Financial Industry Resource Center

Financial Industry Resource Center http://www.huntonfinancialindustryresourcecenter.com/ en Copyright 2012 Wed, 09 May 2012 15:05:17 -0500 Wed, 09 May 2012 15:05:17 -0500 http://www.movabletype.org http://blogs.law.harvard.edu/tech/rss Subscribe with My Yahoo!Subscribe with NewsGatorSubscribe with My AOLSubscribe with BloglinesSubscribe with NetvibesSubscribe with GoogleSubscribe with Pageflakes President Obama Signs Jobs Act Into Law <p>On April 5, 2012, President Obama signed H.R. 3606, the Jumpstart Our Business Startups (JOBS) Act (the “Act”), into law. The Act is intended to help smaller companies access the U.S. capital markets by relaxing certain regulatory compliance and disclosure requirements and easing the capital formation process for private companies and private investment funds. A copy of the Act is available <a target="_blank" href="http://www.hunton.com/files/upload/03_27_12_Act.pdf">here</a>.</p> <p><a target="_blank" href="http://www.huntonfinancialindustryresourcecenter.com/uploads/file/JOBS_Act_passed_by_congress.pdf">CONTINUE READING...</a></p><img src="http://feeds.feedburner.com/~r/FinancialIndustryRecoveryCenter/~4/3dKYCnFdxwI" height="1" width="1"/> http://feeds.lexblog.com/~r/FinancialIndustryRecoveryCenter/~3/3dKYCnFdxwI/ http://www.huntonfinancialindustryresourcecenter.com/2012/04/articles/client-alerts/president-obama-signs-jobs-act-into-law/ Client Alerts Thu, 05 Apr 2012 14:29:57 -0500 Hunton & Williams LLP http://www.huntonfinancialindustryresourcecenter.com/2012/04/articles/client-alerts/president-obama-signs-jobs-act-into-law/ With Appointment of Richard Cordray Consumer Watchdog Sets its Agenda <p>With the January 4, 2012 recess appointment of former Ohio Attorney General Richard Cordray as its first director, the Consumer Financial Protection Bureau quickly is coalescing around an aggressive regulatory agenda.  What can large financial institutions and other participants in the financial services industry expect from this new federal regulator?</p><p>Formed by Congress as part of the 2010 Dodd-Frank financial reform legislation, CFPB only recently assumed its full regulatory powers through the President’s recess appointment.  CFPB’s regulatory authority derives, in part, from the traditional consumer protection functions set forth in a number of federal statutes previously enforced by the Federal Reserve Board, OCC, FDIC, and others.  But CFPB appears to define its mandate more broadly.  In testimony before Congress, Cordray noted that “[p]rior to the financial crisis, seven federal agencies had some responsibility for consumer financial protection, but none of these agencies had consumer financial protection as its sole priority, or the tools to regulate and oversee the whole market,” and went on to state that “[w]e plan to use all of the tools available to us to ensure that everyone respects and follows the rules of the road. Where we can cooperate with financial institutions to do that, we will; when necessary, however, we will not hesitate to use enforcement actions to right a wrong.” </p> <p><strong>Who is subject to CFPB Oversight?</strong></p> <p>CFPB has supervisory, rulemaking, and regulatory authority over banks with over $10 billion in assets.  With the Cordray appointment, CFPB may now begin supervising non-bank participants in the consumer financial markets, including non-depository “mortgage related” companies, payday lenders, student loan providers, or other entities that qualify as “larger participants” in the financial markets or whose products or services pose potential risks to consumers. </p> <p>Last month, CFPB released a proposed final rule defining some of the “larger participants” in the consumer financial markets that will be subject to federal supervision and enforcement authority.  Debt collectors with annual receipts over $10 million are considered “larger participants” under the proposed rule.  In recent months, debt collection practices have come under greater scrutiny, similar to the scrutiny applied to mortgage foreclosures practices.  Courts and enforcement agencies have faulted debt collectors for failing to properly document and verify amounts owed.</p> <p>Consumer reporting agencies, on the other hand, are deemed “larger participants” if they have over $7 million in annual receipts.  Though CFPB estimates that this includes only about 30 companies, they account for 94% of the credit reporting market.  Subsequent rulemakings will define thresholds applicable to prepaid credit card issuers, finance companies, and debt relief companies.  