Alert August 06, 2013

Quarterly Review

May 14, 2013
SEC Proposes Rules for Cross-Border Security-Based Swap Activities
OCC Issues Bulletin Clarifying Treatment of Certain Sovereign and Securitization Positions Under Market Risk Capital Rule
Comptroller Curry Stresses the Importance of Bank Supervision and Examination, Interagency Collaboration, and Stronger Internal Oversight
FINRA Staff Provides Guidance on Use of Pre-Inception Index Performance Data in Institutional Communications
May 21, 2013
FINRA Provides Guidance on Communications with the Public Concerning Unlisted Real Estate Investment Programs
OCC Files Brief Urging U.S. District Court for Southern District of New York to Reconsider its Ruling that Bank Examination Privilege Did Not Protect Supervisory Correspondence between OCC and Bank of China
OFR Issues Working Paper that Examines History of Cyclical Macroprudential Policy in U.S.
May 28, 2013
Goodwin Procter Alert: The Alternative Investment Fund Managers Directive - UK Treasury Releases Near-Final Draft of Implementing Regulations
Financial Stability Oversight Council Chairman Pressing Money Market Fund Reform
State Bank Supervisors and the CFPB Agree Upon Framework to Guide the Cooperative Supervision of Regulated Activities
CFTC Approves Procedures to Establish Minimum Block Sizes
CFTC Approves Core Principles and Other Requirements for Swap Execution Facilities
CFTC Issues Interpretive Guidance and Policy Statement Concerning Prohibitions on Disruptive Practices
June 4, 2013
SEC to Consider Money Market Fund Reform Proposal at June 5 Open Meeting
SEC Charges Trader at Registered Adviser with Insider Trading and Front-Running
FINRA Fines Broker-Dealer for Systemic Email System Failures and Misstatements to FINRA
FinCEN Issues Notice of Proposed Rulemaking Proposing Imposition of Special Measure Under Section 311 of USA PATRIOT Act Against Liberty Reserve; Designates Liberty Reserve as a Financial Institution of Primary Money Laundering Concern
U.S. District Court for Southern District of New York Denies OCC’s Motion to Reconsider Court’s Bank Examination Privilege Ruling
DOL Proposes Amendment to Prohibited Transaction Exemption Concerning Interest-Free Loans
June 11, 2013
SEC Proposes Amendments to Money Market Fund Requirements
FRB Approves Interim Final Rule under Swaps Push-Out Provision of Dodd-Frank Act
FDIC Issues Final Rule Setting Criteria for Determining Companies “Predominantly Engaged in Activities that are Financial in Nature or Incidental Thereto” for Purposes of Title II of Dodd-Frank Act
CFTC Provides No-Action Relief from Clearing Requirement for Swaps Entered into by “Eligible Treasury Affiliates”
FFIEC Announces Formation of Working Group on Cyber Attacks
June 18, 2013
SEC Finalizes Settlement with Eight Former Regions Morgan Keegan Fund Directors Over Claims Related to Fair Value Determinations
Massachusetts Division of Banks Approves Net Present Value Model for Foreclosure Assessments
OCC Issues Bulletin Describing its Revised Appeals Process
OCC Issues Booklet Providing Guidance to Boards and Management of Community Banks Concerning Certain Banking Best Practices
CFTC Approves Use of Additional Legal Entity Identifiers
CFTC Grants Time-Limited No-Action Relief to Small Banks from Board Approval Requirement of End-User Exception to Clearing
FDIC and Canada Deposit Insurance Corporation Sign MOU Concerning Information Sharing and Cooperation in Event of Failure of Large, Complex Financial Institution Operating in Both U.S. and Canada
June 25, 2013
Massachusetts Division of Banks Issues Opinion Regarding Approval Process for Installation of Interactive Teller Machines at Non-Branch Locations
OCC Issues Final Rule Implementing Dodd-Frank Amendments to Lending Limit, Which Concern Certain Credit Exposures From Derivatives and Securities Financing Transactions
Compliance with the Final Rule is required by October 1, 2013.
SEC Staff Allows Advisers Selected for Wrap-Fee/Managed Account Program to Satisfy Brochure and Brochure Supplement Delivery Requirements by Providing Them to Unaffiliated Adviser Sponsoring the Program
CFTC Provides No-Action Relief from Fingerprinting Requirement for Certain Non-U.S. Associated Persons
FINRA Requests Immediate Effectiveness of New Form for Electronic Private Placement Filings Under Rule 5123
July 2, 2013
FRB Approves Final Rule to Implement Basel III Capital Reforms and Issues Market Risk Notice of Proposed Rulemaking
New ERISA Litigation Update Available
Basel Committee Revises Leverage Ratio Requirements and Provides Related Disclosure Requirements
Comments on the Consultative Document are due by September 20, 2013.
