On November 29, the Fed and the Financial Crimes Enforcement Network, a bureau of the Treasury, proposed amended definitions of “funds transfer” and “transmittal of funds” under the regulations implementing the Bank Secrecy Act. The proposed amendments maintain the current scope of funds transfers and transmittals subject to the Bank Secrecy Act following amendments to the Electronic Fund Transfer Act made pursuant to the Dodd-Frank Act. Comments must be submitted no later than January 25, 2013. Fed Release. Fed Proposed Rule.
On November 15, the FDIC and the Fed each released the economic scenarios that will be used by certain large financial institutions for the upcoming round of stress tests required under the Dodd-Frank Act. The scenarios include baseline, adverse, and severely adverse scenarios. FDIC Release. Fed Release.
On October 22, the CFTC issued final interpretive guidance to, under certain circumstances, exempt foreign regulators from the indemnification and confidentiality provisions in the Dodd-Frank Act. This exemption applies generally to data that is reported pursuant to foreign law and if the swap data repository is registered, recognized, or otherwise authorized by the country’s law and regulation. CFTC Release.
On October 17, the SEC proposed capital, margin, and segregation requirements for security-based swap dealers and major security-based swap participants as required by the Dodd-Frank Act. The proposal: (i) sets minimum capital requirements; (ii) establishes margin requirements with respect to non-cleared security-based swaps; and (iii) establishes segregation requirements for security-based swap dealers and notification requirements with respect to segregation for security-based swap dealers and major security-based swap participants. Comments may be submitted for 60 days following publication in the Federal Register. SEC Release. SEC Proposed Rule.
On October 16, the CFTC approved a final rule that amends regulations to implement aspects of the Dodd-Frank Act by changing certain definitions and recordkeeping regulations so that they apply to both futures and swaps. The final rule will be effective 60 days after publication in the Federal Register. CFTC Release.
The SEC recently adopted rules to implement Section 13(q) of the Securities Exchange Act of 1934, as amended, requiring resource extraction issuers to disclose certain payments made to the U.S. government or foreign governments (the “Section 13(q) Rules”). The Section 13(q) Rules, which are mandated by the Dodd-Frank Act, target resource extraction issuers, or companies engaged in the development of oil, natural gas, or minerals. Click here to read more.
On September 21, the SEC amended interim final temporary Rule 15BA2-6T, which provides for the temporary registration of municipal advisors under the Exchange Act of 1934, as amended by the Dodd-Frank Act, to extend the date on which the rule will sunset from September 30, 2012 to September 30, 2013. All temporary registrations submitted pursuant to the rule will also expire no later than September 30, 2013. SEC Extension.
On August 21, the SEC announced that it awarded its first whistleblower bounty, just over one year after the SEC’s Dodd-Frank whistleblower rules became effective. The SEC’s Claims Review Staff issued a short order, Release No. 34-67698, granting the whistleblower’s award, which notes that the SEC declined to award a claim to a second whistleblower involved in the action. This alert, written by Mike Delikat, Renee Phillips and Rachel Coe, discusses what this means to companies, and what proactive steps should be considered. Click here to read more.
On August 17, the CFTC approved a final rule to conform the CFTC’s existing intermediary registration rules to changes made to the Commodity Exchange Act by the Dodd-Frank Act. CFTC Release.
On August 16, pursuant to Section 165(i)(2) of the Dodd-Frank Act, the OCC issued a notice of a proposed information collection regarding annual stress test reporting for Covered Institutions with total consolidated assets of $50 billion or more. Comments on the notice must be submitted by October 15. OCC Release. FPRA Notice.