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Posts from Steve Quinlivan

SEC Seeks Public Comment Regarding Private Rights of Action for Transnational Securities Fraud

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In Morrison v. National Australia Bank, the Supreme Court limited the extraterritorial scope of  Section 10(b) of the Securities and Exchange Act of 1934 by holding that the antifraud provision only applies to domestically listed security transactions.  130 S. Ct. 2869, 2884 (2010). Notwithstanding this decision, the Securities and Exchange... Read More

Topics: Litigation, Public Companies and Securities

CFTC Proposes Rules on Registration of Swap Dealers and Major Swap Participants and Requests Comment on Extraterritorial Reach of Registration Requirements

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The CFTC has proposed rules on the registration of swap dealers and major swap participants.  The Dodd-Frank Act requires all swap dealers and major swap participants to be registered.  It contains definitions of “swap dealer” and “major swap participant” but requires the CFTC to adopt rules that complete certain aspects... Read More

Topics: Derivatives

CFTC Proposes Rules on Conflicts of Interest Policies and Procedures by Swap Dealers and Major Swap Participants

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The Commodity Futures Trading Commission, or CFTC, has proposed rules to implement new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.  The proposed regulations establish conflicts of interest requirements for swap dealers, or SDs, and major swap participants, or MSPs, for the... Read More

Topics: Derivatives

CFTC Publishes Whistleblower Proposal—Double Jeopardy for SEC Registrants?

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The CFTC has published its proposed whistleblower rules.  In a keynote address to the Practising Law Institute’s Securities Regulation Institute on November 11, 2010, CFTC Chair Gary Gensler stated the CFTC rules were intended to be the same as the recently announced SEC whistleblower proposal, except where the Dodd-Frank Act... Read More

Topics: Banking, Derivatives, Energy, Public Companies and Securities

CFTC to Consider Real-Time Public Reporting of Swap Transaction Data Nov. 19

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The Commodity Futures Trading Commission, or CFTC, will hold a public meeting on Friday, November 19, 2010, to consider the issuance of proposed rulemakings under the Dodd-Frank Wall Street Reform and Consumer Protection Act on the following topics:  Swap data repositories; Real-time public reporting of swap transaction data; Protection of... Read More

Topics: Banking, Derivatives, Energy, Public Companies and Securities

Notice Requirements for Noninterest-bearing Transaction Accounts

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A final rule imposes three notice and disclosure requirements to ensure that Insured Depository Institutions, or IDIs, and depositors are aware of and understand the types of accounts that will be covered by a temporary deposit insurance coverage for noninterest-bearing transaction accounts.  As explained in detail in the Federal Register... Read More

Topics: Banking