01.20.2011
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Updates
Washington State and Oregon State Adopt New Accredited Investor Definition Regulations
Washington State recently amended its definition of "accredited investor" to exclude the value of an investor's primary residence from the $1 million threshold calculation. This change reflects the altered definition of "accredited investor" as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Read the Washington Adopted Rules here and here.
The Oregon Department of Consumer & Business Services, Division of Finance & Corporate Securities, amended the Oregon definition of "accredited investor" in a similar manner by a temporary administrative rule, effective August 3, 2010. The temporary administrative rule will expire on January 30, 2011, at which time it is expected to be replaced by an identical permanent administrative rule.
Read the Oregon Temporary Administrative Rules and Notice of Proposed Rulemaking Hearing.
Consumer Financial Protection Bureau Partners with Conference of State Bank Supervisors
On January 4, 2011, the Consumer Financial Protection Bureau signed a memorandum of understanding with the Conference of State Bank Regulators in order to allow for the cooperation and coordination of state and federal supervision of "consumer financial products and services." This partnership is one step in the implementation of the consumer financial protection regime as contemplated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Read the Department of Treasury press release.
CFTC Proposes Requirements Regarding Governance and the Mitigation of Conflicts of Interests
On Thursday, January 6, 2011, the Commodity Futures Trading Commission proposed new regulations aimed at implementing statutory provisions under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposed regulations mandate certain requirements on the resolution of conflicts of interest for derivatives clearing organizations, designated contract markets, and swap execution facilities. Additionally, the proposed regulations implement new governance fitness standards. Comments on the proposed regulations are due on or before March 7, 2011.
Read the proposed regulations.
CFTC Proposes Core Principles and Other Requirements for Swap Execution Facilities
On Friday, January 7, 2011, the Commodity Futures Trading Commission proposed new rules, guidance, and acceptable practices in order to implement requirements under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposed rules apply to the registration and operation of a new type of regulated entity named a swap execution facility, among other things. Comments on the proposed rules are due on or before March 8, 2011.
SEC Proposes Rule Governing Security-Based Swap Transactions
On Friday, January 14, 2011, the SEC proposed a rule relating to the timely acknowledgment and verification of security-based swap transactions by the parties who enter into them. The proposed rule is issued under the SEC's authority to regulate security-based swaps, as contemplated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under SEC Proposed Rule 15Fi-1, SBS entities (which include both security-based swap dealers and major security-based swap participants) would be required to provide their counterparties with an electronic record of specified information related to the transaction. The proposed rule reflects the SEC's continuing efforts to increase transparency in the market for security-based swaps.
© 2011 Perkins Coie LLP