ISSUES DURING THE MOST RECENT QUARTER
February 14, 2012
- First Circuit Limits SOX Whistleblower Coverage to Employees of Public Companies
- Federal Banking Agencies Update Guidance Concerning Allowance for Loan and Lease Losses
- CFTC Rescinds QEP Exemption from Commodity Pool Operator Registration
Persons availing themselves of the CFTC Rule 4.13(a)(4) qualified purchaser exemption by April 23, 2012 will have until December 31, 2012 to either (a) avail themselves of another exemption from registration as a commodity pool operator or (b) register with the CFTC as a commodity pool operator.
- CFTC Issues Final Rule Amending Registration Exemptions for Registered Investment Companies and Proposes to Harmonize Compliance Obligations for Registered Investment Companies Required to Register as Commodity Pool Operators
Compliance with amended Rule 4.5 is required by the later of December 31, 2012 or 60 days after the effective date of final rulemaking defining the term "swap." The ICI and US Chamber of Commerce have challenged the Rule 4.5 amendments and amendments to CFTC Rule 4.27 adopted in the same rulemaking, as discussed in the April 24, 2012 Financial Services Alert.
- DOL Issues Final Regulation Regarding Service Provider Fee Disclosure
The DOL's final regulation under Section 408(b)(2) becomes effective July 1, 2012.
- FinCEN Issues Final Rule Requiring Residential Mortgage Lenders and Originators to Implement Anti-Money Laundering Programs and to File Suspicious Activity Reports
FinCEN's final rule became effective on April 16, 2012.
- CFTC Proposes Volcker Rule Regulations
- SEC Staff Supplements FAQ on Form ADV and IARD
- SEC Staff Posts Responses to Questions about the Family Office Exclusion under the Advisers Act
February 21, 2012
- IRS and Treasury Department Issue Highly-Anticipated FATCA Proposed Regulations
- FinCEN Extends FBAR Filing Deadline Until June 30, 2013 for Certain Financial Professionals
- Massachusetts Adopts Changes to Investment Adviser Registration Exemptions
The Massachusetts Securities Division will begin enforcing the amendments August 3, 2012.
- SEC Adopts Changes to Advisers Act Rule Permitting Performance-Based Advisory Fees
The amendments are effective May 22, 2012.
- FRB Issues Order Approving Capital One Acquisition of ING Bank; Order Expands Upon the FRB's Analysis of Financial Stability Factor
February 28, 2012
- Federal District Court Finds in Part for SEC in Enforcement Proceeding Against Hedge Fund Adviser and its Chief Executive Over Market Timing and Late Trading
- FinCEN Issues Notice Concerning Temporary Exemption from Mandatory Electronic Filing of FBARs and Describes Other FinCEN Electronic Filing Requirements
FinCEN's general temporary exemption from mandatory electronic filing of FBARs expires on July 1, 2013.
- OCIE Issues National Examination Risk Alert on Unauthorized Trading
- OFAC Releases FAQs on Iranian Sanctions under Section 1245 of National Defense Authorization Act of 2012
- Treasury Large Position Reports on January 2019 Treasury Notes Due March 2
March 6, 2012
- FinCEN Seeks Comment on Proposal to Require Banks, Brokers, Dealers, Mutual Funds and Certain Other Financial Institutions to Establish Customer Due Diligence Programs
Deadline for comments on Proposed Rule extended by FinCEN from May 4, 2012 to a date 30 days after publication in the Federal Register.
- FINRA Requests Comment on Revised Rule Proposal to Address Conflicts of Interest Related to Debt Research Reports
- SEC and CFTC Propose Rules to Address FCRA Requirements regarding Identity Theft Programs and Credit Card Changes of Address
- FinCEN Issues Advisory to Internal and External Counsel of Financial Institutions Reminding Them That They Must Maintain Confidentiality of SARs
- FRB Extends Comment Period on Proposed Rule for the Supervision and Regulation of Large Bank Holding Companies and Systemically Important Nonbank Financial Firms
March 13, 2012
- CFTC Issues Final Rules on Risk Management and Conflicts of Interest and Proposes Rule on Minimum Block Trades
- SEC Releases Results of Study of Investor Comprehension of Target Date Fund Disclosure
- FRB Issues Guidance Concerning What a Banking Organization with $10 Billion or Less in Assets Needs to Do to See Its Supervisory Ratings Upgraded
- OCC Issues Interpretive Letter Concluding Federal Savings Association's Operating Subsidiary May Repurchase Auction Rate Securities from Its Customers
- FINRA Fines Broker-Dealer for Failure to Retain Millions of Emails
March 20, 2012
- FINRA Files Proposed Amendments Relating to Adoption of New Standardized Electronic Continuing Membership Application Form
- SEC Staff Provides Guidance to Exempt Reporting Advisers on Reporting Special Purpose Entities in Form ADV
- FinCEN Issues Guidance Clarifying when Currency Transactions of Businesses with Common Ownership Should Be Aggregated for the Purposes of Currency Transaction Reports
- Clearing House Association Releases Draft Principles for Enhancing Banking Organization Corporate Governance
March 27, 2012
- Proposed Legislation Would Delay Volcker Rule Effective Date
- SEC Staff Provides Further Guidance to Exempt Reporting Advisers on Reporting Special Purpose Entities in Form ADV
- FDIC Issues Financial Institution Letter Advising Bank Directors and Officers that Copying and Removing Confidential Financial Institution Records is Breach of their Fiduciary Duty to the Financial Institution and is an Unsafe and Unsound Banking Practice
- IOSCO Publishes Consultative Report on the Principles for the Regulation of Exchange Traded Funds
- FDIC Proposes Rule to Implement Authority to Preserve Affiliate Contracts as Receiver of Systemically Important Financial Institutions
Comments on the Proposed Rule are due by May 29, 2012.
