final rules

OCC Final Rules Removing Credit Ratings References

On June 13, the OCC published final rules, which will be effective on January 1, 2013, removing references to credit ratings from its regulations pertaining to investment securities, securities offerings, and foreign bank capital equivalency deposits. The OCC also revised regulations, which are effective immediately upon publication, regarding financial subsidiaries of national banks to better reflect the language of the underlying statute, as amended by Section 939(d) of the Dodd-Frank Act. In addition, the OCC published guidance to assist national banks and federal savings associations in their exercise of due diligence to determine whether securities are “investment grade” when assessing credit risk for portfolio investments. Release. Final Rules. Final Guidance.

Basel Committee Final Rules on Capital Composition Disclosure

On June 26, the Basel Committee on Banking Supervision issued its final rules regarding information banks must disclose about the composition of their capital. National authorities are required to give effect to the new disclosure requirements no later than June 30, 2013. Release. Rules.

CFTC Final Rules on the Registration of Foreign Boards of Trade

On December 5, pursuant to Section 738 of the Dodd-Frank Act, the CFTC adopted final rules creating a new registration system for Foreign Boards of Trade (FBOT). The new registration system will replace the existing policy under which staff-issued no-action letters are relied upon by FBOTs providing direct access from the United States. The rule will be effective 60 days after the date of publication in the Federal Register. CFTC Fact Sheet. CFTC Final Rules.

SEC Final Rules for Private Fund Adviser Registration

On June 22, the SEC adopted final rules and rule amendments under the Investment Advisers Act of 1940 implementing provisions of Title IV of the Dodd-Frank Act. As anticipated, the SEC announced that it will extend the deadline for advisers that had been relying upon the “private adviser exemption” under Section 203(b)(3) of the Advisers Act to register with the SEC until March 30, 2012. (The private adviser exemption was rescinded by the Dodd-Frank Act, effective July 21.) We will provide an analysis of the final rules adopted and other actions taken upon reviewing them in their final form. SEC Release. Implementing Release Final Rules. Exemptions Release Final Rules.