Guidance Update

News & Analysis as of

FSB releases resolvability measures

FSB has published two guidance papers and three consultations as part of its policy to end “too big to fail” and work towards resolvability of all financial institutions that could be systemic if they fail. It has...more

Trade & Manufacturing - News of Note - November 2015

GSP Program Review Results in Changes to Covered Products and Countries - In late September, the Office of the United States Trade Representative announced the outcome of the Generalized System of Preferences (GSP)...more

Comments on the USPTO's Subject Matter Eligibility Guidance -- BSA

On July 30, 2015, the U.S. Patent and Trademark Office updated its subject matter eligibility guidance ("July Update"). In the July Update, the Office provided recommendations and resources for examiners in addition to those...more

EBA updates single rulebook Q&A

EBA has added five new items to its single rulebook Q&A....more

MoFo Tax Talk - Volume 8, No. 3

Final and Temporary Dividend Equivalent Regulations Issued – Some Good, Some Bad, And Some Ugly: On September 17, 2015, the Internal Revenue Service (“IRS”) released final and temporary regulations under Section 871(m),...more

Comments on the USPTO's Subject Matter Eligibility Guidance -- The ABA

On July 30, 2015, the U.S. Patent and Trademark Office updated its subject matter eligibility guidance ("July Update"). The update provided recommendations and resources for examiners in addition to those in the Office's...more

A Compilation of Enforcement and Non-Enforcement Actions

Non-Enforcement - SEC Decides Against Mounting an Appeal in Koch Ruling - The July 2015 ruling by the D.C. Circuit Court in Koch v. SEC will apparently not be challenged by the SEC. The Court ruled in that...more

IRS Encourages Private Foundations to Consider Charitable Purposes in Investing Its Assets

As we previously reported, the IRS has updated its guidance with helpful examples concerning program-related investments for private foundations. In its recently issued Notice 2015-62, the IRS provides further assurance that...more

Clean Power Plan: EPA Provides Guidance on Initial Submittals and Extension Process

The Environmental Protection Agency's (EPA) Office of Air Quality Planning and Standards has issued a memorandum providing direction to the states interested in seeking a two-year extension of time in which to develop and...more

What the Recent NAIC Financial Condition Examiners Handbook Changes Mean for Insurers

On September 21, 2015, the National Association of Insurance Commissioners (NAIC) IT Examination Working Group adopted amendments to the IT section of the Financial Condition Examiners Handbook (“the Handbook”). The changes...more

Transitional period and initial supervisory practice over TRID

The CFPB sent industry trade groups a letter on October 1, 2015 to address the approach of the Federal Financial Institutions Examination Council (FFIEC) member agencies during the initial months following the implementation...more

Overview of Comments on the USPTO's July 2015 Update to the Interim Examination Guidance

In late July, the USPTO issued its July 2015 Update to the 2014 Interim Section 101 Patent Eligibility Guidance (IEG). The July 2015 Update addresses a number of the issues and concerns raised in the public comments to the...more

OCC Rescinds Capital Guidance

On October 14, the Office of the Comptroller of Currency (OCC) formally rescinded capital guidance that it had previously issued. The guidance became outdated or superseded, according to the OCC, due to the issuance of the...more

FCA and Treasury seek advice views

FCA and Treasury have launched a call for input seeking views on how to improve customer access to financial advice. The consultation focuses on: - what kind of financial advice consumers want...more

Certain Uncertainty: The Future Of Computer Software Patents

LIFE AFTER ALICE ... THE STORY SO FAR - Since the Alice decision came down last June, the world of computer software patents has been upended, both in litigation and in prosecution. In the realm of prosecution, patent...more

Financial Services Quarterly Report - Third Quarter 2015: Developing and Maintaining a Modern U.S. Compliance Program

When the SEC adopted Rules 38a-1 under the Investment Company Act of 1940 (Investment Company Act) and 206(4)-7 under the Investment Advisers Act of 1940 (Advisers Act) in 2003 – which required registered funds and registered...more

FASB Updates Materiality Guidance

The Financial Accounting Standards Board ("FASB") recently issued both a proposed Accounting Standards Update ("ASU") and a proposed concepts statement that address the issue of materiality in financial reporting. These...more

U.S. Coast Guard Revises Policy on Extensions for the Installation of Ballast Water Treatment Systems

Action Item: The U.S. Coast Guard issued a new policy letter that streamlines the process for vessel owners and operators to apply for an extension to their compliance date for installing ballast water treatment systems....more

Federal Agencies Announce Steps to Expedite Reviews of Infrastructure Projects

On September 22, the Administration announced two new policies that will facilitate a more transparent and efficient permitting and review process for complex infrastructure projects. First, federal agencies announced...more No 2015 Employer Subsidy Notices

On September 18, 2015, the Centers for Medicare and Medicaid Services (CMS) published a set of “Frequently Asked Questions Regarding the Federally-Facilitated Marketplace’s (FFM) 2016 Employer Notice Program.”...more

DOJ Provides Guidance on Prosecution of Individuals

The Department of Justice (DOJ) long has required entities seeking credit for cooperating with its investigations to provide what it terms “full and truthful” cooperation. In policies memorialized over time, DOJ has been...more

IRS Provides Updated Guidance on Electronic Filing of ACA Information Returns

As 2016 approaches, the IRS is issuing more detailed guidance on how employers will need to comply with the upcoming ACA information reporting requirements. As a reminder, the ACA information reporting rules require employers...more

USPTO Releases Update on Subject-Matter Eligibility: July 2015 Update on Subject Matter Eligibility

On July 30, 2015, the U.S. Patent and Trademark Office (USPTO) released an update to the 2014 Interim Guidance on Patent Subject Matter Eligibility (the interim guidelines) (See IP Update, Vol. 17, No. 12.) The update is...more

DOL Clarifies Fiduciary Duties for Defined Contribution Plan Sponsors Offering Annuity Contracts

The availability of annuity options under defined contribution plans has increased in recent years due to the shift from defined benefit to defined contribution plans. Fiduciaries, however, are often concerned with potential...more

FDA Regulatory and Compliance Monthly Recap — August 2015

OPDP warns Duchesnay over Kim Kardashian’s social media endorsement of morning sickness drug - The regulator issued a warning letter stating Kardashian’s endorsement of the company’s Diclegis pill on social media was...more

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