FINRA has long regulated and limited the ability of
broker/dealers to communicate with the public. One of their missions is to
protect the investing public from unscrupulous securities brokers. Twitter is a
communications tools and any messages posted...
In one of the most visible moves as a result of the new
SEC regulations on investment advisers, George Soros is closing his $25 billion
Quantum Endowment Fund to outside investors and returning their money.
"We have relied until now...
Effective July 22, 2011, preemption under the Alternative
Mortgage Transaction Parity Act (AMTPA) is no longer available for many types
of mortgage loans that previously qualified as "alternative mortgage
transactions" (AMTs), such as fixed...
The SEC now recognizes "spousal equivalents" defined as
"cohabitants occupying a relationship generally equivalent to that of a
spouse." Before wondering if the federal government is making big strides, keep
in mind that this recognition...
by Kay Gordon and Joshua M. O'Melia
On May 10, 2011, as required by
Section 418 of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(the "Dodd-Frank Act"), the U.S. Securities and Exchange Commission...
FCS Securities and
Dale Edward Kleinser , Exchange Act Rel. 64852, July 11, 2011
Kleinser was the sole proprietor of FCS. FINRA sanctioned them based on FCS'
failure to file annual audited reports in 2006 and 2007. They argued that FCS
Business Capital Access and Job Preservation Act , H.R. 1082, took another
step forward this week when it was approved by the House Committee on Financial
Services. It still has a long way to go before coming law so this is no time to
by Edmund D. Harllee
Section 627 of the Dodd-Frank Wall Street Reform and Consumer Protection Act
repeals the prohibition against the payment of interest on demand deposits,
effective July 21, 2011.
On Thursday, July 14, 2011, the Federal Deposit...
The Dodd-Frank Wall Street Reform and Consumer Protection
Act represents the most comprehensive financial regulatory reform measures
taken since the great depression. So, one year after enactment, what do we
By the time you read this, we will...
the Consumer Financial Services Group
When it makes its debut on July 21, 2011, the Consumer
Financial Protection Bureau (CFPB) intends to immediately launch its
supervision program for large banks.
In a release issued on July 12, 2011...
The Financial Crimes Enforcement Network, Treasury's
financial intelligence unit has been trying to impose anti-money laundering
obligations on private funds for years. On September 26, 2002, FinCENissued a
notice of proposed rulemaking, proposing...
On July 14, 2011, the FDIC filed a lawsuit in the
Northern District of Georgia against 15 former directors and officers of Haven
Trust Bank of Duluth, Georgia. This suit is the ninth the FDIC has filed as
part of the current bank failure wave and the...
Further to the 16 December 2010 publication of the final
Basel III rules, as reported in our client alert "Basel III: The (Nearly) Full
Picture," on 13 January 2011 the Basel Committee on Banking Supervision
("BCBS") announced the...
The Federal Financial Institutions Examination Council
(FFIEC), noting that security threats continue to mount, has supplemented its 2005
guidance on authenticating the identity of customers who access their
financial accounts online. The supplement addresses...
On July 12, 2011 the Consumer Financial Protection Bureau
Report (CFPB) released detailed information about its supervision program for
large depository institutions. The CFPB will begin its oversight of banks
with total assets over $10 billion on July...
The FDIC has been one of the more active regulatory
agencies in the arena of director and officer liability. And the recent
and ongoing banking crisis has given the FDIC the opportunity to not only
pursue actions against directors and officers, but...
BY: EDMUND D. HARLLEE On Thursday, June 23, 2011, the Board of Governors of the Federal Reserve System (the "Board") issued proposed amendments to its Regulation B (Equal Credit Opportunity) to provide a temporary exemption for certain motor...
The Bureau of Consumer Financial Protection (CFPB) has issued a Notice and Request for Comment identifying six markets for consumer financial products and services being considered as markets in which "larger participants" will be subject to...
by Knox Dobbins
On June 23, the Bureau of Consumer Financial Protection (CFPB) invited preliminary comment on future rulemaking the Bureau will undertake under Section 1024 of the Consumer Financial Protection Act of 2010. Under Section 1024, the Bureau...
by: Edmund D. Harllee
On Monday, June 20, 2011, the Board of Governors of the Federal Reserve System
(the "Board") issued final rules modifying the Official Staff Commentary to its
Regulation Z (Truth In Lending) and Regulation M (Consumer...
"This is not some evil conspiracy of two guys sitting in
a room saying we should let people create crony capitalism and steal with
impunity," said William K. Black, a professor of law at Univ. of Missouri and
the federal government's director...
At an open meeting on June 22, the Securities and
Exchange Commission adopted new rules under the Investment Advisers Act of 1940
aimed at investment advisers, private fund managers, venture capital funds, and
Based on the statements...
Finally, the SEC is going to take some action today on
the regulation of investment advisers, venture capital funds, and private fund
For years, they've been trying to get regulatory control
of private funds. Now they are going to...
That story is title does not come from me; it's a quote
Troy A. Paredes of the Securities and Exchange Commission.
We cannot simply focus on the costs and benefits of a
single rule change on a stand-alone basis. It is the totality...
Contingency Planning in the Absence of a
memorandum first explains the July 16, 2011 problem that will arise because the
Dodd-Frank derivatives legislation (Title VII of the statute) goes into effect
without either a ready...