Financial Services Alert - November 25, 2008 (PDF)
11.25.08
- FDIC Issues Final Rule Adopting and Modifying its Temporary Liquidity Guarantee Program
- Further Update on U.S. Treasury’s Temporary Guarantee Program for Money Market Funds
- OCC Grants Its First Conditional Preliminary Approval of a National Bank “Shelf-Charter”
- SEC Staff Provides No‑Action Relief from Prohibition on Past Specific Recommendations to Permit Adviser Advertising with Best and Worst Performers Information
- SEC Votes to Adopt Mutual Fund Summary Prospectus Proposal
Financial Services Alert - November 18, 2008 (PDF)
11.18.08
- SEC to Consider Adopting Mutual Fund Summary Prospectus Proposal at November 19 Open Meeting
- OFAC Issues Guidance for the Securities Industry
- OFAC Revokes Authorization to Process “U-turn” Transfers Involving Iran
- Regulation R On Track to Take Effect on January 1, 2009
- SEC’s Office of Compliance Inspections and Examinations Posts Core Initial Information Request for Investment Adviser Examinations
- Plaintiffs in Excessive Fee Suit Against Mutual Fund Adviser Seek Supreme Court Review of Seventh Circuit Decision Rejecting Gartenberg Analysis
- Recent Developments in the Treasury’s Troubled Asset Relief Program
- SEC Staff Provides Guidance on Rule 14a-8 Regarding Shareholder Proposals
- FRB and Treasury Department Issue Final Rule on Funding of Unlawful Internet Gambling
Financial Services Alert - November 4, 2008 (PDF)
11.04.08
- FinCEN Withdraws Proposed AML Program Rulemaking for Investment Advisers, Commodity Trading Advisers and Unregistered Investment Companies
- IRS Issues Guidance on Treatment of Income and Loss Resulting From Indirect Investments in Fannie Mae and Freddie Mac
- SEC Makes Mandatory Electronic Submission of Applications for Exemptive Relief under Investment Company Act and Filings under Regulation E
- Certain Recent TARP Developments
- Goodwin Procter Provides Audio Recording of Conference it Hosted on Private Equity Investing in Banks
Financial Services Alert - October 28, 2008 (PDF)
10.28.08
- FDIC Issues Interim Rule to Implement the Temporary Liquidity Guarantee Program
- Update on the Federal Government Support for Money Market Funds
- FRB Issues Guidance on Consolidated Supervision and Compliance Risk Management
- FRB Raises the Interest Rate That FRB Banks Pay on Excess Reserve
- Goodwin Procter Provides Audio Recording of Conference it Hosted on Private Equity Investing in Banks
- FTC Delays Red Flags Rule Compliance Date Until May 1, 2009
- Massachusetts Office of Consumer Affairs and Business Regulation Provides Guidance Regarding Personal Information Safeguards Requirements
Financial Services Alert - October 21, 2008 (PDF)
10.21.08
- The Treasury, FDIC, FRB, OCC and OTS Release Application Guidelines for the TARP Capital Purchase Program
- IRS Issues Guidance to Promote Bank Participation in the TARP Capital Purchase Program
- FRB Adopts Interim Final Rule on Treatment of Senior Preferred Shares Issued to the Treasury under the TARP Capital Purchase Program
- FRB Announces Creation of Money Market Investor Funding Facility
- DOL Releases Interpretive Bulletins on the Consideration of Outside Factors in Making Investment Decisions and Exercising Shareholder Rights
- SEC Adopts Anti-Fraud Rule for Naked Short Sales
- SEC Eliminates Regulation SHO Options Market Maker Exception and Provides Guidance on Bona Fide Marketing for Purposes of the Reg SHO Market Maker Exception
- SEC Adopts Interim Final Temporary Rule Requiring Delivery on Long and Short Sales and Imposing Penalties for Failures to Deliver
- Banking Agencies Allow Banking Organizations that Incurred Losses on Fannie Mae/Freddie Mac Preferred Stock To Recognize them as Ordinary Losses for Regulatory Capital Purposes in 3rd Quarter of 2008
- SEC Adopts Interim Final Rule 10a-3T Requiring Institutional Managers to Report Certain Short Positions to the SEC on Form SH
- FDIC Makes Available Updated Trust Examination Manual
Financial Services Alert - October 14, 2008 (PDF)
10.14.08
- U.S. Treasury, FRB and FDIC Announce and Provide Detail on Programs to Support Financial Institutions In Response to Recent Market Instability
- FRB Announces Lending Program to Aid Commercial Paper Market
- DOL Issues Final Rule Regarding Statutory Exemption for Cross-Trading
- Update on Treasury Temporary Guarantee Program Developments
- FRB Grants Exemption to Permit Bank Purchase of Affiliated Money Market Fund Assets
- FRB Issues Statement on Mitsubishi UFJ Investment in Morgan Stanley
- SEC Permits Money Market Funds Temporarily to Use Amortized Cost in Shadow Pricing
- FASB Issues Final Draft of Staff Position 157-3 Regarding Fair Valuation of Financial Assets When Markets for that Asset are Not Active
- FDIC Increases Deposit Insurance Premiums
- SEC Reopens Comment Period on Proposed Rules Regarding Registration of Certain Indexed Annuities and Related Exclusion from 1934 Act Reporting
Financial Services Alert - October 7, 2008 (PDF)
10.07.08
- FASB Staff and SEC Propose Clarifications on Fair Value Determinations in Inactive Markets
- IRS Issues Notice to Assist Banks Following an Ownership Change
- FRB to Pay Interest on Depository Institutions’ Required and Excess Reserves; FRB Issues Interim Final Rule Amending Regulation D
- Federal Banking Agencies Propose Rule that Would Permit Banking Organizations to Deduct Goodwill Net of Associated Deferred Tax Liabilities from Regulatory Capital
- FDIC Deposit Insurance Coverage Increased Temporarily
- Delaware Chancery Court Issues Opinion Concerning the Application in M&A Context of MAE Condition and Covenants to Use Reasonable Best Efforts
- Treasury Issues Notices Soliciting Financial Agents to Provide Infrastructure, Securities Asset Management and Whole Loan Asset Management Services for Troubled Assets Relief Program
Financial Services Alert - September 30, 2008 (PDF)
09.30.08
- IRS Issues Revenue Procedure on Securities Lending
- SEC Issues Guidance on Treatment of Loaned Securities under Regulation SHO
- SEC No-Action Letter Permits Banks to Acquire Asset-Backed Commercial Paper from Affiliated Money Market Funds under the FRB’s Liquidity Facility without Violating Section 17(a)(2) of the 1940 Act
- OCC Issues Interim Final Rule Concerning Risk-Based Capital Treatment of Asset-Backed Commercial Paper Purchased from Money Market Funds
- Treasury Finalizes Terms of Temporary Guaranty Program for Money Market Funds
- FDIC Issues Interim Rule on Deposit Insurance Coverage of Revocable Trust Accounts
- OCC Updates Policy on Minority-Owned National Banks
- Massachusetts Adopts Regulations Mandating Comprehensive Written Information Security Programs and Specific Computer Security Requirements to Take Effect January 1, 2009
- SEC Announces Registration for Annual CCOutreach National Seminar for Chief Compliance Officers of Registered Funds and Advisers
Financial Services Alert - September 23, 2008 (PDF)
09.23.08
- FRB Publishes Guidance on Minority Investments in Banks
- Goodwin Procter Sponsors Seminar on Private Equity Investing in Banks
- FRB Approves Morgan Stanley, Goldman Sachs Applications to Become BHCs
- A Summary of the Proposals from the Federal Government to Assist Money Market Funds
- Federal Appeals Court Finds Connecticut Law Regulating Tax Firms Preempted for National Banks
- Federal Banking Agencies Announce That They Are Evaluating FASB Accounting Proposals Related to Securitization and Structured Finance Activities
Financial Services Alert - September 16, 2008 (PDF)
09.16.08
- SEC Settles Enforcement Proceeding over Broker-Dealer’s Failure to Comply with Reg. S‑P Requirements for Safeguarding Customer Information
- OFAC Issues Long-Anticipated Enforcement Guidelines
- FRB Adopts Interim Final Rule Providing a Temporary Exemption to Banks from Limits of Section 23A of the FRA for Certain Loans to Affiliates
- Federal Banking Agencies Propose Rule Reducing Goodwill Deduction
- Comptroller Dugan Discusses OCC’s Expectations with Respect to Fair Lending ComplianceGoodwin Procter’s ERISA and Executive Compensation Group Issues Reminder on December 31, 2008 Deadline for Section 409A Compliance
- GAO Issues Report on Investment in Hedge Funds and Private Equity Funds by Pension Plans
Financial Services Alert - September 9, 2008 (PDF)
09.09.08
- FRB Exempts Foreign Government Controlled Entities from BHC Act
- Massachusetts Tax on Non-Filing Financial Institutions Having Economic Nexus with Massachusetts
- OCC Issues Letter Authorizing Operating Subsidiary of a National Bank to Offer Certain Services to Customers in Connection with Section 1031, Like-Kind Exchanges
- Basel Committee Issues Report on Issues Concerning Banks’ Economic Capital Models and Survey on Banks’ Implementation of Compliance Principles
- Federal Second Circuit Affirms Finding that LLC Membership Interests Are Securities
- FDIC Issues Guidance on Liquidity Risk Management
- OCC Issues Letter Concluding that Investment in Fund that Finances Solar Energy-Producing Facilities Complies with Community Development and Public Welfare Investment Requirements
- Goodwin Procter Sponsors Seminar on Private Equity Investing in Banks
- Reminder: Optional Use of Revised Form D and Electronic Filing Begins September 15
Financial Services Alert - September 2, 2008 (PDF)
09.02.08
- Goodwin Procter Sponsors Seminar on Private Equity Investing in Banks
- DOL Issues Proposed Regulation and Proposed Exemption on Investment Advice for Participant-Directed ERISA Plans
- Department of Justice Revises Policies Governing Credit Given for Cooperation in Its Investigation and Prosecution of Business Organizations
- Federal Second Circuit Court of Appeals Affirms Dismissal of Federal Prosecution of Firm’s Employees on Grounds That Government Pressure Caused Firm to Place Conditions on Advancement of Legal Fees in Violation of Sixth Amendment
- OTS Issues Guidance on Curtailing, Suspending or Terminating Home Equity Lines of Credit
- Appeals Court Strikes Down New Jersey’s Ability to Hire External Investment Managers for State Pension Fund Investments
Financial Services Alert - August 26, 2008 (PDF)
08.26.08
- New York State Trial Court Dismisses Suit by Hedge Fund Limited Partners Against Hedge Fund’s Prime Broker
- SEC Settles Enforcement Proceeding over Adviser’s Failure to Follow Mutual Funds’ Investment Restrictions
- US Court of Appeals for Sixth Circuit Rules for Federal Savings Bank in Federal Preemption Case Regarding Agents
- OCC Issues Interim Final Rule Regarding National Banks’ Authority to Make Broader Range of Public Welfare Investments
- FDIC Implements Loan Modification Plan For IndyMac
- FDIC Proposes Rule Concerning Qualified Financial Contracts Recordkeeping Requirements
- Goodwin Procter Sponsors Seminar on Private Equity Investing in Banks
Financial Services Alert - August 19, 2008 (PDF)
08.19.08
- Seventh Circuit Denies Petition for Rehearing and Rehearing En Banc of Decision Rejecting Gartenberg Analysis in Excessive Fee Suit Against Mutual Fund Adviser
- SEC Issues Interpretive Release Regarding Use of Company Websites under Federal Securities Laws
- FRB Proposes Changes to Regulation S
- SEC Staff Posts On-Line Mutual Fund AML Reference and Launches SAR Phone Line
- IOSCO Issues Final Report on Funds of Hedge Funds
Financial Services Alert - August 5, 2008 (PDF)
08.05.08
