We previously reported on the CFTC’s Interim Final Rule for reporting Pre-enactment Swap Transactions. Since that time, the text of the CFTC Rule 44.00 has been published in the Federal Register and is immediately effective. Must I Report a Swap or Preserve Data? We have been asked by our clients... Read More
The “Volcker Rule” is named after former Federal Reserve Chairman Paul Volcker. Broadly speaking it is a rule against banks making certain speculative kinds of investments if they are not on behalf of their customers. The Volcker Rule is embodied in Section 619 of the Dodd-Frank Act. Among other things,... Read More
As widely expected and reported earlier at Dodd-Frank and the Law, yesterday President Obama signed the Dodd-Frank Freedom of Information Restoration Amendments, which repealed the Dodd-Frank Act’s provisions that exempted certain records from the Freedom of Information Act’s public disclosure requirements, into law.
The SEC has proposed rules to implement Section 943 of the Dodd-Frank Act, which requires the SEC to prescribe regulations on the use of representations and warranties in the market for asset-backed securities as follows: to require any securitizer to disclose fulfilled and unfulfilled repurchase requests across all trusts aggregated... Read More
As we noted last week, the Business Roundtable and the Chamber of Commerce of the United States of America (the “petitioners”) filed a petition with the United States Court of Appeals for the District of Columbia Circuit seeking review of recent changes to the SEC’s proxy and related rules. On... Read More
On October 1, 2010, the CFTC issued proposed rules on financial resource requirements for derivative clearing organizations (“DCOs”) and systematically important DCOs (“SIDCOs”). The CFTC also issued proposed rules on conflicts of interest. The rulemaking is permitted under the Dodd-Frank Act. Each proposed rule is analyzed below. Financial Resource Requirements... Read More
Beating the deadline (October 20, 2010) for the first of its required Dodd-Frank rulemakings by more than two weeks, the CFTC has announced publication of its required interim final rule for the reporting of pre-enactment swap transactions. The basic requirements of the reporting rule are outlined below. What Counterparties are... Read More
Dodd-Frank disclosures have begun to proliferate in SEC filings. We reviewed many recent filings and disclosures fall into the following general categories: internal controls, forward looking statements, executive compensation, regulatory matters and risk factors. Examples are set forth below. Internal Controls PDC 2004-D Limited Partnership (Filed September 30, 2010) Internal... Read More
The U.S. Chamber of Commerce and the Business Roundtable filed a legal challenge to the recently adopted SEC proxy access rules. The groups asked the SEC to stay adoption of such rules, which will give certain shareholders the right to include their nominees in corporate proxy materials. The proxy access... Read More
CFTC Chairman Gary Gensler appeared before the Senate Committee on Banking, Housing, and Urban Affairs today and shed some light on the Commission’s plans regarding the rulemakings to implement Dodd-Frank’s non-security swap trading provisions. According to the Chairman, the Commission plans to publish proposed rules in the fall, using weekly... Read More