News & Analysis as of

MSRB Considering T+2 for Munis

The Municipal Securities Rulemaking Board, or MSRB, is seeking public comment on a proposal to facilitate shortening the settlement cycle for transactions in municipal securities in response to a securities industry-led...more

Financial Services Weekly News - November 2015

Regulatory Developments - Client Alert: SEC Issues New Guidance on Excluding Shareholder Proposals under Rule 14a-8: Goodwin Procter’s Capital Markets practice has released a client alert on the SEC’s Division of...more

SIFMA Urges Senate to Pass Cyber Sharing Bill

It seems as if every day there is a new report of a data breach or cyber attack. For the same reason that Willie Sutton robbed banks — “because that’s where the money is” — cyber criminals have been incessant in their...more

IRS Delays Effective Date for New Regulations on Embedded Loans in Swaps

The Treasury and the IRS have delayed implementation of the recently announced rule change that treats certain types of upfront payments on swaps as loans for federal income tax purposes (including for purposes of the...more

SEC Shows It’s Serious About Cyber Security

A week after OCIE announced it would conduct a second round of cyber-security exams, the Commission emphasized the issue by bringing an enforcement action against a non-custodial investment-adviser over a remediated data...more

OCIE to Conduct More Cybersecurity Exams

This week the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) announced a second-round of cybersecurity examinations, continuing its initiatives on the issue. The move follows the SEC’s: March 2014 roundtable...more

MSRB Proposes Further Changes to Municipal Advisor Conduct Rule

The MSRB responded August 12 to the SEC’s initiation of proceedings on proposed conduct standards for Municipal Advisors, filing some amendments to the proposed Rule. The MSRB’s Amendment No. 1: MSRB declined to make a number...more

The Financial Report - Volume 4, No. 11 • June 2015 (Global)

FRB will extend high-quality liquid asset status to some state and municipal bonds. The FRB has proposed a rule that would recognize certain general obligation state and municipal bonds meeting the same liquidity...more

The Battle Lines Continue to Form Over the DOL’s Fiduciary Proposal

Earlier this month, the Securities Industry and Financial Markets Association (“SIFMA”) released its “Proposed Best Interests of the Customer Standard for Broker-Dealers” – an alternative to the U.S. Department of Labor’s...more

Concerns Mount over Department of Labor’s Proposed Fiduciary Rule

The Department of Labor (“DOL”) released a controversial proposed rule on April 20, 2015, that seeks to expand fiduciary duties in the context of retirement-investment advice. Specifically, the proposed rule would rework a...more

FINRA is Apparently Holding its CARDS

Broker-dealers appear to have succeeded, at least for now, in beating back FINRA’s proposal to capture extensive amounts of data through electronic means....more

Tax Policy Update

NUMBER OF THE WEEK: $9.6 Billion. The total amount that the federal government could save over 10 years under the PTC Elimination Act (H.R. 1901) – a bill that would phase out and repeal the renewable energy production tax...more

Heard at the SIFMA Conference

Recently, partners from K&L Gates’ Government Enforcement, Broker-Dealer and Investment Management practice groups attended the Securities Industry and Financial Markets Association’s (“SIFMA”) Compliance and Legal Society...more

Tax Policy Update

NUMBER OF THE WEEK: $23 Billion. The total revenue generated by the additional Medicare tax and the net investment income tax used to pay for the Affordable Care Act. The total exceeds the Joint Committee on Taxation’s 2010...more

Financial Services Weekly News Roundup - March 2015 #4

Focus on Fiduciary Standards. In February the President’s Council of Economic Advisers (CEA) issued a Report on the Effects of Conflicted Investment Advice on Retirement Savings. In its conclusion, the Report estimated the...more

CFTC Responds to District Court’s Remand Order on Certain Cross-Border Swaps Rules

On March 10, the Commodity Futures Trading Commission released an initial response to the order of the US District Court for the District of Columbia in SIFMA v. CFTC remanding eight swaps-related rulemakings to the CFTC. As...more

CFTC Solicits Public Comment on Swaps-Related Rulemakings in Response to U.S. District Court Order

On March 10, the CFTC issued a request for comment in response to an order issued by the U.S. District Court for the District of Columbia in the matter Securities Industry and Financial Markets Association, et al. v. United...more

Securities Trade Association Voices Support for Application of Gabelli Decision to All SEC Enforcement Actions

In a recently filed amicus brief, the Securities Industry Financial Markets Association (“SIFMA”), which represents the interests of securities firms, banks, and asset managers, urged the Eleventh Circuit Court of Appeals to...more

How Many SARs Does It Take to Find Yourself in Regulators' Crosshairs? Answer: None

Securities and Exchange Commission (“SEC”) Enforcement Division Director Andrew Ceresney, recently drew attention when he announced that the SEC intends to include among its enforcement priorities compliance with the Bank...more

“No News Is Bad News” on BSA Compliance

Addressing SIFMA’s Anti-Money Laundering (“AML”) conference Wednesday, SEC Enforcement Director Andrew Ceresney said that – when it comes to AML – the lack of red flags itself is a red flag....more

SIFMA Gets Its Cybersecurity-Antitrust Wish

I’m sure you remember SIFMA’s Principles for Effective Cybersecurity Regulatory Guidance, issued last October. I mean, you read about them right here. One of the principles was this: Principle 9: Information Sharing...more

What General Counsel Need To Know About The Latest Cybersecurity Developments

In the wake of reported security breaches at a number of significant financial institutions, cybersecurity is garnering more attention and concern than ever before — both within the financial services industry and among...more

Financial Services Weekly News Roundup - February 2015

Editor’s Note - CFTC Commissioner Giancarlo Proposes “Pro-Reform Reconsideration” of the Swaps Trading Rules. On January 29, CFTC Commissioner J. Christopher Giancarlo published a whitepaper titled “Pro-Reform...more

Broker-Dealers Face Unique Challenges Under Unclaimed Property Laws, Says New SIFMA White Paper

On January 23, 2015, the Securities Industry and Financial Markets Association (SIFMA) released a new white paper outlining the unique and varied challenges broker-dealers face when complying with state unclaimed property...more

CFTC Grants No-Action Relief to Commodity Pool Operators with Respect to Certain Insurance-Linked Securitization Vehicles

Toward the end of 2014, the staff of the Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) issued two letters affecting insurance-linked securitization vehicles: CFTC...more

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