Regulatory Developments -
FDIC Rule Amends Filing Requirements and Processing Procedures for Changes in Control -
On Dec. 16 the FDIC announced the adoption of a final rule amending the FDIC's filing requirements...more
12/23/2015
/ Accredited Investors ,
Bank Secrecy Act ,
Banking Sector ,
Change in Control ,
Enforcement Actions ,
FDIC ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinCEN ,
Fraud ,
OCC ,
Securities and Exchange Commission (SEC)
Regulatory Developments -
FINRA Proposes to Adopt Capital Acquisition Broker Rules -
On Dec. 4 FINRA filed with the SEC a proposal to create a separate rule set that would apply to firms that meet the definition of...more
12/10/2015
/ Capital Raising ,
Community Banks ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
EU ,
European Commission ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Industry Regulatory Authority (FINRA) ,
Holding Companies ,
Prospectus ,
Securities and Exchange Commission (SEC)
Regulatory Developments -
SEC Grants Exemption from Registration as a Clearing Agency to Two Matching Service Providers -
On Nov. 24 the SEC approved applications by Bloomberg STP LLC and SS&C Technologies, Inc....more
12/4/2015
/ Broker-Dealer ,
Comment Period ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
FinCEN ,
MSRB ,
Municipal Advisers ,
No-Action Letters ,
NYDFS ,
Registration Requirement ,
Securities and Exchange Commission (SEC) ,
Waiting Periods
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
11/5/2015
/ Banking Sector ,
Broker-Dealer ,
Exemptions ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Global Systemically Important Financial Institutions (GSIFI) ,
Interim Rule ,
Management Proposals ,
Margin Requirements ,
Ordinary Business Exception ,
Proposed Regulation ,
RAISE Act ,
Recordkeeping Requirements ,
Regulation SCI ,
Reporting Requirements ,
Resale Exemption ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Shareholder Proposals ,
SIFMA ,
Startups ,
Swap Dealers ,
Swaps ,
Trinity Wall Street ,
Wal-Mart
Regulatory Developments -
SEC to Vote on Final Title III Crowdfunding Rules Oct. 30:
The SEC has announced that it will vote on whether to adopt rules and forms related to the offer and sale of securities through...more
10/29/2015
/ Brokers ,
Capital Requirements ,
Covered Swap Entities (CSE) ,
Crowdfunding ,
D&O Insurance ,
Department of Education ,
Disgorgement ,
Dodd-Frank ,
Enforcement Actions ,
Excessive Fees ,
Farm Credit Administration ,
FDIC ,
Federal Reserve ,
FHFA ,
Funding Portal ,
Margin Requirements ,
New Regulations ,
OCC ,
Penalties ,
Professional Misconduct ,
Proposed Regulation ,
Rule 147 ,
Section 504 ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Student Loans ,
Students ,
Swaps ,
Title III
Regulatory Developments -
New Hampshire Governor Signs Into Law a Bill Recodifying Banking, Credit Union and Trust Company Laws:
On July 28, New Hampshire Gov. Maggie Hassan signed into law SB 188, an act...more
Regulatory Developments:
SEC Approves New Debt Research Rule and Amended Equity Research Rule -
On July 16, the SEC approved FINRA Rule 2241, which modifies and clarifies existing rules related to research analysts,...more
7/23/2015
/ Banking Sector ,
CFTC ,
Conflicts of Interest ,
Consumer Financial Protection Bureau (CFPB) ,
Employee Retirement Income Security Act (ERISA) ,
FDIC ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
OCC ,
Private Student Loans ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Seed Financing ,
Tibble v Edison Int ,
Volcker Rule
Regulatory Developments -
Agencies Post Public Sections of Resolution Plans:
In a July 6 joint press release, the Federal Reserve Board and FDIC announced that they have posted the public portions of annual...more
7/9/2015
/ Auditors ,
Board of Trustees ,
Closed-End Funds ,
Consent Order ,
Diversity and Inclusion Standards (D&I) ,
Employee Retirement Income Security Act (ERISA) ,
Enforcement Actions ,
FDIC ,
Federal Reserve ,
Fiduciary Duty ,
FSOC ,
Joint Policy Statements ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Tibble v Edison Int ,
Unregistered Brokers
FINRA’s Retrospective Rule Review Process Continues. On April 16, FINRA announced that the FINRA Board of Governors had authorized FINRA to publish a regulatory notice requesting comment on proposed amendments to Rules 2210...more
4/23/2015
/ BlackRock ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Card Agreements ,
Cuba ,
Disclosure Requirements ,
Federal Reserve ,
Filing Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
MSRB ,
Municipal Advisers ,
Office of Foreign Assets Control (OFAC) ,
Proposed Amendments ,
Quicken Loans ,
Securities and Exchange Commission (SEC) ,
SIFIs ,
Supervision
DOL Fiduciary Standard Proposal. The Department of Labor issued a notice of proposed rulemaking including a definition of the term “fiduciary,” a conflict of interest rule for retirement investments, new exemptions and...more
4/16/2015
/ Australia ,
Bank Holding Company ,
Capital Rules ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Federal Reserve ,
Fiduciary Duty ,
Investment Adviser ,
NPRM ,
Pay-To-Play ,
Prudential Regulation Authority (PRA) ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
SEC Focus on Disqualification Waivers. When negotiating a settlement of an SEC enforcement action against a registered financial services firm – or one that hopes one day to become registered – it is vital to consider the...more
3/19/2015
/ Banking Sector ,
CFTC ,
Consumer Financial Protection Bureau (CFPB) ,
Disqualification ,
Enforcement Actions ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Regulation A ,
Regulation D ,
Safe Harbors ,
Securities and Exchange Commission (SEC)
Federal Regulators Address the Scope of the Marketing Restriction in the Volcker Rule SOTUS Exemption.
