On December 11, 2024, the 5th Circuit issued another important opinion (for the third time this year) requiring that an administrative agency's rules fit squarely within the statutory scheme that empowers the agency to act....more
12/24/2024
/ Board of Directors ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Governance ,
Disclosure Requirements ,
Diversity ,
En Banc Review ,
Financial Reporting ,
Nasdaq ,
Proposed Amendments ,
Proposed Rules ,
Reporting Requirements ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Self-Regulatory Organizations
After two decades and three proposed rulemakings on whether investment advisers should have anti-money laundering (AML) and countering the financing of terrorism (CFT) program requirements and attempting to identify the...more
10/8/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Broker-Dealer ,
Corporate Counsel ,
Exempt Reporting Advisers (ERAs) ,
Final Rules ,
FinCEN ,
Investment Adviser ,
Risk Assessment ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs)
One of the most fundamental activities of an insured depository institution (IDI) is taking and safekeeping customer deposits. However, a recent proposed rulemaking by the Federal Deposit Insurance Corporation (FDIC) poses...more
8/16/2024
/ Administrative Procedure Act ,
American Bankers Association ,
Brokered Deposits ,
Deposit Insurance ,
FDI Act ,
FDIC ,
Final Rules ,
Liquidity ,
Notice of Proposed Rulemaking (NOPR) ,
Proposed Rules ,
Reversal ,
Rulemaking Process ,
Securities and Exchange Commission (SEC)
A Historic Term for Administrative Law -
This month we wrote extensively on both the Loper Bright/Relentless decisions, which overturned the Chevron doctrine, and the Jarkesy decision, which dealt a significant blow to the...more
SCOTUS limits agency use of ALJs in civil penalty proceedings -
On June 27, 2024, in a 6-3 decision, the Supreme Court held in SEC v. Jarkesy that the Securities and Exchange Commission ("SEC" or the "Commission") could...more
7/9/2024
/ Administrative Authority ,
Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Enforcement Actions ,
Financial Institutions ,
Jury Trial ,
Public Rights Doctrine ,
SCOTUS ,
SEC v Jarkesy ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Litigation ,
Securities Regulation ,
Seventh Amendment
For the second time in a decade, the Department of Labor (DOL) attempted to expand the reach (and requirements) of the Employee Retirement Income Security Act of 1974 (ERISA). On April 23, 2024, DOL succeeded and announced...more
5/7/2024
/ Benefit Plan Sponsors ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
New Rules ,
Prohibited Transactions ,
Retirement Plan
On May 3, 2023, the Commission announced that it adopted amendments to two rules enhancing disclosure requirements for share repurchases and private fund reporting. First, the Commission adopted amendments to the rules on...more