- SEC Votes to Propose Guidance for Fund Boards in Overseeing Best Execution and Adviser Soft Dollar Usage
- IRS Issues Guidance Regarding the Deductibility of Management Fees of a Fund of Funds
- FINRA Proposes To Update and Consolidate Rules Governing Marketing of Variable Annuities and Variable Life Insurance
- SEC and DOL Enter Into Information-Sharing Memorandum of Understanding to Formalize Regulatory Cooperation
- SEC Staff Grants No-Action Relief to Permit Fund to Rely on Rule 15a-4 under the 1940 Act to Enter into Interim Sub-Advisory Contract Following Sub-Adviser Resignation
- FASB Delays Effective Date for Revised FAS 140 Concerning Securitizations
- OTS Amends Mutual Holding Company Regulations Applicable to Minority Stock Ownership Limitations of MHC Subsidiaries
- American Bankers Association Seeks to Protect Bank Interest Expense Deduction
- Goodwin Procter Sponsors Seminar on Private Equity Investing in Banks
- SEC Staff Issues Second ComplianceAlert Summarizing Examination Findings
- Independent Directors Council Issues Report on Oversight of Derivative Investments by Registered Fund Boards
- SEC Reopens Comment Period on Mutual Fund Summary Prospectus Proposal
Financial Services Alert - July 29, 2008 (PDF)
07.29.08
- DOL Issues Proposed Regulation on Disclosure Requirements for Participant-Directed ERISA Plans
- Basel Committee, in Conjunction with IOSCO, Publishes Proposals on Capital for Incremental Risk in Trading Book and Value-at-Risk Models
- ICI and IDC Publish White Papers on Proxy Voting by Mutual Funds
- IRS Issues Private Ruling to Treat a Regulated Investment Company’s Receipt of Settlement Fund Income as Qualifying Income
- FDIC Board Approves Final Policy Statement on Covered Bonds
- New York Governor Signs Law that Permits Interstate De Novo Branching
Financial Services Alert - July 22, 2008 (PDF)
07.22.08
- Banking Agencies Publish Final Supplemental Guidance on Basel II – Supervisory Review Process
- Department of Labor Explains Changes to ERISA Plan Annual Reporting Requirements Concerning Service Provider Compensation, and Grants Limited Transition Relief
- SEC Staff Indicates that Advisers Act Cash Solicitation Rule Not Applicable When Solicitation/Referral Solely with Respect to Adviser’s Fund Offerings
- First Circuit Court of Appeals to Entertain Amicus Briefs in Case Involving Conflicts of Interest in Denying ERISA Benefits Claims
- SEC Staff Denies No-Action Relief for “3(c)(1) Plus Fund”
- SEC Proposes to Expand the Broker-Dealer Registration Exemptions under Rule 15a-6 for Foreign Broker-Dealers
- Special Edition Discussing Amendments to SEC’s Emergency Order Regarding Short Sales of Securities of Certain Financial Firms and Related Additional SEC Guidance Available on Goodwin Procter Website
- DOL Issues Proposed Regulation on Fiduciary Requirements for Disclosure in Participant-Directed Individual Account Plans
Financial Services Alert - July 15, 2008 (PDF)
07.15.08
- US Banking Agencies Publish Interagency Guidance on Advanced Basel II Qualification Process
- FRB Chairman Bernanke, Secretary of the Treasury Paulson Testify Before House Committee Regarding Oversight of Investment Banks and Revisions to Financial Regulation
- BIS Publishes Study on Lessons Learned in the Recent Failure of Structured Finance Ratings and Provides Recommendations
- SEC Proposes Amendments to Expand Scope of Broker-Dealer Registration Exemptions under Rule 15a-6 for Certain Foreign Broker-Dealers
Financial Services Alert - July 8, 2008 (PDF)
07.08.08
- SEC Proposes Changes to Money Market Fund Regulations and Other 1940 Act and Advisers Act Rules by Removing References to NRSRO Ratings
- OCC Issues Interpretive Letter Jointly with FRB Providing Guidance on Risk-Based Capital Charges for Liquidity Facilities that Support ABCP Conduits
- FDIC Reiterates Standards for Other Real Estate
- FRB and SEC Agree to Share Information, Collaborate and Coordinate Efforts to Oversee Financial Services Firms
- OCC and OTS Adopt Basel II Standardized Risk Capital Proposal
Financial Services Alert - July 1, 2008 (PDF)
07.01.08
- US Banking Agencies Publish Basel II “Standardized” Risk Capital Proposal for Non-Core Banks
- SEC Proposes to Eliminate Specific Credit Rating Standards in 1940 Act and Advisers Act Rules
- SEC Proposes New Rules Regarding Indexed Annuities that Modify 1933 Act Exclusion with respect to Annuity Contracts and Create Related Exclusion from 1934 Act Reporting for Certain Annuity Contracts
- Closed-End Funds Receive No-Action Relief for Preferred Stock with Liquidity Features and File Application for Exemptive Relief from 1940 Act Asset Coverage Requirements
- IRS Issues Guidance on Treatment of Closed-End Fund Auction Rate Preferred Stock
- Basel Committee Issues Proposal on Management of Liquidity Risk
- FDIC and U.K.’s Financial Services Authority Agree to Share Information, Cooperate and Consult on Cross-Border Banking
- OCC Issues Updated Summary of Permissible Activities for National Banks
- Senate Confirms Three New SEC Commissioners and New Governor of FRB
Financial Services Alert - June 24, 2008 (PDF)
06.24.08
- U.S. Supreme Court Holds That an Insurer which Both Decides Eligibility for ERISA Benefits and Is Responsible for Paying Eligible Claims Has a Structural Conflict of Interest which Should Be Determined on a Case-by-Case Basis
- FDIC Approves ILC Establishment Subject to Numerous Conditions
- Eighth Circuit Rules State Law Securities Claims Brought by Trust Account Beneficiaries Preempted by SLUSA
- FinCEN Issues Guidance on Clearing Broker-Dealers’ Bank Secrecy Act (“BSA”) Obligations in Relationships with Foreign Financial Institutions
- SEC Proposes to Make Filing of Prospectus Risk/Return Summary Information in Interactive Data Format Mandatory for Mutual Funds
- SEC Staff Provides No-Action Relief for Family Investment Vehicles to Maintain Qualified Purchaser Status Despite Non-Family Member Investor
- OCC Issues Summary of Key 2007 Developments for National Banks
Financial Services Alert - June 17, 2008 (PDF)
06.17.08
- Federal District Court Enjoins Further Violations of Section 13 Ownership Reporting Requirements by Hedge Funds After Finding Scheme to Avoid Them
- FDIC Issues Guidance on Managing Third-Party Risk
- SEC Proposes Additional Rulemaking for Credit Rating Process
- Financial Crimes Enforcement Network Issues Guidance on “Money Services Businesses” for Purposes of the Bank Secrecy Act
- Division of Supervision and Consumer Protection of the FDIC Publishes Article on Transparency in the Structured Finance Market
Financial Services Alert - June 10, 2008 (PDF)
06.10.08
- Ninth Circuit Decision Permits Wider Scope for SEC-DOJ Cooperation in Parallel Civil and Criminal Proceedings
- A Recap of Goodwin Procter and Navigant Consulting’s Breakfast Briefing on AML and OFAC Compliance
- Ninth Circuit Rules Against FDIC on Capital Guarantees by Parent Company of Federally Insured Bank
- FINRA Files Proposed Amendments to NASD Rule 2821 Governing Variable Annuity Sales and Exchanges
- FINRA Shares Examination Priorities and Frequently Found Deficiencies
Financial Services Alert - June 3, 2008 (PDF)
06.03.08
- Seventh Circuit Rejects Gartenberg Analysis in Affirming District Court’s Dismissal of Excessive Fee Suit Against Mutual Fund Adviser
- OCC Responds to Agreements between OFHEO, the NYAG, and Fannie Mae and Freddie Mac
- European Commission Reexamines Supervision of Securities, Banking and Insurance Sectors
- FDIC Proposes Amendments to its Guidelines for Appeals of Material Supervisory Determinations
Financial Services Alert - May 20, 2008 (PDF)
05.20.08
- SEC Staff Provides No-Action Relief from 1940 Act Affiliated Transaction Prohibitions to Permit Restructuring of Asset Allocation Funds into Fund-of-Funds Through In-Kind Transfers
- IRS Issues Guidance Concerning Modification of Mortgage Loans Held by REMICs and Trusts
- FRB Discusses Bank Risk Management Concerns and Responses
- FinCEN Clarifies Anti-Money Laundering Obligations for Foreign Exchange Service Providers
- SEC to Consider Mandatory Interactive Data Tagging of Risk/Return Summary in Mutual Fund Prospectuses
- FRB and FTC Propose Risk-Based Pricing Notice
- U.S. Supreme Court Rejects Challenge to States’ Income Tax Exemption for Interest from Their Own Bonds
Financial Services Alert - May 6, 2008 (PDF)
05.06.08
- Retirement Plan Service Provider May be Liable for Breach of ERISA Fiduciary Duty In Cross-Selling Rollover IRAs Invested in Proprietary Mutual Funds
- FRB Proposes Rules for Credit Card and Overdraft Services
- DOL Provides Guidance on Default Investment Alternatives
- OTS Approves Foreign Operating Subsidiary in India
- OCC Issues Final Rule Reducing Regulatory Burden
- OCC Issues Interpretive Letter Concerning Loans Made to Bank “Insiders”
- OCC Issues Interpretive Letter Concerning Bank’s Ability to Hold Commercial Real Estate for a “Moment-In-Time”
- New York, New Jersey and Pennsylvania Sign Interstate Regulation Pact
- California Announces that it Will Not Proceed with Proposed Narrowing of Private Adviser Licensing Exemption
- OCC Issues Payment Processors Risk Management Guidance
Financial Services Alert - April 29, 2008 (PDF)
04.29.08
- Department of Labor Administrative Law Judge Rules That Sarbanes-Oxley’s Whistleblower Provisions Do Not Apply to Research Analysts of Privately Held Investment Adviser and Dismisses Suit
- SEC Staff Provides No‑Action Relief to Permit Insurance Companies to Forego an SEC Substitution Order in the Case of Certain Mergers of Underlying Fund Investment Options
- FDIC Adopts Interim Final Policy Regarding the Treatment of Covered Bonds in a Conservatorship or Receivership
- SEC Adopts Disclosure Requirements to Allow Registered Investment Companies to Rely on Protections Provided under the Sudan Accountability and Divestment Act of 2007
- FINRA Files Proposal to Delay May 5 Effective Date of Portions of New Rule Governing Deferred Variable Annuity Sales and Exchanges
- SEC Posts Overview of Voluntary Data Tagging Program for Mutual Funds
Financial Services Alert - April 15, 2008 (PDF)
04.15.08
- Financial Stability Forum Recommends Capital/Liquidity/Risk/Disclosure Changes to Respond to Market Turmoil
- DOL Issues Advisory Opinion on Indicia of Ownership Requirements for Offshore Pooled Funds
- Senior Supervisors Group Issues Report Concerning Disclosure Practices
- FDIC Issues Guidance on Managing Commercial Real Estate Concentrations in a Period of Challenging Economic Conditions
- Committees of the President’s Working Group on Financial Markets Release Best Practices for Hedge Fund Asset Managers and Hedge Fund Investors
- SEC Adds Mutual Fund Comparison Tool to Its Website
- Goodwin Procter Issues Client Alert on District Court Decision Denying Preliminary Injunction to Enforce Garden Leave Provision
- FINRA Issues Regulatory Notice on Sound Practices for Preventing and Detecting Unauthorized Proprietary Trading
Financial Services Alert - April 8, 2008 (PDF)
04.08.08
- Federal District Court Rules Variable Insurance Contract Issuer May Restrict Contract Owner Market-Timing Activities
- OTS Approves Rebuttal of Control for TPG Investment in Washington Mutual
- Director of SEC’s Division of Investment Management Outlines Top Regulatory Initiatives
- OCIE Director Identifies Top 10 Compliance Issues
- OCC Issues Interpretive Letters Clarifying Treatment of Debt Cancellation Contracts