Basel Committee Issues Proposed Guidelines on Managing Risks Associated with Money Laundering and the Financing of Terrorism
Comments on the Proposed Guidelines are due by September 27, 2013.
DC Court of Appeals Upholds CFTC Amendments to Regulation 4.5 CPO Exclusion Relating to Registered Funds
July 9, 2013
Analysis of Banking Agencies’ Rule to Implement Basel III and Dodd-Frank Capital Reforms
Comments on the Market Risk NPR are due by September 3, 2013.
Employee Benefits Update - DOMA’s Demise in Supreme Court’s Windsor Decision Affects Employee Benefits
Goodwin Procter Alert – SEC Forecasts an Increase in Whistleblower Cases and Awards
July 10 SEC Meeting Agenda Includes Action on Proposed Rule Changes Implementing JOBS Act Mandate to Remove General Solicitation Prohibition for Rule 506 and Rule 144A Offerings
IOSCO Releases Final Report on Principles for ETF Regulation
July 16, 2013
Federal Banking Agencies Issue Notice of Proposed Rulemaking Setting Supplementary Leverage Ratio Standards for Largest U.S. Banking Organizations
SEC Votes to Eliminate Ban on General Solicitation in Private Offerings, Adopt Bad Actor Disqualification Condition for Rule 506 Offerings, and Propose Additional Reporting and Disclosure Requirements for Private Offerings
IRS Notice 2013-43 – IRS Extends Timelines for FATCA Withholding and Implementation
CFTC Approves Final Cross-Border Guidance, Reaches Understanding with European Regulators, and Provides Related No-Action Relief
FSOC Designates Two Nonbank Financial Companies as Systemically Important in FSOC’s First Use of This Authority Under Dodd-Frank
FinCEN Grants Exception to CTR Filing Requirements in Connection with Certain Armored Car Service Transactions
July 23, 2103
SEC Adopts Rule Changes to Implement JOBS Act Mandate to Remove General Solicitation Prohibition for Rule 506 and Rule 144A Offerings
SEC Proposes Additional Reporting and Disclosure Requirements for Private Offerings, Describes Plan to Monitor Impact of Permitting General Solicitation in Private Offerings
SEC Adopts New Condition for Rule 506 Safe Harbor That Disqualifies Offerings Involving Felons and Other “Bad Actors”
Federal District Court Denies Motion To Dismiss SEC Suit Alleging General Partnership Interests Were Securities
FRB Amends Discount Window Operating Circular to Comply with Dodd-Frank Act Swaps Pushout Rule
CFTC Publishes Final Cross-Border Guidance
Goodwin Procter Alert: The Alternative Investment Fund Managers Directive -- Implementation Throughout Europe
Goodwin Procter Alert: Delaware Court of Chancery Upholds Forum Selection Bylaws
July 30, 2013
UK Financial Conduct Authority Proposes New Rules For Pooling and Distribution of Assets Held by Failed Investment Firms
SEC Staff Issues Guidance on Counterparty Risk Management Practices for Tri-Party Repurchase Agreements
Second Circuit Affirms Dismissal of 1933 Act Claims Alleging Failure to Disclose Risks of Exchange-Traded Funds That Focused on Meeting Daily Benchmarks
SEC Staff Grants No-Action Relief to Treat Government Mortgage-Backed Securities and Private Mortgage-Backed Securities as Part of the Same Industry for Purposes of Registered Funds’ Industry Concentration Policies
SEC Announces Arrangements with EU/EEA Member State National Regulators for Cross Border Supervisory Cooperation Regarding Asset Management Industry
DOL Advisory Opinion Clarifies that Revenue Sharing Payments Are Not Plan Assets
DOL Provides Flexibility on Timing of Disclosures for Participant-Directed Plans
MA Division of Banks Holds Hearings Regarding 11 Banking, Credit Union and Other Licensee Regulations
Written comments to the Massachusetts Division of Banks concerning the regulations are due by 5:00 p.m. on August 20, 2013.
FDIC Releases Second Series of Videos Designed to Provide Information to Bank Directors
Community Lending Enhancement and Regulatory Relief Act of 2013, Which Would Provide Relief to Community Banks, is Introduced in U.S. Senate