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SEC Staff Issues New Guidance Requiring Companies to Disclose Cryptocurrency Risks

The staff of the SEC’s Division of Corporation Finance (Division) on December 8, 2022 released guidance for companies issuing securities in an illustrative letter, entitled “Sample Letter to Companies Regarding Recent...more

White House Releases Fact Sheet on Digital Asset Development

The White House released a fact sheet on September 16, 2022, issuing the “First-Ever Comprehensive Framework for Responsible Development of Digital Assets” (Fact Sheet), which provides insight into the federal government’s...more

Federal Reserve Board of Governors Issues Guidelines for Federal Reserve Account Service Access and Additional Crypto-Related...

The Board of Governors of the Federal Reserve System (Federal Reserve) approved final guidelines (Guidelines) on August 15, 2022, to be used by Federal Reserve Banks (Reserve Banks) to evaluate requests to use accounts and...more

FDIC Issues Cease and Desist Letter to Voyager Digital, LLC; Fact Sheet on Deposit Insurance and Cryptocurrency

The Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System (Board of Governors) issued a joint letter (Joint Letter) on July 28, 2022, to Voyager Digital, LLC and its related entities...more

New York State Department of Financial Services Issues Guidance Addressing USD-Backed Stablecoins; Proposed Responsible Financial...

DFS Guidance - The New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris issued new DFS Regulatory Guidance (Guidance) on June 8, 2022, setting foundational criteria for USD-backed...more

A U.S. Central Bank Digital Currency? The Federal Reserve Opens the Discussion

The Board of Governors of the Federal Reserve on January 20, 2022, published a discussion paper (the “Paper”) concerning the possibility of creating a central bank digital currency (“CBDC”). The Paper discusses the uses,...more

President’s Working Group on Financial Markets Issues Report on Stablecoins

The President’s Working Group on Financial Markets (PWG), joined by the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency (OCC), released a Report on Stablecoins (Report) on November 1,...more

SEC Rulemaking: Good Faith Determinations of Fair Value Under the Investment Company Act

The U.S. Securities and Exchange Commission on December 3, 2020 adopted a long-anticipated rule for the fair valuation of fund investments. Rule 2a-5 under the Investment Company Act of 1940 (final rule or rule): defines...more

OCC and SEC Staff Issue Statements on Stablecoin Reserves

The Office of the Comptroller of the Currency published an interpretive letter on September 21, 2020 (Letter), confirming that national banks and federal savings associations (together, banks) may hold “stablecoin” reserves...more

Community Development Financial Institutions – Opportunities for Managers of Loan Funds and Venture Capital Funds

Community Development Financial Institution (CDFI) certification is awarded to “community-based organizations that seek to expand economic opportunity in low-income communities and provide financial products and services to...more

OCC Allows National Banks to Custody Cryptocurrency

The Office of the Comptroller of the Currency (OCC) issued an interpretive letter (Letter) on July 22, 2020, stating that national banks and federal savings associations have the authority to provide custody services for...more

Federal Agencies Adopt Amendments to Volcker Rule

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation, the Securities and Exchange Commission and the Commodity Futures Trading...more

FRBNY, Yet Again, Revises the TALF 2.0 Frequently Asked Questions

Introduction - As the reinstated Term Asset-Backed Securities Loan Facility program (“TALF 2.0”) opened, the Federal Reserve Bank of New York (the “FRBNY”) continues to revise the TALF 2.0 program details, changing the...more

Federal Regulators to the Rescue? The OCC Adopts Rule to Address Madden Risk

In an effort to address the uncertainty created by the U.S. Second Circuit Court of Appeal’s holding in Madden v. Midland Funding, on May 29, 2020, the Office of the Comptroller of the Currency (OCC) adopted a final rule...more

FRBNY Further Revises TALF 2.0 FAQs; SEC Issues No-Action Relief for Registered Fund and BDC Participants

Introduction - As market participants prepare for the launch of the latest version of the Term Asset-Backed Securities Loan Facility (“TALF”) program (“TALF 2.0”), two new developments provide greater clarity as to how the...more

Federal Reserve Announces First Subscription Date of June 17, 2020 for the Term Asset-Backed Securities Loan Facility, Further...

On May 20, 2020, the Federal Reserve Board of Governors (the “Fed”) and the Federal Reserve Bank of New York (the “FRBNY”) announced the first subscription date of June 17, 2020 for funding under the Term Asset-Backed...more

Federal Reserve Further Revises Term Sheet and Releases FAQ for the Term Asset-Backed Securities Loan Facility (TALF 2.0)

On May 12, 2020, the Federal Reserve Board of Governors (the “Fed”) and the Federal Reserve Bank of New York (the “FRBNY”) released an updated term sheet (the “New Term Sheet”) and Frequently Asked Questions (the “TALF FAQs”)...more

Federal Reserve Releases FAQ for the Primary Market Corporate Credit Facility (PMCCF)

On May 4, 2020, the Federal Reserve Bank of New York (the “Federal Reserve”) released Frequently Asked Questions (the “FAQs”) regarding the Primary Market Corporate Credit Facility (“PMCCF”) program, providing greater detail...more

SEC Takes Targeted Action to Assist BDCs in Light of COVID-19 Coronavirus Pandemic

The Securities and Exchange Commission issued an order on April 8, 2020, providing relief to business development companies whose operations may be affected by the COVID-19 coronavirus outbreak (Order). In the Order, the SEC...more

Overview of Selected Provisions of the U.S. Coronavirus Aid, Relief, and Economic Security (CARES) Act

The Coronavirus Aid, Relief, and Economic Security Act was passed by the Senate on March 25, 2020 and passed by the House of Representatives on Friday, March 27, when it was then signed into law by President Trump. The CARES...more

U.S. Government Non-Legislative COVID-19 Coronavirus Response Initiatives

Several federal agencies have announced various measures to help the United States respond to the economic dislocations from the COVID-19 coronavirus pandemic. This Dechert OnPoint summarizes several significant initiatives...more

Federal Banking Agencies Provide Temporary Relief from Compliance with Regulation O for Investment Advisers to Large Fund...

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (Federal Banking Agencies) on December 27, 2019 provided temporary relief from...more

Federal Regulators to the Rescue? The OCC and FDIC Propose Rules to Address Madden Risk.

With the hope of finally addressing the uncertainty created by the U.S. Second Circuit Court of Appeal’s holding in Madden v. Midland Funding,1 the Office of the Comptroller of the Currency (OCC) and the Federal Deposit...more

Federal Reserve Proposes Revisions to its Control Framework: Implications for Asset Managers and Other Bank Investors

The Federal Reserve Board (FRB) recently issued a proposed rule that would codify and clarify when a company is presumed to have a controlling influence over the management and policies of a second company (Proposed...more

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