As the CFTC’s first move in its monumental task of implementing the swap trading provisions of Dodd-Frank, the agency yesterday announced a joint Advanced Notice of Proposed Rulemaking (“ANOPR”) with the SEC seeking comments on the many critical definitions that will establish the scope of the agencies’ jurisdiction and of... Read More
Section 929I of the Dodd-Frank Act which provides an exemption from the Freedom of Information Act in certain circumstances has sparked a great deal of controversy. The controversy in part was sparked when SEC Chairman Mary Shapiro sent a letter to Barney Frank outlining what many thought was an overly... Read More
The Federal Deposit Insurance Corporation on August 12, 2010 announced an open door policy that will make it easier for the public to give input and track the rulemaking process as the agency implements the Dodd-Frank Wall Street Reform and Consumer Protection Act. The policy goes well beyond what is... Read More
Section 712(d) and 721(c) of the Dodd-Frank Act requires the SEC and CFTC to define certain terms such as “swap”, “security-based swap”, “swap dealer”, “security-based swap dealer”, “major swap participant”, “major security-based swap participant”, “eligible contract participant”, and “security-based swap agreement”. The SEC today posted this concept release to... Read More
Steve Quinlivan and Jill Radloff will speak at a seminar sponsored by Minnesota CLE titled “New Wall Street Reform Act.” Steve is chair of the seminar. The date of the event is September 28, 2010. Course information can be found here.
The Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation, issued an advance notice of rule making regarding alternatives to the use of credit ratings in the regulatory capital guidelines. The Office of Thrift Supervision plans to join... Read More
Section 413 of the Dodd-Frank Act directs the SEC to adjust the net worth standard in the definition of accredited investor used in Regulation D. Regulation D is often used, including by small businesses, to raise capital. It provides an exemption from having to comply with the registration requirements of... Read More
Jill covered some of the basic points of the SEC’s prior proposal on proxy access here. My recollection is the proposal received a record number of comments from the public. To some, the proposal was highly controversial, and to others the proposal just did not work well. The only thing... Read More
Michael Barr, Treasury Assistant Secretary for Financial Institutions, outlined the path forward for implementing the Dodd-Frank Act on August 10, 2010. Mr. Barr noted the agencies involved in implementing financial reform are in the process of establishing timelines for moving forward on the scores of studies, regulations, and other regulatory... Read More
Section 971 of the Dodd-Frank Act provides that the SEC may prescribe rules that permit shareholders to include nominees for election as directors in proxy statements and prescribe certain procedures the issuer must follow. This provision will eliminate debate that has occurred in the past as to whether the SEC... Read More