News & Analysis as of

No-Action Relief

SEC Staff Extends Effectiveness of No-Action Relief on Auditor Independence and the “Loan Provision”

by Dechert LLP on

The U.S. Securities and Exchange Commission’s Division of Investment Management (SEC Staff) on September 22, 2017 extended indefinitely the effectiveness of no-action relief granted a year earlier with respect to the...more

Auditor Independence No-Action Relief Extended

In a letter dated September 22, 2017, the SEC staff agreed to extend previous relief that enables registered fund groups to fulfill regulatory requirements under Regulation S-X if the accounting firm auditing the funds’...more

Corporate and Financial Weekly Digest - Volume XII, Issue 36

SEC/CORPORATE - Implementation of Pay Ratio Disclosure Requirement Not Expected to Be Delayed - On September 15, at the ABA Business Law Section Annual Meeting, the Securities and Exchange Commission (SEC) Division of...more

The Financial Report, Vol. 6, No. 17

by DLA Piper on

The juxtaposition of items in the financial news is always fascinating. Earlier this week, an article appearing in the Wall Street Journal stated that state legislatures are moving to bolster investor protections due to...more

CFTC Staff Provides Relief from Position Limit Aggregation Rules, Including August 14, 2017 Filing Deadline

by Ropes & Gray LLP on

Just days before a new notice filing requirement for certain position limit aggregation exemptions was to take effect, on August 10, 2017 the staff of the U.S. Commodity Futures Trading Commission (the “CFTC”) Division of...more

Blog: Corp Fin Refuses To Allow Exclusion Of New Form Of Proxy Access Fix-It Proposal

by Cooley LLP on

It ain’t over till it’s over, as they say. You may have thought that, after the series of staff no-action positions allowing exclusion of so-called “fix-it” proposals during the last proxy season, we had seen the last of...more

CFTC Staff Extends Time-Limited No-Action Relief on the Applicability of Transaction-Level Requirements in Certain Cross-Border...

On July 25, 2017, the U.S. Commodity Futures Trading Commission (the “CFTC“) “issued a time-limited no-action letter that extends relief to swap dealers [] registered with the CFTC that are established under the laws of...more

US Banking Agencies Provide Temporary Relief Under the Volcker Rule to Foreign Banks With Respect to Certain Foreign Private...

by Shearman & Sterling LLP on

The US federal banking agencies with responsibility for enforcing the Volcker Rule have issued temporary one year no-action relief with respect to certain private non-US investment funds that are not “covered funds” for...more

Federal Banking Agencies Announce No-action Position on Certain Foreign Excluded Funds Under the Volcker Rule

by Morrison & Foerster LLP on

Section 13 of the Bank Holding Company Act of 1956, as amended, and its implementing regulations (the “Volcker Rule”) generally prohibit a “banking entity” from engaging in proprietary trading and from investing in,...more

Corporate and Financial Weekly Digest - Volume XII, Issue 26

SEC/CORPORATE - SEC Expands Nonpublic Review of Draft Registration Statements - On June 29, the Division of Corporation Finance (Division) of the Securities and Exchange Commission announced that, beginning on July 10,...more

Corporate and Financial Weekly Digest - Volume XII, Issue 21

SEC/CORPORATE - Delaware Chancery Court Decision Demonstrates Continuing Risk to “Appraisal Arbitrage” In a stark application of the adage that one should be careful what one wishes for—because one may get it—on May 30,...more

Corporate and Financial Weekly Digest - Volume XII, Issue 19

BROKER-DEALER - FINRA Requests Comment on Rules Governing Employees’ Outside Business Activities - On May 15, as part of a new review, the Financial Industry Regulatory Authority requested public comment on the...more

Corporate and Financial Weekly Digest - Volume XII, Issue 17

SEC/CORPORATE - On May 4, Jay Clayton was sworn into office as the new chairman of the Securities and Exchange Commission. As discussed in the January 6 edition of the Corporate & Financial Weekly Digest, Mr. Clayton was a...more

Financial Services Weekly News - May 2017

by Goodwin on

Editor's Note - In This Issue. The Senate confirmed Jay Clayton as the new chairman of the U.S. Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC) released its final handbook for...more

Derivatives In Review - May 2017

CME and LCH Amend Rulebooks on Variation Margin - Market participants historically have characterized cleared derivatives as being "collateralized-to-market", treating variation margin transfers as daily collateral...more

Corporate and Financial Weekly Digest - Volume XII, Issue 15

CFTC - CFTC Extends Previously Granted No-Action Relief for Swap Dealers Complying With EU Requirements - On April 18, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight...more

SEC Staff Issues No-Action Relief on the Use of Standing Letters of Instruction and Related Guidance for Investment Advisers

by Dechert LLP on

The staff of the Division of Investment Management (Staff) of the U.S. Securities and Exchange Commission (SEC) released three related matters of guidance on February 21, 2017, which provide additional clarity to...more

Cross Border Master-Feeder Arrangements: SEC Staff Slightly Expands Utility of Offshore Feeders for Global Investment Management...

by K&L Gates LLP on

On March 8, 2017, the staff of the Securities and Exchange Commission (“SEC”) granted no-action relief that potentially will permit global investment management firms to offer U.S. registered open-end management investment...more

Corporate and Financial Weekly Digest - Volume XII, Issue 13

SEC/CORPORATE - SEC Adopts Technical Amendments to JOBS Act Rules On March 31, the Securities and Exchange Commission adopted technical amendments to rules adopted by the SEC under the Jumpstart Our Business...more

Corporate and Financial Weekly Digest - Volume XII, Issue 12

BROKER-DEALER - FINRA Issues Regulatory Notice on GASB Accounting Support Fee - The Financial Industry Regulatory Authority announced that it will collect a total of $8,309,000 in 2017 from its member firms as part...more

Blog: SEC Continues To Grant No-Action Relief In Connection With Proxy Access Fix-It Proposals

by Cooley LLP on

The SEC has posted a number of additional Corp Fin responses to requests for no-action, as well as to requests for reconsideration of previous denials of relief, regarding shareholder proposals to amend proxy access bylaws,...more

US and EU Regulators Provide Relief for Compliance with Variation Margin Requirements

by White & Case LLP on

The CFTC, the Federal Reserve Board and the Office of the Comptroller of the Currency have taken action to extend the period during which Swap Dealers can comply with the requirement to post and collect variation margin under...more

Blog: Another Theory On Corp Fin’s Position On Proxy Access Fix-It Proposals

by Cooley LLP on

Corp Fin has refined its position with regard to exclusion of proposals to amend existing proxy access bylaws. However, the basis for the staff’s determination to grant or refuse no-action relief in that context remains a...more

Derivatives: Non-Cleared Swaps Variation Margin Update – Limited Relaxed Enforcement by the CFTC, Prudential Regulators and...

by Liskow & Lewis on

Recently, the U.S. Commodity Futures Trading Commission (“CFTC”), the U.S. Prudential Regulators and the European Supervisory Authorities (“ESAs”) have offered limited relief from or guidance for relaxed enforcement of...more

SEC Grants Limited Relief from the Custody Rule for Advisers Relying on Clients’ Standing Letters of Instruction

In a letter to the Investment Adviser Association (IAA), the Staff of the Division of Investment Management said that investment advisers acting pursuant to a standing letter of instruction or other similar asset transfer...more

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