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)
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
Regulatory Developments -
FinCEN Proposes Form of Report to Collect Beneficial Ownership Information and Application to Obtain FinCEN Identifiers -
On January 17, FinCEN proposed a form of report to collect beneficial...more
1/27/2023
/ Beneficial Owner ,
Broker-Dealer ,
Civil Monetary Penalty ,
Climate Change ,
Consumer Financial Protection Bureau (CFPB) ,
Examination Priorities ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinCEN ,
Mortgage Servicers ,
New Guidance ,
Reporting Requirements ,
Risk Assessment ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Transfer on Death Deed (TOD)
Regulatory Developments -
Federal Reserve Invites Public Comment on Proposed Principles for Large Banking Organizations to Manage Climate-Related Financial Risks -
On December 2, the Federal Reserve announced that it...more
12/12/2022
/ Broker-Dealer ,
Climate Change ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Initial Public Offering (IPO) ,
Investment Adviser ,
Military Service Members ,
Nasdaq ,
NYSE ,
OCC ,
Payment Systems ,
Preemption ,
Proposed Regulation ,
Public Comment ,
Pump and Dump ,
Regulation S-ID ,
Risk Management ,
SCRA ,
Truth in Lending Act (TILA)
Regulatory Developments -
CFPB Issues Guidance on Investigation Practices by Consumer Reporting Agencies -
On November 22, the DOL announced a final rule under the Employee Retirement Income Security Act (ERISA) to...more
12/2/2022
/ Coronavirus/COVID-19 ,
Credit Reporting Agencies ,
Credit Reports ,
Cryptoassets ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Management ,
OCC ,
Retirement Plan
On October 26, 2022, the US Securities and Exchange Commission (SEC) voted to adopt rule and form amendments (the “final rules”) related to (1) shareholder reports of mutual funds and exchange-traded funds (ETFs) registered...more
On May 25, 2022, the U.S. Securities and Exchange Commission (the “SEC”) proposed a package of new rules to address and enhance investor disclosure practices, and related policies and procedures, regarding Environmental,...more
6/2/2022
/ Compliance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Form ADV ,
Investment Adviser ,
Investment Companies ,
Investment Funds ,
Policies and Procedures ,
Proposed Rules ,
Prospectus ,
Registered Investment Advisors ,
Registered Investment Companies (RICs) ,
Securities and Exchange Commission (SEC)
After years of relative silence related to variable annuity exchanges on the regulatory front, the U.S. Securities and Exchange Commission announced last week settled charges against RiverSource Distributors, Inc...more
Board diversity is one of the most visible corporate governance topics today. As the pressure to diversify boards continues to increase, we anticipate that key constituencies for all types of entities, including nonprofits,...more
In This Issue. The Consumer Financial Protection Bureau (CFPB) released a new Compliance Aid; the U.S. Securities and Exchange Commission (SEC) proposed amendments to Form N-PX with the goal of making it easier and more...more
10/11/2021
/ Collection Agencies ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Collectors ,
Debtors ,
Disclosure Requirements ,
FDCPA ,
Federal Reserve ,
Final Rules ,
Financial Services Industry ,
International Organization for Standardization ,
Investment Companies ,
Investment Funds ,
Investment Management ,
Investors ,
Proposed Amendments ,
Proxy Voting ,
Public Comment ,
Regulation F ,
Securities and Exchange Commission (SEC)
In This Issue. Several federal financial regulatory agencies updated their Spring 2021 regulatory agendas; the Consumer Financial Protection Bureau (CFPB) announced its intention to restart Military Lending Act examinations;...more
7/27/2021
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Depository Institutions ,
FDIC ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Lenders ,
Military Lending Act ,
Phishing Scams ,
Policy Statement ,
Proposed Rules ,
Regulatory Agenda ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Wire Fraud
In this Issue. The Board of Governors of the Federal Reserve System (Federal Reserve) invited public comment on proposed changes to Regulation II, better known as the Durbin Amendment, regarding network availability for...more
5/14/2021
/ Banking Sector ,
Bitcoin ,
Community Banks ,
Comptroller ,
Congressional Review Act ,
Cryptocurrency ,
Debit Cards ,
Digital Assets ,
Division of Investment Management ,
Durbin Amendment Rules ,
FDIC ,
Federal Reserve ,
Financial Services Industry ,
Investment Company Act of 1940 ,
Investment Management ,
Investors ,
Lenders ,
Mutual Funds ,
Notice of Proposed Rulemaking (NOPR) ,
OCC ,
Public Comment ,
Securities and Exchange Commission (SEC) ,
True Lender ,
U.S. Treasury
On December 3, 2020, the U.S. Securities and Exchange Commission (the “SEC”) voted to adopt new Rule 2a-5 (the “Fair Value Rule”) under the Investment Company Act of 1940 (the “1940 Act”), which addresses the valuation...more
2/18/2021
/ Business Development Companies ,
Fair Valuation ,
Fair Value Standard ,
Good Faith ,
Investment Adviser ,
Investment Companies ,
Investment Company Act of 1940 ,
Investment Funds ,
Investment Management ,
New Rules ,
Recordkeeping Requirements ,
Reporting Requirements ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
SEC Charges Trust Company with Operating Unregistered Investment Companies and Failing to Register Securities Offerings. On September 30, the Securities and Exchange Commission (SEC) announced it had settled charges with...more
10/8/2020
/ Banking Regulators ,
Banking Sector ,
Borrowers ,
Capital Requirements ,
Change of Ownership ,
Class Action ,