Companies that service, originate, or broker residential mortgages, payday lenders, and private education lenders are subject to CFPB’s supervision regardless of their size or impact in the financial markets.</p> <p>CFPB’s proposed rule is the first effort to subject these non-bank entities to the same CFPB oversight as banks.  Non-bank entities will be subject to CFPB examination to assess compliance with all federal consumer financial laws and potential risks to consumers and the financial markets. </p> <p><strong>What is CFPB’s Preliminary Focus?</strong></p> <p>With an estimated budget of $365 million in 2012 and a proposed budget of $448 million for 2013, CFPB is expected to scrutinize broadly consumer lending practices through on-site examinations and targeted investigations into possible violations of existing laws.  Significantly, CFPB has authority under Dodd-Frank to define and ultimately proscribe any acts or practices that it deems unfair, deceptive, or abusive.  This includes acts that CFPB believes are likely to cause substantial injury or interfere with the consumer’s ability to understand a particular product or service.  CFPB has yet to define what it considers unfair, deceptive, or abusive. </p> <p>On March 2, CFPB announced the launch of a web-based tool for collecting complaints related to checking, savings and other bank accounts.  CFPB implemented similar systems for mortgage and credit cards complaints in 2011.  </p> <p>Last month CFPB announced an inquiry into checking account overdraft programs.  The investigation will consider how overdraft practices are affecting consumers and will focus on transaction re-ordering to increase fees, the clarity of the information provided to consumers, and any disproportionate impact on young and low-income consumers.  CFPB also appears to be focusing in on the payday lending industry, holding a public hearing in Alabama in January and issuing examination procedures for short-term, small-dollar loans. </p> <p>Other CFPB initiatives include issuance of several prototype disclosure forms for consumers — including a monthly mortgage statement, a model form to help students compare student loans, and revised mortgage loan disclosures.</p> <p>As CFPB continues to define the scope of its regulatory power, it remains subject to intense scrutiny on Capitol Hill, from both Republicans who object to Cordray’s recess appointment and the scope CFPB’s power and Democrats who expect CFPB to correct lending practices believed to have contributed to the credit crisis.  Industry participants will have to watch carefully in the coming months to see how CFPB meets these competing expectations. </p><img src="http://feeds.feedburner.com/~r/FinancialIndustryRecoveryCenter/~4/CnEWeAfy470" height="1" width="1"/> http://feeds.lexblog.com/~r/FinancialIndustryRecoveryCenter/~3/CnEWeAfy470/ http://www.huntonfinancialindustryresourcecenter.com/2012/04/articles/consumer-financial-protection/with-appointment-of-richard-cordray-consumer-watchdog-sets-its-agenda/ Consumer Financial Protection Agency Tue, 03 Apr 2012 09:57:59 -0500 Hunton & Williams LLP http://www.huntonfinancialindustryresourcecenter.com/2012/04/articles/consumer-financial-protection/with-appointment-of-richard-cordray-consumer-watchdog-sets-its-agenda/ House Passes JOBS Act <p>On March 8, 2012, the House of Representatives (the “House”) passed H.R. 3606, the Jumpstart Our Business Startups (JOBS) Act (the “Bill”), by a vote of 390 to 23. The Bill consists of a collection of bills that have been introduced in the House over the past year, including four that had already passed the House by wide margins. The Bill is intended to help smaller companies access the U.S. capital markets by relaxing certain regulatory compliance.</p> <p><a target="_blank" href="http://www.huntonfinancialindustryresourcecenter.com/uploads/file/house_passes_jobs_act.pdf">CONTINUE READING...