Alert February 04, 2014

Quarterly Review

November 12, 2013
OCC Issues Updated Risk Management Guidance Concerning Third-Party Relationships
CFTC Approves Final Rules Enhancing Protections Afforded Customers and Customer Funds Held by Futures Commission Merchants
CFTC Issues Revised Position Limits Rule Proposal and Proposes Related Aggregation Standards
CFTC Announces Mutual Acceptance of Approved Legal Entity Identifiers
FDIC and International Regulators Ask ISDA to Add Early Termination Delay to ISDA Documents
CFTC Proposes Rule to Require All Registered Introducing Brokers, Commodity Pool Operators, and Commodity Trading Advisors to be Members of a Registered Futures Association
Goodwin Procter Employee Benefits Update: IRS Modifies “Use-It-Or-Lose-It” Rule for FSAs and IRS and SSA Announce 2014 Dollar Limits
Independent Directors Council Issues Report on Performance Oversight by Fund Boards
SEC To Hold Roundtable On Proxy Advisors
November 19, 2013
Second Circuit Rules for Mutual Fund Trustees in Suit Alleging Breach of Fiduciary Duty in Approving Successor Advisory Contracts Following Sale of Fund Adviser
OCC Issues Guidance and Establishes Standards Regarding Banks’ Usage of Independent Consultants in Connection with Compliance with Enforcement Actions
NFA Requires Notice Filing from Registered Fund CPOs Reporting on a Consolidated Basis for Registered Fund Pools and Their Wholly-Owned CFC Subsidiaries under CFTC Relief No-Action Relief
SEC Staff Scrutinizing Registered Fund Names That Suggest Loss Protection
November 26, 2013
Goodwin Procter Alert: What Banks and Trust Companies Need to Know About the SEC’s New Municipal Advisor Rules
SEC Settles with Adviser Over Discretionary Valuation Practices and Lack of Cross Trade Procedures
Federal Banking Regulators Provide Community Banks with Regulatory Capital Estimation Tool
FDIC, FRB and OCC Issue Joint Final Revisions to Interagency Q&As Regarding Community Reinvestment
December 3, 2013
Financial Stability Board Issues Final Guidelines Regarding Development of a Risk Management Framework and Proposed Guidelines on Supervision of a Financial Institution’s Risk Culture
Private Fund Adviser Receives Exemptive Relief from Two-Year Compensation Ban under Pay-to-Play Rule Triggered by Contribution to State Official’s Campaign for Federal Office
Massachusetts Securities Division Issues Policy Statement on Custody Requirements for Massachusetts-Registered Advisers in Relation to Trusteeships and Fee Deduction
December 10, 2013
Federal Regulatory Agencies Issue Final Rule Implementing Volcker Rule
FinCEN and FRB Jointly Issue Final Rule Amending the Definitions of “Funds Transfer” and “Transmittal of Funds”
FRB Seeks Comment on Multiple Changes to its Policy on Payment System Risk
SEC Charges Adviser and Portfolio Manager with Misrepresentations to Money Market Fund Board and Rule 2a-7 Violations
SEC Staff Issues New Guidance on Rule 506 Bad Actor Disqualification
NFA Issues Guidance on Annual Affirmation Requirement for Entities Operating Under An Exemption or Exclusion from CPO or CTA Registration
CFTC Faces Court Challenge to Cross-Border Guidance
SEC Approves Limited Exception to Anti-Spinning Provision of FINRA Rule 5131
December 17, 2013
Covered Funds Aspects of the Volcker Rule – Frequently Asked Questions
FRB Issues Guidance on Managing Risks from the Use of Third Party Service Providers
FFIEC Issues Guidance Concerning Applicability of Federal Consumer Protection and Compliance Laws, Regulations and Policies to Activities Conducted Via Social Media
Goodwin Procter Alert: SEC Provides Guidance on Exemption for Advisers to Venture Capital Funds
New ERISA Litigation Update Available
Federal Insurance Office Issues Report on Modernization, Improvement of Insurance Regulation
December 23, 2013
SEC Settles Administrative Proceedings Against London-Based Hedge Fund Adviser and its Parent over Internal Control Failures and Misstatements in the Parent’s Financial Reports Resulting from the Adviser’s Faulty Valuation Practices
SEC Settles Administrative Proceedings Against CDO Sponsor and Collateral Manager Over Influence of Hedge Fund Firm on Collateral Selection