- Policy Statement on Financial Market Developments Issued by PWG
Financial Services Alert - April 1, 2008 (PDF)
04.01.08
- Department of the Treasury Issues Blueprint for a Modernized Financial Regulatory Structure
- SEC Proposes Rule to Permit ETFs to Operate Without Individual Exemptive Relief and to Increase the Extent to which Other Registered Funds May Invest in ETFs
- IRS Issues Final Regulations Regarding Diversification Requirements for Variable Contracts
- OCC Issues Bulletin on Annual Review of Fiduciary Accounts
- Federal Financial Institutions Regulatory Agencies Release Proposed Revisions to Interagency Flood Insurance Questions and Answers
- FINRA Issues Regulatory Notice Regarding Elimination of Principal Pre-Approval Requirement for Sales Material Previously Filed by Another Member
- FINRA Issues Annual Examination Priorities Letter
Financial Services Alert - March 25, 2008 (PDF)
03.25.08
- SEC Announces Settlement of Administrative Proceedings Against Mutual Fund Adviser and Certain Adviser Personnel Related to Travel, Entertainment and Gifts Provided by Brokerage Firms
- Treasury/FRB Address Sovereign Wealth Fund Issues
- FRB Publishes Legal Interpretive Letter Concerning Margin Status of Auction Rate Preferred Securities under Regulation T
- SEC Proposes New Rule on Naked Short Sales
- FASB Issues Additional Standards for Disclosures about Derivative Instruments and Hedging Activities
Financial Services Alert - March 18, 2008 (PDF)
03.18.08
- FRB Issues Opinion Letter to Investment Adviser Seeking To Have Affiliated Funds Invest in up to 15% of Voting Stock of Banking Organization
- FDIC Board Votes to Retain Current Assessment Rates for 2008
- SEC Issues Release Proposing New Rule on Naked Short Sales
Financial Services Alert - March 11, 2008 (PDF)
03.11.08
- OCC Issues Guidance on Divestiture of Asset Management Business
- Federal Appeals Court Overturns Damages Award for Profits Lost as a Result of Anti-Market Timing Limit
- FinCEN Issues No-Action Notice Regarding CIP Responsibilities in Fully Disclosed Clearing Arrangements
- SEC Warns Public Pension Funds About Inadequate Compliance Procedures
- OTS Issues Letter Addressing Preemption of State Predatory Lending Laws in the Context of Ratings of Structured Finance Transactions
- IRS Issues Interim Guidance on Deductibility of Bundled Trustees’ Fees Following Recent Supreme Court Decision
- Federal Appeals Court Rules Mortgage Broker not a Creditor under TILA
- Goodwin Procter Publishes Client Alert on SEC’s Proposed Amendments to Its Privacy Regulations
- SEC and FINRA Announce Schedule for Regional CCOutreach BD Seminars
Financial Services Alert - March 4, 2008 (PDF)
03.04.08
- SEC Votes to Propose Exemptive Rules Relating to ETFs and to Amend Privacy Rules
- SEC Issues Exemptive Orders to Permit Actively Managed ETFs
- SEC Announces 2008 CCOutreach Regional Seminars for Adviser and Fund Chief Compliance Officers
- Standard & Poor’s Introduces New Capital Benchmark
- Basel Committee on Banking Supervision Publishes Summary of Report of Liquidity Working Group
- OCC Issues Interpretive Letter Stating National Bank Shareholders are Authorized to Retain Non-Controlling Interest in Holding Company of National Bank
- GAO Issues Report on Hedge Funds
- FRB Proposes Changes to Its Payment Systems Risk Policy
- FDIC Issues Guide on Deposit Insurance Coverage for Revocable and Irrevocable Trusts
- SEC Issues Release Proposing Amendments to Form ADV Part II and Electronic Filing Requirement
Financial Services Alert - February 26, 2008 (PDF)
02.26.08
- SEC Issues Adopting Release for Form D Electronic Filing Requirement and Form D Revisions
- OTS Issues Guidelines on the Payment of Fees for the Referral of Trust Business
- Mutual Fund Directors Forum Issues Guidance on Board Self Assessments
- OCC Lowers Assessment Fees and Creates Two New Assessment Brackets
- U.S. Supreme Court Allows 401(k) Plan Participant to Sue Plan Employer over Loss to Participant's Account
Financial Services Alert - February 19, 2008 (PDF)
02.19.08
- California Attorney General and Fund Family’s Adviser and Distributor Agree to End Litigation Related to Revenue Sharing
- Federal Circuit Overturns OCC Penalty against Outside Auditor of Failed Bank
- SEC Votes to Propose Amendments to Form ADV Part II and to Require Electronic Filing
- Federal Appeals Court Holds that HOLA Preempts California UCL Claims over Lock-In Fees
- SEC Cites Investment Management Priorities in Congressional Justification for 2009 Budget
- SEC Proposes Disclosure Requirements for Divestment by Registered Investment Companies under the Sudan Accountability and Divestment Act of 2007
- Goodwin Procter Makes Recording Available of its Webinar Concerning the Rise of ERISA Litigation Involving Collective Trusts and Other Retirement Products
- SEC Issues Adopting Release for Form D Electronic Filing Requirement and Form D Revisions
- ICI Issues Model FAS 157 Note Disclosures for Investment Companies
- SEC Approves FINRA Proposal to Eliminate Principal Pre-Approval Requirement for Sales Material Previously Filed by Another Member
Financial Services Alert - February 5, 2008 (PDF)
02.05.08
- Goodwin Procter to Host Webinar: “The Rise of ERISA Litigation and its Impact on Collective Trusts” – 2/7/2008 at Noon (Eastern Standard Time)
- Money Services Firm Pays in Excess of $20 Million for Anti-Money Laundering Program Deficiency
- FinCEN Releases New Interpretation of the Term “Correspondent Account” for Purposes of Section 312 of the Patriot Act
- OCIE Director Discusses Frequently Asked Questions about SEC Examinations
- FRB-Kansas City Issues Research Study Concluding That Shareholders of Banking Company Targets in Merger Transactions Obtain Highest Premiums When the Target’s Board has a High Proportion of Outside Directors
- Mutual Funds Denied No-Action Relief to Exclude Shareholder Proxy Proposal Seeking Adoption of Procedures to Screen Out Investments Based on Ethical Criteria
- OTS Approves Private Equity Fund’s Rebuttal of Control and Concerted Action Regarding a Thrift
- SIFMA Publishes White Paper on Best Execution Guidelines for Fixed-Income Securities
- SEC Approves FINRA Proposal to Delay Effective Date for Principal Review and Approval Provisions of New Variable Annuity Sales Rule
Financial Services Alert - January 22, 2008 (PDF)
01.22.08
- Potential Advantages of Bank and Mortgage Company Affiliations
- U.S. Supreme Court Decision Limits Liability for Secondary Actors in Section 10(b) Private Litigation
- Goodwin Procter to Host Webinar: “The Rise of ERISA Litigation Involving Collective Trusts and Other Retirement Products” - 2/7/2008 at Noon (Eastern Standard Time)
- CFTC Issues Annual Report Guidance Letter to Commodity Pool Operators
- SEC Publishes Adopting Release for Proxy Rule Amendments Designed to Encourage Electronic Shareholder Forums
Financial Services Alert - January 15, 2008 (PDF)
01.15.08
- FINRA Fines Broker-Dealer for Improper Soft Dollar, Hedge Fund Marketing and Compensation Activities
- FDIC Issues Notice of Proposed Rulemaking Regarding Determination of Insured Deposit Balances of Failed Insured Depository Institutions; Special Provisions Address Large Bank Failures
- FINRA Proposes to Eliminate Principal Pre-Approval Requirement for Sales Material Previously Filed by Another Member
- Federal District Court Holds That Savings and Loan Holding Company Act Does Not Provide for Private Right of Action; Dismisses Suit Brought by State-Chartered Mutual Savings Association Alleging Unlawful Takeover Tactics
- Goodwin Procter to Host Webinar: “The Rise of ERISA Litigation Involving Collective Trusts and Other Retirement Products” – 2/7/2008 at Noon (Eastern Standard Time)
- SEC and FINRA Announce Opening of Registration for CCOutreach BD National Seminar
Financial Services Alert - January 8, 2008 (PDF)
01.08.08
- Goodwin Procter to Host Webinar: “The Rise of ERISA Litigation and its Impact on Collective Trusts” – 2/7/2008 at Noon (Eastern Standard Time)
- FINRA Proposes to Delay Effective Date for Principal Review and Approval Provisions of New Variable Annuity Sales Rule
- Federal District Court Dismisses Mutual Fund Excessive Fee Litigation
- OCC and FRB Provide Guidance Concerning Risk-Based Capital Treatment for Synthetic Securitizations
- FDIC Board of Directors Votes to Amend Statement of Policy on Bank Merger Transactions
- SEC Publishes Rand Broker-Dealer/Investment Adviser Report
Financial Services Alert - December 18, 2007 (PDF)
12.18.07
- SEC Approves Electronic Filing of Form D and Revisions to Form D
- FRB Issues Proposed Rule on Mortgage Lending Practices and Disclosures
- OCC Confirms National Banks May Purchase and Hold Equity Securities to Hedge Permissible Equity Derivative Transactions
- OCC Confirms National Banks May Engage in Customer Driven, Perfectly Matched, Cash-Settled Derivative Transactions on Property Indices
- California Extends Comment Period on Proposed Narrowing of Private Adviser Licensing
- FRB Issues Guidance on Confidentiality Provisions in Third Party Agreements
- FFIEC Issues Guidance Concerning Pandemic Planning
- OTS Issues Updated Section of its Examination Handbook Concerning Loans to One Borrower
Financial Services Alert - December 11, 2007 (PDF)
12.11.07
- SEC Issues Release Designed to Codify its Position under the Proxy Rules for Excluding Shareholder Proposals Related to Director Elections
- Senate Banking Committee Releases Draft Bill on Industrial Loan Companies
- OCIE Associate Director Discusses Broker‑Dealer Risk Management
- IOSCO Technical Committee Issues Final Report on Soft Dollars
Financial Services Alert - December 4, 2007 (PDF)
12.04.07
- IOSCO Publishes Final Report on Hedge Fund Portfolio Valuation Principles
- Agencies Issue Proposed Rules and Guidelines that Address Accuracy and Integrity of Consumer Report Information and Rules to Allow Direct Disputes
- Massachusetts Securities Division Files Administrative Complaint against Hedge Fund Adviser over Compliance with Approval Process for Hedge Fund Transactions with Adviser Affiliates and other Adviser Sponsored Vehicles
- SEC Staff Provides No‑Action Relief from 1940 Act Affiliated Transaction Prohibitions to Permit In-Kind Transfers in Conversion of Manager‑of‑Managers Funds to Affiliated Funds‑of‑Funds
- SEC Votes to Codify Longstanding Policy on Shareholder Proposals Regarding Director Election Procedures and to Adopt Rules to Encourage Shareholder Forums
- Second Circuit Holds National Bank Act’s Prohibition against State Powers Preempts New York’s Investigation into Lending Discrimination Claims
Financial Services Alert - November 27, 2007 (PDF)
11.27.07
- Basel II Final Credit Risk Mitigation, Securitization, Equity Exposure, Operational Risk and Disclosure Rules
- Materials from CCOutreach National Seminar Posted on SEC Website
- SEC Publishes Release Proposing Mutual Fund Disclosure Changes
- SEC and FINRA Announce Date of CCOutreach BD National Seminar
Financial Services Alert - November 20, 2007 (PDF)
11.20.07
- SEC Votes to Propose New Mutual Fund Summary Disclosure Document and Related Changes to Mutual Fund Prospectus Disclosure Requirements
- SEC Issues Concept Release on Disclosures Relating to Business Activities in Countries Designated as State Sponsors of Terrorism
- MFA Releases “Sound Practices for Hedge Fund Managers”
- FINRA Sets Effective Date for New Rule Governing Deferred Variable Annuity Sales and Exchanges
