SEC and CFTC Seek Public Input on Joint Stable Value Contract Study
On Friday, August 19, 2011, the Securities and Exchange Commission (the “SEC”) and the Commodity Futures Trading Commission (the “CFTC”) approved for publication in the Federal Register a request for public comment in connection with a joint study on stable value contracts. Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) provides for the comprehensive regulation of swaps and security-based swaps and includes definitions of key terms relating to such regulation. The Dodd-Frank Act requires the SEC and CFTC to conduct a joint study to determine whether stable value contracts fall within the definition of a swap, and if so, whether exempting such contracts from the swap definition is appropriate and in the public interest. The Dodd-Frank Act calls for the SEC and CFTC to make the determination in consultation with the Department of Labor, the Department of the Treasury, and the state entities that regulate the issuers of stable value contracts.
The Fed Proposes a Phase-in Period for Most Savings and Loan Holding Companies to File Regulatory Reports
On Monday, August 22, 2011, the Federal Reserve Board (the “Board”) proposed a two-year phase-in period for most savings and loan holding companies (“SLHCs”) to file Federal Reserve regulatory reports with the Board and an exemption for some SLHCs from initially filing Federal Reserve regulatory reports. Under Section 312 of the Dodd-Frank Act, supervisory and rulemaking authority for SLHCs and their nondepository subsidiaries transferred from the Office of Thrift Supervision (“OTS”) to the Board on July 21, 2011. On February 3, 2011, the Federal Reserve Board sought comment on its notice of intent to require SLHCs to submit the same reports as bank holding companies, beginning with the March 31, 2012 reporting period. After consideration of the comments received on the notice of intent, the Federal Reserve Board proposes to exempt a limited number of SLHCs from initial regulatory reporting using the Federal Reserve's existing regulatory reports and a two-year phase-in period for regulatory reporting for all other SLHCs. Exempt SLHCs would continue to submit Schedule HC, which is currently a part of the Thrift Financial Report, and the OTS H-(b)11 Annual/Current Report.
© 2011 Perkins Coie LLP