</a></p><img src="http://feeds.feedburner.com/~r/FinancialIndustryRecoveryCenter/~4/RlvDj3RmbhI" height="1" width="1"/> http://feeds.lexblog.com/~r/FinancialIndustryRecoveryCenter/~3/RlvDj3RmbhI/ http://www.huntonfinancialindustryresourcecenter.com/2012/03/articles/client-alerts/house-passes-jobs-act/ Client Alerts Tue, 20 Mar 2012 15:28:07 -0500 Hunton & Williams LLP http://www.huntonfinancialindustryresourcecenter.com/2012/03/articles/client-alerts/house-passes-jobs-act/ SEC Issues No-Action Responses for Proxy Access Proposals <p>On March 7, 2012, the Staff of the Securities and Exchange Commission (the “Staff”) issued <a target="_blank" href="http://www.sec.gov/divisions/corpfin/cf-noaction/14a-8.shtml">responses</a> to a series of no-action requests seeking to exclude shareholder proxy access proposals. These no-action responses represent the first significant guidance from the Staff following the <a target="_blank" href="http://www.huntonfinancialindustryresourcecenter.com/uploads/file/private_ordering_for_proxy_access.pdf">2011 amendments to Rule 14a-8</a> that permit inclusion of proxy access proposals. The Staff permitted six companies to exclude precatory proposals that were based on a model prepared by a coalition of shareholders called the “United States Proxy Exchange.”1 The Staff did not permit exclusion, however, of a binding proposal submitted by Norges Bank Investment Management. That proposal would provide access to holders of 1% of a company’s stock for one year. In addition, the Staff did not agree that a company that had voluntarily adopted a proxy access bylaw could exclude a proposal on the basis that it had been substantially implemented.</p> <p><a target="_blank" href="http://www.huntonfinancialindustryresourcecenter.com/uploads/file/sec_issues_no-action_responses.pdf">CONTINUE READING...</a></p><img src="http://feeds.feedburner.com/~r/FinancialIndustryRecoveryCenter/~4/WkRmPAPJGKs" height="1" width="1"/> http://feeds.lexblog.com/~r/FinancialIndustryRecoveryCenter/~3/WkRmPAPJGKs/ http://www.huntonfinancialindustryresourcecenter.com/2012/03/articles/sec/sec-issues-noaction-responses-for-proxy-access-proposals/ SEC Wed, 14 Mar 2012 08:28:01 -0500 Hunton & Williams LLP http://www.huntonfinancialindustryresourcecenter.com/2012/03/articles/sec/sec-issues-noaction-responses-for-proxy-access-proposals/ SEC Adopts Rules Relating to Qualified Client Standard for Performance Fee Rule <p>On February 15, 2012, the Securities and Exchange Commission ("SEC") adopted new rules under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), as required by Section 418 of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank").  The new rules codify the SEC's July 12, 2011 order to increase the dollar amount tests applicable to qualified clients that may be charged performance fees under Rule 205-3.  A copy of the SEC's adopting release is available <a target="_blank" href="http://www.sec.gov/rules/final/2012/ia-3372.pdf">here</a>.</p> <p><a target="_blank" href="http://www.huntonfinancialindustryresourcecenter.com/uploads/file/sec_adopts_rules_Performance_Fee_Rule.pdf">CONTINUE READING...</a></p><img src="http://feeds.feedburner.com/~r/FinancialIndustryRecoveryCenter/~4/pZelrsIzuEE" height="1" width="1"/> http://feeds.lexblog.com/~r/FinancialIndustryRecoveryCenter/~3/pZelrsIzuEE/ http://www.huntonfinancialindustryresourcecenter.com/2012/02/articles/doddfrank-wall-street-reform/sec-adopts-rules-relating-to-qualified-client-standard-for-performance-fee-rule/ Client AlertsDodd-Frank Wall Street ReformSEC Wed, 22 Feb 2012 15:26:59 -0500 Hunton & Williams LLP http://www.huntonfinancialindustryresourcecenter.com/2012/02/articles/doddfrank-wall-street-reform/sec-adopts-rules-relating-to-qualified-client-standard-for-performance-fee-rule/ SEC Adopts Rules Relating to Net Worth Standard for Accredited Investors <p>On December 21, 2011, the Securities and Exchange Commission (“SEC”) adopted new rules under the Securities Act of 1933, as amended (the “Securities Act”), as required by Section 413(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”). The rules exclude the value of a person’s primary residence for purposes of determining whether the person qualifies as an “accredited investor” on the basis of having a net worth in excess of $1 million. A copy of the SEC’s release is available <a target="_blank" href="http://www.sec.gov/rules/final/2011/33-9287.pdf">here</a>.</p> <p><a target="_blank" href="http://www.huntonfinancialindustryresourcecenter.com/uploads/file/SEC_Adopts_Rules_Relating_to_Net_Worth.pdf">CONTINUE READING...</a></p><img src="http://feeds.feedburner.com/~r/FinancialIndustryRecoveryCenter/~4/u4z38XI5FoQ" height="1" width="1"/> http://feeds.lexblog.com/~r/FinancialIndustryRecoveryCenter/~3/u4z38XI5FoQ/ http://www.huntonfinancialindustryresourcecenter.com/2012/01/articles/doddfrank-wall-street-reform/sec-adopts-rules-relating-to-net-worth-standard-for-accredited-investors/ Dodd-Frank Wall Street Reform Wed, 04 Jan 2012 10:29:49 -0500 Hunton & Williams LLP http://www.huntonfinancialindustryresourcecenter.com/2012/01/articles/doddfrank-wall-street-reform/sec-adopts-rules-relating-to-net-worth-standard-for-accredited-investors/ ISS Updates its Voting Policies for the 2012 Proxy Season <p>Institutional Shareholder Services (“ISS”) recently announced its updated voting policies for the 2012 proxy season. The policies will become effective for shareholder meetings held on or after February 1, 2012. While the policies cover various matters, we have summarized below certain policies relating to corporate governance matters that may be of particular interest to corporations.