Regulatory Developments -
SEC Proposes New Derivatives Rules for Registered Investment Companies and Business Development Companies -
On Dec. 11, the SEC proposed new Rule 18f-4 under the Investment Company Act,...more
12/17/2015
/ Business Development Companies ,
Derivatives ,
Emerging Growth Companies ,
FBAR ,
Financial Industry Regulatory Authority (FINRA) ,
FinCEN ,
Fixing America’s Surface Transportation Act (FAST Act) ,
Forex ,
Investment Companies ,
National Futures Association ,
Securities and Exchange Commission (SEC)
Regulatory Developments -
FINRA Proposes to Adopt Capital Acquisition Broker Rules -
On Dec. 4 FINRA filed with the SEC a proposal to create a separate rule set that would apply to firms that meet the definition of...more
12/10/2015
/ Capital Raising ,
Community Banks ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
EU ,
European Commission ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Industry Regulatory Authority (FINRA) ,
Holding Companies ,
Prospectus ,
Securities and Exchange Commission (SEC)
Regulatory Developments -
SEC Grants Exemption from Registration as a Clearing Agency to Two Matching Service Providers -
On Nov. 24 the SEC approved applications by Bloomberg STP LLC and SS&C Technologies, Inc....more
12/4/2015
/ Broker-Dealer ,
Comment Period ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
FinCEN ,
MSRB ,
Municipal Advisers ,
No-Action Letters ,
NYDFS ,
Registration Requirement ,
Securities and Exchange Commission (SEC) ,
Waiting Periods
Regulatory Developments -
SEC Proposes Amendments to Regulation ATS to Shine a Light on Dark Pools:
On Nov. 18 the SEC announced that it had issued Release No. 34-76474 proposing amendments to Regulation ATS,...more
11/25/2015
/ Broker-Dealer ,
Dark Pool ,
Deutsche Bank ,
Disclosure Requirements ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Money Market Funds ,
Proposed Amendments ,
Regulation SHO ,
Securities and Exchange Commission (SEC) ,
Volcker Rule
Regulatory Developments -
MSRB Publishes Compliance Advisory for Municipal Advisors:
On Nov. 12 the Municipal Securities Rulemaking Board (MSRB) published its first municipal advisor compliance advisory, developed...more
11/19/2015
/ Brokered Deposits ,
Crowdfunding ,
Cybersecurity ,
Enforcement Actions ,
False Advertising ,
FDIC ,
FFIEC ,
Financial Industry Regulatory Authority (FINRA) ,
MSRB ,
Municipal Advisers ,
NYDFS ,
Regulation NMS ,
Securities and Exchange Commission (SEC)
Regulatory Developments -
Client Alert: SEC Issues New Guidance on Excluding Shareholder Proposals under Rule 14a-8:
Goodwin Procter’s Capital Markets practice has released a client alert on the SEC’s Division of...more
11/5/2015
/ Banking Sector ,
Broker-Dealer ,
Exemptions ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Global Systemically Important Financial Institutions (GSIFI) ,
Interim Rule ,
Management Proposals ,
Margin Requirements ,
Ordinary Business Exception ,
Proposed Regulation ,
RAISE Act ,
Recordkeeping Requirements ,
Regulation SCI ,
Reporting Requirements ,
Resale Exemption ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Shareholder Proposals ,
SIFMA ,
Startups ,
Swap Dealers ,
Swaps ,
Trinity Wall Street ,
Wal-Mart
Regulatory Developments:
FINRA Requests Comment on Rules Relating to Financial Exploitation of Vulnerable Adults -
On Oct. 15 FINRA published Regulatory Notice 15-37, requesting comment on proposed amendments to...more
10/22/2015
/ Amended Regulation ,
BE-180 ,
Benchmarks ,
Comment Period ,
Conflicts of Interest ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Disclosure Requirements ,
Diversity ,
Elder Issues ,
Enforcement Actions ,
Exploitation ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Fines ,
Foreign Nationals ,
HMDA ,
