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,…
On September 11, the SEC announced that it has adopted final rules to update and expand the statistical disclosures that bank and savings and loan registrants provide to investors, in light of changes in this sector over the past 30 years. The rules also eliminate certain disclosure items that are duplicative of…
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…
Administrators of defined contribution retirement plans, such as 401(k) plans, are required under ERISA to provide participants with periodic pension benefits statement. On August 18, EBSA released an interim final rule (IFR) that requires such administrators to include two lifetime income illustrations on such statements – one as a single life annuity…
On August 12, the SEC’s OCIE issued a risk alert regarding its observations pertaining to COVID-19-related issues, risks and practices, including market volatility and higher risks of misconduct, relevant to SEC-registered investment advisers and broker-dealers (collectively, Firms). OCIE’s observations and recommendations fall broadly into the following six categories: (1) protection of investors’…
On August 18, the CFPB issued a notice of proposed rulemaking (NPRM) to create a new category of seasoned qualified mortgages (Seasoned QMs). A Seasoned QM would be defined by the following characteristics: (1) fixed-rate covered transaction; (2) secured by a first-lien; (3) loan term of no more than 30 years; (4)…
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…
Raising capital can be a significant challenge for private companies, especially issuers that typically would not draw the attention of investment banks such as early stage or emerging growth companies. One of the highest hurdles these companies face is simply identifying prospective sources of capital. Registered securities brokers can assist…
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…
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)…