Fed and FDIC Rule on Resolution Plans
On October 17, the Fed and the FDIC adopted a final rule to implement the resolution plan requirement of Section 165(d)(1) of the Dodd-Frank Act. Companies with $250 billion or more in non-bank assets will be required to submit an initial plan by July 1, 2012; companies with non-bank assets ranging from $100-$250 billion must submit an initial plan by July 1, 2013; and companies subject to the rule with less than $100 billion in non-bank assets must submit an initial plan by December 31, 2013. The rule will be effective on November 30. Joint Release. Final Rule.
CFTC Rule on Derivatives Clearing Organization General Provisions
On October 18, pursuant to Section 725(c) of the Dodd-Frank Act, the CFTC adopted final rules establishing standards for compliance with certain core principals applicable to derivatives clearing organizations (DCOs). The CFTC also adopted rules requiring DCOs to designate a Chief Compliance Officer, and rules revising the DCO registration application. CFTC Fact Sheet.
CFTC Final Rules on Position Limits for Futures and Swaps
On October 18, pursuant to Section 737 of the Dodd-Frank Act, the CFTC adopted final rules requiring limits on speculative positions in 28 core physical commodity contracts and their economically equivalent futures, options, and swaps. The position limits established under the final rules will be effective 60 days after the term "swap" is further defined by CFTC rulemaking. CFTC Fact Sheet.
CFTC Proposed Extension of the Effective Date for Swap Regulation
On October 18, the CFTC proposed to amend a final order issued on July 14 granting temporary exemptive relief from certain provisions of the Commodity Exchange Act that would have taken effect on July 16. The proposed order would extend such exemptive relief from December 31 to July 16, 2012. The original order grants relief from: (i) provisions added or amended by Title VII of the Dodd-Frank Act that reference one or more terms regarding entities or instruments that Title VII requires to be further defined and (ii) provisions that may apply to certain agreements, contracts, and transactions in exempt or excluded commodities as a result of the repeal of various CEA exemptions and exclusions. CFTC Fact Sheet.
SEC Guidance on Legality and Tax Opinions in Registered Offerings
On October 14, the Division of Corporation Finance of the SEC issued guidance on preparing legality and tax opinions filed in connection with registered offerings of securities. The bulletin outlines: (i) the requirements for such opinions; (ii) the SEC's opinion review practices; and (iii) the nature of the written consent that must be filed by counsel with each registration statement. SEC Bulletin.
Federal Insurance Office Request for Comments on Insurance Regulation
On October 17, Treasury's Federal Insurance Office requested comments to assist it in conducting a study and preparing a report, as mandated by the Dodd-Frank Act, on how to modernize and improve insurance regulation. Comments must be submitted by December 16. Treasury Release. Request for Comment.
Freddie and Fannie Foreclosure Attorney Networks
On October 18, the FHFA directed Fannie Mae and Freddie Mac to adopt a system for foreclosure attorneys where mortgage servicers select qualified law firms that meet certain minimum, uniform criteria. The changes will be implemented after a transition period during which input will be taken by the FHFA from servicers, regulators, lawyers, and other market participants. FHFA Release.
|