Search Results: Proposed Rulemaking

SBA Issues Interim Final Rule Revising PPP’s Owner-Employee Compensation Rule and Clarifying Loan Forgiveness for Certain Non-Payroll Costs

On August 24, the SBA issued an interim final rule revising the PPP’s owner-employee compensation rule and clarifying loan forgiveness for certain non-payroll costs. Specifically, the interim final rule exempted owner-employees with less than a 5% ownership stake in a C- or S-Corporation from the owner-employee compensation rule’s limitations on the amount…

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SEC Proposes to Improve the Retail Investor Experience through Modernized Fund Shareholder Reports and Disclosures

On August 5, the SEC proposed modifying the disclosure framework for mutual funds and exchange-traded funds (funds) registered on Form N-1A. The proposed modifications, which derive from the SEC’s investor experience initiative, would create a new layered disclosure regime that attempts to simplify disclosure and scale down the level of detail currently…

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Agencies Adopt Final Rule on the Orderly Liquidation of Covered Broker-Dealers under Title II of the Dodd-Frank Act

On July 24, the FDIC and SEC adopted a final rule required by the Dodd-Frank Act clarifying and implementing provisions relating to the orderly liquidation of certain brokers or dealers (covered broker-dealers) in the event the FDIC is appointed receiver under Title II of the Dodd-Frank Act. The FDIC and SEC developed…

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CFTC Approves Final Cross-Border Swaps Rule

On July 23, the CFTC adopted a final rule (Final Rule) under the Commodity Exchange Act (CEA) – CFTC Reg. § 23.23 – that (i) addresses the cross-border application of registration thresholds and certain “entity level” and “transaction level” requirements applicable to swap dealers (SDs) and major swap participants (MSPs), and (ii)…

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Fed Announces Final Rule on Technical Updates to FOIA and CSI Rules

On July 24, the Federal Reserve announced finalization of a rule that implements technical and clarifying updates to its Freedom of Information Act (FOIA) procedures and changes to its rules regarding disclosure of confidential supervisory information (CSI). The changes, which include clarification of terms and definitional updates, are meant to bring the…

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SEC Adopts Final Proxy Advisor Amendments and Supplemental IA Guidance

On July 22, the SEC finalized amendments to its proxy solicitation rules that will modify the practices of proxy advisory firms, providing them with greater transparency and accountability. The rule amendments, which were the subject of a vigorous comment process, were approved by a 3-1 vote. The effective date will be 60…

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