The federal regulatory agencies responsible for implementing the Volcker rule—The Federal Reserve Board, the...more
The CFTC Exercises Expanded Jurisdiction Over Retail Transactions in Physical Commodities.
Title VII of the Dodd-Frank Act of 2010 amended the Commodity Exchange Act (CEA) to add new authority over certain leveraged,...more
1/30/2015
/ Amended Legislation ,
CFTC ,
Class Action ,
Commodity Exchange Act (CEA) ,
Cuba ,
Cuban Assets Control Regulations (CACR) ,
Dodd-Frank ,
Enforcement Actions ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
Pay-To-Play ,
Payment Systems ,
Proxy Advisors ,
Proxy Voting Guidelines ,
Regulatory Agenda ,
Sanctions ,
Securities and Exchange Commission (SEC)
Editor’s Note -
The Supreme Court Halts Challenge by Retailers to the Debit Card Interchange Fee Rules: On January 20, 2015, the Supreme Court denied certiorari to a challenge by retailers to debit card interchange fee...more
1/22/2015
/ CFTC ,
Commodity Trading Advisors (CTAs) ,
CPOs ,
Debit Cards ,
Disclosure Requirements ,
Federal Reserve ,
Interchange Fees ,
Investment Adviser ,
National Futures Association ,
Proxy Season ,
Retailers ,
S&P ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Security-Based Swaps ,
Shareholder Proposals
Regulatory Developments -
SEC Proposes Changes to Exchange Act Registration Requirements to Implement JOBS Act Mandates -
The SEC announced that it is proposing rule amendments under the Securities Exchange Act...more
12/24/2014
/ Asset Management ,
Bitcoin ,
BitLicense ,
CPOs ,
Employee Retirement Income Security Act (ERISA) ,
European Securities and Markets Authority (ESMA) ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
FinCEN ,
FSOC ,
Investment Adviser ,
JOBS Act ,
MiFID ,
NFA ,
Proposed Amendments ,
Registration ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Volcker Rule ,
Year-End Planning
Amendment to Swaps Push-out Provision of Dodd-Frank: Section 630 of the recently passed Consolidated and Further Continuing Appropriations Act, 2015 (“Omnibus Spending Bill” – see p. 249) amends Section 716 of the Dodd-Frank...more
12/19/2014
/ Appropriations Bill ,
Asset Management ,
Bank Holding Company ,
Business Development Companies ,
Cuba ,
Dodd-Frank ,
Enforcement Actions ,
ETFs ,
FBAR ,
Federal Reserve ,
FinCEN ,
Global Systemically Important Banks (G-SIBs) ,
Initial Public Offering (IPO) ,
Office of Foreign Assets Control (OFAC) ,
Push-Out Requirements ,
Securities and Exchange Commission (SEC) ,
Swaps ,
Toys R Us
The SEC first proposed a study of the fiduciary obligations of brokers and investment advisers as required by the Dodd-Frank Act in July 2010. The SEC still has not made a decision about the shape of a fiduciary rule for...more
11/13/2014
/ Bank Holding Company Act ,
Cybersecurity ,
Dodd-Frank ,
ETMFs ,
Exemptive Relief ,
FDIC ,
Federal Reserve ,
FFIEC ,
FinCEN ,
Leveraged Lending ,
Money Services Business ,
OCC ,
Peer-to-Peer ,
Securities and Exchange Commission (SEC)
Editor’s Note:
Bank Regulators Again Looking at Incentive Compensation and Excessive Risks. Federal Reserve Board Governor Daniel Tarullo and New York Federal Reserve President William Dudley spoke on October 20 at a...more
10/23/2014
/ Arbitration ,
Arbitrators ,
Banks ,
CFTC ,
CPOs ,
DSIO ,
Enforcement Actions ,
Falsified Documents ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Insider Trading ,
No-Action Relief ,
Securities and Exchange Commission (SEC)
Editor’s Note -
Looking Ahead: December 1 Effective Date for FINRA Consolidated Supervision Rules. The new FINRA Supervision rules, approved by the SEC in December 2013, become effective on December 1, 2014. The new...more
10/21/2014
/ Asset-Backed Securities ,
Banks ,
Broker-Dealer ,
DPPs ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
ISDA ,
ISDA Master Agreement ,
NASD ,
REIT ,
Securities and Exchange Commission (SEC)