SEC Adopts New Rules on Mine Safety Disclosure

On Wednesday, December 21, 2011, the Securities and Exchange Commission (the "SEC") adopted rules to implement Section 1503 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act").  Section 1503(a) requires issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine to disclose, in their periodic reports filed with the SEC, information regarding specified health and safety violations, orders and citations, related assessments and legal actions, and mining-related fatalities.  Section 1503(b) mandates the filing of a Form 8-K disclosing the receipt of certain orders and notices from the Mine Safety and Health Administration.

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Agencies Extend Comment Period on Volcker Rule Proposal

On Friday, December 23, 2011, the Federal Reserve Board (the "Fed"), the Federal Deposit Insurance Corporation (the "FDIC"), the Office of the Comptroller of the Currency (the "OCC"), and the SEC extended until February 13, 2012 the comment period for a proposal to implement Section 619 of the Dodd-Frank Act, the so-called Volcker Rule.  Section 619 requires regulators to implement certain prohibitions and restrictions on the ability of a banking entity and nonbank financial company to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund.

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Read the FDIC press release

Read the OCC press release

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The Fed Finalizes a Two-Year Phase-in for Savings and Loan Holding Company Filing

On Friday, December 23, 2011, the Fed issued a final notice for a two-year phase-in period for most savings and loan holding companies ("SLHCs") to file 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 to the Fed on July 21, 2011.  The final notice exempts a limited number of SLHCs from most regulatory reporting using the Fed's existing regulatory reports and provides 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 Office of Thrift Supervision H-(b)11 Annual/Current Report.  Exempt firms will also file the Federal Reserve's FR Y-6, Annual Report for Bank Holding Companies, or the FR Y-7, Annual Report for Foreign Banking Organizations.

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The CFTC Issues Final Rules on Foreign Boards of Trade Registration

On Friday, December 23, 2011, the Commodity Futures Trading Commission (the "CFTC") issued final rules to implement new statutory provisions enacted by Title VII of the Dodd-Frank Act.  These rules establish a registration requirement that applies to foreign boards of trade that wish to provide their identified members or other participants located in the United States with direct access to their electronic trading and order matching systems.


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