Corporate and Financial Weekly Digest – January 13, 2012


In this issue;

- SEC Releases Updated Schedule to Implement Certain Provisions of the Dodd-Frank Act

- SEC's Division of Corporation Finance Issues Guidance Regarding Disclosure Relating to Exposures to Certain European Countries

- Commodity Futures Trading Commission Adopts Additional Dodd-Frank Act Rules

- Final Rules on Protection of Cleared Swaps Customer Contracts and Collateral and Amendments to the Commodity Broker Bankruptcy Provisions

- Final Rules Regarding Business Conduct Standards for SDs and MSPs

- Final Rules Regarding Registration of Swap Dealers and Major Swap Participants

- CFTC Order Authorizing NFA to Perform SD and MSP Registration

- Proposed Rules to Implement Volcker Rule

- Adverse Domination Statute of Limitations Doctrine Limited

- Indemnification Extended to Officer’s Post-Employment Actions

- OCC Rescinds Supervisory Guidance Issued by OTS

- SEC's Division of Corporation Finance Issues Guidance Regarding Disclosure Relating to Exposures to Certain European Countries

- CFPB Release Mortgage Origination Examination Procedures

- Retirement Plan Fee Disclosure Rules Expected to Be Effective April 1, 2012

An excerpt from "Final Rules Regarding Business Conduct Standards for SDs and MSPs"

The Commodity Futures Trading Commission adopted final rules implementing business conduct standards rules for swap dealers (SDs) and major swap participants (MSPs) (collectively, SDs/MSPs), regulating their dealings with counterparties and additional requirements when they deal with “Special Entities,” which the final rules define to include: (1) a Federal agency; (2) a State, State agency, city, county, municipality, or other political subdivision of a State, or any instrumentality, department, or a corporation of or established by a State or political subdivision of a State; (3) any employee benefit plan subject to Title I of the Employee Retirement Income Security Act of 1974 (ERISA); (4) any governmental plan, as defined in Section 3 of ERISA; (5) any endowment, including an endowment that is an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986; or (6) any employee benefit plan defined in Section 3 of ERISA, not otherwise defined as a Special Entity, that elects to be a Special Entity by notifying an SD/MSP of its election prior to entering into a swap with the particular SD/MSP.

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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