Investment Adviser ,
Mortgage Lenders ,
Mortgages ,
Municipal Bonds ,
Neither Admit Nor Deny Settlements ,
Private Funds ,
Proposed Regulation ,
Public Offerings ,
Puerto Rico ,
Recordkeeping Requirements ,
Regulation C ,
Regulation M ,
Reporting Requirements ,
Restitution ,
Rule 105 ,
Sanctions ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Short Selling ,
Surveys ,
U.S. Commerce Department
Regulatory Developments:
FINRA Proposes Rules for Funding Portals -
On Oct. 9 FINRA filed with the SEC a proposed rule change to adopt Funding Portal Rules 100 (general standards), 110 (funding portal application),...more
10/15/2015
/ Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Crowdfunding ,
Debt Securities ,
Disclosure Requirements ,
Enforcement Actions ,
Fees ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Funding Portal ,
JOBS Act ,
Kickbacks ,
Marketing Services Agreements ,
Mortgage Lenders ,
Mortgages ,
Pricing ,
Proposed Regulation ,
Securities and Exchange Commission (SEC) ,
Structured Financial Products
Regulatory Developments -
FINRA Files Proposed Rule Change to Apply Markup Rule to Government Securities:
On Sept. 30 FINRA filed with the SEC a proposed rule change, published in the Federal Register on Oct. 6, to...more
10/8/2015
/ Amended Regulation ,
Cease and Desist Orders ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Data Privacy ,
Data Protection ,
Data Security ,
Dispute Resolution ,
Dodd-Frank ,
Enforcement Actions ,
EU Data Protection Laws ,
FDIC ,
Federal Register ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
International Data Transfers ,
Kamala Harris ,
Mandatory Arbitration Clauses ,
Military Service Members ,
Municipal Securities Market ,
Proposed Regulation ,
Securities and Exchange Commission (SEC) ,
Small Business ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
US-EU Safe Harbor Framework ,
Websites
Regulatory Developments -
SEC Proposes to Amend Administrative Proceedings Rules:
On Sept. 24 the SEC announced that it had voted to propose amendments to rules governing its administrative proceedings. The...more
10/1/2015
/ Administrative Proceedings ,
Bitcoin ,
Breach of Duty ,
Cease and Desist Orders ,
CFTC ,
Class Certification ,
Comment Period ,
De-Risking ,
Disclosure Requirements ,
Employee Retirement Income Security Act (ERISA) ,
Enforcement Actions ,
Excessive Fees ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Margin Requirements ,
MSRB ,
Municipal Securities Issuers ,
Proposed Amendments ,
Proposed Regulation ,
Regulation S-X ,
Securities and Exchange Commission (SEC) ,
Swap Execution Facilities ,
Wash Trades
Regulatory Developments:
CFTC Grants Temporary Registration as SEF to LedgerX Bitcoin Options Exchange and Clearing House -
On Sept. 10 the CFTC announced that it had issued an Order of Temporary Registration as a...more
9/17/2015
/ Anti-Money Laundering ,
Bank of New York (BNY) Mellon ,
Bitcoin ,
CFTC ,
Credit Suisse ,
CSBS ,
Cybersecurity ,
Data Protection ,
Deutsche Bank ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Goldman Sachs ,
Misleading Statements ,
NYDFS ,
Policy Statement ,
Professional Misconduct ,
Recordkeeping Requirements ,
Risk-Based Approaches ,
Suspensions & Debarments ,
Swap Execution Facilities ,
Virtual Currency
Regulatory Developments:
DOL Releases Transcripts of Fiduciary Standard Hearings -
The Department of Labor (DOL) has released the transcripts of the hearings held by the agency in August on its proposed fiduciary...more
9/10/2015
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Caesars ,
Comment Period ,
Department of Labor (DOL) ,
Enforcement Actions ,
Fiduciary Duty ,
Filing Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinCEN ,
Indemnification ,
Meals-Gifts-and Entertainment Rules ,
MSRB ,
