ARTICLE · 02 JUNE 2011

Financial Services Alert - May 31, 2011

Goodwin Procter LLP

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The OCC issued a proposal (the "Proposal") that would amend its regulations relating to preemption of state law and visitorial powers to conform those rules to the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act").

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Developments of Note

Recent Bank Regulatory Developments Affecting Preemption
SEC Adopts Final Rules Implementing Dodd-Frank Whistleblower Provisions
FINRA Announces Extension of Implementation Date of New Know Your Customer and Suitability Rules and Provides Answers to Frequently Asked Questions
SEC Proposes New Condition for Rule 506 Safe Harbor That Would Disqualify Offerings Involving Felons and Other "Bad Actors"
OCC Issues Notice of Proposed Rulemaking to Prepare for Integration of OTS on July 21, 2011

Other Item of Note

Bank Regulators Propose Margin and Capital Requirements for Registered Swap Dealers, Major Swap Participants, Security-Based Swap Dealers, and Major Security-Based Swap Participants

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