Edited by: Eric R. Fischer, Jackson B.R. Galloway and Elizabeth Shea Fries
November 13, 2012
Financial Stability Oversight Council Proposes Money Market Fund Reform Options for Public Comment
SEC Approves FINRA Amendment of Research Analyst Rules to Conform with Requirements of the JOBS Act
CFTC Issues Interpretive Guidance on Cleared Swaps Segregation Rules
November 20, 2012
Goodwin Procter Alert: DOJ and SEC Release Detailed Guidance on the Foreign Corrupt Practices Act
Overview of Financial Stability Oversight Council's Proposed Money Market Fund Reform Alternatives
Foreign Exchange Swaps and Foreign Exchange Forwards Excluded from "Swap" Definition
CFTC Votes to Appeal Ruling Striking Down Position Limits Rule
November 27, 2012
CFTC Staff Provides Pay-to-Play No-Action Relief for Swap Dealers
The relief under the Part 43 and Part 45 reporting rules expires on April 10, 2013. The deadline for the reporting of historical swaps is extended to 30 days after the swap dealer is required to begin reporting swap transaction data under the Part 43 and Part 45 reporting rules, after giving effect to the extension provided in the no-action letter; this relief expires on April 10, 2013, with the result that those swap dealers required to register on or in the 29 days prior to April 10, 2013 will not have 30 days between the applicable compliance dates.
CFTC Staff Postpones Compliance Dates for Certain Swap Dealer Reporting Obligations
December 4, 2012
CFTC Staff Postpones CPO Registration Compliance Deadline for Certain Funds of Funds
CFTC Approves Final Clearing Requirement Determination and Issues Related No-Action Relief
Compliance with the clearing requirements will phase in, as follows:
- Category 1 entities (swap dealers, security-based swap dealers, major swap participants, major security-based swap participants, and active funds) must come into compliance with the clearing requirement by March 11, 2013.
- Category 2 entities (commodity pools, private funds other than active funds, and persons predominantly engaged in activities that are in the business of banking or in activities that are financial in nature according to Section 4(k) of the Bank Holding Company Act, excluding third-party subaccounts) will be required to clear applicable swaps by June 10, 2013.
- Category 3 entities (all other entities, including third-party subaccounts and ERISA plans) will be required to clear swaps beginning on September 9, 2013.
The no-action relief pertaining to clearing expires on the earlier of April 1, 2013, or the effective date of a CFTC rulemaking finalizing a corresponding exemption.
CFTC Staff Withdraws Elements of Cleared Swaps Reporting FAQ
CFTC Amends No-Action Letter on "Pay-to-Play" Rules
The no-action relief regarding reporting under Parts 43 and 45 expires in each case upon the earlier of such time as the relevant data elements can be electronically represented in FpML or June 30, 2013.
By March 31, 2013, a CPO in operation as of December 1, 2012 that has filed a notice of claim to rely on the relief must confirm that (i) it is a family office within the meaning and intent of the SEC Family Office Rule and (ii) it will notify the Division if it is no longer a family office within the meaning and intent of the SEC Family Office Rule.
Federal and State Banking Agencies Issue Interagency Statement on Section 612 of the Dodd-Frank Act
SEC Announces Settlements with India-Based Broker-Dealers Over U.S. Brokerage Activities
SEC Staff Provides Guidance on Advisers Act Exemption for CFTC-Registered Investment Advisers
December 11, 2012
Scheduled December 31, 2012 Expiration of the FDIC's Transaction Account Guarantee Program
Congress allowed the FDIC's Transaction Account Guarantee Program to expire on December 31, 2012.
SEC Staff Issues Study Addressing Commissioner Questions on Money Market Fund Reforms
The no-action relief for operators of securitization vehicles that cannot avail themselves of the relief described in CFTC Letter No. 12-45 or CFTC Letter No. 12-14 expires March 31, 2013.
The relief extends the compliance deadline to February 28, 2013 with respect to the real-time public reporting rules and the swap data recordkeeping and reporting requirement rules, and to March 30, 2013, with respect to the swap data recordkeeping and reporting requirement rules pertaining to historical swaps.
IOSCO Publishes Reports on Securitization and Asset-Backed Securities
December 18, 2012
In Historic Settlement, HSBC Ordered to Pay $1.9 Billion for AML Violations
The relief applies only to the first annual report required to be furnished by a Covered Firm to the CFTC for the fiscal year that ends on or before March 31, 2013.
CFTC Provides No-Action Relief from Fingerprinting Requirement for Certain Non-U.S. Principals
New Goodwin Procter ERISA Litigation Update Available
December 26, 2012
Comments on the Proposed Rule are due by March 31, 2013.
FDIC Issues Community Banking Study
FINRA Provides Additional Guidance on New Suitability Rule
CFTC Approves Final Rule on Records of Transactions in Commodity Interests
The final rule will become effective on February 19, 2013. Compliance with the oral communications recordkeeping requirements will be required no later than December 21, 2013.
Compliance dates for several items included in subparts F, H, and I of Part 23 of the CFTC's Regulations are delayed until May 1, 2013. Compliance dates for certain rules pertaining to portfolio reconciliation and swap trading relationship documentation are delayed until July 1, 2013.
CFTC Issues Range of Swaps-Related Interpretive Guidance and No-Action relief
The no-action relief granted includes a number of expiration dates that fall in 2013 following the date of this edition.
Comments are due no later than February 19, 2013.
January 2, 2013
The order expires July 12, 2013. Comments on the further proposed guidance are due February 6, 2013.
CFTC Issues No-Action Relief for Operators of Pools Investing in Legacy Securitization Vehicles
CFTC Issues Time-Limited No-Action Relief Regarding Certain Counterparty Reporting Requirements
The no-action relief expires upon the earlier of the date the previously omitted information becomes available or April 10, 2013 (subject to an allowance under certain circumstances for the backloading of the unreported data until April 30, 2013).
CFTC Issues Time-Limited No-Action Relief to Swap Dealers Regarding Certain Reporting Requirements
In each instance, the relief expires on April 30, 2013, or as soon as technologically practicable upon resolution of the technological issues preventing timely compliance.
January 8, 2013
OCC Provides Guidance on Transition Period for Compliance with the Swaps Push-Out Rule
The effective date of the Swaps Push-Out Rule is July 16, 2013. Written extension requests were required to be filed by January 31, 2013.
January 15, 2013
A Liquidity Coverage Ratio of at least 60% would be required by January 1, 2015
CFPB Issues Final Rule on Ability-to-Repay Standards and Qualified Mortgage Exception
Beginning July 22, 2013, a non-European manager of a non-European fund looking to obtain European investors must comply with the Level 2 implementing regulation.
The relief is extended until January 11, 2015.
FINRA Provides Guidance on New Rules Governing Communications with the Public
January 22, 2013
IRS and Treasury Department Issue Highly-Anticipated FATCA Regulations
Financial Stability Oversight Council Extends Comment Period for Money Market Fund Reform Proposals
The comment period is extended until February 14, 2013.
CFTC Extends Comment Period for Proposed Rule Regarding FCMs and DCOs
The comment period is extended until February 15, 2013.
The comment period is extended until February 22, 2013.
FINRA will publish a Regulatory Notice announcing the implementation date for the rule change. Comments on the rule change are due no later than February 15, 2013.
Comments are due no later than February 8, 2013.
January 29, 2013
FRB Issues Supplemental Policy Statement Concerning the Internal Audit Function and its Outsourcing
Comments on the Proposed Guidance are due by March 25, 2013.
The compliance date is January 23, 2014.
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