United States: Reg. Tracker: August 1 Through August 15

Last Updated: August 10 2016
Article by Steven D. Lofchie

Most Read Contributor in United States, September 2017

The Cabinet Regulatory Tracker provides a list of significant upcoming comment deadlines, effective dates and compliance deadlines. Click on the links below to view the deadlines from August 1 to August 15, 2016.

For continuous real-time updates, please refer to the Cadwalader Cabinet  Calendar.

Comment Deadlines

  • August 2: FINRA proposal to clarify the application of FINRA Rule 2210 ("Communications with the Public") to debt research reports as the result of approval of a new FINRA debt research conflict of interest rule. 
  • August 2: FinCEN proposal to prohibit covered financial institutions from opening or maintaining a correspondent account in the United States for or on behalf of a North Korean banking institution and to prohibit the use of foreign banking institutions' correspondent accounts at covered U.S. financial institutions to process transactions involving North Korean financial institutions.
  • August 5: Petitions for candidacy for upcoming FINRA Board of Governors election.
  • August 5: Board of Governors of the Federal Reserve System proposal that certain systemically important bank entities be subject to restrictions regarding the terms of their non-cleared "qualified financial contracts."
  • August 5: FINRA proposal to amend Section 4 of Schedule A to the FINRA By-Laws to address the transition of the Regulatory Element of Continuing Education to the FINRA CE Online System®.
  • August 5: The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the FDIC proposed rule that would (i) implement a net stable funding ratio requirement for large and internationally active banking organizations and (ii) amend certain definitions in the liquidity coverage ratio rule that also are applicable to the NSFR.
  • August 5: FINRA proposal to amend Code of Arbitration Procedure for Customer Disputes concerning customer cases with three arbitrators, to increase the number of public arbitrators on the list that FINRA sends parties during the arbitration panel selection process from 10 arbitrators to 15 arbitrators.
  • August 8: SEC determination of whether to grant DTCC Data Repository (U.S.) LLC a Form SDR seeking registration as a security-based swap data repository.
  • August 10: CFPB proposal to amend Regulation P, which requires, among other things, that financial institutions provide an annual notice describing their privacy policies and practices to their customers.
  • August 10: FINRA proposal to update cross-references and make other non-substantive changes within FINRA rules, due in part to the adoption of a new consolidated FINRA rule.
  • August 10: MSRB proposal to amend MSRB's facility for the Real-Time Transaction Reporting System to establish an historical data product to provide institutions of higher education with post-trade municipal securities transaction data collected through RTRS for purchase.
  • August 15: SEC interim final rule adjusts for inflation the maximum amount of civil monetary penalties under the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, the Investment Advisers Act of 1940, and certain penalties under the Sarbanes-Oxley Act of 2002.

Effective Dates

  • August 1: CFTC amendments to rule that governs the maximum amount of civil monetary penalties, to adjust for inflation.
  • August 1: CFTC rule to address the cross-border application of the margin requirements for Covered Swap Entities' uncleared swaps.
  • August 1: FCA amendments to implement inflation adjustments to civil money penalties that the FCA may impose or enforce.
  • August 1: FDIC revision of provision of its Securitization Safe Harbor Rule, which relates to the treatment of financial assets transferred in connection with a securitization or participation, in order to clarify a requirement as to loss mitigation by servicers of residential mortgage loans.
  • August 1: FDIC amendments to rules of practice and procedure under to adjust the maximum amount of each civil money penalty within its jurisdiction to account for inflation.
  • August 1: FHFA interim final rule to implement the Program Fraud Civil Remedies Act by establishing administrative procedures for imposing civil penalties and assessments against persons who make false, fictitious, or fraudulent claims or written statements to FHFA in the context of its contracting or employment activities, where the amount of money or the value of property or services involved or requested from FHFA is $150,000 or less.
  • August 1: FHFA interim final rule amending its Rules of Practice and Procedure and other agency regulations to adjust each civil money penalty within its jurisdiction to account for inflation, pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.
  • August 1: FinCEN amendments to regulations under the Bank Secrecy Act to adjust the maximum amount or range, as set by statute, of certain civil monetary penalties within its jurisdiction to account for inflation.
  • August 1: FINRA amendments to OATS requirements that firms must include on their reports the identity of U.S.-registered broker-dealers that are not FINRA members and broker-dealers that are not registered in the U.S. but have received an SRO-assigned identifier. 
  • August 1: OCC amendments to its rules of practice and procedure for national banks and its rules of practice and procedure in adjudicatory proceedings for Federal savings associations to publish the maximum amount, adjusted for inflation, of each civil money penalty within its jurisdiction to administer. 
  • August 1: SEC interim final rule adjusts for inflation the maximum amount of civil monetary penalties under the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, the Investment Advisers Act of 1940, and certain penalties under the Sarbanes-Oxley Act of 2002.
  • August 15: FINRA new clock synchronization standard of 50 milliseconds applicable to computer clocks that are used to record certain events in NMS securities or OTC equity securities.
  • August 15: SEC Order to adjust for inflation, as appropriate, the dollar amount thresholds of the asset-under-management test and the net worth test.

Filing Deadlines

  • August 1: FINRA annual audit report filing deadline for the period ending May 31, 2016.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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