- ICI and IDC Issue Overview of Fund Governance Practices 1994-2006
- Goodwin Procter’s ERISA/Employee Benefits Practice Area Issues Update on DOL Final Regulation Concerning Qualified Default Investment Alternatives
Financial Services Alert - November 6, 2007 (PDF)
11.06.07
- Banking Agencies Publish Final Rulemaking for US Basel II
- SEC Staff Provides No Action Relief in Connection with Standby Letter of Credit Purchased by Money Market Fund Adviser with Respect to Fund’s Structured Investment Vehicle Holding
- FDIC’s Proposed Amendments to Rules Concerning a Financial Institution’s Audit Committee
- SEC Proposes Mandatory Electronic Submission for Applications for Exemptive Relief under Investment Company Act and Filings under Regulation E
- SEC/FINRA Announce Broker-Dealer CCO Outreach Program
Financial Services Alert - October 30, 2007 (PDF)
10.30.07
- FRB Approves Indian Bank’s Establishment of U.S. Branch Without a Comprehensive and Consolidated Supervision Finding
- DOL Finalizes Regulation Relating to Default Investment Alternatives
- Federal Appeals Court Holds That Connecticut Gift Card Expiration Prohibition Preempted, but Restrictions on Fees Are Not Preempted
- Amendment to New York State Banking Law Provides for New Wild Card Authority
- Director of SEC’s Division of Investment Management Discusses Regulatory Issues for Separately Managed Accounts
- FRB To Discuss Basel II at November 2 Board Meeting
Financial Services Alert - October 23, 2007 (PDF)
10.23.07
- Indian Authorities Propose to Modify Market Access Rules
- Basel Committee Publishes Consultative Document on Incremental Default Risk in the Trading Book
- FDIC Proposes Amendments to its Annual Audit and Reporting Rules under Part 363
- Director of SEC Division of Investment Management Discusses Operation Risk and Division Initiatives
- Additional Relief Provided by IRS under Section 409A
- Comptroller Dugan Discusses Timing on US Basel Initiatives
Financial Services Alert - October 16, 2007 (PDF)
10.16.07
- OCC Rules Fixed Rate Cumulative Convertible Preferred Securities Are Investment Securities Permissible for Bank Ownership
- Federal District Court Dismisses Mutual Fund Shareholder Suit Regarding Affiliated Transfer Agent Arrangements with Leave to Amend Section 36(b) Claim
- SEC and Banking Agencies Speak at Senate Committee Hearing Regarding ILCs
- OCC Issues Interpretive Letter Concluding that Directors Qualifying Shares Requirement may be Satisfied Through Holdings of BHC Deferred Share Units
- Department of Treasury Seeks Public Comment on Various Aspects of Financial Regulatory Structure
Financial Services Alert - October 9, 2007 (PDF)
10.09.07
- GAO Issues Report on Enhancements to SEC Examination Program
- SEC Settles Administrative Proceedings with Pension Consultant and its Chief Compliance Officer over Code of Ethics and Compliance Program Shortcomings
- SEC Permits Banks to Engage in Certain Reg S and Conduit Lending Transactions Without Being Deemed a "Dealer"
- District Court Rejects Application of Preemption of State Mortgage Laws to Independent Agents of Federal Thrifts
- GAO Issues Report Addressing Limitations in SEC Enforcement Division’s Operations
Financial Services Alert - October 2, 2007 (PDF)
10.02.07
- FRB and SEC Finalize Regulation R
- SEC Staff Grants No-Action Relief from Advisers Act Custody Requirements for Inadvertent Receipt of Client Assets from Third Party
- CFTC Provides No-Action Relief Allowing Commodity Pool’s Investment Manager to Register as CPO In Lieu of Pool’s General Partner
Financial Services Alert - September 25, 2007 (PDF)
09.25.07
- FRB and SEC Issue Final Version of Regulation R
- SEC Settles Enforcement Proceeding with Pension Consultant over Failure to Disclose Conflict of Interest in Advisers Act Registration Statement Filings
- Foreign Bank US Branch Obtains Regulation W Exemption
- SEC Votes to Propose Amendments Regarding Interpretive Rules under the Advisers Act Affecting Broker-Dealers and to Adopt Temporary Advisers Act Rule regarding Principal Trades by Dually Registered Advisers with Advisory Clients
- Federal Banking Agencies Issue Final Rules Expanding Examination Cycle for Certain Small Banks and Thrifts
- Banking Agencies Propose Guidance on Garnishment of Exempt Federal Benefit Funds
- IRS Seeks to Expand Look-Through Rules for Segregated Asset Accounts
- SEC Announces 2007 National CCOutreach Seminar
Financial Services Alert - September 18, 2007 (PDF)
09.18.07
- District Court Upholds Continuing Preemption upon Transfer of National Bank Assets; Rejects Contingent Attorneys Fees under FDCPA
- California Appellate Court Rules that Attorney General’s Suit Against Broker‑Dealer over Revenue Sharing on Mutual Fund Sales not Pre‑Empted by NSMIA
- SEC Approves FINRA Rule Change Governing Sale of Deferred Variable Annuities
- SEC Will Consider Final Joint Rules with FRB Exempting Banks from Definitions of “Broker” and “Dealer” under Exchange Act
Financial Services Alert - September 11, 2007 (PDF)
09.11.07
- SEC Settles Administrative Proceeding with Pension Consultant over Failure to Properly Disclose Potential Conflicts of Interest
- Federal District Court Dismisses Suit Brought by Investor against Hedge Fund Consultant over Bayou Fund Investment Recommendation
- IRS Finalizes Regulations to Simplify Reporting when Foreign Tax Benefits Pass to RIC Shareholders
- FRB Rules Disease Management and Mail Order Pharmacy Services are “Complementary” to Insurance Underwriting
- OCC Confirms National Banks May Provide Normal Banking Services to the Private Manager of a State Lottery
- Limited Relief Provided by IRS under Section 409A
Financial Services Alert - September 4, 2007 (PDF)
09.04.07
- FRB Authorizes BHC Ownership of SHLC Preferred Stock Convertible into Greater than 5% Voting Stock
- SEC Settles with Hedge Fund Adviser over Failure to Make Form 13F Filings Regarding Client Securities Holdings
- FRB Relaxes Risk Capital Requirements for Securities Collateralized Loans
- FINRA Clarifies Privacy Issues with Respect to its Guidance Regarding Supervision of Newly Associated Registered Representatives
- SEC Staff Issues Reminder Regarding Regulation S-P Privacy Obligations with Respect to Rule 22c-2 Information
Financial Services Alert - August 28, 2007 (PDF)
08.28.07
- Federal District Court Dismisses Shareholder Suit Alleging Fund Board Breached Fiduciary Duty in Approving New Advisory Contract and Issued Misleading Proxy Materials to Shareholders Regarding Contract Approval
- FRB Grants Regulation W Exemption for Bank Transactions with Affiliated Broker-Dealers
- SEC Solicits Comment on Discussion Paper by Chairman of Advisory Committee on Improvements to Financial Reporting
- FFIEC Releases Updated BSA / AML Examination Manual
- SEC Staff Grants No-Action Relief Broadening Spousal Joint Investment Possibilities in 3(c)(7) Funds
- CFA Institute Issues Guidance Statement on GIPS Recordkeeping Requirements and Publishes Q&A on GIPS Standards
Financial Services Alert - August 21, 2007 (PDF)
08.21.07
- FinCEN Issues Patriot Act Rule Mandating Enhanced Due Diligence for Certain Correspondent Bank Accounts
- GAO Issues Report on Issues Relating to Firms that Advise Institutional Investors on Proxy Voting
- FRB Determines Non-Control in Private Equity Arrangements
- Federal Banking Agencies Propose Illustrations for Subprime ARMs
- ICI Publishes White Paper on Role of Chief Risk Officers
- SEC Finalizes Amended Rules on Short Sale Delivery Requirements under Regulation SHO
- NASD Amends Rule 3013 and Interpretive Material 3013 to Permit Members to Designate Co-Chief Executive Officers and Multiple Chief Compliance Officers
Financial Services Alert - August 7, 2007 (PDF)
08.07.07
- SEC Issues Release Designed to Clarify Exclusion under the Proxy Rules for Shareholder Proposals Related to Director Elections
- SEC Proposes Proxy Rule Amendments Addressing Shareholder Proposals for Bylaw Amendments Establishing Procedures for Shareholder Nominations of Directors and the Treatment of Electronic Shareholder Forums under Federal Securities Laws
- BIS Report Cites Reduction of F/X Settlement Risk and Makes Further Recommendations
- SEC Issues Release Adopting Proxy Rule Changes to Require Delivery of Proxy Materials Via Website
- OTS Issues ANPR Concerning Regulation of Unfair or Deceptive Acts or Practices
- Massachusetts Security Breach Notice Law, Unlike Most Other States, Contains Requirements for Financial Institutions
- DOL Provides Guidance on ERISA Impact of New IRS 403(b) Regulations
- SEC Issues Release Proposing Amendments to Regulation D Private Placement Exemptions
- SEC Issues Release Adopting Antifraud Rule under Investment Advisers Act Directed at Advisers to Pooled Investment Vehicles
- SEC Chairman Discusses Hedge Fund Working Group within Enforcement Division and Enforcement Actions Against Hedge Funds in Senate Testimony
Financial Services Alert - July 31, 2007 (PDF)
07.31.07
- FRB Grants Risk-Based Relief for Margin Loans
- Federal District Court Dismisses Excessive Fee Suit against Mutual Fund Adviser and Distributor
- SEC Chairman Issues Letter Concluding that a Mortgagor’s Modification of Securitized Loans when Default is “Reasonably Foreseeable,” but Before Default Occurs, Does Not Violate FAS 140
- SEC Adopts Proxy Rule Changes Mandating Internet Availability of Proxy Materials
- SEC Staff Issues Denial of No-Action Request Regarding Broker-Dealer Registration to Company Acting as a Financial Consultant and Finder of Investors for Small Businesses
- SEC Staff Publishes Information Designed to Assist Newly Registered Investment Advisers in Understanding Advisers Act Compliance Obligations
- SEC Votes to Issue Concept Release Soliciting Public Comment on Use of International Financial Reporting Standards by U.S. Issuers
Financial Services Alert - July 24, 2007 (PDF)
07.24.07
- Federal Banking Agencies Reach Agreement on Basel II
- Federal Banking Agencies Issue Statement on Enforcement of BSA/AML Requirements
- FDIC Issues Letter on Applicability of Market Risk Capital Rules
- SEC to Consider Issuing Concept Release on Use of International Financial Reporting Standards and Proposing Proxy Rule Amendments Regarding Shareholder Proposals and Related Matters at Open Meeting
Financial Services Alert - July 17, 2007 (PDF)
07.17.07
- S&P Proposes Enhanced Basel II Pillar 3 Disclosures
- SEC Votes to Adopt Antifraud Rule under Investment Advisers Act Directed at Advisers to Pooled Investment Vehicles
- GAO Issues Report on Pension Consultant Conflicts
- OCIE Issues First ComplianceAlert to CCOs Outlining Recent Examination Deficiencies and Weaknesses
- OCC Proposes Rule Amendments Designed to Reduce National Bank Regulatory Burdens
- Agencies Issue Proposed Revisions to CRA Q&As
- SEC Approves Voluntary Data Tagging of Risk/Return Summary Information in Mutual Fund Prospectus Filings
- US Basel II: The Discussion/Debate Continues
Financial Services Alert - July 10, 2007 (PDF)
07.10.07
- Federal Regulators Issue Final Statement on Subprime Mortgage Lending
- Director of SEC’s Division of Investment Management Speaks at NAVA Compliance and Regulatory Affairs Conference
- SEC Eliminates Short Sale Price Tests
- SEC Staff Provides Guidance on the Application of FIN 48 to Registered Funds
- Basel Committee Chairman Discusses Basel II Pillars
