12.02.2010
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Updates
FDIC Approves Temporary Unlimited Deposit Insurance Coverage for Noninterest-Bearing Transaction Accounts
On Tuesday, November 9, the Board of Directors of the Federal Deposit Insurance Corporation approved a final rule implementing section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 343 allows for temporary unlimited deposit insurance coverage for noninterest bearing transaction accounts. This coverage will become effective on December 31, 2010 and will terminate on December 31, 2012.
The Federal Reserve Board Proposes Rule on Conformance Periods for the Volcker Rule
On Wednesday, November 17, the Federal Reserve Board requested comments on a proposed rule, which would implement and clarify the conformance periods for banking firms to comply with the “Volcker Rule,” or section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Volcker rule prohibits and restricts proprietary trading and investing in, sponsoring, or maintaining relationships with hedge funds and private equity funds.
Read the press release from the Federal Reserve Board
SEC Proposes Rule on Security-Based Swap Reporting
On Friday, November 19, the SEC proposed rules aimed at altering how security-based swap transactions are reported and publicly disseminated, as well as requiring security-based swap repositories to register with the SEC. The proposed rules were issued under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which allows the SEC to regulate security-based swap transactions.
Read the SEC press release regarding security-based swap reporting
Read the SEC press release regarding security-based swap repositories
SEC Proposes Rules to Increase Oversight of Investment Advisors
On Friday, November 19, the SEC proposed rules aimed at increasing the SEC's oversight of investment advisors. The proposed rules implement certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, including: (1) facilitating registration with the SEC of hedge fund and private fund advisors; (2) requiring certain advisors exempt from SEC registration to report to the SEC; (3) increasing the assets threshold for advisors to register with the SEC; and (4) providing clarity regarding certain exemptions to investment advisor registration. A Perkins Coie Update on this subject will be published shortly.
SEC Proposes a Definition of "Venture Capital Fund" for Purposes of Exemptions
On Friday, November 19. the SEC proposed a new rule defining "venture capital funds" for purposes of clarifying exemptions under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
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