Search Results: Proposed Rulemaking

FinCEN Seeks Comments on Enhancing the Effectiveness of Anti-Money Laundering Programs

On September 16, FinCEN issued an Advanced Notice of Proposed Rulemaking to solicit comments on questions pertaining to potential regulatory amendments under the Bank Secrecy Act (BSA), which would require financial institutions to maintain “effective and reasonably designed” anti-money laundering programs. The amendments are intended to modernize the regulatory regime and provide…

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Federal Reserve Issues Proposed Rule on Modernizing CRA Regulations

On September 21, the Federal Reserve released an Advance Notice of Proposed Rulemaking (ANPR) soliciting public comment on its approach to modernizing regulations that implement the CRA. The ANPR seeks comment on the Federal Reserve’s proposals to meet low-to-moderate income banking needs by addressing changes in the banking industry and inequities in…

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Rule Change Extends the Deadline for Passing the Examination for Certain Categories of Broker Professionals

On August 28, FINRA filed with the SEC a notice of proposed rule change that would extend the 120-day period that certain individuals can function as a principal or Operations Professional without having successfully passed an appropriate qualification examination through December 31, 2020. Earlier this year, in response to COVID-19, FINRA provided…

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SEC Issues FINRA Proposal to Amend Membership Forms CMA and NMA

The Financial Industry Regulatory Authority (FINRA) has filed a proposed amendment to the standardized membership application forms, Form NMA (New Membership Application Form) and Form CMA (Continuing Membership Application Form). The proposed amendments are non-substantive and technical changes that are intended to conform with the amended Membership Application Program rules that create…

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SEC Amends and Extends Temporary Regulation Crowdfunding Relief

On August 28, the SEC amended and extended the temporary final rules adopted earlier this year that were intended to facilitate capital formation for small businesses impacted by the coronavirus pandemic. The temporary final rules will continue to provide limited, conditional relief from certain Regulation Crowdfunding requirements that relate to the timing of the…

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SEC Amends Definitions of “Accredited Investor” and “Qualified Institutional Buyer”

On August 26, the SEC adopted amendments to the definition of “accredited investor” under Rules 501(a) and 215 of the Securities Act of 1933 (Securities Act) and adopted amendments to the “qualified institutional buyer” (QIB) definition under Rule 144A of the Securities Act.  Historically, individual investors who do not meet specific income…

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FinCEN Issues Final Rule to Require Anti-Money Laundering Program for Banks Lacking a Federal Functional Regulator

On September 14, FinCEN issued a final rule that requires minimum standards for anti-money laundering programs for banks lacking a federal functional regulator, including state chartered non-depository trust companies, private banks and non-federally insured credit unions. Under the final rule, these institutions will be required to establish and implement anti-money laundering programs,…

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