Municipal Advisers ,
Municipal Securities Issuers ,
New Guidance ,
Proposed Amendments ,
Proposed Regulation ,
Regulation A ,
Securities and Exchange Commission (SEC) ,
Swap Data Repositories ,
Transcripts
Regulatory Developments -
California Department of Business Oversight Permits Money Transmitter to Treat Customer Funds in Designated Custodial Account as “Eligible Securities” -
The California Department of...more
9/3/2015
/ Administrative Procedure Act ,
Anti-Money Laundering ,
Debt ,
Department of Business Oversight ,
Final Rules ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinCEN ,
Information Reports ,
Investment Adviser ,
Money Laundering ,
Money Transmission Act ,
Money Transmitter ,
Patriot Act ,
Preliminary Injunctions ,
Proposed Regulation ,
Securities and Exchange Commission (SEC)
Regulatory Developments -
CFTC Issues Proposed Amendments to Swap Data Recordkeeping and Reporting Requirements for Cleared Swaps:
On Aug. 19 the CFTC announced that it had voted to propose amendments to existing...more
8/27/2015
/ Administrative Procedure Act ,
CFTC ,
Comment Period ,
Derivatives Clearing Organizations ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
First Amendment ,
Government Officials ,
Investment Advisers Act of 1940 ,
NASD ,
OCIE ,
Pay-To-Play ,
Political Contributions ,
Proposed Regulation ,
Risk Alert ,
Securities and Exchange Commission (SEC) ,
Swap Data Repositories ,
Swaps
Regulatory Developments -
SEC Adopts Rules and Forms for Registration of Security-Based Swap Dealers and Major Security-Based Swap Participants:
On Aug. 5, the SEC voted to adopt registration rules and forms for...more
8/6/2015
/ Anti-Money Laundering ,
CEOs ,
Dodd-Frank ,
Fee Waivers ,
Final Rules ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Funds ,
Management Fees ,
Pay Ratio ,
Penny Stocks ,
Proposed Regulation ,
Securities and Exchange Commission (SEC) ,
Security-Based Swaps ,
Swap Dealers
Regulatory Developments:
SEC Approves New Debt Research Rule and Amended Equity Research Rule -
On July 16, the SEC approved FINRA Rule 2241, which modifies and clarifies existing rules related to research analysts,...more
7/23/2015
/ Banking Sector ,
CFTC ,
Conflicts of Interest ,
Consumer Financial Protection Bureau (CFPB) ,
Employee Retirement Income Security Act (ERISA) ,
FDIC ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
OCC ,
Private Student Loans ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Seed Financing ,
Tibble v Edison Int ,
Volcker Rule
Regulatory Developments -
CFPB Outlines Guiding Principles for Faster Payment Networks:
On July 9, the CFPB released an outline of its guiding Consumer Protection Principles (Principles) for protecting consumers as...more
7/16/2015
/ BrokerCheck ,
CFTC ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Cross-Border Transactions ,
Employee Retirement Income Security Act (ERISA) ,
Enforcement ,
Federal Register ,
Financial Industry Regulatory Authority (FINRA) ,
Fund of Funds ,
Investment Company Act of 1940 ,
New Regulations ,
No-Action Letters ,
Payment Systems ,
Proposed Regulation ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Tibble v Edison Int
Regulatory Developments -
FINRA Proposes Rule to Require Member Websites to Link to BrokerCheck:
FINRA has proposed an amendment to FINRA Rule 2210 to require each of a member’s websites to include a readily...more
7/2/2015
/ BrokerCheck ,
Brokers ,
CFTC ,
Cross-Border Transactions ,
Cybersecurity ,
Employee Retirement Income Security Act (ERISA) ,
FFIEC ,
FIfth Third Bancorp v Dudenhoeffer ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Investment Adviser ,
Margin Requirements ,
Material Nonpublic Information ,
Reporting Requirements ,
Statute of Limitations
Regulatory Developments -