- FDIC Issues Notice of Proposed Rulemaking To Amend Assessment Regulations for Large Financial Institutions
Comments on the Notice of Proposed Rulemaking are due by May 29, 2012.
April 3, 2012
- Federal Banking Agencies Propose Changes in Leveraged Finance Guidance
Comments on the Proposed Guidance are due by June 8, 2012.
- Eighth Circuit Applies Harris Associates in Affirming District Court's Dismissal of Mutual Fund Excessive Fee Case
- OCC Issues Interpretive Letter Concluding that a Capital Maintenance Agreement is a Formal Enforcement Order that Limits the Conversion Rights of a Federal Savings Association under Section 612(c) of the Dodd-Frank Act
- Guidance on the Treatment of Private Fund Portfolio Companies for Purposes of Form ADV
- Advisers Act Contract Requirements for Newly Registering Advisers
- New ERISA Litigation Update Available
- Federal Agencies Clarify Effective Date for Section 716 of the Wall Street Transparency and Accountability Act
Effective date of Section 716 of Wall Street Transparency and Accountability Act is July 16, 2013.
- SEC Announces Memoranda of Understanding with Cayman Islands Monetary Authority and the European Securities and Markets Authority
April 10, 2012
- Financial Stability Oversight Council Issues Final Rule Regarding Designation of Systemically Important Nonbank Financial Companies
Effective date of Final Rule is May 11, 2012.
- SEC Reopens Comment Period on Proposed Target Date Fund Disclosure Requirements
The reopened comment period expires May 21, 2012.
- FinCEN Issues Advisory Concerning Tax Refund Fraud and Related Identity Theft
April 17, 2012
- Massachusetts Department of Revenue Issues Revised, More Liberal, Draft Guidance on the Pledge of Security Corporation Stock
- JOBS Act Changes Also Affect Private Funds
The JOBS Act requires the SEC to revise its rules regarding the prohibition against general solicitation or general advertising in Rule 506 and Rule 144A under the Securities Act of 1933 by July 4, 2012.
- U.S. Court of Appeals for Fourth Circuit Revives Class Action Allowing Claims Under Maryland's Repossession Statute and Rejecting Federal Preemption Argument
- European Commission will Propose Legislation to Update and Enhance EU AML Rules; EU Banking, Insurance and Securities Regulators Issue Reports Urging Harmonization of AML Customer Identification Standards
April 24, 2012
- FRB Clarifies Volcker Rule Conformance Period
A covered entity under the Volcker Rule has to be in conformance with Rule by July 21, 2014.
- Third Circuit Affirms Dismissal of Excessive Fee Claims Under the Investment Company Act Because Plaintiffs Lacked Continuous Ownership in the Funds and No Private Right of Action Exists Under Section 47(b)
- SEC Approves FINRA Proposal to Consolidate and Amend NASD and NYSE Communications Rules and Interpretations
FINRA has advised the SEC that it intends to publish a regulatory notice by June 27, 2012 and that the implementation date for the new rules will be no later than March 29, 2013.
- OCC Issues Notice of Proposed Rulemaking that Would Revise Requirements for Short-Term Investment Funds
Comments on Proposed Rule are due by June 8, 2012.
- ICI and U.S. Chamber of Commerce Challenge Changes to CFTC Exemption for Advisers to Registered Funds
- CFTC and SEC Approve Entity Definition Rules
The final regulations become effective 60 days after their publication in the Federal Register.
May 1, 2012
- New Disclosure Obligations for Sponsors of ERISA Plans and Service Providers with ERISA Clients
The DOL's final regulation under Section 408(b)(2) becomes effective July 1, 2012. The final regulation under Section 404(a) of ERISA requires action no later than August 30, 2012.
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