On September 20, 2023, the US Securities and Exchange Commission (the “SEC”) voted, by a 4-1 vote, to adopt certain amendments (the “final rule” or the “amendments”) to Rule 35d-1 (the “Names Rule”) under the Investment...more
10/5/2023
/ Amended Rules ,
Compliance ,
Compliance Dates ,
Derivatives ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Final Rules ,
Form N-PORT ,
Investment Company Act of 1940 ,
Investment Funds ,
Notice Requirements ,
Prospectus ,
Recordkeeping Requirements ,
Reporting Requirements ,
Securities and Exchange Commission (SEC)
Financial Institution Diversity Voluntary Self-Assessments: Due September 30 -
On July 13, the FDIC issued a financial institution letter announcing that FDIC-supervised financial institutions are encouraged to...more
7/21/2023
/ Broker-Dealer ,
Consumer Financial Protection Bureau (CFPB) ,
Crypto Exchanges ,
Customer Protection Rule ,
Decentralized Finance (DeFi) ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Employment Policies ,
European Commission ,
FDIC ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Framework Agreement ,
International Data Transfers ,
Money Market Funds ,
Procurement Guidelines ,
Proposed Amendments ,
Securities and Exchange Commission (SEC) ,
Voluntary Self-Audit
On July 12, 2023, the US Securities and Exchange Commission ("SEC") voted, by a 3-2 vote, to adopt money market fund reforms that will significantly impact the regulatory framework governing money market funds ("money funds"...more
7/20/2023
/ Final Rules ,
Financial Regulatory Reform ,
Investment Company Act of 1940 ,
Investment Funds ,
Liquidity ,
Liquidity Fees ,
Money Market Funds ,
NAV ,
Redemption Gates ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Tax Exempt
In this Weekly Roundup Issue. The Securities and Exchange Commission (SEC) proposed changes to Reg S-P to enhance protection of customer information, and reopened the comment period on proposed cybersecurity rules and...more
Regulatory Developments -
FinCEN Issues NPRM Regarding Access to Beneficial Ownership Information and Related Safeguards -
On December 15, FinCEN issued a Notice of Proposed Rulemaking (NPRM) that would implement...more
1/18/2023
/ 10b5-1 Plans ,
Anti-Money Laundering ,
Beneficial Owner ,
Community Reinvestment Act ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Transparency Act ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinCEN ,
Interest Rates ,
Libor ,
New Guidance ,
Nonbank Firms ,
NPRM ,
Regulation O ,
Regulation Z ,
Relief Measures ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Small Banks ,
Threshold Requirements ,
Time Extensions
The Securities and Exchange Commission (SEC) recently adopted, in a 3-2 vote, rule and form amendments impacting proxy disclosures reporting on Form N-PX (the “amendments”).
