Financial Services Alert - Issues During The Most Recent Quarter

Profession:Goodwin Procter LLP
 
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August 18, 2009

Treasury Financial Regulatory Reform Program – Proposed Legislation Regulating the OTC Derivatives Markets Proposed SEC Rule Addresses "Pay to Play" Practices by Investment Advisers Seeking to Manage Money on Behalf of State and Local Governments The Federal Reserve Bank of Cleveland Issues Policy Paper on Criteria for Systemically Important Financial Institutions SEC Staff Grants No-Action Relief Regarding Investment by Foreign Funds in U.S. Registered Funds Congressional Oversight Panel Issues Report on Continued Risk of Troubled Assets SEC Staff Grants No-Action Relief to Allow Advisers to Rely on Confirmation Transmission Service to Meet Advisers Act Recordkeeping Requirements SEC Grants No-Action Relief Related to Repurchases of Auction Rate Securities Massachusetts Regulator Announces Amendments to Data Security Regulations and Delay of Compliance Date until March 1, 2010 SEC Reopens Comment on Proposed Short Sale Restrictions under Reg. SHO and Requests Comment on Alternative Uptick Rule FRB and Treasury Announce Extension to Term Asset-Backed Securities Loan Facility Term Asset-Backed Securities Loan Facility ("TALF") loans against newly issued asset-backed securities and legacy commercial mortgage-backed securities ("CMBS") available through March 31, 2010. TALF loans extended against newly issued CMBS available through June 20, 2010. SEC Publishes Adopting Release for Regulation S-AM Requiring Certain Consumer Opt Out Rights to Affiliate Marketing On November 5, 2009, the SEC announced that the compliance date for Reg. S-AM is postponed to June 1, 2010. Supreme Court Schedules Oral Argument for Review of Seventh Circuit Decision in Harris Associates August 25, 2009

ABA Issues Letter to FDIC on Deposit Interest Restrictions SEC Sends Letters to CFOs of Certain Publicly-Held Banking Companies Regarding Disclosure of Loan Loss Accounting SEC and CFTC to Hold Joint Meetings on Regulatory Harmonization Goodwin Procter Issues Client Alert Discussing Recent Revisions to Massachusetts Data Security Regulations August 26, 2009 – Special Edition

FDIC Releases Final Policy Statement on Private Equity Investments in Failed Banks Or Thrifts September 1, 2009

FDIC Issues Letter Extending Supervisory Procedures for De Novo FDIC - Supervised Depository Institutions FDIC Extends the Transaction Account Guarantee Portion of the Temporary Liquidity Guarantee Program TAG extended through June 30, 2010. Federal Banking Agencies Issue NPR Regarding...

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