As required by Section 941(c) of the Dodd–Frank Wall Street Reform and Consumer Protection Act, the Board of Governors of the Federal Reserve System has conducted a study and issued a report on the effect of the new risk retention requirements to be developed and implemented by the federal agencies,... Read More
The Federal Reserve Board has published for public comment an interim final rule amending Regulation Z (Truth in Lending). The interim rule implements Section 129E of the Truth in Lending Act (TILA), which was enacted on July 21, 2010, as Section 1472 of the Dodd-Frank Wall Street Reform and Consumer... Read More
The Securities and Exchange Commission today announced enforcement actions against Office Depot, Inc. and two executives for violating or causing violations of fair disclosure regulations when selectively conveying to analysts and institutional investors that the company would not meet analysts’ earnings estimates. Regulation FD requires that when issuers disclose material... Read More
Companies, like athletes, show business types, and your teenage kids, have been flocking to twitter. Be careful, says Michele N. Anderson, Chief of the Office of Mergers and Acquisitions of the SEC’s Corporation Finance Division. The 140 character limit means there may be no room for required SEC legends, which... Read More
Yesterday, Mary L. Schapiro, Chairperson of the SEC, addressed the National Association of Corporate Directors. She reviewed several recent SEC proxy rules which pre-date Dodd-Frank and gave a timetable regarding future Dodd-Frank rulemaking. Ms. Schapiro called out in particular the new proxy rules requiring disclosure of the factors in a... Read More
The Commodity Futures Trading Commission, or CFTC, will hold a public meeting on Tuesday, October 26, 2010, to consider the issuance of the following proposed rulemakings under the Dodd-Frank Wall Street Reform and Consumer Protection Act: Prohibition of market manipulation and disruptive trading practices; Provisions common to registered entities; Removing... Read More
The CFTC has adopted proposed rules which address the protection of consumer information, including rules which implement amendments to the Fair Credit Reporting Act and the Gramm-Leach-Bliley Act, rules regarding position reports for physical commodity swaps and a definition of agricultural commodity. Fair Credit Reporting Act–Protection of Consumer Information The... Read More
Yesterday, as part of its “Say on Pay” rulemaking proposals, the SEC released its proposed rules for disclosure of golden parachute arrangements in the transactional context in which proxies are solicited. The Dodd-Frank Act requires that the SEC promulgate these rules, which are to provide that “all persons making a proxy... Read More
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today voted to propose a comprehensive, long-range plan for deposit insurance fund management with the goals of maintaining a positive fund balance, even during periods of large fund losses, and maintaining steady, predictable assessment rates throughout economic and credit... Read More
The SEC has proposed amendments (Release No. 33-9153) to its rules to implement the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to shareholder approval of executive compensation arrangements. Section 951 of the Dodd-Frank Act amends the Securities Exchange Act of 1934 by adding Section 14A,... Read More