02.10.2011
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Updates
SEC Proposes Rules for Security-Based Swap Execution Facilities
On Wednesday, February 2, 2011, the SEC proposed rules that define security-based swap execution facilities and establish the facilities' registration requirements, duties, and core principles. The SEC proposed these rules under the express direction under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") to implement a regulatory framework for security-based swaps.
Federal Bank and Thrift Regulatory Agencies Propose Changes to Reporting Requirements for OTS-Regulated Savings Associations and Savings and Loan Holding Companies
On Thursday, February 3, 2011, the Office of Thrift Supervision (OTS), the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve Board jointly announced proposed changes to reporting requirements for OTS-regulated savings associations and savings and loan holding companies. The proposed changes implement certain provisions of the Dodd-Frank Act requiring the OTS to transfer its functions to the OCC, the FDIC, the Federal Reserve Board, and the Bureau of Financial Protection. The changes, among other things, would allow for uniform reporting systems and processes for all FDIC-insured banks and savings institutions.
Read the Federal Reserve press release
Federal Reserve Board Proposes Rule regarding Nonbank Financial Companies
On Tuesday, February 8, 2011, the Federal Reserve Board proposed a rule that relates to the designation by the Financial Stability Oversight Council (FSOC) of nonbank financial institutions to be regulated by the Federal Reserve. The proposed rule implements two provisions of the Dodd-Frank Act. The rule establishes the requirements for determining that a company is "predominantly engaged in financial activities" and defines the terms "significant nonbank financial company" and "significant bank holding company." A financial firm would be considered "significant" if it has $50 billion or more in consolidated assets or is otherwise deemed so by FSOC.
Read the Federal Reserve press release
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