Corporate and Financial Weekly Digest - February 3, 2012


In this issue;

- NYSE Restricts Broker Discretionary Voting

- Delaware Chancery Court Provides Clarity on Default Fiduciary Duties Owed by a Manager of a Limited Liability Company

- Joint Report to Congress on International Swap Regulation

- Approval of Proposed Rule Change to Increase the Trading Activity Fee Rate for Transactions

- Approval of Proposed Rule Change to Adopt FINRA Rule 3230 (Telemarketing) in the FINRA Consolidated Rulebook

- SEC Provides Guidance on Umbrella Registration of Investment Advisers

- D.C. District Court Holds Plaintiff to a Demanding Standard and Denies Class Certification Based on Inability to Establish Common Damages

- New York District Court Applies a More Relaxed Standard and Certifies Two Classes in an Antitrust Class Action

- CFPB Amends Complaint Manual; Banks Will Be Subject to Public Complaints on Credit Cards

- FDIC to Host Conference on "The Future of Community Banking"; Scheduled Speakers Include Bernanke, Gruenberg

- FDIC To Require Stress Tests For Institutions With Over $10 Billion in Assets

- FTC Announces New Filing Thresholds for Hart Scott Rodino Notifications

- DOL Expects to Focus on Health Care and Fiduciary Issues in Coming Months

- DOL Issues Final Service Provider Disclosures Regulation

- FSA Issues Guidance on Reviews of Counterparty Credit Risk Management by CCPs

- FSA Fines Compliance Officer And Trader in Connection With Market Abuse Case

- ESMA Consults on Guidelines for ETFs and Other UCITS Issues

An excerpt from "CFPB Amends Complaint Manual; Banks Will Be Subject to Public Complaints on Credit Cards"
The Consumer Financial Protection Bureau (CFPB), which has been taking complaints from consumers over its internet page, has updated its Complaint Systems Manual. The manual addresses how institutions should handle complaints received from consumers on credit cards and mortgages. (The CFPB plans on expanding the range of products about which consumers may complain.) In addition to more detail, the updated manual now allows an institution 15 days instead of 10 within which to give an initial response to a complaint, although the CFPB made it clear that this expected timeframe would not supersede any laws that require an earlier response. The CFPB also indicated it would be more likely to take enforcement action if an institution did not respond within 30 days of receiving the complaint, or if a response was "in progress' for more than 60 days.

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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