The amendments that are applicable to mutual...more
11/14/2022
/ Corporate Governance ,
ETFs ,
Executive Compensation ,
Investment Companies ,
Investment Company Act of 1940 ,
Investment Funds ,
Proxy Season ,
Proxy Statements ,
Proxy Voting ,
Required Forms ,
Say-on-Pay ,
Securities and Exchange Commission (SEC)
On November 2, 2022, the U.S. Securities and Exchange Commission (“SEC”), by a vote of 3-2, proposed amendments to rules under the Investment Company Act of 1940 that would modify the existing liquidity risk management...more
11/8/2022
/ Comment Period ,
Compliance Dates ,
Disclosure Requirements ,
ETFs ,
Investment Company Act of 1940 ,
Liquidity ,
Open-Ended Fund Companies (OFCs) ,
Proposed Amendments ,
Reporting Requirements ,
Risk Management ,
Rulemaking Process ,
Securities and Exchange Commission (SEC)
Regulatory Developments -
FinCEN Finalizes Rule Implementing Beneficial Ownership Reporting Requirements Under the Corporate Transparency Act -
On September 29, FinCEN issued a final rule under the CTA requiring each...more
10/17/2022
/ Anti-Money Laundering ,
Beneficial Owner ,
Broker-Dealer ,
Compliance ,
Corporate Transparency Act ,
Data Preservation ,
Final Rules ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinCEN ,
Investment Adviser ,
Recordkeeping Requirements ,
Regulation BI ,
Reporting Requirements ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
U.S. Treasury
Regulatory Developments -
OCC Releases Strategic Plan for Fiscal Years 2023-2027 -
On September 6, the OCC released its strategic plan for the next five years, covering fiscal years 2023-2027 (the Plan)....more
9/16/2022
/ Audits ,
Basel III ,
Cryptoassets ,
Custody Rule ,
Enforcement Actions ,
Financial Regulatory Agencies ,
Form ADV ,
Investment Adviser ,
Joint Statements ,
OCC ,
Private Funds ,
Securities and Exchange Commission (SEC) ,
Strategic Planning
Regulatory Developments -
SEC Adopts Amendments to Whistleblower Program Rules -
On August 26, the SEC adopted two amendments to the rules governing its whistleblower program, which are covered under Section 922 of...more
9/12/2022
/ Amended Regulation ,
Dodd-Frank ,
Executive Compensation ,
Proxy Statements ,
Public Comment ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Strategic Planning ,
Whistleblower Protection Policies ,
Whistleblowers
FDIC Takes Action Against False or Misleading Crypto-Related Representations -
On August 19, the FDIC issued letters (the Letters) to five companies demanding that they cease and desist from making false and misleading...more
8/29/2022
/ Banking Sector ,
Cease and Desist ,
CFTC ,
Cryptoassets ,
Cryptocurrency ,
Deposit Insurance ,
Disclosure Requirements ,
False Statements ,
FDIC ,
Federal Reserve ,
Financial Reporting ,
FTC Act ,
Misleading Statements ,
Overdraft Fees ,
Section 5 ,
Securities and Exchange Commission (SEC) ,
Supervision ,
Swap Dealers
On July 29, the FDIC issued a Fact Sheet and Advisory (collectively, the Published Documents) regarding FDIC deposit insurance and crypto assets. The Published Documents emphasize that FDIC deposit insurance does not apply...more
8/5/2022
/ Banking Sector ,
Broker-Dealer ,
Business Development Companies ,
Cryptoassets ,
Department of Labor (DOL) ,
Deposit Insurance ,
Dodd-Frank ,
Employee Retirement Income Security Act (ERISA) ,
FDIC ,
Metaverse ,
Minorities ,
New Guidance ,
NPRM ,
QPAM ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
Regulatory Developments -
OCC Acting Comptroller Issues Statement on Standards for Stablecoins -
On April 27, Acting Comptroller of the Currency Michael J. Hsu issued a statement regarding stablecoin standards after his...more
5/6/2022
/ Banking Sector ,
Choice of Entity ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Ethics ,
Financial Industry Regulatory Authority (FINRA) ,
Material Nonpublic Information ,
OCC ,
Phishing Scams ,
Popular ,
Securities and Exchange Commission (SEC) ,
Stablecoins
In this Issue. The Financial Industry Regulatory Authority (FINRA) issued a reminder about chief compliance officer (CCO) supervisory liability under FINRA Rule 3110 (Rule 3110); and the Consumer Financial Protection Bureau...more
