Financial Services Alert - Issues During The Most Recent Quarter.August 18, 2009 Treasury Financial Regulatory Reform Program - Proposed Legislation Regulating the OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). Derivatives Markets Proposed SEC Rule Addresses "Pay to Play" Practices by Investment Advisers Seeking to Manage Money on Behalf of State and Local Governments The Federal Reserve Bank of Cleveland The Federal Reserve Bank of Cleveland is the Cleveland-based headquarters of the U.S. Federal Reserve System's Fourth District. The district is composed of Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. Issues Policy Paper on Criteria for Systemically Important Financial Institutions SEC Staff Grants No-Action Relief Regarding Investment by Foreign Funds in U.S. Registered Funds Congressional Oversight Panel Issues Report on Continued Risk of Troubled Assets SEC Staff Grants No-Action Relief to Allow Advisers to Rely on Confirmation Transmission Service to Meet Advisers Act Recordkeeping Requirements SEC Grants No-Action Relief Related to Repurchases of Auction Rate Securities Massachusetts Regulator Announces Amendments to Data Security Regulations and Delay of Compliance Date until March 1, 2010 SEC Reopens Comment on Proposed Short Sale Restrictions under Reg. SHO and Requests Comment on Alternative Uptick Rule FRB See Federal Reserve Board. and Treasury Announce Extension to Term Asset-Backed Securities Loan Facility Term Asset-Backed Securities Loan Facility ("TALF") loans against newly issued asset-backed securities and legacy commercial mortgage-backed securities ("CMBS CMBS See: Commercial Mortgage Backed Securities ") available through March 31, 2010. TALF loans extended against newly issued CMBS available through June 20, 2010. SEC Publishes Adopting Release for Regulation S-AM Requiring Certain Consumer Opt Out Rights to Affiliate Marketing On November 5, 2009, the SEC announced that the compliance date for Reg. S-AM is postponed to June 1, 2010. Supreme Court Schedules Oral Argument for Review of Seventh Circuit Decision in Harris Associates August 25, 2009 ABA Issues Letter to FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). on Deposit Interest Restrictions SEC Sends Letters to CFOs of Certain Publicly-Held Banking Companies Regarding Disclosure of Loan Loss Accounting SEC and CFTC CFTC See: Commodity Futures Trading Commission CFTC See Commodity Futures Trading Commission (CFTC). to Hold Joint Meetings on Regulatory Harmonization Goodwin Procter Issues Client Alert Discussing Recent Revisions to Massachusetts Data Security Regulations August 26, 2009 - Special Edition FDIC Releases Final Policy Statement on Private Equity Investments in Failed Banks Or Thrifts September 1, 2009 FDIC Issues Letter Extending Supervisory Procedures for De Novo FDIC - Supervised Depository Institutions FDIC Extends the Transaction Account Guarantee Portion of the Temporary Liquidity Guarantee Program TAG extended through June 30, 2010. Federal Banking Agencies Issue NPR NPR In currencies, this is the abbreviation for the Nepal Rupee. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. Regarding Regulatory Capital Standards Related to Adoption of FAS No. 166 and 167 Australia and New Zealand Bank Group, Ltd. Pays $5.75 Million Settlement to OFAC for Alleged Foreign Exchange Activity Violations Goodwin Procter Issues Client Alert on Obama Administration's Proposed OTC Derivatives Legislation September 8, 2009 OCC Issues Three Interpretive Letters Concerning Collective Investment Funds FinCEN Issues Guidance on Determining Eligibility for Exemption from Currency Transaction Reporting Requirements FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). Proposes Updates to Fair Value Disclosures ERISA See Employee Retirement Income Security Act. ERISA See Employee Retirement Income Security Act (ERISA). Stock Drop Claims Dismissed Against Citigroup Where Plan Mandated Investment in Sponsor Stock September 15, 2009 FDIC Approves Phase Out of Temporary Liquidity Guarantee Program - Debt Guarantee Program to End October 31, 2009 Obama Administration Issues New Guidance on Retirement Savings Federal District Court Finds Broker-Dealer Affiliate of Insurance Company Did Not Owe Fiduciary Duty under Advisers Act to Purchaser of Variable Insurance Product DOL DOL - Display Oriented Language. Subsystem of DOCUS. Sammet 1969, p.678. Approves Use of Summary Prospectus under Section 404(c) IDC Issues Task Force Report on Board Oversight of Fund Compliance FDIC Board Adopts Final Regulation Concerning Deposit Insurance Coverage