- FDIC Announces that Insured Financial Institutions Will be able to Exchange Examination Information with State Regulators Through FDICconnect
Financial Services Alert - July 3, 2007 (PDF)
07.03.07
- Federal District Court Dismisses 401(k) Excessive Fee Litigation
- OCC Issues Guidance Clarifying its Capital and Liquidity Expectations for National Trust Banks
- FRB Amends Regulation E to Exempt Transactions of $15 or Less from Receipt Requirement
- Banking Agencies Determine Bank Merger Act Not Applicable to Bank/Thrift Acquisition of Credit Card Portfolios with Small Credit Balances
- OCC Issues Report Concerning Best Practices Used by Loan Servicers to Prevent Foreclosures
- SEC Issues Release Proposing Electronic Filing and Revised Information Requirements for Form D
- OCC Confirms National Banks May Honor Items Relating to Deposit Accounts with Insufficient Funds and Charge Overdraft Fees
- SEC Extends Temporary Exemption of Banks from Definition of “Broker” under Securities Exchange Act of 1934
- SEC Eliminates Short Sale Price Tests
Financial Services Alert - June 26, 2007 (PDF)
06.26.07
- Independent Directors Council Issues Report on Board Oversight of Certain Mutual Fund Service Providers
- FDIC Issues Further Guidance on Third-Party Arrangements
- MA Appellate Tax Board Holds that MA Can Impose Excise on Certain Out-of-State Financial Institutions Without Physical Presence in MA
- FinCEN Issues Guidance on SAR Supporting Documentation
- Coalition of Mutual Fund Investors Releases Results of Its 2007 Study on the Use of Redemption Fees and Other Means of Deterring Short-Term Mutual Fund Trading
Financial Services Alert - June 19, 2007 (PDF)
06.19.07
- FRB Issues Guidance on Retail Sweep Requirements
- DOL Releases Advisory Opinion that a U.S. Branch of a Non-U.S. Bank is ‘Bank or Trust Company’ under ERISA
- OCIE Issues First ComplianceAlert to CCOs Outlining Recent Examination Deficiencies and Weaknesses
- FRB Approves Final Rule Eliminating Certain Regulation O Requirements
- OCC Permits Custody Trust Ledger Deposit Account Program
- FinCEN Issues Guidance Regarding Law Enforcement Requests to Financial Institutions that They Allow Accounts to Remain Open Despite Suspicious or Potential Criminal Activity
- SEC Staff Grants No‑Action Relief to Permit REIT to Treat Tier 1 Mezzanine Loans as Qualifying Interests for Purposes of Section 3(c)(5)(C) of the 1940 Act
- Goodwin Procter’s Financial Services Practice Group Ranked Nationally in All of its Practice Areas
- SEC to Act on Voluntary XBRL Tagging of Mutual Fund Risk/Return Summaries and Mandatory Internet Posting of Proxy Materials at June 20 Open Meeting
- SEC Eliminates Short Sale Price Tests, But Tightens Short Sale Delivery Requirements under Regulation SHO
- OTS and CSBS Enter Into Consumer Complaint Sharing Agreement
Financial Services Alert - June 12, 2007 (PDF)
06.12.07
- The Increasing Importance of Business Method Patent Protection for Innovations in the Financial Services Sector
- SEC Adopts Rules for NRSRO Registration, Reporting and Oversight
- IDC Issues Report on Boards Oversight of Fund Service Providers
Financial Services Alert - June 5, 2007 (PDF)
06.05.07
- NYSE Excludes Registered Investment Companies from Proposed Rule Change Eliminating Discretionary Broker Voting on Director Elections
- SEC Chairman Urges Congress to Repeal the Soft Dollar Safe Harbor Afforded by Section 28(e) of the Securities Exchange Act of 1934
- NASD and NYSE File Proposed Rules Addressing Business Entertainment Oversight
- Review of SEC’s Semi-Annual Regulatory Agenda
Financial Services Alert - May 29, 2007 (PDF)
05.29.07
- Staff of SEC’s Division of Investment Management Issues Q&A Regarding Disclosure of Expenses of Investing in Other Funds in Prospectus Fee Tables
- FRB Proposes Regulation Z Amendments
- Federal Court of Appeals for 7th Circuit Reverses District Court Injunction Requiring Consumer Products and Munitions Company to Register as Investment Company
- SEC Announces Roundtable Discussion Regarding Rule 12b-1 under the Investment Company Act
Financial Services Alert - May 22, 2007 (PDF)
05.22.07
- FDIC Chairman Speaks on Industrial Loan Companies
- SEC Elects Not to Seek Further Review of D.C. Circuit Decision Vacating Advisers Act Broker-Dealer Exception Rulemaking
- OTS Adopts Interim Rule Prohibiting Persons Convicted of Criminal Offenses from Holding Certain Positions with SLHCs
- FDIC Issues Final Assessment Adjustment Guidelines for Large Banks and Insured Foreign Branches
- NASD and NYSE File New Business Entertainment Rules with SEC
- SEC Open Meeting Agenda Includes Proposing Changes to Regulation D Private Placement Exemption and Adopting Credit Rating Agency Regulatory Scheme
Financial Services Alert - May 8, 2007 (PDF)
05.08.07
- DOL Requests Comments on Fee Disclosures in 401(k) Plans
- IOSCO Seeks Public Comment on Issues Related to Sale of Funds of Hedge Funds to Retail Investors
- IRS Issues Guidance on Banks’ Treatment of Accrued Loan Interest
- Federal Agencies Issue 2007 National Money Laundering Strategy
- The Wolfsberg Group and The Clearing House Issue Joint Statement on Payment Message Standards
- FASB Issues Staff Position Providing Guidance on Determination of When a Tax Position Is Settled for Purposes of FIN 48
Financial Services Alert - May 1, 2007 (PDF)
05.01.07
- U.S. House Committee Holds Hearings Regarding Industrial Bank Legislation
- FRB Proposes Amendments to Five Regulations to Clarify Requirements for Electronic Consumer Disclosures
- FinCEN Delays Implementation of Revised SAR Forms
- SEC Announces Roundtable Discussions Regarding Proxy Process
- President’s Task Force on Identity Theft Issues Report Outlining Strategic Plan
Financial Services Alert - April 17, 2007 (PDF)
04.17.07
- U.S. Supreme Courts Holds that Preemption of State Laws Extends to National Bank Operating Subsidiaries
- SEC Commissioner Nazareth Discusses Next Steps in Mutual Fund Regulation
- OCC Issues Letter Concluding that National Banks May Make Non-Controlling Investments in LLC Engaging in Fraud Prevention, Identity Verification and Related Activities
- FDIC Issues Supervisory Policy on Identity Theft
- Director of SEC’s Division of Investment Management Discusses Regulatory Initiatives
- OTS Proposes Revised SLHC Rating System
- SEC Staff Announces Availability of Anti-Money Laundering Compliance Tool for Broker‑Dealers
Financial Services Alert - April 10, 2007 (PDF)
04.10.07
- Federal Court of Appeals for the D.C. Circuit Vacates SEC Rule Addressing Advisers Act Exception for Broker-Dealers
- SEC Proposes Amending Broker-Dealer Rules Regarding Free Credit Balance Sweeps; Reserves on Deposit at Banks; and Securities Finance Transactions
- Federal Bank Regulatory Agencies Issue Interim Rules Extending Examination Cycle for Smaller Financial Institutions
- Basel News Available on Goodwin Procter Website
Financial Services Alert - April 3, 2007 (PDF)
04.03.07
- OTS Proposes Expanding Permissible Activities of Savings and Loan Holding Companies
- Federal Court of Appeals for the D.C. Circuit Vacates SEC Rule that Expands Advisers Act Exception for Broker‑Dealers
- Banking Trade Groups Urge Agencies to Permit “Standardized” Basel II Approach; Opt-In to Basel IA
- OTS Modifies CRA Rule to Align it to CRA Rules of Other Federal Banking Agencies
- FRB Chairman Bernanke Responds to Senate Inquiry about Basel II Impact and Timing
- IOSCO Seeks Comment on Proposed Hedge Fund Portfolio Valuation Principles
- OCIE Director Discusses Adviser Examinations
- OCC Issues Letter Concluding that Investment in SBA Loan Fund Complies with Community Development and Public Welfare Investment Requirements
Financial Services Alert - March 27, 2007 (PDF)
03.27.07
- Federal Regulators Propose Model Privacy Notice
- Banking Agencies Publish Supplemental Guidance on Basel II—Internal Ratings-Based Systems for Credit Risk – Part II
- FTC Publishes Guidance for Businesses on Safeguarding Their Customers’ Personal Information
- SEC Staff Provides No-action Relief Clarifying the Eligibility of Certain Charitable Entities to Invest in 3(c)(7) Funds
- Second Circuit Court of Appeals Holds That No Implied Private Rights of Action Exist under Sections 34(b), 36(a) and 48(a) of the 1940 Act
Financial Services Alert - March 20, 2007 (PDF)
03.20.07
- Wal-Mart Withdraws Industrial Loan Company Application
- Banking Agencies Publish Supplemental Guidance on Basel II—Internal Ratings-Based Systems for Credit Risk – Part 1
- GAO Issues Report on FRB, OTS and SEC Consolidated Supervision of Financial Services Firms
- Federal District Court Dismisses Excessive Fee Suit Against Mutual Fund Adviser
Financial Services Alert - March 13, 2007 (PDF)
03.13.07
- FDIC Issues Cease and Desist Order against California ILC Targeting Weak Subprime Lending and Commercial Real Estate Lending Practices
- Federal District Court Permanently Enjoins Enforcement of Illinois Law Generally Prohibiting the Deposit of State Moneys or Investment by State and Municipal Pension Plans in Entities Having Certain Connections with Sudan
- FRB, OCC and FDIC Speak on Basel II Status and Issues
- OTS Issues Gift Card Guidance
- SEC Announces Regional CCOutreach Seminars for Fund and Adviser Chief Compliance Officers
- SEC Staff Provides No-Action Relief from Advisers Act Personal Trading Reporting Requirements to U.K. Based Adviser for Certain U.K. Securities
- Goodwin Procter Adds Website Feature Covering Basel Proposal Developments
Financial Services Alert - March 6, 2007 (PDF)
03.06.07
- Federal Banking Agencies Issue Proposed Statement on Subprime Lending Practices
- Mutual Fund Distributor Enters into Consent Order with State of Washington Regarding Arrangements Permitting Financial Intermediaries to Engage in Bulk Mutual Fund Exchanges
- OCC Issues Report on Banks’ Investment in New Markets Tax Credits Program
- FASB Issues Proposed Staff Position on FIN 48 Providing Guidance on Determination of When a Tax Position Is Effectively Settled
Financial Services Alert - February 27, 2007 (PDF)
02.27.07
- Banking Agencies Publish Supplemental Guidance on Basel II—Operational Risk Advanced Measurement Approach
- FRB Grants Exemption from Section 23A Related to Securities Lending as Principal
- DOL Issues Interim Final Rule Regarding Statutory Exemption for Cross-Trading
- FDIC Proposes Assessment Adjustment Guidelines for Large Banks and Insured Foreign Branches
- BIS Publishes Home-Host Guidance Relating to Operational Risk Advanced Measurement Approach
Financial Services Alert - February 27, 2007 (PDF)
02.27.07
- Banking Agencies Publish Supplemental Guidance on Basel II—Operational Risk Advanced Measurement Approach
- FRB Grants Exemption from Section 23A Related to Securities Lending as Principal
- DOL Issues Interim Final Rule Regarding Statutory Exemption for Cross-Trading
- FDIC Proposes Assessment Adjustment Guidelines for Large Banks and Insured Foreign Branches
- BIS Publishes Home-Host Guidance Relating to Operational Risk Advanced Measurement Approach
Financial Services Alert - February 20, 2007 (PDF)
02.20.07
- NYBD Evaluates Risk Capital Impact of Basel II Standardized Approach
- Banking Agencies Publish Supplemental Guidance on Basel II—Supervisory Review Process
- SEC Staff Provides Guidance Regarding the Use of Hedge Clauses in Investment Advisory Agreements
