementing Measures
An excerpt from "Agencies Issue Statement to Clarify Supervisory and Enforcement Responsibilities For Federal Consumer Financial Laws"
On November 17, a statement was issued by the Bureau of Consumer Financial Protection (CFPB), the three federal banking agencies, and the National Credit Union Administration that explains how the total assets of an insured bank, thrift or credit union will be measured for purposes of determining supervisory and enforcement responsibilities under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). Under section 1025 of the Dodd-Frank Act, the CFPB has exclusive authority to examine for compliance with federal consumer financial laws and primary authority to enforce those laws for institutions with total assets of more than $10 billion, and their affiliates. Section 1026 of the Dodd-Frank Act confirms that the four prudential regulators—the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency—will retain supervisory and enforcement authority for other institutions. The policy statement issued on November 17 clarifies the application of sections 1025 and 1026 of the Dodd-Frank Act by addressing two key matters: the measure to be used to determine asset size and the schedule for making such determinations...
Please see full newsletter below for more information.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.