On March 11, 2021, the staff of the SEC’s Division of Investment Management issued a statement addressing cross trading among affiliated registered funds and soliciting feedback in this area. The staff issued the statement in response to public feedback on the SEC’s recent adoption of the “Valuation Rule,” which will…
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…
A flurry of recent climate-related announcements from the SEC forecasts an upcoming policy battle at the agency. Acting Chair Allison Herren Lee has signaled that “ESG” will clearly be in focus across the SEC’s various divisions, including Examinations, Corporation Finance, and Enforcement. Presumptive incoming SEC Chairman Gary Gensler also indicated…
On February 8, 2021, staff in the SEC Division of Corporation Finance (Corp Fin) issued a letter cautioning that market and stock volatility can create risk for companies and investors, especially when companies are raising capital during these periods. In the letter, Corp Fin staff identifies several examples of comments…
On January 11, the OCC issued an interpretive letter in which it took the position that Section 27(a) of the National Bank Act permits the OCC to charter a national bank that limits its operations to those of a trust company and activities related thereto. According to the interpretive letter, activities of…
On December 22, the SEC adopted amendments to modernize and combine the existing advertising and cash solicitation rules for advisers registered or required to be registered with the SEC. Among many other things, the amendments: Streamline the advertising and cash solicitation requirements under the newly named “Investment Adviser Marketing Rule” (numerous long-standing…
In early November 2020, the staff of the U.S. Securities and Exchange Commission (“SEC”) Division of Investment Management (“IM Division”), in consultation with the SEC’s “FinHub” staff, issued a statement in response to a No-Action Letter from the Wyoming Division of Banking purporting to provide interpretive guidance on both Wyoming and federal securities laws,…
On October 1, the CFPB released its rule assessment for a final rule relating to mortgage disclosures. Known as the TRID Rule, which was issued in November 2013 and went into effect in October 2015, the final rule implemented requirements under the Consumer Financial Protection Act (CFPA) to integrate various mortgage loan…
On October 22, the SEC and CFTC held their first-ever joint open meeting to vote on a final rule. Never before in the 45-year history of the CFTC has the CFTC formally voted together with the SEC to adopt a joint rule. The joint final rule adopted by the CFTC and SEC…
On August 31, the Office of Information and Regulatory Affairs (OIRA), an arm of the Office of Management and Budget (OMB) within the Executive Branch, issued a memorandum (M-20-31 memorandum) to implement Section 6 of Executive Order 13924, which reflects the Trump administration’s efforts to combat the economic consequences of COVID-19 as…