The SEC adopted new rules and rule amendments (collectively, the “Final Rules”) that impose a range of additional requirements on credit rating agencies registered as nationally recognized statistical rating organizations...more
The SEC announced that it adopted new rules and rule amendments (collectively, the “Final Rules”) that revise the offering process, disclosure and reporting requirements for publicly-offered asset-backed securities (“ABS”). ...more
The SEC announced an initiative in which its Office of Compliance Inspections and Examinations (OCIE) plans to examine a significant percentage of newly registered municipal advisors over the next two years using an approach...more
In remarks delivered to the FRB’s Third Annual Stress Test Modeling Symposium FRB Governor Daniel K. Tarullo focused on the “qualitative assessment of [large] firms’ capital planning processes” that the FRB conducts “in...more
The FRB issued a notice of proposed rulemaking (the “Proposed Rule”) that would implement section 622 (“section 622”) of the Dodd-Frank Act, which established a financial sector concentration limit (the “Concentration Limit”)...more
The SEC’s Office of Municipal Securities has updated its frequently asked questions (the “FAQs”) that present its views regarding various aspects of the SEC’s municipal advisor registration rules (the “Final Rules”). (See...more
The SEC adopted amendments to the expiration dates of certain interim final rules adopted in July 2011. The interim final rules provide exemptions under the Securities Act of 1933, the Securities Exchange Act of 1934, and...more
In testimony before the Senate Banking Committee on February 6, FRB Governor Daniel Tarullo set forth the FRB’s top regulatory priorities for 2014. While Governor Tarullo noted the recent progress in implementing the...more
The Federal Reserve Board, the OCC, the FDIC, the SEC and the CFTC (collectively, the “Agencies”) adopted an interim final rule (the “Interim Rule”) that provides relief from certain requirements of the Volcker rule for...more
1/15/2014
/ Bank Holding Company Act ,
Banks ,
CFTC ,
Collateralized Debt Obligations ,
Compliance ,
Dodd-Frank ,
FDIC ,
OCC ,
Securities and Exchange Commission (SEC) ,
Trust Preferred Securities ,
Volcker Rule
The FRB, the FDIC, and the OCC (the “Agencies”) issued a joint FAQ clarifying certain aspects of the treatment of interests in collateralized debt obligations backed by trust preferred securities (“TruPS CDOs”) under the...more
12/27/2013
/ Banking Sector ,
Collateralized Debt Obligations ,
Dodd-Frank ,
FDIC ,
Financial Regulatory Reform ,
FRB ,
Investment Funds ,
OCC ,
Securities ,
Trust Preferred Securities ,
Volcker Rule
Fulfilling a mandate under the Dodd-Frank Act, the Federal Insurance Office (“FIO”) of the Department of the Treasury issued a report to Congress on how to modernize and improve the system of insurance regulation in the...more
The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Securities and Exchange Commission jointly adopted and the Commodity Futures Trading Commission...more
12/13/2013
/ Banks ,
CFTC ,
Dodd-Frank ,
FDIC ,
Federal Reserve ,
Hedge Funds ,
Market Making ,
OCC ,
Private Equity ,
Proprietary Trading ,
Securities and Exchange Commission (SEC) ,
Volcker Rule
The Treasury’s Office of Financial Research (the “OFR”) delivered a report to the Financial Stability Oversight Council (the “FSOC”) discussing ways that activities in the asset management industry might create, amplify, or...more
The SEC issued final rules requiring the registration of municipal advisors in SEC Release No. 34-70462 (the “Release”). The rules implement Section 975 of the Dodd-Frank Act, which amended Section 15B of the Securities...more
By a 3-2 margin, the SEC voted to issue a proposal that would amend Item 402 of Regulation S-K to require an issuer to disclose (1) the median of the annual total compensation of all its employees other than its CEO, (2) the...more
On August 28, 2013, the FDIC, OCC, FRB, SEC, Federal Housing Finance Agency, and Department of Housing and Urban Development (collectively, the “Agencies”) issued a second Notice of Proposed Rulemaking (the “revised...more
9/3/2013
/ Asset-Backed Securities ,
Commercial Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
FDIC ,
FRB ,
OCC ,
Qualified Mortgage Rule ,
Risk Retention ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act