Posts by: Elizabeth Williams

SEC Releases Guidance on Investment Advisers’ Proxy Voting Responsibilities

 

On August 21, the Securities and Exchange Commission (SEC) provided guidance for investment advisers in fulfilling their proxy voting responsibilities. The Commission also issued an interpretation that proxy voting advice provided by proxy advisory firms generally constitutes a “solicitation” under the federal proxy rules. Release.

Agencies Issue Joint Amendments to Regulation CC

 

On June 24, the Consumer Financial Protection Bureau and the Federal Reserve Board published joint amendments to Regulation CC. Regulation CC implements the Expedited Funds Availability Act of 1987, as amended by the Dodd-Frank Act. The joint amendments implement a statutory requirement to adjust for inflation the funds depository institutions are required to make available to their customers in certain circumstances. Release. Notice.

 

SEC Adopts New Rules Affecting Security-Based Swap Dealers and Major Security-Based Swap Participants

 

On June 21, the Securities and Exchange Commission (SEC) adopted new rules and rule amendments to establish capital, margin and segregation requirements under Title VII of the Dodd-Frank Act. These rules largely aim to increase the risk-mitigation practices of security-based swap dealers and major security-based swap participants. Release.

CFTC Approves a Final Rule Revising Privacy Notice Requirements

 

On April 19, the Commodity Futures Trading Commission (CFTC) approved a final rule to revise an existing CFTC regulation that currently requires certain merchants and dealers, among other persons, to provide annual privacy notices to customers. The new rule will remove this requirement to provide annual privacy notices when certain conditions are met. Release.

CFPB Changes Policy Regarding Civil Investigative Demands

 

On April 23, the Consumer Financial Protection Bureau (CFPB) announced changes to its current policies regarding Civil Investigative Demands (CIDs). These changes will require CIDs to provide more information about the alleged wrongful conduct under investigation. The new policy aligns with recent court decisions about notifications of purpose and is consistent with prior reports from the CFPB.

Rating Agency Developments

 

On February 20, DBRS published a report entitled: Rating Pooled Aircraft Lease Securitizations. Report.

On February 20, DBRS published a report entitled: Rating CLOs and CDOs of Large Corporate Credit. Report.

On February 15, Fitch published a report entitled: U.S. Public Finance Letter of Credit-Supported Bonds and Commercial Paper Rating Criteria. Report.

On February 15, Fitch published a report entitled: U.S. Public Finance Structured Finance Rating Criteria. Report.