SEC Securities Lending and Short Sale Roundtable Treasury Issues Report on 529 Plans September 22, 2009 SEC Adopts Temporary Rule Requiring Money Market Fund Portfolio Holdings and Valuation Information to be Reported to be spoken of; to be mentioned, whether favorably or unfavorably. See also: Report to the SEC under Certain Circumstances FDIC Announces Winning Bidder in Legacy Loans Program Pilot Sale SEC Votes to Propose Ban on Flash Orders Comments on the proposal are due by November 23, 2009. NYSE NYSE See: New York Stock Exchange Proposes Amendments to Listed Company Governance Requirements SEC Takes Additional Action on Credit Rating Agency A credit rating agency (CRA) is a company that assigns credit ratings for issuers of certain types of debt obligations. In most cases, these issuers are companies, cities, non-profit organizations, or national governments issuing debt-like securities that can be traded on a Regulation Comments on the proposed amendments affecting issuer registration statements and Forms 8-K and 20-F are due no later than December 14, 2009. The reopened comment period on proposals to eliminate credit rating references from SEC rules and forms ends December 8, 2009. The rule amendments eliminating credit rating references from certain rules under the Securities Exchange Act of 1934 and Investment Company Act of 1940 are effective November 12, 2009. The concept release on the possible elimination of exemptions for NRSRO registration statement consents and liability are due by December 14, 2009. FRB Adopts Program under which it will Issue Compliance Ratings to Nonbank Subsidiaries of Bank Holding Companies and Foreign Banking Organizations SEC and UK FSA Discuss Approaches to Global Regulation of Hedge Funds and their Advisers September 29, 2009 Federal District Court Issues Statement of Intended Decision in Favor of Defendant Mutual Fund Adviser and Affiliated Distributor at Conclusion of Trial on Excessive Fee Claim Chairman of Senate Banking Subcommittee on Securities, Insurance and Investment Introduces Derivatives Regulation Legislation Federal Banking Agencies Issue Proposed Guidance on Correspondent Concentration Risks Comment period extended to November 27, 2009. Comptroller Dugan Makes Presentation Supporting Retention of Strong Uniform National Standards of Consumer Protection for National Banks and Other Federal Financial Services Providers Goodwin Procter Issues Client Alert Discussing Lehman Bankruptcy Court's Decision Declaring "Bankruptcy Default" Under Swap Agreement to be Unenforceable October 6, 2009 FDIC Issues Notice of Proposed Rulemaking A notice of proposed rulemaking or NPRM is issued by law when a regulatory agency of the United States Federal Government wishes to add, remove, or change a rule (or regulation) as part of the rulemaking process. Outside the USA. that Would Require Banks to Prepay Deposit Issuance Assessments for Three Years (through 2012) FINRA Requests Comments on Proposed Amendments to Rules Governing Communications With the Public Comments must be submitted by November 20, 2009. ICI (language) ICI - An extensible, interpretated language by Tim Long with syntax similar to C. ICI adds high-level garbage-collected associative data structures, exception handling, sets, regular expressions, and dynamic arrays. and IDC Issue Overview of Fund Governance Practices ICI and IDC Publish White Paper on Fund Relationships with Intermediaries Update on Report Addressing Harmonization of SEC and CFTC Regulation Chairman of House Financial Services Committee Releases Discussion Draft of Proposed Derivatives Regulation Legislation EU Alternative Investment Fund Managers Directive has Implication for Non-EU Managers and Funds October 13, 2009 SEC Settles Enforcement Proceeding over Dually Registered Investment Adviser and Broker-Dealer's Failure to Comply with Regulation S-P Requirements for Safeguarding Customer Information SEC Issues Strategic Plan for 2010-2015 for Public Comment OECD OECD: see Organization for Economic Cooperation and Development. Issues Handbook on Detecting Money Laundering October 20, 2009 House Financial Services Committee Amends Consumer Financial Protection Act of 2009 Basel Committee Analyzes Impact of Trading Book Reforms SEC Issues Formal Releases for Recent Rulemaking Affecting Credit Rating Agency Regulation and Use of Credit Ratings in SEC Rules Comments on the proposed amendments affecting issuer registration statements and Forms 8-K and 20-F are due no later than December 14, 2009. The reopened comment period on proposals to eliminate credit rating