Community Reinvestment Act ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Current Expected Credit Losses (CECL) ,
Dividends ,
Enforcement Actions ,
Federal Reserve ,
Final Rules ,
Financial Instruments ,
Financial Services Industry ,
Incentive Awards ,
Investment Adviser ,
Investment Companies ,
Investors ,
Mergers ,
New Guidance ,
New Rules ,
NYSE ,
OCC ,
Paycheck Protection Program (PPP) ,
Public Comment ,
Relief Measures ,
Risk Management ,
SBA ,
Securities and Exchange Commission (SEC) ,
Shareholder Approval ,
Shareholders ,
Small Banks ,
Small Business ,
Stock Repurchases ,
Stress Tests ,
Supervision ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Trust Funds ,
Truth in Lending Act (TILA) ,
Unregistered Securities
In the News. The Securities and Exchange Commission (SEC) proposed modifying the disclosure framework for mutual funds and exchange-traded funds (funds), which would create a new layered disclosure regime that attempts to...more
8/14/2020
/ Alternative Reference Rates Committee (ARRC) ,
Annual Reports ,
Banking Sector ,
Banks ,
Board of Governors ,
Borrowers ,
Business Development Companies ,
Capital Requirements ,
Closed-End Funds ,
Comment Period ,
Coronavirus/COVID-19 ,
Disclosure Requirements ,
Enforcement Actions ,
Excessive Fees ,
Exchange-Traded Products ,
Federal Reserve ,
Fees ,
Financial Services Industry ,
Form N-1A ,
Interim Final Rules (IFR) ,
Investment Adviser ,
Investment Companies ,
Investment Company Act of 1940 ,
Investment Funds ,
Investment Management ,
Investors ,
Lenders ,
Libor ,
Loan Forgiveness ,
Municipal Liquidity Facility (MLF) ,
Mutual Funds ,
OCC ,
Paycheck Protection Program (PPP) ,
Public Comment ,
Registered Funds ,
Retail Investors ,
Rule 30e-3 ,
SBA ,
SEC Advertising Rule ,
Section 36(b) ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC) ,
Shareholders
Priming the Pump. As the COVID-19 outbreak continues, the Board of Governors of the Federal Reserve System (Federal Reserve), consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), took additional...more
4/16/2020
/ Banking Sector ,
Business Development Companies ,
Capital Rules ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Enforcement Actions ,
Federal Loans ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Financial Stimulus ,
Interim Final Rules (IFR) ,
Investment Management ,
Main Street Lending Programs ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Proxy Materials ,
Real Estate Transactions ,
Relief Measures ,
Remittance Transfer Rule ,
SBA ,
Securities and Exchange Commission (SEC) ,
Small Business ,
State and Local Government ,
U.S. Treasury
In This Issue. In response to the ongoing global outbreak of the coronavirus (COVID-19), federal financial regulators continue to take aggressive actions to promote stability to the financial markets. The Board of Governors...more
3/27/2020
/ Banking Sector ,
Coronavirus/COVID-19 ,
Enforcement Actions ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Investment Companies ,
Investment Management ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC)
In This Issue. The ongoing global outbreak of the coronavirus (COVID-19) continues to grow in scale and scope, creating public health and humanitarian challenges worldwide. Global economies are also being impacted. Federal...more
3/12/2020
/ Banking Sector ,
Banks ,
Business Continuity Plans ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Crisis Management ,
Disclosure Requirements ,
Exemptive Relief ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Foreign Banks ,
Foreign Investment ,
Infectious Diseases ,
Investment Management ,
New Guidance ,
OCC ,
Proposed Rules ,
Public Health ,
Risk Management ,
Securities and Exchange Commission (SEC)
In This Issue. The Securities and Exchange Commission (SEC) approved amendments to the Financial Industry Regulatory Authority’s (FINRA) initial public offering (IPO) allocations rules, expanding the exemptions and exclusions...more
Editor's Note -
In This Issue. California enacted a new data privacy law; the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a risk alert highlighting deficiencies observed in recent examinations of...more
7/23/2018
/ ATDS ,
Banking Sector ,
Consumer Fraud ,
Credit Reporting Agencies ,
Data Privacy ,
Department of Justice (DOJ) ,
Federal Agency Taskforce ,
Financial Services Industry ,
NYDFS ,
OCIE ,
Summary Judgment ,
TCPA ,
Volcker Rule
Editor's Note -
Third Circuit Affirms AXA Section 36(b) Decision. On July 10, the U.S. Court of Appeals for the Third Circuit affirmed the district court’s decision in favor of the investment adviser in the Sivolella v....more
Editor's Note -
SEC Administrative Law Judge Appointments Are Subject to the Appointments Clause. On June 21, in a majority opinion in Lucia v. SEC delivered by Justice Elena Kagan, the United States Supreme Court held that...more
Editor's Note -
In This Issue. The Securities and Exchange Commission (SEC) issued a no-action letter that closes the gap in investor protection created by the SEC’s approval of FINRA Rule 2165; the SEC’s Investment...more
Editor's Note -
Proposed Volcker Rule Amendments Reduce Burden on Community Banks and Banks With Limited Trading Activities. Last week and earlier this week, all five federal financial regulators with jurisdiction over the...more
Editor's Note -
Regulatory Relief, One Way or Another. It seems that banks may finally be the beneficiaries of meaningful regulatory relief and such relief is coming from several different sources. Yesterday, May 8, 2018,...more
5/10/2018
/ Consumer Financial Protection Bureau (CFPB) ,
Creditors ,
Debtors ,
Department of Labor (DOL) ,
Due Diligence ,
Fiduciary Rule ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinCEN ,
Lending ,
Repeal ,
Securities and Exchange Commission (SEC)