</p> <p><a target="_blank" href="http://www.huntonfinancialindustryresourcecenter.com/uploads/file/iss_updates_voting_policies.pdf">CONTINUE READING...</a></p><img src="http://feeds.feedburner.com/~r/FinancialIndustryRecoveryCenter/~4/cTRzQnpXDPU" height="1" width="1"/> http://feeds.lexblog.com/~r/FinancialIndustryRecoveryCenter/~3/cTRzQnpXDPU/ http://www.huntonfinancialindustryresourcecenter.com/2011/11/articles/sec/iss-updates-its-voting-policies-for-the-2012-proxy-season/ Client AlertsSEC Wed, 30 Nov 2011 14:58:21 -0500 Hunton & Williams LLP http://www.huntonfinancialindustryresourcecenter.com/2011/11/articles/sec/iss-updates-its-voting-policies-for-the-2012-proxy-season/ SEC Adopts Rules For Private Fund Reporting <p>On October 26, 2011, the Securities and Exchange Commission (“SEC”) adopted new rules under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), as required by Sections 404 and 406 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”). The new rules create a new reporting form — Form PF — to be filed quarterly or annually by registered investment advisers that manage private funds, including hedge funds and private equity funds. A copy of the SEC’s adopting release is available <a target="_blank" href="http://sec.gov/rules/final/2011/ia-3308.pdf">here</a>.</p> <p><a target="_blank" href="http://www.huntonfinancialindustryresourcecenter.com/uploads/file/sec_form_pf_proposals.pdf">CONTINUE READING...</a></p><img src="http://feeds.feedburner.com/~r/FinancialIndustryRecoveryCenter/~4/MrgkSlvkhCg" height="1" width="1"/> http://feeds.lexblog.com/~r/FinancialIndustryRecoveryCenter/~3/MrgkSlvkhCg/ http://www.huntonfinancialindustryresourcecenter.com/2011/11/articles/doddfrank-wall-street-reform/sec-adopts-rules-for-private-fund-reporting/ Dodd-Frank Wall Street ReformSEC Mon, 21 Nov 2011 11:09:56 -0500 Hunton & Williams LLP http://www.huntonfinancialindustryresourcecenter.com/2011/11/articles/doddfrank-wall-street-reform/sec-adopts-rules-for-private-fund-reporting/ Court Vacates the SEC's Proxy Access Rules <p>Earlier today, the U.S. Court of Appeals for the D.C. Circuit vacated the Securities and Exchange Commission's ("SEC") proxy access rules, which had been stayed pending the outcome of this litigation. The court found that the SEC "inconsistently and opportunistically framed the costs and benefits of the rule; failed adequately to quantify the certain costs or to explain why those costs could not be quantified; neglected to support its predictive judgments; contradicted itself; and failed to respond to substantial problems raised by commenters." In addition, the unanimous three-judge panel stated that "[b]y ducking serious evaluation of the costs that could be imposed upon companies from use of the rule by shareholders representing special interests, particularly union and government pension funds, we think the Commission acted arbitrarily."</p> <p>As we previously <a target="_blank" href="http://www.huntonfinancialindustryresourcecenter.com/uploads/file/Final_Proxy_Access_Client_Alert.pdf">explained</a>, the proxy access rules would have permitted shareholders who collectively owned at least 3% of a company's shares for a period of three years to include nominees in a company's proxy materials. The court's decision is a rebuke to the SEC, but the SEC could request a rehearing, appeal to the supreme court or revise its analysis without necessarily changing the rules.</p> <p><a target="_blank" href="http://www.huntonfinancialindustryresourcecenter.com/uploads/file/DC_Circuit_Opinion_Vacating_Proxy_Access_Rules.pdf">Click here for a copy of the decison</a>.