references from SEC rules and forms ends December 8, 2009. The rule amendments eliminating credit rating references from certain rules under the Securities Exchange Act of 1934 and Investment Company Act of 1940 are effective November 12, 2009. The concept release on the possible elimination of exemptions for NRSRO registration statement consents and liability are due by December 14, 2009. SEC and CFTC Issue Joint Report on Harmonization of Regulation FinCEN Issues Advisory on Filing SARs Regarding TARP-Related Programs SEC Proposes Amendments to Rule Requiring Internet Availability of Proxy Materials Comments are due by November 20, 2009. Goodwin Procter Issues Client Alert on Revised Private Fund Adviser Registration Legislation with Exemption for Advisers to "Venture Capital Funds Venture Capital Funds An investment fund that manages money from investors seeking private equity stakes in small and medium-size enterprises with strong growth potential. Notes: " October 27, 2009 The FRB Proposes Guidance on Incentive Compensation Practices Comments are due by November 27, 2009. House Financial Services Committee Passes the Consumer Financial Protection Act of 2009 Compliance with SEC Affiliate Marketing Rules for Broker-Dealers, Investment Advisers, Transfer Agents and Investment Companies Required Beginning January 1, 2010 On November 5, 2009, the SEC announced that the compliance date for Reg. S-AM is postponed to June 1, 2010. FINRA Files Proposed Rule Changes Covering Marketing Materials for Variable Products FDIC Approves Final Rule to Phase Out the Debt Guarantee Component of the Temporary Liquidity Guarantee Program European Commission Issues Communication on Strengthening the Derivatives Markets House Agriculture Committee Proposes New Regulatory Scheme for Over-the-Counter Derivatives Markets Obama Administration Announces New Program for TARP Funds That Will be Provided to Community Banks to Encourage Small Business Lending Senior Supervisors for Seven Countries Issue Report on Risk Management Practices in the Aftermath of the Banking Crises of 2008 November 3, 2009 House Financial Services Committee Chairman Barney Frank Introduces the Financial Stability Improvement Act of 2009 to Address Systemic Risk and Other Financial Regulatory Reforms Massachusetts Releases Final Data Security Rule The compliance date for the Rule is March 1, 2010. Goodwin Procter Sponsors Third Annual Private Equity Investing in Banks Symposium OCC Allows Use of Collectively Owned LLCs for Banks' OREO Bank Pleads Guilty in First Criminal Prosecution Based on Failure to File CTRs Bank Regulators Issue Policy Statement on Workouts of Commercial Real Estate Loans SEC Staff Issues Additional Guidance on the Treatment under Rule 14a-8 of Stockholder Proposals Relating to Risk and Stockholder Proposals Addressing CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Succession Planning Supreme Court Hears Oral Argument for Review of Seventh Circuit Decision in Harris Associates FTC FTC See Federal Trade Commission (FTC). Postpones Compliance Date of Identity Theft Red Flags Rule Until June 1, 2010 Goodwin Procter Issues Client Alert on House Legislation Regulating Derivatives Trading FRB'S Temporary Exemption from Section 23A Restrictions for Funding to Replace Tri-Party Repo Market Funding Expired on October 30, 2009 Goodwin Procter LLP is one of the nation's leading law firms, with a team of 700 attorneys and offices in Boston, Los Angeles, New York, San Diego, San Francisco and Washington, D.C. The firm combines in-depth legal knowledge with practical business experience to deliver innovative solutions to complex legal problems. We provide litigation, corporate law and real estate services to clients ranging from start-up companies to Fortune 500 multinationals, with a focus on matters involving private equity, technology companies, real estate capital markets, financial services, intellectual property and products liability. This article, which may be considered advertising under the ethical rules of certain jurisdictions, is provided with the understanding that it does not constitute the rendering of legal advice or other professional advice by Goodwin Procter LLP or its attorneys. [c] 2009 Goodwin Procter LLP. All rights reserved. Goodwin Procter LLP Exchange Place Boston MA 02109 UNITED STATES Tel: 6175701329 Fax: 6175231231 E-mail: Jtrillos-decarie@goodwinprocter.com URL: www.goodwinprocter.com Click Here for related articles (c) Mondaq Ltd, 2009 - Tel. +44 (0)20 8544 8300 - http://www.mondaq.com |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion