Industry Developments

OCC Discusses Marketplace Lending

On September 13, 2016, Comptroller of the Currency Thomas J. Curry discussed marketplace lending’s risks and associated policy questions. He delivered his remarks at the inaugural Marketplace Lending Policy Summit. Remarks.

Rating Agency Developments

On September 14, 2016, DBRS published its methodology for rating European structured finance transactions. Report.

On September 14, 2016, DBRS published and is requesting comment on its methodology for rating European sub-sovereign governments. Report.

On September 14, 2016, Fitch updated its rating criteria for future flow securitizations. Report.

On September 14, 2016, Fitch updated its rating criteria for Mexican RMBS. Report.

On September 13, 2016, Moody’s published its rating methodology for RMBS using the MILAN framework. Report.

On September 9, 2016, Fitch updated its rating criteria for obligations of closed-end funds (CEFs) and market value structures (MVS). Report.

On September 8, 2016, Moody’s published its rating methodology for tobacco settlement revenue securitizations. Report.

CFTC Signs Memorandum of Understanding with Two Mexican Authorities to Enhance Supervision of Cross-Border Regulated Entities

 

On September 6, 2016, the U.S. Commodity Futures Trading Commission announced that it “signed a Memorandum of Understanding (MOU) with the Comisión Nacional Bancaria y de Valores (CNBV) and the Banco de México (BDM) regarding cooperation and the exchange of information in the supervision and oversight of certain regulated entities that operate on a cross-border basis in the United States and in Mexico.” Press release.

CFTC Seeks Public Comment on Proposed Whistleblower Rule Amendments

 

On September 1, 2016, the U.S. Commodity Futures Trading Commission (“CFTC”) announced that it is “requesting public comment on proposed amendments to the Whistleblower Rules found in Part 165 of the CFTC’s regulations.” The amendments would, among other things, “enhance the process for reviewing whistleblower claims and make related changes to clarify staff authority to administer the whistleblower program.” Comments are due on or before September 29, 2016. Press release.

Agencies Publish Study on Banking Activities and Investments under Dodd-Frank

 

On September 8, 2016, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) released a report detailing activities and investments that banking entities may engage in under state and federal law.

Pursuant to section 620 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), which requires the trio of federal banking agencies to conduct the study and report their findings to Congress, the report considers financial, operational, managerial and reputational risks associated with the permissible activities or investments and how banking entities work to mitigate those risks.

Each agency also offers specific recommendations regarding whether an activity or investment could harm the overall safety and soundness of the banking entity or broader financial system and any additional restrictions necessary to curb any such potential risks. Press release. Report.

CFTC Extends Comment Period on Proposed Amendments to Regulation 4.22 Regarding CPO Annual Reports

 

On August 30, 2016, the Commodity Futures Trading Commission extended the comment period for proposed amendments to a regulation regarding Annual Reports from commodity pool operators. Press release.

SEC Adopts Amendments Providing Authorities Access to Data Obtained by Security-Based Swap Data Repositories

 

On August 29, 2016, the Securities and Exchange Commission amended a rule designed to provide access for regulators to data in the security-based swap market.  The amendments were enacted to make the sharing of information more secure and efficient. Press release,

SEC Adopts Rules to Enhance Information Reported by Investment Advisers

 

On August 25, 2016, the Securities and Exchange Commission adopted amendments to rules and forms designed to improve disclosures provided by investment advisers to investors and the Securities and Exchange Commission. Press release.

SEC Seeks Public Comment on Disclosure Requirements Relating to Management, Security Holders and Corporate Governance Matters

 

On August 25, 2016, the Securities and Exchange Commission requested “public comment on disclosure requirements in Subpart 400 of Regulation S-K, including those relating to management, certain security holders, and corporate governance matters.” Press release.