3/25/2022
/ Banking Sector ,
Chief Compliance Officers ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Review Fairness Act (CRFA) ,
Fake Reviews ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Supervision ,
UDAAP
In this Issue. The Financial Crimes Enforcement Network (FinCEN) published an alert warning financial institutions of possible efforts to evade U.S.-imposed sanctions on Russia and Belarus; the U.S. Department of the Treasury...more
3/14/2022
/ Banking Sector ,
Belarus Sanctions ,
Beneficial Owner ,
Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Assets ,
Economic Sanctions ,
Executive Orders ,
FATF ,
FDIC ,
Financial Action Task Force ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Investors ,
Money Laundering ,
OCC ,
Risk Assessment ,
Risk Management ,
Russia ,
Shell Corporations ,
Terrorist Financing ,
U.S. Treasury ,
Virtual Currency
In This Issue. The Federal Reserve Board of Governors (Federal Reserve), the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) released stress test scenarios to assess...more
2/18/2022
/ Augmented Reality ,
Bank Secrecy Act ,
Banking Sector ,
Beneficial Owner ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Derivatives ,
FDIC ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinCEN ,
Investment Firms ,
Investors ,
OCC ,
OMB ,
Proposed Amendments ,
Proposed Rules ,
Public Comment ,
Reporting Requirements ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Stress Tests ,
Virtual Reality ,
Whistleblower Protection Policies ,
Whistleblowers
On February 9, 2022, the U.S. Securities and Exchange Commission (“SEC”) proposed a package of new rules and amendments to enhance cybersecurity preparedness and improve cyber resilience of investment advisers and investment...more
2/11/2022
/ Comment Period ,
Cyber Attacks ,
Cyber Incident Reporting ,
Cyber Threats ,
Cybersecurity ,
Disclosure Requirements ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Companies ,
Investment Company Act of 1940 ,
New Rules ,
Policies and Procedures ,
Proposed Rules ,
Public Comment ,
Recordkeeping Requirements ,
Reporting Requirements ,
Securities and Exchange Commission (SEC)
In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed changes to private fund regulation; the Office of the Comptroller of the Currency (OCC) succeeded in validating its “valid-when-made” rulemaking; the...more
2/11/2022
/ Appraisal ,
Banking Sector ,
Beneficial Owner ,
Borrowers ,
Comment Period ,
Community Development ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Transparency Act ,
Cyber Attacks ,
Cyber Threats ,
Cybersecurity ,
Dodd-Frank ,
Fair Lending ,
FDIC ,
Federal Reserve ,
Federal Savings Associations ,
Financial Services Industry ,
FinCEN ,
FinTech ,
Investment Adviser ,
Investment Companies ,
Lenders ,
New Rules ,
Notice of Proposed Rulemaking (NOPR) ,
OCC ,
Policies and Procedures ,
Private Funds ,
Proposed Amendments ,
Proposed Rules ,
Public Comment ,
Reporting Requirements ,
Risk Management ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
State Savings Associations ,
Valid When Made Doctrine
In This Issue. The Financial Crimes Enforcement Network (FinCEN) issued a proposed rule about the establishment of a limited-duration pilot program for sharing suspicious activity reports (SARs); FinCEN published the final...more
1/28/2022
/ Borrowers ,
Broker-Dealer ,
Civil Monetary Penalty ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Cross-Border ,
Deposit Insurance ,
Disclosure Requirements ,
Division of Investment Management ,
European Securities and Markets Authority (ESMA) ,
Examination Procedures ,
FDIC ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Fund Distribution ,
Inflation Adjustments ,
Investors ,
Irrevocable Trusts ,
Lenders ,
Marketing ,
Mortgage Servicers ,
New Rules ,
Notice of Proposed Rulemaking (NOPR) ,
Pilot Programs ,
Proposed Rules ,
Public Comment ,
Reporting Requirements ,
Revocable Trusts ,
Securities and Exchange Commission (SEC) ,
Student Loans ,
Suspicious Activity Reports (SARs)
In this Issue. The Office of the Comptroller of the Currency (OCC) is seeking feedback on principles for climate-related financial risk management for large banks; the Department of Justice’s Antitrust Division is seeking...more