Client Alert: SEC Proposes Pay for Performance Rules:
Goodwin Procter’s Capital Markets practice has issued a Client Alert on the SEC’s proposed rule that would require most public...more
6/25/2015
/ Board of Directors ,
Broker-Dealer ,
Cybersecurity ,
Data Protection ,
Distributed Denial of Service ,
Dodd-Frank ,
Enforcement ,
Enforcement Actions ,
Executive Compensation ,
Financial Industry Regulatory Authority (FINRA) ,
Flood Insurance ,
Investment Adviser ,
Lenders ,
Morgan Stanley ,
Municipal Bonds ,
OCIE ,
Proxy Statements ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Security-Based Swaps ,
Swaps
SEC Enforcement Action on FCPA Compliance –
Check the Box Is Not Enough. On May 20 the SEC announced that global resources company BHP Billiton had agreed to pay $25 million to settle charges that it had violated the...more
5/28/2015
/ BHP Billiton ,
Breach of Duty ,
Credit Default Swaps ,
Employee Retirement Income Security Act (ERISA) ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Foreign Corrupt Practices Act (FCPA) ,
Institutional Investors ,
Mutual Funds ,
Olympics ,
Pensions ,
Proposed Amendments ,
Public Pension ,
Rulemaking Process ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Statute of Limitations ,
Tibble v Edison Int
Ninth Circuit Denies Rehearing of Northstar v. Schwab. On April 28, the U.S. Court of Appeals for the Ninth Circuit denied the petition of Schwab Investments’ (Schwab) for rehearing and rehearing en banc in the case of...more
4/30/2015
/ 401k ,
Broker-Dealer ,
Convertible Debt ,
Employee Retirement Income Security Act (ERISA) ,
Enforcement ,
Enforcement Actions ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Insurance Industry ,
Investment Adviser ,
Investment Company Act of 1940 ,
Money Market Funds ,
Municipal Advisers ,
Ontario Securities Commission (OSC) ,
Petition for Writ of Certiorari ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Trustees
FINRA’s Retrospective Rule Review Process Continues. On April 16, FINRA announced that the FINRA Board of Governors had authorized FINRA to publish a regulatory notice requesting comment on proposed amendments to Rules 2210...more
4/23/2015
/ BlackRock ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Card Agreements ,
Cuba ,
Disclosure Requirements ,
Federal Reserve ,
Filing Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
MSRB ,
Municipal Advisers ,
Office of Foreign Assets Control (OFAC) ,
Proposed Amendments ,
Quicken Loans ,
Securities and Exchange Commission (SEC) ,
SIFIs ,
Supervision
FINRA Requests Comment on Current Membership Application Rules.
As part of its ongoing retrospective rule review process, FINRA has published, in Regulatory Notice 15-10, a request for comment on the effectiveness and...more
SEC Focus on Disqualification Waivers. When negotiating a settlement of an SEC enforcement action against a registered financial services firm – or one that hopes one day to become registered – it is vital to consider the...more
3/19/2015
/ Banking Sector ,
CFTC ,
Consumer Financial Protection Bureau (CFPB) ,
Disqualification ,
Enforcement Actions ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Regulation A ,
Regulation D ,
Safe Harbors ,
Securities and Exchange Commission (SEC)
FDIC Study Shows Branch Banking Has Staying Power: Has your smartphone displaced your bank? According to an FDIC study released on February 19, traditional brick-and-mortar offices are maintaining their primacy, despite...more
2/26/2015
/ Advertising ,
Banks ,
Brokers ,
Compliance ,
Employee Retirement Income Security Act (ERISA) ,
FBAR ,
FDIC ,
Financial Analysts ,
Financial Industry Regulatory Authority (FINRA) ,
FinCEN ,
Mobile Banking ,
NASD ,
OCC ,
Registered Funds ,
Securities and Exchange Commission (SEC)