</p><img src="http://feeds.feedburner.com/~r/FinancialIndustryRecoveryCenter/~4/RQ_FKQulzI4" height="1" width="1"/> http://feeds.lexblog.com/~r/FinancialIndustryRecoveryCenter/~3/RQ_FKQulzI4/ http://www.huntonfinancialindustryresourcecenter.com/2011/07/articles/sec/court-vacates-the-secs-proxy-access-rules/ Dodd-Frank Wall Street ReformSEC Mon, 25 Jul 2011 09:00:00 -0500 Hunton & Williams LLP http://www.huntonfinancialindustryresourcecenter.com/2011/07/articles/sec/court-vacates-the-secs-proxy-access-rules/ SEC Adopts Whistleblower Rules Under Dodd-Frank <p>On May 25, 2011, the U.S. Securities and Exchange Commission (SEC) by a 3–2 vote adopted final rules implementing the whistleblower award program of Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).i New Regulation 21F requires the SEC to pay cash awards to whistleblowers who voluntarily supply the SEC with original information leading to a judicial or administrative action in which the SEC obtains monetary sanctions over $1 million, subject to certain limitations. Whistleblowers who provide such information are eligible for a cash award of from 10 to 30 percent of the monetary sanctions. Employers are prohibited from retaliating against individuals who provide the SEC with information about possible federal securities law violations, and victims of retaliation are granted an independent cause of action.</p> <p><a target="_"blank"" href="http://www.huntonfinancialindustryresourcecenter.com/uploads/file/SEC_Adopts_Whistleblower_Rules_Under_Dodd_Frank.pdf">CONTINUE READING...</a></p><img src="http://feeds.feedburner.com/~r/FinancialIndustryRecoveryCenter/~4/lEmDWQzctGo" height="1" width="1"/> http://feeds.lexblog.com/~r/FinancialIndustryRecoveryCenter/~3/lEmDWQzctGo/ http://www.huntonfinancialindustryresourcecenter.com/2011/06/articles/doddfrank-wall-street-reform/sec-adopts-whistleblower-rules-under-doddfrank/ Dodd-Frank Wall Street ReformSEC Tue, 14 Jun 2011 11:09:42 -0500 Hunton & Williams LLP http://www.huntonfinancialindustryresourcecenter.com/2011/06/articles/doddfrank-wall-street-reform/sec-adopts-whistleblower-rules-under-doddfrank/ ILPA Releases Version 2.0 of its Private Equity Principles <p>On January 11, 2011, the Institutional Limited Partners Association ("ILPA") released a revised version of its Private Equity Principles (the "ILPA Principles") and the first of its five recommended standardized reporting templates. A copy of the ILPA Principles is available <a href="http://ilpa.org/wp-content/uploads/2011/01/ILPA-Private-Equity-Principles-2.0.pdf">here</a>.</p> <p><a target="_blank" href="http://www.huntonfiles.com/files/webupload/FIRC_ilpa_releases_v2.0_private_equity_principles.pdf">READ MORE...</a></p><img src="http://feeds.feedburner.com/~r/FinancialIndustryRecoveryCenter/~4/wKgF8iewj0Y" height="1" width="1"/> http://feeds.lexblog.com/~r/FinancialIndustryRecoveryCenter/~3/wKgF8iewj0Y/ http://www.huntonfinancialindustryresourcecenter.com/2011/02/articles/doddfrank-wall-street-reform/ilpa-releases-version-20-of-its-private-equity-principles/ Dodd-Frank Wall Street Reform Fri, 11 Feb 2011 09:38:56 -0500 Hunton & Williams LLP http://www.huntonfinancialindustryresourcecenter.com/2011/02/articles/doddfrank-wall-street-reform/ilpa-releases-version-20-of-its-private-equity-principles/ SEC Proposes Rules Relating to Net Worth Standard for Accredited Investors <p>On January 25, 2011, the Securities and Exchange Commission ("SEC") proposed new rules under the Securities Act of 1933, as amended (the "Securities Act"), as required by Section 413(a) of the "Dodd-Frank Wall Street Reform and Consumer Protection Act" ("Dodd-Frank"). The proposal excludes the value of a person's primary residence for purposes of determining whether the person qualifies as an "accredited investor" on the basis of having a net worth in excess of $1 million. A copy of the SEC's Proposing Release is available <a target="_blank" href="http://www.sec.gov/rules/proposed/2011/33-9177.pdf">here</a>.</p> <p><a target="_blank" href="http://www.huntonfiles.com/files/webupload/FIRC_sec_proposes_rules_net_worth_standard.pdf">CONTINUE READING...</a></p><img src="http://feeds.feedburner.com/~r/FinancialIndustryRecoveryCenter/~4/YEQytp6MZts" height="1" width="1"/> http://feeds.lexblog.com/~r/FinancialIndustryRecoveryCenter/~3/YEQytp6MZts/ http://www.huntonfinancialindustryresourcecenter.com/2011/02/articles/doddfrank-wall-street-reform/sec-proposes-rules-relating-to-net-worth-standard-for-accredited-investors/ Dodd-Frank Wall Street ReformSEC Thu, 10 Feb 2011 10:46:16 -0500 Hunton & Williams LLP http://www.huntonfinancialindustryresourcecenter.com/2011/02/articles/doddfrank-wall-street-reform/sec-proposes-rules-relating-to-net-worth-standard-for-accredited-investors/ SEC Proposes Rules Relating to Investment Adviser Registration Exemptions and Reporting Requirements <p>On November 19, 2010, the Securities and Exchange Commission ("SEC") proposed new rules under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), as required