Reporting Requirements

News & Analysis as of

Federal Reserve Orders Community Bank to Improve its BSA/AML Program

On June 23, the Board of Governors announced the execution of an enforcement action against a California-based community bank over BSA/AML deficiencies. According to the Cease and Desist Order, the deficiencies were...more

More Stringent "Significant Environmental Hazard" Reporting Requirements to Take Effect July 1, 2015

Despite recent lobbying by industry and other stakeholders for a postponement of its effective date, a law passed in 2013 (Public Act 13-308) will take effect on July 1, 2015 amending existing reporting requirements for...more

SEC Proposes New Reporting Requirements for Registered Funds

On May 20, 2015, the Securities and Exchange Commission (“SEC”) proposed rules, forms and amendments under the Investment Company Act of 1940 (the “1940 Act”) and related regulations (together, the “Proposed Amendments”) that...more

The SEC’s Proposed Reporting and Disclosure Changes: What Investment Companies and Advisers Should Know

On May 20, 2015, the Securities and Exchange Commission (“SEC”) issued a release proposing new rules and forms and amendments to existing rules and forms that would affect registered investment companies (the “Investment...more

Whistleblowing: An Employer’s Guide To Global Compliance

In This Issue: - Foreword - A Summary Across Five Continents - Law and Sanctions - The Legislative Framework: Whistleblower Protections Across the Globe - Global Differences: The Cultural...more

Update On Recent And Anticipated Federal Regulatory Developments

Federal white collar exemptions: According to the Department of Labor’s (“DOL”) most recent Semiannual Regulatory Agenda, proposed rules revising the regulations implementing the federal Fair Labor Standards Act (“FLSA”) are...more

AMF Publishes Reporting Obligations and Position Limits for Derivatives on Agricultural Commodities to Commence July 1

On June 15, the Autorité des Marches Financiers (AMF) published a statement that the reporting obligations position limits for agricultural commodity derivatives proposed in the Separation and Regulation of Banking Activities...more

SEC Proposes Significant Reporting Requirement Amendments to Form ADV

On May 20, 2015, the Securities and Exchange Commission (SEC) released several proposals, "Amendments to Form ADV and Investment Advisers Act Rules," that would require investment advisers to provide additional information on...more

Deadline Approaching for Submission of 2014 BEA Surveys of U.S. Direct Investment Abroad and Foreign Direct Investment in the U.S.

The Bureau of Economic Analysis (BEA) of the U.S. Commerce Department is conducting its quinquennial (every five years) survey of investment in foreign entities. The BE-10 Benchmark Survey (BE-10 Survey) is the most...more

FCPA Compliance and Ethics Report-Episode 172-Scott Killingsworth on Personal Liability of CCOs [Video]

In this episode I visit with Scott Killingsworth on the recent SEC enforcement action in the SFX matter. In that case, the SEC held the CCO personally liability. We discuss the underlying facts, prior SEC pronouncements the...more

ALJ Determines Taxpayer Settlement With the Internal Revenue Service Does Not Need to Be Reported to New York State

Taxpayers tend to face a difficult road when litigating tax disputes. We recently wrote about that here. It can be even more challenging, and costly, for taxpayers when they have to deal with more than one taxing authority on...more

Expanded HSR Antitrust Reporting for Pharma Licensing Deals Is Here to Stay

On June 9, 2015, the U.S. Court of Appeals for the D.C. Circuit, in its ruling in Pharm. Research & Mfrs. of Am. v. FTC, upheld the FTC's expansion of HSR reporting requirements for pharmaceutical companies, and solidified...more

FATCA: Making First Submissions and Maintaining Compliance

While the Foreign Account Tax Compliance Act (FATCA) became law in 2010, it has been slowly transitioning to implementation, with 2015 being the first year of required reportings. For anyone not familiar with the Act, FATCA...more

SEC Publishes 11 Regulation A+ CD&Is

The SEC has published 11 Compliance and Disclosure Interpretations related to Regulation A+ — numbered 182.01 through 182.11 under Securities Act Rules. Highlights are: - Twitter is allowed for testing the waters! ...more

CPSC Files Suit for Second Time in Three Months against a Company for Alleged Failure to Timely Report Defective Product

On Wednesday of last week, the Department of Justice (DOJ) and Consumer Product Safety Commission (CPSC) announced that a complaint has been filed in federal court against Spectrum Brands, Inc. (Spectrum). Notably, this is...more

CFTC Further Extends Valuation Data Reporting Relief for SDs and MSPs

The Commodity Futures Trading Commission’s Division of Market Oversight (DMO) has further extended no-action relief from the valuation data reporting requirements for cleared swaps under CFTC Regulation 45.4(b)(2)(ii)....more

June 30 Deadline: Foreign Financial Account and Asset Reporting Obligations

Do you maintain bank accounts outside the U.S.? Do you own any foreign financial assets, such as foreign stock or a loan to a foreign person? If you do, you should be aware that you may have extra reporting obligations to the...more

SEC Opens New Funding Options with Regulation A+

Regulation A+ goes into effect June 19, 2015, allowing funding of companies by non-accredited investors. Smaller companies can offer and sell up to $50 million of securities in a 12-month period, subject to eligibility,...more

Blog: This Year’s Conflict Minerals Filings Show Some Improvement, According To Early Review

An early review of conflict minerals filings for the 2014 reporting period shows improvement in “detail, clarity and quality,” according to this article in BNA. As reported by Elm Sustainability Partners, a conflict minerals...more

How Does the IRS Determine if Conduct is "Willful" or "Non-Willful"?

This Article is a guide for practitioners and taxpayers in deciding whether to apply for the streamline procedures of the IRS's Offshore Voluntary Disclosure Program ("OVDP"). The streamline procedures require a certification...more

MiFID II: The Next Big Challenge - Key Issues for Asset Managers

Background - The Markets in Financial Instruments Directive (“MiFID II”) and the related Regulation (“MiFIR”) is the next big rewrite of EU legislation, due to take effect at the beginning of 2017. Although its greatest...more

IRS Publishes FAQs Related to ACA Reporting for Employers

The Internal Revenue Service (IRS) recently published a set of questions and answers on its website providing additional guidance on ACA reporting obligations for employers. As we have written in previous alerts, these...more

Financial Services Weekly News Roundup - June 2015 #3

Regulatory Developments - CFTC Provides No-Action Relief from Introducing Broker and Commodity Trading Advisor Registration to Non-U.S. Persons Who Advise on or Facilitate Swaps Transactions for Certain International...more

U.S. SEC Approves Proposal to Modernize Investment Company Reporting Regime

The U.S. Securities and Exchange Commission (SEC or Commission) unanimously approved a proposal (Proposal) to modernize the reporting of information provided by registered investment companies (funds). Guided by the recent...more

Alert: Gainful Employment Regulations: Recent Updates from the Department of Education

The Department of Education published another announcement in its series of Electronic Announcements ("EAs") last week, as it prepares to implement the new Gainful Employment ("GE") regulations. Those regulations are...more

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