On Tuesday, the U.S. Court of Appeals for the Fourth Circuit vacated, for the second time, the record of decision issued by the U.S. Forest Service and Bureau of Land Management allowing the Mountain Valley pipeline...

The 2015 Balanced Budget Act (BBA) requires that federal agencies make inflationary adjustments to civil monetary penalties on a yearly basis to account for inflation using calculations...

On October 13, 2008, the UK Government announced the details of its Credit Guarantee Scheme for approved UK incorporated banks and building societies (including UK subsidiaries of specified foreign institutions).

On July 15, 2009, the Board of Governors of the Federal Reserve System (Board) released implementing regulations for two key provisions of the Credit CARD Act of 2009, Pub. L. 111-24, 123 Stat. 1734 (2009).

The Securities and Exchange Commission has amended its emergency order of September 18, 2008 requiring that certain institutional investment managers report their short sales of certain publicly traded securities.

On October 15, 2008, the Securities and Exchange Commission adopted an interim final temporary rule under the Securities and Exchange Act of 1934, Rule 10a-3T.

On July 1, 2009, the SEC approved a number of significant proposed rule amendments, including amendments that would:

On September 17, 2008, the U.S. Securities and Exchange Commission issued an emergency order adopting temporary rules aimed at abusive “naked” short selling activity.

President Obama signed the American Recovery and Reinvestment Act (the “Act”) on February 17, 2009 (the “Enactment Date”).

On February 6, 2009, the Federal Reserve Board released additional terms and conditions, including preliminary loan rates and collateral haircuts, relating to its previously announced Term Asset-Backed Securities Loan Facility.

On June 30, 2009, the Obama administration released proposed legislation (the “Consumer Financial Protection Agency Act,” or, the “CFPA Act”) that would create an independent federal agency, the Consumer Financial Protection Agency (the “Agency”), to regulate the provision of financial products and services to consumers.

Recent radical swings in commodity and currency values have prompted holders of certain derivative and option contracts to seek to avoid their obligations, leaving their counterparty banks to suffer the corresponding financial effect of a volatile market.

On February 27, 2009, the Federal Deposit Insurance Corporation issued an interim rule to extend the Temporary Liquidity Guarantee Program to include issuances of certain mandatory convertible debt.

On March 17, 2009, the Federal Deposit Insurance Corporation issued an interim rule which extends its Temporary Liquidity Guarantee Program from June 30, 2009 to October 31, 2009 for all insured depository institutions participating in the debt guarantee program of the TLGP and other participating entities; however other participating entities that have not issued senior unsecured debt guaranteed by the FDIC under the TLGP.

On March 3, 2009, the Federal Reserve Board released the final terms and conditions applicable to the initial loan subscription, including loan rates and collateral haircuts, relating to its previously announced Term Asset-Backed Securities Loan Facility.

On March 23, 2009, the Department of the Treasury released more information regarding its new Public Private Investment Program, or “PPIP.”

On July 15, 2009, the Obama administration released the “Private Fund Investment Advisers Registration Act of 2009” (the “Bill”), which would require that advisers to private funds register with the Securities and Exchange Commission (the “SEC”) and be subject to new and significant disclosure and recordkeeping requirements.

This update summarizes recent developments from the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) regarding private capital investments in failed depository institutions.

On July 22, 2009, the U.S. Securities and Exchange Commission (the “SEC”) held an open meeting, during which it voted to propose new rule 206-4(5) (the “Proposed Rule”) under the Investment Advisers Act of 1940 (as amended, the “Advisers Act”) designed to eliminate “pay-to-play” practices.

On February 17, 2009, President Obama signed into law the American Recovery and Reinvestment Tax Act of 2009.