- NASD Issues Notice to Members Regarding Oversight of Recommendations Made by Registered Representatives that Have Just Changed Firms
Financial Services Alert - February 6, 2007 (PDF)
02.06.07
- First Circuit Court of Appeals Reverses Certification of Class Seeking Rescission in TILA Action
- FDIC Board Extends Moratorium on ILCs Owned by Commercial Firms
- FDIC Issues Proposed Rules Applicable to Certain Parents of Industrial Loan Companies
- DOL Provides Guidance on Participant Investment Advice
- California Court of Appeal Reverses Trial Court Decision in Suit Brought By California Attorney General Against Mutual Fund Distributor and Adviser Over Revenue Sharing Disclosures
- SEC Proposes Rules for NRSRO Registration, Reporting and Oversight
- SEC Votes to Propose Voluntary Data Tagging of Risk/Return Summary Information in Mutual Fund Prospectus Filings
- SEC Staff Grants No-Action Relief for Rule 22c-2 Agreements that Allow Foreign Intermediaries to Provide Unique Identification Numbers in Lieu of Government Issued Identifiers When Providing Information on Underlying Fund Shareholders
Financial Services Alert - January 30, 2007 (PDF)
01.30.07
- SEC Issues Release Adopting Proxy Rule Changes to Permit Delivery of Proxy Materials Via Website
- SEC Issues Release Proposing Proxy Rule Changes Mandating Internet Availability of Proxy Materials
- FDIC Issues Supervisory Policy on Predatory Lending
- Division of Investment Management Posts Notices of Exemptive Applications and Exemptive Orders on SEC Website
Financial Services Alert - January 23, 2007 (PDF)
01.23.07
- Federal Agencies Issue Final Interagency Statement Concerning Complex Structured Finance Transactions
- FinCEN Issues Report to Congress Stating that Reporting of Cross-Border Wire Transfer Data is Technically Feasible but Should be Limited to Approximately 25% of Banks
- Congress Amends Regulatory Relief Act
- FRB Governor Bies Discusses Mortgage Lending Issues
- Goodwin Procter Client Alert Regarding SEC Proposals for New Advisers Act Anti-Fraud Rule and Modified Accredited Investor Standard for Individuals Investing in Certain 3(c)(1) Funds Now Available on Firm’s Website
- SEC Issues Formal Releases Adopting Proxy Rule Changes to Permit Delivery Via Website Posting of Proxy Materials and Proposing Mandatory Website Delivery of Proxy Materials
Financial Services Alert - January 16, 2007 (PDF)
01.16.07
- MBA Publishes Paper on Likely Effects of Basel II on Residential Mortgage Industry
- OCC Determines Lending Limits and Public Welfare Investment Authority Distinct
- SEC Staff Provides No-Action Relief from Affiliated Transactions Prohibitions for Mergers Between Registered Funds and Unregistered Funds Other Than Those Specified in Rule 17a-8
- SEC Staff Grants No-Action Relief to Permit Funds of Funds to Make In-Kind Exchanges Among Affiliated Mutual Funds
- OCC Issues Letter Permitting National Bank to Retain MasterCard, Inc. Stock Received in IPO
- Federal Banking Agencies Issue Interim Rule to Amend and Implement Management Interlock Provision of Regulatory Relief Act
- Goodwin Procter Client Alert Regarding US Safe Web Act Available on Firm’s Website
Financial Services Alert - January 9, 2007 (PDF)
01.09.07
- Conference Summary: Basel II and Basel IA: Framework, Issues and Opportunities
- SEC Staff Guidance for Investment Company Registrants Clarifies Application of FASB Interpretation Regarding Uncertain Tax Positions and Delays Interpretation’s Effectiveness
- ICI Issues Model Provisions for Rule 22c-2 Information Sharing Agreements in the Context of Variable Annuity and Life Insurance Products
- Goodwin Procter Issues Client Alert Concerning Climate Change Strategies for the Financial Services Industry
Financial Services Alert - January 2, 2007 (PDF)
01.02.07
- SEC Issues Release Proposing a Modified Accredited Investor Standard for Natural Persons Investing in Certain 3(c)(1) Funds and a New Advisers Act Anti-Fraud Rule
- SEC Publishes Staff Economic Papers on Fund Governance Issues in Connection with Reopening Comment Period on Challenged Fund Governance Requirements
- Director of SEC’s Division of Investment Management Discusses Exemptive Applications Process Improvements at ICI Procedures Conference
- SEC OCIE Director Discusses Examinations of Fund and Adviser CCO Annual Reviews
Financial Services Alert - December 26, 2006 (PDF)
12.26.06
- Basel IA Comment Period Established
- NASD Issues Report on Examination of Member Gift Practices and Additional Guidance on NASD Gift Rule
- Federal Banking Agencies Issue Policy Statement Regarding the Allowance for Loan and Lease Losses
- FinCEN and Federal Banking Agencies Introduce New Form SAR-DI to Reduce Duplicate Filings
- ICI Issues Memorandum Discussing Staff Guidance on Fund-of-Funds Rules
- ICI Issues Report on Costs to Registered Investment Companies of NYSE Proposal to Eliminate Discretionary Broker Voting on Uncontested Elections of Directors
- Clarification: OTS Issues Separate Guidance on Commercial Real Estate Concentrations and Sound Risk Management Practices
Financial Services Alert - December 19, 2006 (PDF)
12.19.06
- SEC and FRB Vote to Publish New Bank Broker Rules: Proposed Regulation R
- OTS Permits Op Sub to Engage in Broad Securities Activities and Pay Interest in Free Credit Balances
- NASD and SEC Discipline Broker-Dealer over Gifts, Travel and Entertainment Provided to Certain Adviser Personnel in Effort to Increase Mutual Fund Brokerage
- OCC Fines Grant Thornton as IAP in Connection with Audit Performed for Failed FNB of Keystone
- SEC Seeks Comment on Staff Economic Papers Analyzing Challenged Fund Governance Requirements
- Banking Agencies Issue Final Guidance on Commercial Real Estate Concentrations and Sound Risk Management Practices
- SEC Adopts Proxy Rule Changes to Permit Delivery Via Website Posting of Proxy Materials and Proposes Making Website Delivery Method Mandatory
- SEC Proposes Eliminating Short Sale Price Tests (“Tick Tests”)
- SEC Votes to Propose Rules Designed to Protect Investors in Hedge Funds and Other Pooled Investment Vehicles
- MSRB Files Proposed Amendments to Municipal Fund Securities Advertising Rule
- GAO Issues Report Examining the Information on Fees Provided to 401(k) Plan Participants and the Department of Labor
- Federal Banking Agencies Grant Interim Exclusion to Banking Institutions from Effects of FAS 158 in Calculating Regulatory Capital
Financial Services Alert - December 12, 2006 (PDF)
12.12.06
- Basel IA Proposal for U.S. Banking Organizations Not Adopting Basel II
- SEC Announces Agenda for December 13 Open Meeting
- FDIC Issues Draft Guidelines on Small-Dollar Loans
- FRB Approves Interim Rule Eliminating Certain Regulation O Requirements
- IRS Rules that Income from Commodities-Linked Notes and from a Foreign Subsidiary Investing in Commodities Derivatives Constitutes Qualified Income for RIC Fund
Financial Services Alert - December 5, 2006 (PDF)
12.05.06
- U.S. Supreme Court Hears Oral Argument in Preemption Case Concerning National Bank Operating Subsidiary
- FRB Issues Final and Proposed Amendments to Regulation E
- OCC Issues Interpretive Letter Concerning Application of Lending Limit to Wind Tower Loans
- IRS Releases Notice 2006-100 on Reporting and Wage Withholding Requirements under Section 409A of the Code
- Recently Issued Financial Services Industry Patent Raises Concerns
- Bank Trade Associations Urge IRS to Withdraw Proposed Rule on Interest Deductions of S Corporation Banks
- OCC Updates Manual on Branches and Relocations
- Proposed Basel 1-A Interagency Rule Issued; Extension of Comment Period on Basel II Contemplated
- Materials from SEC National CCOutreach Seminar and 2007 Regional Seminar Information Available on SEC Website
- ICI Mutual Insurance Company Issues Study on Independent Fund Director Private Litigation Risk
- NASD and NYSE Announce Plan to Form New Consolidated SRO
Financial Services Alert - November 28, 2006 (PDF)
11.28.06
- SEC Staff Provides Guidance on Pricing in Mutual Fund Cross Transactions
- California Appeals Court Reverses $1.5 Billion Social Security Deposit Set-Off Judgment
- OCC, CSBS Agree to Share Consumer Complaint Information
- Director of SEC’s Division of Investment Management Speaks at Life Insurance Company Products Conference
- Ohio Supreme Court Rules City Predatory Lending Ordinances Are Preempted by State Law
- ICI Issues Revised Model Provisions for Rule 22c-2 Information Sharing Agreements
Financial Services Alert - November 21, 2006 (PDF)
11.21.06
- FDIC Approves Change in Control for ILC Despite Moratorium
- Massachusetts Division of Banks Issues Proposed Guidance on Nontraditional Mortgage Product Risks; Part of Effort to Provide Uniform State Guidance
- OTS Issues Memorandum Regarding Securities Related Activities of Federal Savings Associations
- Investment Company Institute Publishes Paper on Recordkeeping and Electronic Communications for Funds and Advisers
- FinCEN Issues Advisory on Money Laundering Risks of Shell Company Accounts
- FDIC Issues Final Rule on Late Assessment Penalties
- Goodwin Procter to Co-Present a Basel Conference, Host Post-Conference Cocktail Reception – Registration Available Now
Financial Services Alert - November 7, 2006 (PDF)
11.07.06
- Goodwin Procter to Co-Present a CLE Accredited Basel Conference, Host Post-Conference Cocktail Reception – Registration Available Now
- DOL Finalizes Replacement Securities Lending Exemption
- FRB Rules Bank Shares Held as Investment Advisor May Have Regulation O Implications
- Federal and NY Bank Regulators Impose Substantial Civil Money Penalty on Bank for Significant AML Compliance Deficiencies
- FRB Issues Interpretive Letter Granting Relief under FRA Section 23A and Regulation W
- Director of SEC’s Division of Investment Management Discusses Asset Manager Brokerage Practices
- FDIC Issues Additional Deposit Insurance-Related Final Rules
- UK’s Financial Services Authority Seeks Public Comment on Appropriate Level of Regulation for Private Equity Markets
Financial Services Alert - October 31, 2006 (PDF)
10.31.06
- Goodwin Procter to Co-Present a Basel Conference, Host Post-Conference Cocktail Reception – Registration Available Now
- OCC Approves Proposed Lease of Bank Premises Property to Third Party
- SEC Takes Action to Broaden Eligible Investments for Business Development Companies
- OCC Issues Bulletin Concerning Increase in Limits for Public Welfare Investments
- SEC Staffer Discusses Broker‑Dealer Examination and Compliance Developments
- DOL Finalizes Amended Securities Lending Class Exemption
- Goodwin Procter and MIT Sloan School of Management to Co-Produce “The Outside Directors Forum”
Financial Services Alert - October 24, 2006 (PDF)
10.24.06
- U.S. Court of Appeals Ruling Leaves Unresolved Issues Concerning OCC Disclosure of SARs
- FDIC Publishes Final Rule on Assessment Dividends
- FRB Chairman Bernanke Speaks on Bank Regulatory Issues
- SEC OCIE Director Discusses Compliance Practices and Examination Issues
- FRB Governor Bies Delivers Speech Concerning Enterprise Risk Management
- OTS Issues Updated Guide on Directors’ Responsibilities
- Goodwin Procter and MIT Sloan School of Management to Co-Produce “The Outside Directors Forum”
- NYSE Files Proposal to Eliminate Discretionary Voting by Member Brokers on Director Elections Beginning in 2008
- Goodwin Procter to Co-Present a Basel Conference; Host Post-Conference Cocktail Reception - Save the Date!
