News & Analysis as of

Financial Services Report, Fall 2015

BELTWAY - Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more

SEC Proposes Clawback Rules—A Comprehensive Summary

The SEC has proposed new rules to implement Section 954 of the Dodd-Frank Act, which added Section 10D to the Securities Exchange Act of 1934. Section 10D requires the Commission to adopt rules directing the national...more

SEC Adopts New Rules for Security-Based Swap Market

On January 14, the SEC adopted new rules that will require security-based swap data repositories (SDRs) to register with the SEC and prescribe reporting and public dissemination requirements for security-based swap...more

New York, Zombie Debt and the CFPB

Earlier this month, New York adopted enhanced consumer debt collection regulations proposed by the New York State Department of Financial Services (NYDFS). The regulations, among other things, require debt collectors to...more

New Municipal Advisor Supervision Requirements Adopted

Rule G-44, proposed earlier this year by the Municipal Securities Regulation Board (MSRB) and approved by the Securities and Exchange Commission (SEC) this month, requires that municipal advisors develop internal supervisory...more

Credit Risk Retention Rules Finalized

Six federal agencies have finalized long-anticipated joint rules imposing risk retention, or “skin-in-the-game,” requirements for securitizations. The new rules, when they become effective over the next two years, will impose...more

SEC Adopts Credit Rating Agency Reform Rules

On August 27, 2014, the SEC adopted new rules for credit rating agencies implementing 14 rulemaking requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”). The new rules are designed...more

SEC Adopts Regulation AB II

On August 27, the Securities and Exchange Commission at an open meeting unanimously adopted Regulation AB II (Reg AB II). The final rule provides significant revisions to Regulation AB, which provides the rules regarding the...more

U.S. Basel III Final Rule and its Impact on the Securitization Framework

The three U.S. federal banking agencies (the “Agencies”) have adopted a final rule (the “Rule”) that implements the Basel III regulatory capital framework and comprehensively revises the regulatory capital requirements for...more

Obligations Under European Market Infrastructure Regulation Imminent

With certain EMIR provisions set to go live in September, both EU counterparties and many non-EU counterparties must take action to comply with risk management requirements, which involve some overlap with Dodd-Frank....more

Update! New JOBS Act Regulations

Several of our discussions have mentioned the SEC’s delay in adopting final implementing regulations under the JOBS Act of 2012, however, on September 23, 2013 a few new JOBS Act regulations will become effective to implement...more

OCC Issues Bulletin On Lending Limits Rule

On August 15, the OCC issued bulletin OCC 2013-17 regarding its final lending limits rule. In June 2012, the OCC promulgated an interim final rule to apply its existing lending limits rule to certain credit exposures arising...more

Dodd-Frank News: July 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases ..Dodd-Frank Act Amendments to RESPA ..Amendments to Preemption Standards ..Whistleblower Protection ..SEC Final Rule Pursuant to Dodd-Frank Act Vacated ...more

Financial Services Legislative and Regulatory Update -- July 22, 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; International; Miscellaneous; and Upcoming Hearings. Excerpt from Leading the Past Week - Yesterday marked the 3rd Anniversary...more

SEC Lifts Ban On General Solicitation, Adopts “Bad Actor” Disqualification Rules And Proposes Amendments To Form D Filings

On April 5, 2012, the Jumpstart Our Business Startups Act (the "JOBS Act") was enacted. The stated objective for the JOBS Act is to improve access to the public capital markets for startup and emerging companies and thus...more

CFPB Continues to Finalize Elements of “Points and Fees” Test as Implementation Date Draws Closer

The CFPB’s final ability-to-repay rule (Rule), issued January 10, 2013, implements Dodd-Frank mortgage reforms requiring creditors to make good faith determination that a consumer has reasonable ability to repay his or her...more

Banking Agencies Issue Final Basel III Capital Regulations

A new regulatory capital framework for US banks has been introduced by the issuance on July 2 of final capital regulations (the Final Regulation) for bank holding companies and state-chartered member banks by the Board of...more

Reminder: Exchange Requirements Governing Independence of Compensation Committee Advisers are in Effect as of July 1, 2013

As we previously reported, earlier in 2013 the Securities and Exchange Commission (the “SEC”) approved certain new listing requirements for the NYSE and NASDAQ effective July 1, 2013. The new listing requirements implement...more

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