07.28.2011
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Updates
OCC Issues Final Rule to Implement Transfer of Functions from the Office of Thrift Supervision.
On Wednesday, July 20, 2011, the Office of the Comptroller of the Currency (the “OCC”) issued a final rule implementing Sections 312, 316, 322, 335, and 603 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). The rules incorporate the transfer to the OCC of certain functions of the Office of Thrift Supervision (the “OTS”). The rules also amend OCC rules pertaining to change in control of credit card banks and trust banks, deposit-taking by uninsured Federal branches, and OCC preemption and visitorial powers.
OCC Issues Interim Final Rule to Reissue Former OTS Regulations.
On Thursday, July 21, 2011, the OCC issued an interim final rule that republishes regulations issued by the OTS that the OCC now has authority to promulgate and enforce under Sections 312, 316, 322, 335, and 603 of the Dodd-Frank Act. This rule renumbers and issues these former OTS regulations as new OCC regulations, with nomenclature and other technical amendments to reflect OCC supervision of federal savings associations. These newly issued OCC regulations will supersede OTS regulations for purposes of OCC supervision of federal savings associations.
CFTC Adopts Swap Reporting Regulations.
On Friday July 22, 2011, the Commodity Futures Trading Commission (the “CFTC”) adopted reporting regulations that require physical commodity swap and swaption reports. The new regulations require routine position reports from clearing organizations, clearing members, and swap dealers and also apply to reportable swap trader positions. The CFTC adopted these regulations under the Commodity Exchange Act as amended by Title VII of the Dodd-Frank Act.
CFTC Amends its Rules on Privacy of Consumer Financial Information.
On Friday July 22, 2011, the CFTC amended its rules implementing new statutory provisions enacted by titles VII and X of the Dodd-Frank Act. Section 1093 of the Dodd-Frank Act provides for certain amendments to title V of the Gramm-Leach-Bliley Act (the “GLB Act”). The GLB Act sets forth certain protections for the privacy of consumer financial information and was amended by the Dodd-Frank Act affirming the CFTC’s jurisdiction in this area. The CFTC’s amendments to its regulations broaden the privacy protection provisions of the GLB Act to cover swap dealers and major swap participants.
CFTC Adopts Rules on Business Affiliate Marketing and Disposal of Consumer Information.
On Friday July 22, 2011, the CFTC adopted rules implementing statutory provisions enacted by title X of the Dodd-Frank Act. Title X of the Dodd-Frank Act grants the CFTC authority to implement regulations under Sections 624 and 628 of the Fair Credit Reporting Act. The rules require CFTC-regulated entities to provide consumers with the opportunity to prohibit affiliates from using certain information to make marketing solicitations to consumers. The rules also require regulated entities to possess or maintain consumer report information in connection with their business activities to develop and implement written policies and procedures for the proper disposal of such information
CFTC Amends its Rules Removing Any Reference to or Reliance on Credit Ratings in CFTC Regulations
On Monday July 25, 2011, the CFTC adopted a final rule amending existing CFTC regulations in order to implement new statutory provisions enacted by Title IX of the Dodd-Frank Act. The rule amendments implement a new statutory framework that requires agencies to replace any reference to or reliance on credit ratings in their regulations with an appropriate alternative standard.
CFTC and SEC Seek Public Input for a Joint Study on International Swap Regulation.
On Monday July 25, 2011, the CFTC and the Securities and Exchange Commission (the “SEC”) published a press release requesting public comments in connection with a joint study on international swap regulation. Section 719(c) of the Dodd-Frank Act requires that the CFTC and the SEC jointly study and then report to Congress on swap regulation and clearinghouse regulation in the United States, Asia, and Europe. The report to Congress must identify areas of regulation that are similar and other areas of regulation that could be harmonized. In addition, the report must identify major swap contracts, dealers, exchanges, clearinghouses, and regulators in each geographic area, and must describe the methods for clearing swaps and systems used for setting margin in each area.
CFTC Issues Rules on Reviews of Swaps for Mandatory Clearing.
On Tuesday July 26, 2011, the CFTC adopted regulations establishing the process by which the Commission will review swaps to determine whether the swaps are required to be cleared. The CFTC issued these rules under the authority granted to it by Sections 723 and 731 of the Dodd-Frank Act.
SEC Adopts New Short Form Criteria to Replace Credit Ratings.
On Tuesday July 26, 2011, the SEC adopted new rules pursuant to Title IX of the Dodd-Frank Act. The rules remove credit ratings as an eligibility criterion for companies seeking to use short form registration when registering securities for public sale.
SEC Re-Proposes New Shelf Eligibility Requirements.
On Tuesday July 26, 2011, the SEC re-proposed rules on shelf registration for asset-backed securities (“ABS”) pursuant to Sections 941 and 942 of the Dodd-Frank Act. The SEC initially proposed rules in April 2010 to significantly revise the regulatory regime for ABS. Subsequent to that proposal, the Dodd-Frank Act was signed into law and addressed some of the same ABS issues. In light of those Dodd-Frank Act provisions and comments received from the public, the SEC re-evaluated its initial proposals.
© 2011 Perkins Coie LLP