Financial Services Alert - October 17, 2006 (PDF)
10.17.06
- President Signs Financial Services Regulatory Relief Act of 2006
- FDIC Finalizes Rule Regarding One-Time Credit Assessment
- SEC Settles Administrative Proceedings against Adviser over Fund Shareholder Report Disclosure Regarding Partial-Interest-Paying Bonds and Related Portfolio Manager Commentary
- DOL Advisory Opinion Addresses Scope of Prohibited Transaction Exemption Concerning Bank-Maintained Collective Funds
- Basel Committee Publishes Industry Practice in Key Areas of Operational Risk Advanced Approach
- SEC OCIE Staffer Discusses Identity Theft Prevention
- SEC Publishes Audit of Investment Company Act Exemptive Application Process
- SEC Action on Internet Availability of Proxy Materials Scheduled for December 2006
- SEC Proposes Changes to Net Capital Rule for Broker-Dealers Also Registered as Futures Commission Merchants
- Goodwin Procter to Co-Present a Basel Conference; Host Post-Conference Cocktail Reception - Save the Date!
Financial Services Alert - October 10, 2006 (PDF)
10.10.06
- Goodwin Procter to Co-Present a Basel Conference; Host Post-Conference Cocktail Reception - Save the Date
- DOL Proposes Regulation Relating to Default Investment Alternatives
- Basel Committee Issues Guidance on Basel IRB “Use Test”
- SEC Director of Division of Investment Management Discusses Exchange Traded Funds
- FinCEN Issues SAR Guidance for Mutual Funds
- Director of SEC Division of Investment Management Outlines Priorities
- SEC to Hold CCOutreach National Seminar
- Webinar Concerning Reducing the Risk of Stock Options Backdating
Financial Services Alert - October 3, 2006 (PDF)
10.03.06
- Federal Banking Agencies Proposed Basel II Securitization and Equity Exposure Rules
- Federal Banking Agencies Issue Final Guidance Concerning Nontraditional Mortgage Product Risks
- SEC Extends Rule 22c-2 Compliance Date for Shareholder Information Agreements, Adds New Information Exchange Compliance Date and Amends Rule
- OCC Chief Counsel Testifies on Scope of Impact of December 2005 Interpretive Letters Concerning Bank Premises and Investment in Wind Energy Project
- Materials from SEC Regional CCOutreach Seminars Available on SEC Website
- Webinar Concerning Reducing the Risk of Stock Options Backdating
Financial Services Alert - September 26, 2006 (PDF)
09.26.06
- Federal Banking Agencies Propose Amended Market Risk Capital Rules
- FASB Issues Standard on Fair Value Measurements
- Lawmakers Urge Final Nontraditional Mortgage Product Guidance
- Recent Class-Action Lawsuits Filed Alleging the Payment of Excessive Fees by 401(k) Plans
- SEC Holds Roundtable on Results of Economic Studies under Regulation SHO Pilot Temporarily Suspending Short Sale Price Tests for Selected Issuers on the New York Stock Exchange and NASDAQ
- IRS Issues Proposed Regulations to Ease Reporting When Foreign Tax Benefits Pass to RIC Shareholders
Financial Services Alert - September 19, 2006 (PDF)
09.19.06
- Federal Bank Regulators and SEC Testify on Capital Rules; Banking Agencies also Address CRE Guidance
- NASD Issues Notice to Members Regarding “Text Box” Mutual Fund Performance Advertising Rule Changes
- SEC Office of The Chief Accountant and Divisions of Corporation Finance and Investment Management Provide Guidance on the Effects of Prior Year Misstatements in Quantifying Current Year Misstatements
- Correction - Massachusetts Enacts Law Amending Electronic Fund Transfer Provisions
Financial Services Alert - September 12, 2006 (PDF)
09.12.06
- Banking Agencies Issue Notice of Proposed Rulemaking for US Basel II
- Basel Committee Issues Paper on Business Continuity
- SEC Staff Provides Grandfathering Relief on Auditor Independence for Newly Registered Hedge Fund Advisers Relying on Custody Rule’s Annual Audited Financial Statements Exception
Financial Services Alert - September 5, 2006 (PDF)
09.05.06
- OCC Publishes Interpretive Letter Regarding an Alternative Risk-Based Capital Approach for Certain Securities Lending Transactions
- New York State Permits Out-of-State Banks to Open de novo Trust Offices in New York
- Massachusetts Enacts Law Amending Electronic Fund Transfer Provisions
- Canadian Regulators Propose New Soft Dollar Requirements
Financial Services Alert - August 29, 2006 (PDF)
08.29.06
- FRB Grants Bank Exception to Risk-Based Capital Guidelines for Certain Securities Lending Transactions
- FRB Amends Regulation E Affecting Payroll Cards and Insufficient Funds Fees
- MSRB Seeks Public Comment on Proposed Amendments to Municipal Fund Securities Advertising Rule
- FRB Issues Interpretive Letter Concluding that a Single Member LLC May Not Maintain a NOW Account
- FRB Seeks Comment on Proposed Reg D Revisions Regarding Bankers’ Bank Exemption
Financial Services Alert - August 22, 2006 (PDF)
08.22.06
- President Signs Pension Reform Bill
- FDIC Seeks Public Comment on Industrial Loan Companies
- IRS Increases Fixed Ratio for Foreign Banks Calculating their Effectively Connected Interest Expense
- OCC Issues Guidance on Gift Card Disclosure and Marketing
- SEC Provides Interpretive Guidance for Hedge Fund Advisers in Light of Goldstein Decision; Additional Regulation Possible
- OCC Reminds National Banks of Effectiveness of Revised Assessment Rule
- NSCC Rolls Out Rule 22c-2 Information Sharing Facility Ahead of Schedule
- Federal Banking Agencies Clarify Internet Authentication Guidance
- Maryland Court Holds that Drawer of Check Can Assert Direct Claims against Depositary Bank
Financial Services Alert - August 8, 2006 (PDF)
08.08.06
- Pension Reform Bill Passes House and Senate; President Expected to Sign
- Federal Banking Agency Counsel Determine State Laws Seeking to Prohibit ILC Branching May More Broadly Limit De Novo Bank Branching
- New Hampshire Gift Certificate Laws Preempted for Mall Gift Cards Issued by National Bank and Federal Savings Association
- OTS Provides Flexibility in Lending through Operating Subsidiaries
- Federal Court Dismisses Claim that Card Processor is Liable under Theory of Breach of Contract for Damages from Merchant’s Security Breach
- SEC Moves Forward on Study Comparing Effect of Broker-Dealer and Adviser Regulatory Systems on Investors
- Enforcement of Presentment Warranties not Prejudiced by Inability to Produce Paper Check
- DOL Issues Advisory Opinion on PTE 77-3 and 12b-1 Fees
- OTS Permits Purchase Agreement to Enable Thrift to Exclude Asset from Asset Caps
- MSRB Seeks Comment on Use of “Access Equals Delivery” Model for Official Statements Relating to New Issue Municipal Securities Including 529 College Savings Plans
- SEC Chairman States Agency Will Not Seek Review of Hedge Fund Decision
- ABA Promotes “Standardized” Basel II Approach
Financial Services Alert - August 1, 2006 (PDF)
08.01.06
- FDIC Imposes Moratorium on ILC Actions
- Pension Reform Bill Passes House and Goes to Senate
- Federal Banking Agencies and FinCEN Jointly Issue Revised and Updated BSA/AML Examination Manual
- DOL Proposes Amendments to Form 5500 Reporting Requirements
- Certain Major Industry Players Object to Limited Basel II Options Available in US
- SEC Chairman Testifies on Hedge Funds Before Senate Banking Committee
- FDIC Issues Several Deposit Insurance-Related Proposed Rules
Financial Services Alert - July 25, 2006 (PDF)
07.25.06
- SEC Issues Soft Dollars Interpretive Release
- Federal Banking Agencies and FTC Issue Proposed Release Regarding Red Flags for Identity Theft
- OTS Issues Outlines Regarding BSA/AML Compliance
Financial Services Alert - July 18, 2006 (PDF)
07.18.06
- SEC Approves Soft Dollar Interpretive Release
- Federal Banking Regulators State that Proposed Legislation Should Not Deter Qualified Individuals from Serving as Bank Directors and Officers
- IRS Issues Notice on New Legislation Imposing Excise Taxes on Tax-Exempt Organizations Participating in Prohibited Tax Shelters and Similar Transactions
- SEC Approves NASD “Text Box” Disclosure Requirements for Mutual Fund Performance Ads
- SEC Reverses In Part Administrative Law Judge’s Dismissal of Charges in Class B Shares Proceeding
- SEC Staff Grants Extension of No-Action Relief That Permits Broker-Dealers to Rely on Registered Advisers to Perform AML Customer Identification Programs
Financial Services Alert - July 11, 2006 (PDF)
07.11.06
- FRB Rules BHCs may Engage in Commodity Purchase and Forward Sale Financing Transactions
- SEC Publishes For Comment Proposed NASD Variable Annuity Suitability Rule
- FDIC Publishes Article on Operational Risk Management
- The SPARK Institute Updates Model Rule 22c-2 Contract Language and Issues Best Practices for Monitoring Frequent Trading
- NASD Makes Available Webcasts on Examination Preparation and Breakpoints
- SEC Publishes Request for Information Preparatory to Study of Impact of Broker-Dealer and Investment Adviser Regimes on Individual Investors
- SEC Slated to Act on Soft Dollar Interpretive Release at July 12 Open Meeting
- Independent Directors Council Issues Report on Board Consideration of Fund Mergers
Financial Services Alert - July 4, 2006 (PDF)
07.04.06
- FRB Governor Makes Presentation Concerning Enterprise Risk Management
- SEC Commissioner Nazareth Discusses Soft Dollars, Best Execution and Mutual Fund Fees and Expenses at Mutual Fund Directors Forum Workshop
- SEC Staff Grants Exemptive Relief to Permit Immediate Margin on Money Market Fund Shares Purchased Through Automatic Cash Sweep Arrangements
