Alert November 05, 2013

Quarterly Review

August 13, 2013
SEC Adopts Final Amendments to Financial Responsibility Rules for Broker-Dealers
SEC Adopts New Broker-Dealer Reporting Requirements Related to Custody of Client Assets
New Guidance on Advisers Act Custody Rule Treatment of Certain Private Certificated Securities
FRB, FDIC and OCC Jointly Issue Proposed Supervisory Guidance on Implementing Stress Tests for Mid-Sized Banking Organizations
Federal Court Strikes Down FRB’s Debit Card Interchange Fee and Network Exclusivity Rules
FDIC Releases Video Guidance Regarding Management of Interest Rate Risk
Goodwin Procter Alert: Court Ruling Creates Potential Liability for Investment Funds and May Have Broader Implications
French Regulator Adopts Stringent AIFMD Regime
CFTC Adopts Rule Amendments Harmonizing Compliance Obligations for CPOs of Registered Investment Companies

August 20, 2013
SEC Adopts Final Rule Amendments to Reporting, Notification and Audit Rules for Broker-Dealers
CFTC, SEC and FINRA Issue Joint Advisory on Business Continuity and Disaster Recovery Planning
FRB Issues Final Rule Establishing Annual Assessment Fees for Large Banking and Other Financial Companies
2012 assessment period payments are due to the FRB on December 15, 2013.
FRB Issues Order Approving BHC’s Acquisition of Company that Provides Support Services to Lenders Who Make SBA and USDA Loans

August 27, 2013
Goodwin Procter Alert: Supreme Court’s Windsor Decision May Create Opportunities for Tax Savings
CFTC Harmonizes Rules Applicable to CPOs of Registered Investment Companies and Modifies Requirements for All CPOs
SEC Staff Provides Further Guidance to Registered Funds on Derivatives
FRB Issues Paper on Capital Planning at Large Bank Holding Companies
OCC Issues Updated Guidance on Commercial Real Estate Lending
FinCEN Issues Analysis of Mortgage Loan Fraud Suspicious Activity Report Filings; Notes Drop Over Previous Calendar Year

September 3, 2013
Agencies Re-Propose Rule Implementing Risk Retention Requirements of Dodd-Frank Act
Court Dismisses Shareholders’ Investment Company Act Claims Brought Against Advisers and Directors of Exchange-Traded Funds for Allegedly Excessive Fees Paid by the Funds in their Securities Lending Agreements
SEC Sanctions Adviser Employee for Concealing Personal Securities Transactions and Misleading Chief Compliance Officer
SEC Exam Review Prompts Risk Alert on Adviser Business Continuity Plans
Tenth Circuit Rules that “Extender Statutes” Permit NCUA to Bring Otherwise Time-Barred RMBS Suits
Goodwin Procter Alert: Massachusetts Supreme Judicial Court Decision Affirms Trustee Decanting Authority
Former CEO of Failed Bank Enters Plea Agreement Admitting that He Caused Bank to File False Call Reports with FDIC to Conceal Losses from Problem Loans

September 10, 2013
Basel Committee and IOSCO Publish Policy Framework Establishing Minimum Standards for Margin Requirements for Non-Centrally Cleared Derivatives
CFTC Staff Provides Relief from Reporting Requirements for CPOs of Controlled Foreign Corporations Used by Registered Funds as Vehicles for Investing in Commodity Interests

September 17, 2013
FDIC Issues Final Rule Regarding Insured Deposits at Foreign Branches of U.S. Banks
FRB Reserve Banks Issue Consultation Paper Seeking Public Comments on Ways to Improve Payment System
DOL Issues Advisory Opinion Regarding Use of a Mutual Fund “Summary Prospectus” under PTE 77‑4

September 24, 2013
Labor and Employment Alert: DOL Expands Affirmative Action Requirements for Government Contractors and Subcontractors Hiring Veterans and Disabled Individuals
SEC Proposes Pay Ratio Disclosure Requirements
Comptroller Curry Makes Presentation Supporting FASB’s Proposed Change to its Asset Impairment Measurement Standard
Comptroller Curry Alerts Banks to Increasing Risks from Cyberattacks
NFA Requires CTAs to Report on a Quarterly Basis
Massachusetts High Court Rules that Closed-End Funds’ Bylaws Allow No More than 395 Days Between Annual Shareholders’ Meetings

October 1, 2013
New ERISA Litigation Update Available – Upcoming ERISA Litigation Webinar on Fiduciary Issues
FRB Issues Two Interim Final Rules Concerning Incorporation of Basel III Regulatory Capital Plans and Stress Tests
Comments on both the First Interim Final Rule and the Second Interim Final Rule are due to the FRB by November 25, 2013.
SEC Reopens Comment Period on Proposed Amendments to Regulation D Requiring Additional Reporting and Disclosure for Private Offerings
National Futures Association Advises Commodity Pool Operators on Prohibited Loans
OCC and FinCEN Take Enforcement Actions and Assess Civil Money Penalty Against Small Bank for BSA/AML Violations

October 8, 2013
SEC Adopts Final Rules for Municipal Advisors
Goodwin Procter Alert: SEC Issues Proposed "Pay Ratio" Disclosure Rules
Office of Financial Research Delivers Report Identifying Asset Management Industry Activities That Could Pose Financial Stability Risks
FRB Governor Powell Delivers Remarks Concerning the Role and Regulatory Supervision of Community Banks

October 15, 2013
SEC Sanctions Adviser, Affiliated Broker-Dealer and Their Owner Over Class A Share Purchases and Commissions Paid on ETF Trades
SEC Staff Issues Guidance Regarding Compliance with Limitations on Participation in Follow-On and Secondary Offerings Imposed on Short Sellers by Rule 105 of Regulation M
FDIC Issues Guidance Regarding Exclusions from, and Limits on Indemnification for CMPs under, Director and Officer Liability Insurance Policies
OCC and FRB Final Rule Revising Regulatory Capital Requirements Published in Federal Register
The Final Rule is effective for banking organizations that used the advanced approaches on January 1, 2014 and for other banking organizations on January 1, 2015.
October 22, 2013
FINRA Requests Comment on Revised Proposed Rules Governing Membership Applications
FDIC Issues Guidance Concerning Management of Market Risk in a Challenging Interest Rate Environment
Employee Benefits Update: IRS and DOL Guidance Clarifies Post-DOMA Questions

October 29, 2013
FRB, OCC and FDIC Issue Proposed Rule Concerning a Minimum Liquidity Coverage Ratio and Liquidity Risk Management, Standards and Monitoring
Comments on the Proposed Rule are due to the Agencies by January 31, 2014.
FRB, FDIC, OCC AND NCUA Issue Joint Supervisory Guidance Concerning Troubled Debt Restructurings
SEC and FINRA Rule Proposals Take Next Steps Towards Fulfilling JOBS Act Crowdfunding Mandate
SEC Order Provides Additional Time to Implement Certain Amendments to the Financial Responsibility Rules for Broker-Dealers
SEC Investor as Purchaser Subcommittee Issues Recommendations Related to Broker-Dealer Fiduciary Duty