ABA Dodd-Frank Guide for Community Banks
Banking The American Bankers Association has published a useful guide for community banks on the Dodd-Frank Act. The guide summarizes a number of key areas of concern. Check dodd-frank.com frequently for updates on the Dodd-Frank Act and other important securities law matters. Read more →
CFPB Seeks Input on Monthly Mortgage Statement
Banking, Consumer Protection The Consumer Financial Protection Bureau, or CFPB, is seeking public input on a draft monthly mortgage statement that is designed to make it easier for homeowners to understand... Read more →
CFTC Eliminates Key Exemption From Registration as a Commodity Pool Operator
Derivatives, Investment Advisers The CFTC has eliminated the exemption from registration as a commodity pool operator, or CPO, set forth in CFTC Rule 4.13(a)(4). The Rule provided an exemption from CPO... Read more →
SEC Issues FAQs on Form ADV
Investment Advisers, Private Equity Many sponsors of private equity funds and hedge funds are scrambling to register as investment advisers with the SEC as required by the Dodd-Frank Act. The process is completed... Read more →
Goldman and Morgan Stanley Negotiate Withdrawal of Shareholder Clawback Proposal
Public Companies and Securities We previously reported Morgan Stanley sought to exclude a shareholder proposal submitted on behalf of the Comptroller of the City of New York as custodian and a trustee of several... Read more →
FSOC Moves to Stage Two on Financial Market Utilities
Banking In July 2011, the Financial Stability Oversight Council, or FSOC, adopted rules pursuant to Section 804 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The... Read more →
CFPB Submits First Report to President and Congress
Consumer Protection The CFPB, in fulfillment of its statutory responsibility, has submitted its inaugural Semi-Annual Report to the President and Congress. The report summarizes the CFPB’s... Read more →
MSRB Advocates Expansion of Volker Rule Exemption
Banking, Broker-Dealer The Municipal Securities Rulemaking Board, or MSRB, urged expansion of the exemption for governmental obligations in the proposed Volker Rule because the MSRB is concerned that a... Read more →
Is Proxy Access the Best Defense to Proxy Access?
Public Companies and Securities Western Union received a shareholder proposal under Rule 14a-8 from Norges Bank. The proposal includes a resolution, the adoption of which by Western Union’s stockholders... Read more →
Plaintiffs Challenging CFTC Position Limits Dealt Set Back
Derivatives, Litigation As we noted, the International Swaps and Derivatives Association, Inc., or ISDA, and the Securities Industry and Financial Markets Association, or SIFMA, filed a legal challenge... Read more →