Banking Regulators Say That Volcker Rule Does Not Require Immediate Sale of Collateralized Debt Obligations Backed by Trust Preferred Securities
FRB, FDIC and OCC Propose Addendum to Income Tax Allocation Policy; Agencies Provide Standard Provision to be Included in Tax Allocation Agreements
OCC Issues Interpretive Letter Concluding that Bank Investment in Company that Owns Renewable Energy Solar Project is Permissible
December 30, 2013
Proprietary Trading Aspects of the Volcker Rule – Frequently Asked Questions
Federal Agencies Reviewing Treatment under Volcker Rule of Collateralized Debt Obligations Backed by TruPS
FINRA Settles Administrative Proceedings Against Clearing Broker-Dealer For Failures to Comply with Anti-Money Laundering, Financial Reporting and Supervisory Obligations
FRB Issues Proposed Rule that Limits its Emergency Lending Powers in Accordance with Sections 1101 and 1103 of Dodd-Frank Act
FRB Adopts Final Rule Clarifying Treatment of Uninsured U.S. Branches and Agencies of Foreign Banks under Swaps Push-Out Provision of Dodd-Frank Act
FDIC Releases Technical Assistance Videos Concerning Flood Insurance and Appraisals
January 7, 2014
SEC Adopts Amendments to Remove Certain NRSRO Credit Rating Related References in Rule 5b-3 under the Investment Company Act and Fund Portfolio Holdings Table Requirements
SEC Adopts Amendments Removing References to Credit Ratings from Exchange Act Rules Relating to Broker-Dealer Financial Responsibility and Confirmations of Transactions
CFTC Allows Non-U.S. Entities to Comply with Home Jurisdiction Swap Requirements in Lieu of Certain U.S. Regulations
FDIC Releases Videos Designed to Provide Information to Bank Directors, Officers and Employees Regarding Municipal Securities, the Allowance for Loan and Lease Losses, Troubled Debt Restructuring and Fair Lending
FDIC’s Supervisory Insights Includes Article on Interest Rate Risk Management
January 14, 2014
Five Federal Agencies Adopt Interim Rule Providing Relief from the Volcker Rule with Respect to Collateralized Debt Obligations that Hold Trust Preferred Securities
JPMorgan Chase & Co. and its Affiliates Agree to Pay the DOJ, OCC and FinCEN an Aggregate of $2.05 Billion to Resolve Violations of the Bank Secrecy Act and Other Matters Related to the Madoff Ponzi Scheme
Employee Benefits Update: IRS Releases FAQs on Cafeteria Plan Benefits for Same-Sex Spouses Post-DOMA; U.S. Supreme Court Upholds Enforcement of Plan Document’s Limitations Period for Benefit Claims
January 21, 2014
SEC 2014 Adviser Examination Priorities Include Continuation of Presence Exams and Initiative Targeting Never-Before Examined Advisers
SEC Staff Suggests Steps for Fixed Income Fund Advisers to Consider in Addressing Changing Market Conditions
SEC Issues Frequently Asked Questions Regarding Municipal Advisor Registration Rules
SEC Temporarily Stays Municipal Advisor Registration Rules
FINRA Identifies 2014 Examination Priorities
FRB Issues ANPR Seeking Public Comment on Physical Commodity Activities Related to Physical Commodities Conducted by Financial Holding Companies
January 28, 2014
SEC Staff Announces 2014 Broker-Dealer Examination Priorities
SEC Settles with Portfolio Manager of Private Equity Fund of Funds Over Undisclosed Valuation Practice That Inflated Fund Performance in Marketing Materials and Investor Reports
FINRA Files Proposed Amendments to Rule 5110 and Rule 5121 Narrowing the Scope of Required Information and Lock-Up Restrictions in Public Offerings
House Passes Bill to Increase Shareholder Count Thresholds Triggering Securities Exchange Act Registration/Deregistration Obligations for Savings and Loan Holding Companies
OCC Requests Comments on Proposed Guidelines Setting Minimum Standards for Risk Governance Framework and Board Oversight of Banks with $50 Billion or More in Consolidated Assets
Goodwin Procter Alert: FTC Adjusts HSR and Clayton Act Reporting Thresholds
NFA Seeks Comment on Possible Capital Requirements for CPOs and CTAs and Additional Customer Protection Measures
Goodwin Procter DC Office Adds Expertise in Consumer Financial Services Litigation and Corporate Finance, Securities, and M&A for Middle Market and Community Banks