On February 25, the SEC re-opened the comment period for two releases (Release No. 33-9117 (Apr. 7, 2010) and Release No. 33 – 9244 (July 26, 2011)) to permit comments with respect to privacy concerns raised by potential dissemination of sensitive asset-level data . Orrick covered this topic extensively in a recent client alert. Release. Staff Memorandum.
On February 25, FHFA announced that Philip A. Laskawy will step down from the chairmanship of Fannie Mae effective March 31, 2014, and will be succeeded by the current board member Egbert L. J. Perry. Press Release.
On February 26, CFTC issued advisory that outlines recommended best practices for covered financial institutions to comply with Title V and Part 160 of CFTC’s regulations concerning security safeguards of the Gramm-Leach-Bliley Act. Staff Advisory.
On February 27, the Fed provided an additional 30 days to comment on an advance notice of proposed rulemaking regarding physical commodity activities conducted by financial holding companies. Public comment period is extended to April 16, 2014. Notice of Extension.
On February 18, the Fed issued a final rule which establishes enhanced supervision standards for large U.S. bank holding companies and foreign banking organizations, as required by the Dodd-Frank Act. The final rule will be effective for U.S. entities on January 1, 2015, and for foreign entities in either 2016 or 2018, depending on the type of entity. Fed Release. Fed Final Rule.
On February 12, the CFTC and the European Commission announced jointly that the two agencies have made significant progress in their collaboration on the regulatory frameworks for CFTC-regulated swap execution facilities (SEFs) and EU-regulated multilateral trading facilities (MTFs). Joint Release.
On February 5, the SEC extended interim final rules that exempt security-based swaps that were security-based swap agreements prior to July 16, 2011, and are defined as “securities” under the Securities Act and the Exchange Act as of July 16, 2011, due solely to the provisions of Title VII of Dodd-Frank. Under the extension, the expiration dates in the interim final rules will change from February 11, 2014, to February 11, 2017. Release. Policy Statement.
On February 3, Jannet L. Yellen took the oath of office as Chair of the Board of Governors of the Federal Reserve System. Release.