by Sections 403, 407, 408 and 410 of the "Dodd-Frank Wall Street Reform and Consumer Protection Act" ("Dodd-Frank"). If adopted as proposed, the "Exemptive Release" would define the scope of the registration exemptions available to advisers to venture capital funds, advisers to private funds with less than $150 million in assets under management in the United States, and foreign private advisers. The "Implementation Release" would require reporting by certain "exempt reporting advisers" (including advisers to venture capital funds and private funds with less than $150 million in assets under management in the United States). Further, the Implementation Release would expand the reporting requirements for registered investment advisers on Form ADV. A copy of the SEC's Exemptive Release is available <a target="_blank" href="http://www.sec.gov/rules/proposed/2010/ia-3111.pdf">here</a> and a copy of the SEC's Implementation Release is available <a target="_blank" href="http://www.sec.gov/rules/proposed/2010/ia-3110.pdf">here</a>.</p> <p><a target="_blank" href="http://www.hunton.com/files/tbl_s10News/FileUpload44/17473/sec_proposes_rules_relating_to_investment_adviser_registration_exemptions.pdf">CONTINUE READING...</a></p><img src="http://feeds.feedburner.com/~r/FinancialIndustryRecoveryCenter/~4/59Cpg27mbtk" height="1" width="1"/> http://feeds.lexblog.com/~r/FinancialIndustryRecoveryCenter/~3/59Cpg27mbtk/ http://www.huntonfinancialindustryresourcecenter.com/2010/12/articles/doddfrank-wall-street-reform/sec-proposes-rules-relating-to-investment-adviser-registration-exemptions-and-reporting-requirements/ Dodd-Frank Wall Street ReformSEC Thu, 16 Dec 2010 11:55:37 -0500 Hunton & Williams LLP http://www.huntonfinancialindustryresourcecenter.com/2010/12/articles/doddfrank-wall-street-reform/sec-proposes-rules-relating-to-investment-adviser-registration-exemptions-and-reporting-requirements/ SEC Dodd-Frank Implementation -- Proposed Family Office Definition <p>On October 12, 2010, the Securities and Exchange Commission (“SEC”) proposed new Rule 202(a)(11)(G)-1 (the “Proposed Rule”) to define the term “family office” under the Investment Advisers Act of 1940 (the “Advisers Act”), as required by Section 409 of the “Dodd-Frank Wall Street Reform and Consumer Protection Act” (“Dodd-Frank”). Family offices that comply with the final version of the rules, once they are adopted, will not be required to register or comply with the Advisers Act. A copy of the SEC’s Proposing Release is available <a target="_blank" href="http://www.sec.gov/rules/proposed/2010/ia-3098.pdf">here</a>.</p> <p><a target="_blank" href="http://www.huntonfiles.com/files/webupload/FIRC_sec_proposes_family_office_definition.pdf">CONTINUE READING...</a></p><img src="http://feeds.feedburner.com/~r/FinancialIndustryRecoveryCenter/~4/L2-hwjRGHhU" height="1" width="1"/> http://feeds.lexblog.com/~r/FinancialIndustryRecoveryCenter/~3/L2-hwjRGHhU/ http://www.huntonfinancialindustryresourcecenter.com/2010/11/articles/doddfrank-wall-street-reform/sec-doddfrank-implementation-proposed-family-office-definition/ Dodd-Frank Wall Street Reform Tue, 16 Nov 2010 11:00:22 -0500 Hunton & Williams LLP http://www.huntonfinancialindustryresourcecenter.com/2010/11/articles/doddfrank-wall-street-reform/sec-doddfrank-implementation-proposed-family-office-definition/ SEC Dodd-Frank Implementation -- Proposed Institutional Investment Manager Reporting on Proxy Votes <p>On October 18, 2010, the Securities and Exchange Commission (“SEC”) proposed new Rule 14Ad-1 (the “Proposed Rule”) under the Securities Exchange Act of 1934 (the “Exchange Act”), as required by Section 951 of the “Dodd-Frank Wall Street Reform and Consumer Protection Act” (“Dodd-Frank”). If adopted as proposed, the Proposed Rule would require certain institutional investment managers, including hedge fund managers and pension fund managers that are required to file Form 13F, to annually file their record of proxy voting with respect to executive compensation shareholder votes. A copy of the SEC’s Proposing Release is available <a target="_blank" href="http://www.sec.gov/rules/proposed/2010/34-63123.pdf">here</a>.</p> <p><a target="_blank" href="http://www.huntonfiles.com/files/webupload/FIRC_proposed_institutional_investment_manager_reporting_proxy_votes.pdf">CONTINUE READING...