Search Results: Regulatory Exemptions and Relief

Time’s Up! Broker-Dealers Must Comply with the Customer Protection Rule When Borrowing Customer Securities

On April 16, 2021, the staff of the SEC Division of Trading and Markets reminded broker-dealers borrowing fully paid and excess margin securities from their customers (FPL programs) that they are obligated to comply with Exchange Act Rule 15c3-3 (Customer Protection Rule), and in particular, paragraph (b)(3).  This reminder was…

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DOL Will Not Enforce Its Own ESG Rule, But Fiduciaries Should Not Ignore It

The Department of Labor (DOL) recently announced that it will not enforce its own rule on investment duties under ERISA.  The rule makes it more difficult for investment fiduciaries to consider environmental, social, governance and similar (“ESG”) issues in their decision-making.  The ESG rule was finalized under the Trump administration…

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U.S. Paycheck Protection Program Restarts: Summary of Key Updates

On December 27, 2020, the President signed into law the “Consolidated Appropriations Act, 2021” (H.R. 133) (or the “2021 CAA”), which modifies and reopens the U.S. Small Business Administration’s Paycheck Protection Program initially created under the CARES Act. The reopened Paycheck Protection Program is available through March 31, 2021 and,…

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SEC Adopts Broad Exempt Offering Reforms

On November 2, the SEC adopted a series of amendments that will significantly change existing rules governing (1) the integration of offerings, (2) offering/investment limits, (3) communication limitations and (4) eligibility for Regulation Crowdfunding and Regulation A. The amendments will also make various changes that will improve access to offerings under Regulation…

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Agencies Publish Final Rule on CECL Implementation

On October 1, the OCC, Federal Reserve and Federal Deposit Insurance Corporation (Agencies) published a final rule (Final Rule) that delays the estimated impact on regulatory capital stemming from the implementation of Accounting Standards Update No. 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”…

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Federal Reserve Extends Restrictions on Share Repurchases and Dividend Payments by Large Banks and Other Measures to Support Capital Resilience

On September 30, the Board of Governors of the Federal Reserve System (Federal Reserve) announced it would extend for the fourth quarter of 2020 prohibitions on share repurchases and caps on dividends by large banks having more than $100 billion in total assets. Although the most recent stress tests affirmed large banks…

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CFPB Continues to Target Misleading VA Mortgage Loan Advertisements

On September 14, the CFPB announced a settlement in its eighth case arising out of the CFPB’s “sweep of investigations” of mortgage companies allegedly mailing deceptive advertisements for VA-guaranteed mortgages to service members and veterans. The CFPB’s focus on protecting consumers, especially those of vulnerable populations, is in line with…

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SEC Adopts Third Round of Disclosure Modernization

The SEC has adopted the third group of amendments to its disclosure requirements, originally proposed in August 2019 and discussed in an earlier Goodwin client alert. These amendments are the next steps as the SEC continues to update its disclosure requirements and will incrementally simplify disclosure about a company’s business, emphasizing a principle-based approach. Read…

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