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 -
SEC Proposes Amendments to Regulation ATS to Shine a Light on Dark Pools:
On Nov. 18 the SEC announced that it had issued Release No. 34-76474 proposing amendments to Regulation ATS,...more
11/25/2015
/ Broker-Dealer ,
Dark Pool ,
Deutsche Bank ,
Disclosure Requirements ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Money Market Funds ,
Proposed Amendments ,
Regulation SHO ,
Securities and Exchange Commission (SEC) ,
Volcker Rule
Regulatory Developments -
MSRB Publishes Compliance Advisory for Municipal Advisors:
On Nov. 12 the Municipal Securities Rulemaking Board (MSRB) published its first municipal advisor compliance advisory, developed...more
11/19/2015
/ Brokered Deposits ,
Crowdfunding ,
Cybersecurity ,
Enforcement Actions ,
False Advertising ,
FDIC ,
FFIEC ,
Financial Industry Regulatory Authority (FINRA) ,
MSRB ,
Municipal Advisers ,
NYDFS ,
Regulation NMS ,
Securities and Exchange Commission (SEC)
Regulatory Developments:
CFTC and NFA Staff Publish FAQs and Other Resources for Filing and Reporting on Forms CPO-PQR and CTA-PR -
On Nov. 5 the Division of Swap Dealer and Intermediary Oversight of the CFTC...more
11/12/2015
/ CFTC ,
Chief Compliance Officers ,
Commodity Trading Advisors (CTAs) ,
CPOs ,
MSRB ,
NFA ,
Outsourcing ,
Risk Alert ,
Securities and Exchange Commission (SEC) ,
Voting Requirements ,
VPPA
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:
FINRA Requests Comment on Rules Relating to Financial Exploitation of Vulnerable Adults -
On Oct. 15 FINRA published Regulatory Notice 15-37, requesting comment on proposed amendments to...more
10/22/2015
/ Amended Regulation ,
BE-180 ,
Benchmarks ,
Comment Period ,
Conflicts of Interest ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Disclosure Requirements ,
Diversity ,
Elder Issues ,
Enforcement Actions ,
Exploitation ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Fines ,
Foreign Nationals ,
HMDA ,
Investment Adviser ,
Mortgage Lenders ,
Mortgages ,
Municipal Bonds ,
Neither Admit Nor Deny Settlements ,
Private Funds ,
Proposed Regulation ,
Public Offerings ,
Puerto Rico ,
Recordkeeping Requirements ,
Regulation C ,
Regulation M ,
Reporting Requirements ,
Restitution ,
Rule 105 ,
Sanctions ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Short Selling ,
Surveys ,
U.S. Commerce Department
Regulatory Developments:
FINRA Proposes Rules for Funding Portals -
On Oct. 9 FINRA filed with the SEC a proposed rule change to adopt Funding Portal Rules 100 (general standards), 110 (funding portal application),...more
10/15/2015
/ Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Crowdfunding ,
Debt Securities ,
Disclosure Requirements ,
Enforcement Actions ,
Fees ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Funding Portal ,
JOBS Act ,
Kickbacks ,
Marketing Services Agreements ,
Mortgage Lenders ,
Mortgages ,
Pricing ,
Proposed Regulation ,
Securities and Exchange Commission (SEC) ,
Structured Financial Products
Regulatory Developments -
FINRA Files Proposed Rule Change to Apply Markup Rule to Government Securities:
On Sept. 30 FINRA filed with the SEC a proposed rule change, published in the Federal Register on Oct. 6, to...more
10/8/2015
/ Amended Regulation ,
Cease and Desist Orders ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Data Privacy ,
Data Protection ,
Data Security ,
Dispute Resolution ,
Dodd-Frank ,
Enforcement Actions ,
EU Data Protection Laws ,
FDIC ,
Federal Register ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
International Data Transfers ,
Kamala Harris ,
Mandatory Arbitration Clauses ,
Military Service Members ,
Municipal Securities Market ,
Proposed Regulation ,
Securities and Exchange Commission (SEC) ,
Small Business ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
US-EU Safe Harbor Framework ,
Websites
Regulatory Developments -
SEC Proposes to Amend Administrative Proceedings Rules:
