Alert May 06, 2014

Quarterly Review

February 11, 2014
Goodwin Procter Alert: The Alternative Investment Fund Managers Directive – Status Update of Implementation Throughout Europe
SEC and DOL Reach $21 Million Settlement with Adviser Over Alleged Failure to Disclose and Correct Trading Errors and Improper Cross-Trading
SEC Staff Issues Risk Alert Addressing Adviser Due Diligence on Alternative Investments
SEC Further Extends Securities Law Exemptions for Security-Based Swaps
Mutual Fund Directors Forum Issues Report on Director Oversight of Mutual Funds Focused on Non-Traditional Assets and Strategies
FRB Governor Tarullo Outlines Top Regulatory Priorities for 2014
February 18, 2014
SEC No-Action Letter Provides Relief from Broker-Dealer Registration for M&A Brokers
SEC Settles with Adviser and Its Principal over Misleading Mutual Fund and Advisory Services Advertisements in Newsletters and on Websites
FRB Proposes to Repeal Regulations P and DD and Amend Regulation V
NFA Provides Further Guidance on Bylaw 1101 Obligations of Members Who Do Business with CPOs/CTAs Relying on an Exemption or Exclusion from CFTC Registration
OCC Issues Revised Mortgage Banking Booklet
February 25, 2014
SEC Staff Grants No-Action Relief to Affiliated Securities Lending Agent
SEC Staff Provides Additional Guidance for Private Fund Advisers on “Knowledgeable Employees”
SEC Staff Provides Guidance on Unbundling Proxy Proposals to Amend Fund Charters
SEC Examination Staff Launches Never-Before Examined Adviser Initiative
FinCEN Issues Guidance for Financial Institutions Seeking to Provide Services to Marijuana-Related Businesses
Goodwin Procter Alert: OFAC Issues New Foreign Sanctions Evaders List
FINRA Fines Firm and Former AML Compliance Officer For Failures to Comply with Anti-Money Laundering Obligations
March 4, 2014
OCC and Boston University Center for Finance, Law & Policy to Host Symposium Commemorating 150th Anniversary of OCC
FRB Issues Supervisory Letter Concerning its Application Process and the Most Frequently Cited Reasons for Application and Notification Denials
Goodwin Procter Alert: FCA Issues Final Remuneration Guidance for AIF Managers
FINRA Fines Firm and Former Chief Compliance and AML Officer For Failing to Register Foreign Finders and Failure to Comply with Anti-Money Laundering Obligations
ISDA Publishes 2014 Credit Derivatives Definitions
SEC Re-Opens Comment Periods for Asset-Backed Securities Rule Proposals
MSRB Proposes New Conduct Rule for Non-Solicitor Municipal Advisors and Amendments to Books and Records Rules for Municipal Advisors
March 11, 2014
FINRA Proposes Separate Rules for Firms Whose Activities Are Limited to Advice on Capital Raising and Restructuring and Solicitation of Institutional Investors
OCC, FRB and FDIC Issue Joint Stress Test Guidance for Medium-Sized Banking Firms
CFTC Staff Issues Best Practices for Customer Information Safeguards
SEC Staff Provides Guidance on Aggregate Advisory Fee Condition for Multi-Manager Relief
March 18, 2014
BNA’s Banking Report Publishes Goodwin Attorneys’ Advice on Bank D&O Insurance
Goodwin Procter Alert: In Lawson, Supreme Court Expands SOX Whistleblower Protection to Employees of Private Contractors
DOL Issues Proposed Rule Requiring Guide for 408(b)(2) Disclosures
SEC Proposes Standards for “Covered Clearing Agencies”
CFTC Provides Time-Limited No-Action Relief to Certain Affiliated Swap Counterparties
March 25, 2014
D.C. Circuit Appellate Court Overturns Lower Court Decision on FRB’s Interchange Fee Rule
FRB Releases Results of 2014 Stress Tests
Comptroller Curry Discusses Banks’ Progress in Meeting BSA Compliance Obligations; States that Senior Executives and Boards Should be Held Accountable for BSA Compliance Failures
New ERISA Litigation Update Available
FINRA Files Proposed Amendments to Communications Rules
SEC Staff Grants No-Action Relief to Permit Fund to Implement Subadvisory Arrangement Prior to Shareholder Approval
April 1, 2014
FinCEN Issues Advisory Regarding the FATF’s Updated List of Jurisdictions with AML/CTF Strategic Deficiencies
FRB Approves Capital Plans of 25 Large Banking Holding Companies, but Rejects Capital Plans of Five Other Large Banking Organizations
SEC Staff Posts Analyses of Money Market Fund Reform Literature for Public Comment
SEC Extends Re-Opened Comment Periods for Asset-Backed Securities Proposals Until April 28
April 8, 2014
Basel Committee Issues Revised Guidelines Concerning External Audits of Banks
FFIEC Issues Joint Statements on DDoS Cyber-Attacks and Cyber-Attacks on ATM and Card Authorization Systems
SEC Reopens Comment Period on Proposed Target Date Fund Disclosure Requirements to Address Investor Advisory Committee Recommendation Regarding Risk-Based Glide Path Illustration
SEC Staff Provides Guidance for Advisers Using Social Media on Compliance with General Prohibition on Testimonials
CFTC Staff Provides Guidance on Auditor Independence Requirements Under FCM Customer Protection Rules
April 15, 2014
FINRA Requests Comment on the Effectiveness and Efficiency of its Rules on Gifts and Gratuities and Non-Cash Compensation and its Rules on Communications With the Public
FRB to Extend Volcker Rule Conformance Period for Existing CLOs
FRB, FDIC and OCC Issue Final Rule Regarding Leverage Ratios for Largest Top-Tier Bank Holding Companies
FFIEC Warns Financial Institutions that Financial Regulators Expect Them to Address Risks from Widely Reported Material Computer Security Vulnerability
Goodwin Partner Publishes Article Concerning the Impact of Volcker Rule on Fund Sponsors Affiliated with Non-U.S. Banking Organizations
Goodwin Procter Alert - The SEC’s Whistleblower Program: 2013 Results and What to Expect in 2014
April 22, 2014
Goodwin Counsel, Margaret Crockett, Named Fellow of American College of Consumer Financial Services Lawyers
SEC Examination Staff Issues Risk Alert on Cybersecurity Initiative
SEC Settles With Adviser Over Failure to Consider Account Aggregation Requests in Applying Fee Breakpoint Discounts
Basel Committee Issues Final Rules on Measuring and Controlling Large Exposures
Comptroller Curry Discusses OCC’s Higher Expectations for Large Banks and the Members of Their Boards; States Community Banks Will Only be Subject to Guidelines “in Extraordinary Circumstances”
April 29, 2014
OCC Proposes to Increase Assessments for Large National Banks and Federal Savings Associations; Leaves Assessments for All Other Institutions Unchanged
The Conference of State Bank Supervisors and the North American Securities Administrators Association Release Guidance Regarding Virtual Currencies
Goodwin Procter: The Alternative Investment Fund Managers Directive – April 2014 Status Update of Implementation Throughout Europe
SEC Proposes Recordkeeping, Reporting, and Notification Requirements for Security-Based Swap Dealers and Major Security-Based Swap Participants
SEC Staff Provides Guidance on Fund Deregistration Applications