Financial Services Alert Quarterly Review.May 29, 2001 Overview SEC Staff Extends Standish Ayer Analysis to Section 3(c)(7) Funds OCC OCC See: Options Clearing Corporation OCC See Options Clearing Corporation (OCC). Finds that National Bank Act Preempts Provision of Michigan Motor Vehicle Sales Act FRB See Federal Reserve Board. Issues Guidance on Expanded Municipal Bond Authority FRB Requests Comment on Improving Online Delivery of Financial Services OTS See Office of Thrift Supervision. Issues Bulletin Concerning Conflicts of Interest Related to Fiduciary Accounts June 5, 2001 Overview Director of Enforcement of SEC Reiterates Staff's Intention to Enforce Reg. FD FRB Issues Proposals Concerning its Payments System Risk Policy OCC Permits Trust Preferred Securities to be Treated as Loans; Rules on Indirect Obligations of States Second Circuit Rules Class Actions Alleging Fraud in the Sale of Variable Annuities are Subject to Exclusive Federal Jurisdiction FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). Sets Effective Date for Elimination of Pooling of Interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. Method of Accounting for Business Combinations June 12, 2001 Overview President Bush Signs $1.35 Trillion Tax Cut Legislation Banking Agencies Rule Financial Institutions Cannot Disclose Customer Account Numbers to Third Party Providers June 19, 2001 Overview SEC Says E-SIGN Does Not Preempt SEC Signature and Recordkeeping Requirements for Electronic Filings Director of SEC's Office of Compliance, Inspections and Examinations Discusses Valuation, Portfolio Trading and Disclosure Practices American Bankers Association The American Bankers Association (ABA) is comprised of banks and other financial institutions. It seeks to promote the strength and profitability of the banking industry by Lobbying federal and state governments, building industry consensus on key issues, and providing products and Expresses Concern About New FASB Rule Related to Securitization Transactions ABASA ABASA American Bankers Association Securities Association ABASA Association for the Advancement of Black Accountants in Southern Africa ABASA Allliance Burundo-Africaine pour le Salut (Tutsi: Burundi African Alliance for the Salvation) Opposes Recently Adopted SEC Rules Addressing the GLBA's Bank Broker-Dealer Exceptions June 26, 2001 Overview U.S. Court of Appeals for Eleventh Circuit Certifies RESPA RESPA Real Estate Settlement Procedure Act Yield Spread Premium The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Class NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). Establishes New Registration Category for Individuals Engaging in Sales of Private Securities Offerings OCC Amends Assessment Regulation to Clarify That it May Charge Bank for Special Examination of Third Party Service Provider OCC Issues Final Rule Implementing Pilot Program That Increases Lending Limit for Certain Banks July 3, 2001 Overview FRB Grants Requests for Exemptions under Section 23A of the Federal Reserve Act and under FRB's Anti-Tying Rules U.S. District Court Dismisses Suit Alleging that the Fee Arrangements of a Closed-End Fund Created Conflicts of Interest in Violation of the Investment Company Act Department of Treasury Issues Report Indicating Substantial Increase in Cases of Identity Theft U.S. Court of Appeals for Seventh Circuit Holds National Bank is "Located" in the State of its Principal Place of Business July 10, 2001 Overview SEC Adopts Rule Codifying Staff Positions Regarding the Treatment of Repurchase Agreements and Refunded Securities as an Acquisition of the Underlying Securities FTC FTC See Federal Trade Commission (FTC). Letter Permits Creditors to Obtain Credit Reports on the Principals of Business Borrowers Federal Banking Agencies Oppose SEC's Recently Adopted Rules Addressing the Bank Exceptions to Broker-Dealer Registration in the Gramm-Leach-Bliley Act OCC Issues Rule Concerning Multi-State Trust Operations of National Banks July 17, 2001 Overview Federal Banking Agencies Issue Policy Statement Concerning Allowance for Loan and Lease Losses SEC Denies Request for Hearing on Application for Manager of Managers Exemptive Relief OCC Finalizes Amendments to its Investment Securities, Banking Activities and Leasing Rules OCC Proposes Electronic Banking Rules July 24, 2001 Overview SEC Extends Time for Banks to Comply with Broker-Dealer Registration Requirements in the GLB (Gramm-Leach-Bliley Act) Enacted in 1999 and effective in mid 2001, the GLB stipulates that every financial institution shall protect the security and confidentiality of its customers' confidential personal information. Act, Indicates that Recently Issued Rules Will be Amended Federal Banking Agencies Seek Comments Concerning Community Reinvestment Act Community Reinvestment Act (CRA) Enacted by Congress in 1977, the CRA encourages banks to help meet the credit needs of their communities for housing and other purposes, particularly in neighborhoods with low or moderate incomes, while maintaining safe and sound operations. Regulations Director of SEC's Division of Investment Management Discusses Best Execution Practices NASD Requests Comments Regarding Rule Change Requiring Increased Conflict of Interest Disclosure in Analyst Recommendations OCC Finalizes Assessment Increases for Credit Card and Troubled Banks July 31, 2001 Overview FASB Issues Final Statements Eliminating Pooling-of-Interests Accounting for Business Combinations and Goodwill Amortization SEC No-Action Relief Permits an Unaffiliated Securities Lending Agent to Invest Collateral Received in Connection with a Fund's Securities Lending Activities through Joint Accounts FRB, OCC Officials Support FDIC's Deposit Insurance Reform Proposals, but Oppose Proposal to Increase $100,000 Coverage Limit on Individual Accounts OCC Issues Guidance on Bank Weblinking Relationships August 7, 2001 Overview First Reports for Listed Securities Under SEC's Execution Quality Disclosure Rules Now Available FFIEC FFIEC Federal Financial Institutions Examination Council Issues Guidance on Electronic Authentication FTC Proposes Standards for Safeguarding Customer Information FRB Governor Meyer Testifies Before Congress on the SEC's Recently Issued GLB Act Rules Concerning Securities Activities of Banks OTS Approves Conversion of Thrift to Full-Service Charter August 14, 2001 In-Depth Analysis Global Investment Fund Strategies Quarterly Status Of Recent Rules/Policy Statements > The contents of this publication are intended for informational purposes only and should not be construed as legal advice or legal opinion, which can be rendered properly only when related to specific facts. This document may be considered advertising under rules of the Supreme Judicial Court of Massachusetts. [c]Goodwin Procter LLP LLP - Lower Layer Protocol 2001 Goodwin Procter LLP Exchange Place Boston MA 02109 UNITED STATES Tel: 6175701329 Fax: 6175231231 E-mail: Jtrillos-decarie@goodwinprocter.com URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : www.goodwinprocter.com Click Here for related articles (c) Mondaq Ltd, 2006 - Tel. +44 (0)20 8544 8300 - http://www.mondaq.com |
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