On Sept. 24 the SEC announced that it had voted to propose amendments to rules governing its administrative proceedings. The...more
10/1/2015
/ Administrative Proceedings ,
Bitcoin ,
Breach of Duty ,
Cease and Desist Orders ,
CFTC ,
Class Certification ,
Comment Period ,
De-Risking ,
Disclosure Requirements ,
Employee Retirement Income Security Act (ERISA) ,
Enforcement Actions ,
Excessive Fees ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Margin Requirements ,
MSRB ,
Municipal Securities Issuers ,
Proposed Amendments ,
Proposed Regulation ,
Regulation S-X ,
Securities and Exchange Commission (SEC) ,
Swap Execution Facilities ,
Wash Trades
Regulatory Developments -
NYDFS Announces Approval of First BitLicense Application from a Virtual Currency Firm:
The New York State Department of Financial Services (NYDFS) announced Sept. 22 that it has approved...more
9/24/2015
/ Amended Regulation ,
Bitcoin ,
BitLicense ,
CFTC ,
Choke Point ,
Comment Period ,
Credit Ratings ,
Cuba ,
Cuban Assets Control Regulations (CACR) ,
Cybersecurity ,
Data Breach ,
Department of Justice (DOJ) ,
Dodd-Frank ,
Embargo ,
Export Administration Regulations (EAR) ,
FDIC ,
Financial Institutions ,
Investment Company Act of 1940 ,
Material Disclosures ,
Meals-Gifts-and Entertainment Rules ,
Money Market Funds ,
MSRB ,
Municipal Advisers ,
NRSRO ,
NYDFS ,
NYSE ,
Personally Identifiable Information ,
Press Releases ,
Publicly-Traded Companies ,
Registered Investment Advisors ,
Sanctions ,
Securities and Exchange Commission (SEC) ,
Virtual Currency
Regulatory Developments:
CFTC Grants Temporary Registration as SEF to LedgerX Bitcoin Options Exchange and Clearing House -
On Sept. 10 the CFTC announced that it had issued an Order of Temporary Registration as a...more
9/17/2015
/ Anti-Money Laundering ,
Bank of New York (BNY) Mellon ,
Bitcoin ,
CFTC ,
Credit Suisse ,
CSBS ,
Cybersecurity ,
Data Protection ,
Deutsche Bank ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Goldman Sachs ,
Misleading Statements ,
NYDFS ,
Policy Statement ,
Professional Misconduct ,
Recordkeeping Requirements ,
Risk-Based Approaches ,
Suspensions & Debarments ,
Swap Execution Facilities ,
Virtual Currency
Regulatory Developments:
DOL Releases Transcripts of Fiduciary Standard Hearings -
The Department of Labor (DOL) has released the transcripts of the hearings held by the agency in August on its proposed fiduciary...more
9/10/2015
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Caesars ,
Comment Period ,
Department of Labor (DOL) ,
Enforcement Actions ,
Fiduciary Duty ,
Filing Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinCEN ,
Indemnification ,
Meals-Gifts-and Entertainment Rules ,
MSRB ,
Municipal Advisers ,
Municipal Securities Issuers ,
New Guidance ,
Proposed Amendments ,
Proposed Regulation ,
Regulation A ,
Securities and Exchange Commission (SEC) ,
Swap Data Repositories ,
Transcripts
Regulatory Developments -
California Department of Business Oversight Permits Money Transmitter to Treat Customer Funds in Designated Custodial Account as “Eligible Securities” -
The California Department of...more
9/3/2015
/ Administrative Procedure Act ,
Anti-Money Laundering ,
Debt ,
Department of Business Oversight ,
Final Rules ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinCEN ,
Information Reports ,
Investment Adviser ,
Money Laundering ,
Money Transmission Act ,
Money Transmitter ,
Patriot Act ,
Preliminary Injunctions ,
Proposed Regulation ,
Securities and Exchange Commission (SEC)
Regulatory Developments -
CFTC Issues Proposed Amendments to Swap Data Recordkeeping and Reporting Requirements for Cleared Swaps:
On Aug. 19 the CFTC announced that it had voted to propose amendments to existing...more
8/27/2015
/ Administrative Procedure Act ,
CFTC ,
Comment Period ,
Derivatives Clearing Organizations ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
First Amendment ,
Government Officials ,
Investment Advisers Act of 1940 ,
NASD ,
OCIE ,
Pay-To-Play ,
Political Contributions ,
Proposed Regulation ,
Risk Alert ,
Securities and Exchange Commission (SEC) ,
Swap Data Repositories ,
Swaps
Regulatory Developments -
FinCEN Rules Digital Precious Metal Certificates Provider is a Money Transmitter:
On Aug. 14 FinCEN issued a ruling applying its virtual currency rules to an e-precious metals company. The...more
Regulatory Developments -
SEC Adopts Rules and Forms for Registration of Security-Based Swap Dealers and Major Security-Based Swap Participants:
On Aug. 5, the SEC voted to adopt registration rules and forms for...more
8/6/2015
/ Anti-Money Laundering ,
CEOs ,
Dodd-Frank ,
Fee Waivers ,
Final Rules ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Funds ,
Management Fees ,
Pay Ratio ,
Penny Stocks ,
Proposed Regulation ,
Securities and Exchange Commission (SEC) ,
Security-Based Swaps ,
Swap Dealers
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 -
CFPB Outlines Guiding Principles for Faster Payment Networks:
On July 9, the CFPB released an outline of its guiding Consumer Protection Principles (Principles) for protecting consumers as...more
7/16/2015
/ BrokerCheck ,
CFTC ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Cross-Border Transactions ,
Employee Retirement Income Security Act (ERISA) ,
Enforcement ,
Federal Register ,
Financial Industry Regulatory Authority (FINRA) ,
Fund of Funds ,
Investment Company Act of 1940 ,
New Regulations ,
No-Action Letters ,
Payment Systems ,
Proposed Regulation ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Tibble v Edison Int
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
Regulatory Developments -
FINRA Proposes Rule to Require Member Websites to Link to BrokerCheck:
FINRA has proposed an amendment to FINRA Rule 2210 to require each of a member’s websites to include a readily...more
7/2/2015
/ BrokerCheck ,
Brokers ,
CFTC ,
Cross-Border Transactions ,
Cybersecurity ,
Employee Retirement Income Security Act (ERISA) ,
FFIEC ,
FIfth Third Bancorp v Dudenhoeffer ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Investment Adviser ,
Margin Requirements ,
Material Nonpublic Information ,
Reporting Requirements ,
Statute of Limitations
Regulatory Developments -
Client Alert: SEC Proposes Pay for Performance Rules:
Goodwin Procter’s Capital Markets practice has issued a Client Alert on the SEC’s proposed rule that would require most public...more
6/25/2015
/ Board of Directors ,
Broker-Dealer ,
Cybersecurity ,
Data Protection ,
Distributed Denial of Service ,
Dodd-Frank ,
Enforcement ,
Enforcement Actions ,
Executive Compensation ,
Financial Industry Regulatory Authority (FINRA) ,
Flood Insurance ,
Investment Adviser ,
Lenders ,
Morgan Stanley ,
Municipal Bonds ,
OCIE ,
Proxy Statements ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Security-Based Swaps ,
Swaps
SEC Enforcement Action on FCPA Compliance –
Check the Box Is Not Enough. On May 20 the SEC announced that global resources company BHP Billiton had agreed to pay $25 million to settle charges that it had violated the...more
5/28/2015
/ BHP Billiton ,
Breach of Duty ,
Credit Default Swaps ,
Employee Retirement Income Security Act (ERISA) ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Foreign Corrupt Practices Act (FCPA) ,
Institutional Investors ,
Mutual Funds ,
Olympics ,
Pensions ,
Proposed Amendments ,
Public Pension ,
Rulemaking Process ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Statute of Limitations ,
Tibble v Edison Int
SEC Proposals to Enhance Investment Company and Investment Adviser Reporting: As we went to press, the SEC commissioners announced that they had voted to approve two proposals. The first was for new and amended rules and...more
5/22/2015
/ Banks ,
Community Banks ,
Conflicts of Interest ,
Department of Labor (DOL) ,
Enforcement Actions ,
Fiduciary Duty ,
Investment Adviser ,
Investment Funds ,
Morgan Stanley ,
OCIE ,
Private Equity Funds ,
Securities and Exchange Commission (SEC) ,
Volcker Rule