1/7/2022
/ Antitrust Division ,
Banking Sector ,
Banks ,
Beneficial Owner ,
Best Practices ,
Board of Governors ,
Broker-Dealer ,
Climate Change ,
Comment Period ,
Community Banks ,
Corporate Transparency Act ,
Department of Justice (DOJ) ,
Depository Institutions ,
Disclosure Requirements ,
Division of Investment Management ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Foreign Corporations ,
Form CRS ,
Mergers ,
Notice of Proposed Rulemaking (NOPR) ,
OCC ,
Ownership Requirements ,
PCAOB ,
Proposed Rules ,
Public Comment ,
Publicly-Traded Companies ,
Registered Investment Advisors ,
Reporting Requirements ,
Repurchases ,
Retail Investors ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
In This Issue. The Financial Crimes Enforcement Network (FinCEN) announced (1) a notice of proposed rulemaking for beneficial ownership information reporting requirements and (2) a regulatory process for new real estate...more
12/10/2021
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Amended Rules ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Beneficial Owner ,
Broker-Dealer ,
BSA/AML ,
CFTC ,
Comment Period ,
Continuing Education ,
Coronavirus/COVID-19 ,
Corporate Transparency Act ,
FDIC ,
FFIEC ,
Final Rules ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
FinCEN ,
Foreign Corporations ,
Libor ,
Notice of Proposed Rulemaking (NOPR) ,
OCC ,
Proposed Rules ,
Public Comment ,
Real Estate Transactions ,
Recordkeeping Requirements ,
Registration Requirement ,
Regulation Z ,
Reporting Requirements ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC)
In This Issue. The Consumer Financial Protection Bureau (CFPB) issued an interpretive rule on Fair Credit Report Act consumer information matching requirements; the Securities and Exchange Commission (SEC) approved the Public...more
11/12/2021
/ Banking Sector ,
Climate Change ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Information ,
Coronavirus/COVID-19 ,
Electronic Filing ,
Employer Mandates ,
Employment Policies ,
Fair Credit Reporting Act (FCRA) ,
Filing Requirements ,
Financial Services Industry ,
Foreign Corporations ,
Interpretive Rule ,
Masks ,
OCC ,
OSHA ,
PCAOB ,
Proxy Statements ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Shareholder Proposals ,
Vaccinations ,
Virus Testing ,
Workplace Safety
In This Issue. The Treasury Department’s Financial Stability Oversight Council (FSOC) issued a report acknowledging climate change as threat to financial stability; Federal Reserve Governor Michelle Bowman advocates for...more
10/29/2021
/ Banking Sector ,
Climate Change ,
Community Banks ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
ETFs ,
Federal Reserve ,
Final Rules ,
Financial Services Industry ,
FSOC ,
Mutual Funds ,
OCC ,
Payment Systems ,
Regulation Z ,
Risk Alert ,
Securities and Exchange Commission (SEC) ,
U.S. Treasury
In This Issue. Federal agencies issued a joint statement regarding an orderly transition away from the London Interbank Offered Rate (LIBOR); the Office of the Comptroller of the Currency (OCC) issued an updated...more
10/22/2021
/ Bank Secrecy Act ,
Banking Sector ,
CFTC ,
Comment Period ,
Cyber Attacks ,
Cyber Crimes ,
Cyber Threats ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Financial Services Industry ,
FinCEN ,
Investors ,
Joint Statements ,
Libor ,
OCC ,
Proposed Rules ,
Public Comment ,
Ransomware ,
Secured Overnight Funding Rate (SOFR) ,
Suspicious Activity Reports (SARs)
In This Issue. The U.S. Securities and Exchange Commission (SEC) adopted amendments to modernize filing fee disclosure and payment methods; the Financial Industry Regulatory Authority (FINRA) announced an examination of...more
10/15/2021
/ Anti-Money Laundering ,
Automated Clearing House (ACH) ,
Bank Secrecy Act ,
Broker-Dealer ,
BSA/AML ,
Disclosure Requirements ,
Filing Fees ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Investment Companies ,
Investors ,
Payment Methods ,
Securities and Exchange Commission (SEC) ,
Special Purpose Acquisition Companies (SPACs) ,
Terrorism Funding