The financial services industry is subject to a regularly changing landscape of regulations and laws, driven in part by shifts in policy from regulators and lawmakers.

Goodwin’s FinReg + Policy Watch provides real-time updates and analyses focusing on regulation and policymaking. Issues are framed in an easy-to-digest manner, providing insight gained from our experience serving in key roles in government and advising clients across the industry.

Follow along as we deliver our take on the latest developments affecting the financial services community as well as the road ahead.

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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U.S. SEC Grants Muni Advisors a Temporary, Limited Exemption from Broker-Dealer Registration

On June 16, 2020, the U.S. Securities and Exchange Commission (SEC) granted registered municipal advisors (MAs) a temporary, limited exemption (Exemption) from broker-dealer registration to the extent that they solicit banks and other “Qualified Providers” in “Direct Placements” of securities and receive transaction-based compensation. The Exemption, which is intended to…

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SEC Grants Muni Advisors a Temporary Exemption from Broker-Dealer Registration

On June 16, the SEC granted registered municipal advisers (MAs) a temporary, limited exemption (Exemption) from broker-dealer registration for certain expanded activities. The Exemption permits registered MAs to directly solicit “Qualified Providers” (banks, wholly-owned subsidiaries of banks that are engaged in commercial lending and financing activities and federally- or state-chartered credit unions)…

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SEC and DOJ Antitrust Division Sign MOU

On June 22, the SEC and Department of Justice (DOJ) Antitrust Division announced the signing of an interagency Memorandum of Understanding (MOU) “to foster cooperation and communication between the agencies with the aim of enhancing competition in the securities industry.” The announcement came during a joint equity market structure discussion. The conversation…

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