</a></p><img src="http://feeds.feedburner.com/~r/FinancialIndustryRecoveryCenter/~4/TiFdfLaSPtw" height="1" width="1"/> http://feeds.lexblog.com/~r/FinancialIndustryRecoveryCenter/~3/TiFdfLaSPtw/ http://www.huntonfinancialindustryresourcecenter.com/2010/11/articles/doddfrank-wall-street-reform/sec-doddfrank-implementation-proposed-institutional-investment-manager-reporting-on-proxy-votes/ Dodd-Frank Wall Street Reform Tue, 16 Nov 2010 10:34:15 -0500 Hunton & Williams LLP http://www.huntonfinancialindustryresourcecenter.com/2010/11/articles/doddfrank-wall-street-reform/sec-doddfrank-implementation-proposed-institutional-investment-manager-reporting-on-proxy-votes/ CTFC Proposes New Rules for Consumer Privacy Protection <p>On October 27, 2010, the <a href="http://www.cftc.gov/">U.S. Commodity Futures Trading Commission</a> (the “CFTC”) issued two <a href="http://www.cftc.gov/LawRegulation/FederalRegister/ProposedRules/2010-26912.html">notices of proposed rulemaking</a> (“NPRMs”), citing Gramm-Leach-Bliley Act (“GLBA”) privacy rules, and marketing and data disposal rules of the Fair Credit Report Act (“FCRA”).</p> <p>The proposed rules come in the wake of the <a href="http://www.huntonfinancialindustryresourcecenter.com/promo/doddfrank-wall-street-reform-1">Dodd-Frank Wall Street Reform and Consumer Protection Act</a>, which places two new categories of covered entities (<u>i.e.</u>, “swap dealers” and “major swap participants”) under the CFTC’s jurisdiction.  Under the proposals, those entities would be subject to certain GLBA privacy rules that regulate the treatment of consumers’ nonpublic personal information, and sections of the FCRA that address affiliate marketing and data disposal.</p><p>Under the proposed marketing rule, CFTC-regulated entities that receive consumer “eligibility information” from an affiliate must not market to consumers unless the consumers are (1) notified in advance about the marketing, and (2) have a reasonable opportunity to opt-out.</p> <p>The proposed disposal rule would require relevant entities to create and employ written policies and procedures regarding the proper safeguarding and disposal of consumer information they possess or maintain.</p> <p>Comments from the public must be received by December 27, 2010, and the CFTC has proposed an effective date of July 21, 2011.</p><img src="http://feeds.feedburner.com/~r/FinancialIndustryRecoveryCenter/~4/gjAV2LXMJIU" height="1" width="1"/> http://feeds.lexblog.com/~r/FinancialIndustryRecoveryCenter/~3/gjAV2LXMJIU/ http://www.huntonfinancialindustryresourcecenter.com/2010/11/articles/doddfrank-wall-street-reform/ctfc-proposes-new-rules-for-consumer-privacy-protection/ Dodd-Frank Wall Street Reform Mon, 01 Nov 2010 09:29:20 -0500 Hunton & Williams LLP http://www.huntonfinancialindustryresourcecenter.com/2010/11/articles/doddfrank-wall-street-reform/ctfc-proposes-new-rules-for-consumer-privacy-protection/ Responding to Questions on the Transfer of Residential Mortgage Loans in Securitizations <p>Recently, in addition to questions regarding certain residential mortgage foreclosure processing improprieties, concerns have been expressed regarding the validity of certain transfers of residential mortgage loans in securitization transactions. We believe that these concerns are unfounded. To help clarify issues regarding the assignment process for residential mortgage loans, we have prepared the following questions and answers. These questions and answers are not intended to be comprehensive or to address every issue or situation but, rather, are intended to provide a general overview and explanation of matters related to mortgage loan transfers.</p> <p><a target="_blank" href="http://www.hunton.com/files/tbl_s10News/FileUpload44/17391/responding_to_questions_transfer_of_residential_mortgage.pdf">CONTINUE READING...</a></p><img src="http://feeds.feedburner.com/~r/FinancialIndustryRecoveryCenter/~4/FptTdX_8NPA" height="1" width="1"/> http://feeds.lexblog.com/~r/FinancialIndustryRecoveryCenter/~3/FptTdX_8NPA/ http://www.huntonfinancialindustryresourcecenter.com/2010/10/articles/client-alerts/responding-to-questions-on-the-transfer-of-residential-mortgage-loans-in-securitizations/ Client Alerts Tue, 19 Oct 2010 16:50:02 -0500 Hunton & Williams LLP http://www.huntonfinancialindustryresourcecenter.com/2010/10/articles/client-alerts/responding-to-questions-on-the-transfer-of-residential-mortgage-loans-in-securitizations/ SEC Proxy Access Seminar: Video Now Available <p>The Securities and Exchange Commission recently adopted its final rule on "proxy access," perhaps the most sweeping reform in decades regarding the way directors of public companies are elected. On September 21, 2010, Hunton & Williams hosted a panel on the SEC's proxy access rule and related corporate governance implications of the <a href="http://www.huntonfinancialindustryresourcecenter.com/promo/doddfrank-wall-street-reform-1/">Dodd-Frank Wall Street Reform Act</a>. Panelists included a proxy solicitor, senior in-house counsel of a public company, an executive compensation consultant and our corporate governance attorneys.