Financial Services Alert - June 27, 2006 (PDF)
06.27.06
- U.S. Court of Appeals Vacates Hedge Fund Adviser Registration Rule but Withholds Mandate
- District Court Upholds OTS Opinion on Preemption for Exclusive Agents of Thrifts
- SEC Adopts Fund-of-Funds and Cash Sweep Rules and Related Prospectus Fee Table Disclosure Requirements
- U.S. Supreme Court to Review Case on Whether OCC Regulations Preempt Conflicting State Laws: Watters v. Wachovia Bank
- OCIE Chief Counsel Discusses SEC Examination Focus
- FDIC Issues Guidance on Outsourcing to Foreign Providers
Financial Services Alert - June 20, 2006 (PDF)
06.20.06
- SEC Seeks Comment on Challenged Fund Governance Requirements
- OTS Issues Opinion Regarding Preemption of State Restrictions on Gift Cards
- FRB and FinCEN Request Comments on Funds Transfer Recordkeeping Requirements and the Travel Rule
- FRB Issues Opinion Letter Concerning Application of Reg O to Insider’s Use of Bank-Owned Credit Card
- SEC Commissioner Campos Discusses Hedge Fund Activity and Regulation at SIA Conference
- Basel Committee Publishes Guidance on Bank Use of Fair Value Option
- FRB Governor Details Compliance Examination Issues
- SEC Staff Provides No-Action Relief Regarding Cross Trades Involving Accounts in which an Adviser has an Interest
Financial Services Alert - June 13, 2006 (PDF)
06.13.06
- NYSE Proxy Working Group Issues Report and Recommendations Regarding Broker Discretionary Voting and Fee Arrangements for Member Distribution of Proxy Materials
- IRS Extends Transition Period for Ruling on Commodity Index Derivative Contracts
- SEC Disciplines Adviser Regarding RFP Responses and Compliance Program
- FinCEN Issues Guidance Concerning Obligations of FCMs under Section 312 of USA Patriot Act
- SEC Staff Provides No-Action Relief Regarding Qualified Purchaser Status of Trust Used to Facilitate Partnership’s Liquidation
- Comptroller Dugan Urges Congress to Increase Bank and Thrift Authority to Invest in Low- and Moderate-Income Communities
- SEC Staff Provides No-Action Relief Regarding Reliance on Rule 17a-8 with Respect to Fund’s Reorganization into Two Affiliated Funds
- SEC Announces Full Text Searching of EDGAR Filings
Financial Services Alert - June 6, 2006 (PDF)
06.06.06
- FRB Permits VPP Transactions Involving Physical Commodities
- NYSE Issues Information Memo Providing Further Guidance on Member Obligations with Respect to Prohibition on Participation in Directed Brokerage Arrangements
- GAO Issues Report Recommending that OCC Clarify the Applicability of State Consumer Protection Laws to National Banks
- Basel Committee Issues Revised Guidance on Home-Host Information Sharing
- FinCEN Releases FAQs Concerning Insurance Company AML and SAR Requirements
- OCC Issues Letter Granting Waiver that Allows Certain Bank Officers and Employees to Report Personal Securities
- Transactions within 30 days after End of Quarter
- SEC Provides Guidance on Electronic Filing Issues for Investment Company Registrants
- Federal Banking Agencies and DOL Enter into Revised Agreement Concerning Information Sharing
Financial Services Alert - May 30, 2006 (PDF)
05.30.06
- The Compliance Challenge: How to Structure and Manage the Compliance Function in a Diversified Financial Services Organization
- Morningstar Publishes Study on Mutual Fund Share Class Limits and Suitability
- NASD Provides Examination and Compliance Guidance
Financial Services Alert - May 23, 2006 (PDF)
05.23.06
- Federal Agencies Re-Propose Interagency Statement Concerning Complex Structured Finance Transactions
- Court Holds that Retailer and Processor are Not Liable to Issuers for Damages Resulting from Card Security Breach
- SEC Settles Enforcement Proceeding Against Mutual Fund Administrator Over Fund Accounting Issues
- U.S. Court of Appeals Holds That ERISA Permits Participant-Directed Plans Even Where Section 404(c) Requirements Are Not Satisfied
- FRB, FDIC Chairmen Speak on Basel II
- SEC Approves PCAOB Rules Concerning Auditor Independence, Tax Services and Contingent Fees
- FinCEN Issues Guidance on Due Diligence of B/Ds, FCMs Regarding Implementation of Section 312 of USA Patriot Act
- SEC Imposes First Sanctions under the USA Patriot Act
Financial Services Alert - May 9, 2006 (PDF)
05.09.06
- FinCEN Issues Final Rule Regarding Mutual Fund Reporting of Suspicious Transactions
- NYSE Issues Guidance on Compliance Reporting Lines
- NASD and NYSE Issue Joint Guidance Regarding the Solicitation of Substantial Charitable Contributions by Employees or Agents of Certain Customers
- SEC Publishes Semiannual Regulatory Agenda
- U.S. Senate Banking Committee Approves Regulatory Relief Legislation
- Goodwin Procter to Co-Host Compliance Seminar; Host Pre-conference Cocktail Party
Financial Services Alert - May 2, 2006 (PDF)
05.02.06
- Goodwin Procter to Co-Host Compliance Seminar; Host Pre-conference Cocktail Party
- SEC Staff Provides No-Action Relief Regarding Brochure Delivery Element of Cash Solicitation Requirements for Adviser Engaging in Co-Branded Mass-Mailing Campaign
- FinCEN, SEC Issue Guidance Concerning CIP Responsibilities in Securities Lending Transactions under Agency Lending Disclosure Initiative
- DOL Issues Field Assistance Bulletin Clarifying Duties and Responsibilities under ERISA Regarding Mutual Fund Settlement Proceeds to Plans and Plan Participants
- DOL Issues Prohibited Transaction Exemption Permitting the Extension of Credit by IRAs with Uninvested Cash Balances Held in Broker/Dealer Accounts to Broker/Dealers of Those Accounts
- House Subcommittee Chairman Baker Sends Letter to SEC Regarding Delays Resulting from the SEC Approval Process for ETFs
- SEC to Replace Certain Paper Effectiveness Orders with Electronic Notifications of Effectiveness
Financial Services Alert - April 25, 2006 (PDF)
04.25.06
- Goodwin Procter to Co-Host Compliance Seminar
- FDIC, OTS Amend Regulations to Reflect Merger of BIF and SAIF
- OCIE Associate Director – Chief Counsel Discusses Compliance Program Issues and Implementation of Recommendations from Annual Compliance Reviews
- OCC Issues Letter Approving Bank’s Engaging in Certain Specified Derivative Transactions
- FDIC, FRB and OCC Issue CRA Examination Procedures for Small, Large, Limited Purpose, Wholesale Banks; OTS Issues Final Rule Expanding Definition of “Community Development” and Proposes New CRA Q&As
- FDIC Issues Revised Compliance Examination Procedures
Financial Services Alert - April 18, 2006 (PDF)
04.18.06
- Closed-End Investment Company Denied No-Action Relief to Exclude Shareholder Proxy Proposal Seeking to Reduce Board’s Size
- DOL Finalizes Amendment to Prohibited Transaction Exemption Concerning Interest-Free Loans
- Basel Committee Seeks Comments on Updated Banking Supervision Core Principles and Related Methodology
- Agencies Update HMDA FAQs
- OCIE Director Discusses AML Compliance/Examination Issues at SIA Conference
- Goodwin Procter to Co-Host Compliance Seminar
- SEC Announces Next Director of Division of Investment Management
Financial Services Alert - April 11, 2006 (PDF)
04.11.06
- Federal Court of Appeals Vacates SEC Mutual Fund Governance Rules but Stays Mandate for 90 Days to Enable SEC to Reopen Comment Period
- FRB Releases Draft “Basel II” Notice of Proposed Rulemaking
Financial Services Alert - April 4, 2006 (PDF)
04.04.06
- FRB Releases Draft Notice of Proposed Rulemaking Regarding “Basel II”
- FRB Governor Bies Makes Presentation Concerning Certain Recent FRB Regulatory Initiatives
- Basel Committee Issues Guidance on Use of Vendor Products in Basel II
- MSRB Files Proposed Guidance with SEC Regarding Dealer Disclosure and Suitability Analysis Obligations Relating to 529 Plans
- SEC 2007 Performance Budget Provides Information on Enforcement, Rulemaking, Examination and Disclosure Review Activities and Goals
- AFSCME and The Corporate Library Release Study on Proxy Voting by Eighteen Large Mutual Fund Families
- OTS Proposes Preapproved Bylaw Precluding Board Membership for Individuals Who Have Been Indicted or Convicted of Certain Crimes or Have Been the Subject of Certain Regulatory Sanctions
- Report Issued Concerning Improving Privacy Notices
Financial Services Alert - March 28, 2006 (PDF)
03.28.06
- FASB Issues Statement on Accounting for Servicing of Financial Assets
- OCC Permits National Banks to Hold Sub-Investment Grade Debt to Hedge Derivative Risks
- SEC Approves Amendment to NASD Interpretive Material 3013 Regarding Timing of Report Related to Annual CEO Compliance Certification
- FRB Issues Final Rule Concerning Shift of Liability for Unauthorized “Remotely Created Checks” from Paying Bank to Depositary Bank
- OCC Publishes Response to National Association of Realtors’ Letter Challenging Real Estate and Investment Powers of National Banks
- FinCEN and Federal Banking Agencies Propose Revisions to SAR for Depository Institutions
- SEC Commissioner Atkins Provides Views on Regulatory Matters at Industry Conference
- FinCEN Postpones Compliance Deadline for New Correspondent Account Rule
Financial Services Alert - March 21, 2006 (PDF)
03.21.06
- U.S. District Court Denies Bundled Service Provider’s Motion for Summary Judgment of Claims Regarding Revenue Sharing Arrangements
- FDIC Adopts Interim Final Rule Increasing Deposit Insurance Coverage for Certain Retirement Accounts
- OCC Clarifies N
|