As part of the implementation of the Dodd Frank Wall Street Reform and Consumer Protection Act, the Federal Deposit Insurance Corporation held a roundtable discussion on September 24, 2010. The discussions centered on the new deposit insurance assessment authority granted to the FDIC. Industry executives, trade association representatives, and others... Read More
The SEC has issued interpretive guidance regarding the meaning of the term “generally accepted auditing standards” (“GAAS”) after adoption of the Dodd-Frank Act. Section 982 of the Dodd-Frank Act amended the Sarbanes-Oxley Act of 2002 to authorize the Public Company Accounting Oversight Board (“PCAOB”), among other things, to establish, subject... Read More
Treasury Secretary Tim Geithner, in his capacity as chairperson of the Financial Stability Oversight Council, announced that the Council will hold its first meeting on October 1, 2010 at the U.S. Treasury Department. The Dodd-Frank Wall Street Reform and Consumer Protection Act, which President Obama signed into law on July... Read More
Pursuant to the Consumer Financial Protection Act of 2010 (“CFP Act”), which is part of the Dodd-Frank Act, the Secretary of the Treasury has designated July 21, 2011, as the date for the transfer of functions to the Bureau of Consumer Financial Protection (“CFPB”). On this “designated transfer date,” certain... Read More
The CFTC has announced that it will hold an open meeting on Friday, October 1, 2010 to consider issuance of the following first proposed rules under the Dodd-Frank Act: • the interim final rule regarding the time frame for reporting unexpired pre-enactment swaps to a swap data repository or the... Read More
SEC Chair Mary Schapiro gave her thoughts on some of the implications of the Dodd-Frank Act for security based swaps in remarks given to the Security Traders Association. Ms. Schapiro noted “Title VII of the Dodd-Frank Act provides a comprehensive framework for the regulation of the over-the-counter derivatives market. It... Read More
In remarks before the U.S. Chamber of Commerce yesterday, CFTC Chairman Gary Gensler discussed several aspects of the Commission’s implementation of the Dodd-Frank Act. According to the Chairman, the Commission is following two guiding principles with respect to its rule-writing process. The first principle, which should come as no surprise,... Read More
Back on September 10, 2010, we summarized new Exchange Act Rule 14a-11 relating to shareholder proxy access. Last week, in a panel discussion organized by the Practising Law Institute, several commentators predicted that the new rule will have a limited impact because of low shareholder utilization, for a number of... Read More
The SEC’s recently released rulemaking schedule for implementation of the Dodd-Frank Act includes a schedule for implementing the derivatives trading provisions of the Act. Generally speaking, the agency plans to propose derivatives trading rules during the period from October to December 2010, including rules to address the following: – Definitions... Read More
Filings by public companies continue to include references to Rule 14a-11, which permits shareholders to nominate a director and include the nomination in the registrant’s proxy statement. In the last several days we have noted the following: LAM Research Proxy (filed September 13, 2010) Proposals Submitted under SEC Rules. Stockholder-initiated... Read More