</p> <p><a target="_blank" href="http://www.hunton.com/news/event.aspx?tab=0002&gen_H4ID=11290">CONTINUE READING</a></p><img src="http://feeds.feedburner.com/~r/FinancialIndustryRecoveryCenter/~4/J3-0YJHugE8" height="1" width="1"/> http://feeds.lexblog.com/~r/FinancialIndustryRecoveryCenter/~3/J3-0YJHugE8/ http://www.huntonfinancialindustryresourcecenter.com/2010/10/articles/doddfrank-wall-street-reform/sec-proxy-access-seminar-video-now-available/ Dodd-Frank Wall Street ReformSEC Wed, 06 Oct 2010 13:10:28 -0500 Hunton & Williams LLP http://www.huntonfinancialindustryresourcecenter.com/2010/10/articles/doddfrank-wall-street-reform/sec-proxy-access-seminar-video-now-available/ SEC Adopts Final Rules on Proxy Access and Facilitation of Nominations of Directors by Shareholders <p>On August 25, 2010, the Securities and Exchange Commission (“SEC”) adopted <a target="_blank" href="http://www.hunton.com/emailblast/pdfs/Final_Proxy_Access_Rules.PDF">final rules</a> to facilitate nominations of directors by shareholders, including so-called “proxy access” rules. As adopted, the rules permit any shareholder or group of shareholders that has owned three percent or more of the company’s voting stock for at least three years to include director nominees in that company’s proxy materials. Shareholders will be entitled to include the greater of one nominee or the number of nominees that represent twenty-five percent of the total number of the company’s directors. As explained in the SEC’s 451-page release, the rules are mandatory and will become effective sixty days after publication in the federal register, though the SEC granted a three-year reprieve to “smaller reporting companies.” The rules fundamentally affect the manner in which directors are elected and deserve close attention.</p> <p><a target="_blank" href="http://www.hunton.com/files/tbl_s10News/FileUpload44/17284/sec_adopts_final_rules_on_proxy_access.pdf">CONTINUE READING...</a></p><img src="http://feeds.feedburner.com/~r/FinancialIndustryRecoveryCenter/~4/2MbWdchobi4" height="1" width="1"/> http://feeds.lexblog.com/~r/FinancialIndustryRecoveryCenter/~3/2MbWdchobi4/ http://www.huntonfinancialindustryresourcecenter.com/2010/08/articles/sec/sec-adopts-final-rules-on-proxy-access-and-facilitation-of-nominations-of-directors-by-shareholders/ Dodd-Frank Wall Street ReformSEC Thu, 26 Aug 2010 13:44:06 -0500 Hunton & Williams LLP http://www.huntonfinancialindustryresourcecenter.com/2010/08/articles/sec/sec-adopts-final-rules-on-proxy-access-and-facilitation-of-nominations-of-directors-by-shareholders/ Three Bills Introduced to Repeal Section 929I of the Dodd-Frank Financial Reform Bill <p>As reported in <em>BNA’s Privacy Law Watch </em>on July 29, 2010, three bills were introduced by House Republicans to repeal <a href="http://op.bna.com/pl.nsf/id/dapn-87zqjs">Section 929I</a> of the <a target="_blank" href="http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h4173enr.txt.pdf">Dodd-Frank Wall Street Reform and Consumer Protection Act</a> (the “Dodd-Frank Act”).  Section 929I of the Dodd-Frank Act has been a source of controversy because it gives the SEC significant latitude to sidestep FOIA requests by providing that the SEC "shall not be compelled to disclose" certain information it obtains pursuant to the '34 Act when conducting surveillance, risk assessments or other regulatory and oversight activities.</p> <p><a href="http://www.huntonprivacyblog.com/2010/08/articles/financial-privacy/three-bills-introduced-to-repeal-section-929i-of-the-doddfrank-financial-reform-bill/">CONTINUE READING...</a></p><img src="http://feeds.feedburner.com/~r/FinancialIndustryRecoveryCenter/~4/69hqU9D2NME" height="1" width="1"/> http://feeds.lexblog.com/~r/FinancialIndustryRecoveryCenter/~3/69hqU9D2NME/ http://www.huntonfinancialindustryresourcecenter.com/2010/08/articles/doddfrank-wall-street-reform/three-bills-introduced-to-repeal-section-929i-of-the-doddfrank-financial-reform-bill/ Dodd-Frank Wall Street Reform Fri, 06 Aug 2010 13:37:21 -0500 Hunton & Williams LLP http://www.huntonfinancialindustryresourcecenter.com/2010/08/articles/doddfrank-wall-street-reform/three-bills-introduced-to-repeal-section-929i-of-the-doddfrank-financial-reform-bill/