The CFTC unanimously approved Final Rule amendments on August 21, 2018 to the regulations governing chief compliance officer (“CCO”) duties and annual compliance reporting requirements for FCMs, swap dealers and MSPs (“Registrants”). These amendments are the first substantive rule amendments to be adopted under Chairman Giancarlo’s
Continue Reading CFTC Adopts Final Rule Amendments Simplifying CCO Duties and Annual Report Rules for FCMs, Swap Dealers and MSPs

On May 11, 2018, the customer due diligence rule, 31 C.F.R. § 1010.230 (the “CDD Rule”), issued by the Financial Crimes Enforcement Network (“FinCEN“) became applicable two years after it was issued.  The CDD Rule added a new requirement for covered financial institutions to identify,
Continue Reading FFIEC Issues New Procedures on Examining Financial Institutions for Compliance with FinCEN’s CDD Rule, while FinCEN and Congressional Review Continues

As expected, the DOL has officially delayed the applicability date of the full requirements of the Best Interest Contract (BIC) Exemption, Principal Transactions Exemption and PTE 84-24 by 18 months, from January 1, 2018 to July 1, 2019.  Our post from earlier this year described which requirements of these exemptions
Continue Reading Delay of Full Applicability Date of Exemptions Related to Fiduciary Rule Now Official

The U.S. banking agencies (the Federal Reserve, OCC and FDIC) have delayed the last phase of the U.S. Basel III capital rules’ transition provisions relating to certain deductions from capital and limitations on the recognition of minority interests, which were scheduled to become effective January 1, 2018, for banking organizations
Continue Reading U.S. Banking Agencies Delay the Phase-In of Certain Capital Rules for Non-Advanced Approaches Banking Organizations

Many have commented on the suit filed last week challenging the CFPB’s arbitration rule, but few have considered what impact, if any, the suit could have on the fast-approaching compliance date of March 19, 2018.

As a reminder, the Chamber of Commerce and other trade associations filed a long-anticipated suit
Continue Reading Thoughts on Suit to Vacate CFPB Arbitration Rule

Yesterday afternoon, the CFPB issued a final rule that, once it becomes effective, is designed to prohibit providers of certain consumer financial products or services from using pre-dispute arbitration clauses to bar consumers from participating in class action lawsuits.  Although covered providers will still be permitted to include mandatory arbitration
Continue Reading CFPB Issues Final Rule Limiting Use of Arbitration Clauses in Consumer Financial Contracts

As expected, the DOL has officially delayed the applicability date of the fiduciary rule to June 9, 2017 (the rule was originally scheduled to become applicable on April 10, 2017). In a surprising move, rather than extend the entire rule for a longer period or set the stage for further
Continue Reading DOL Fiduciary Rule: Officially Delayed for Now, with More to Come

Early press accounts of President Trump’s regulatory moratorium are highly misleading for financial sector regulations.  On Friday, White House Chief of Staff Reince Priebus issued a memorandum (the “Priebus Memo”) to the heads of executive departments and agencies instructing them to, among other things, stop submitting regulations for publication in
Continue Reading President Trump’s First-Day Regulatory Moratorium Has Little Impact for Financial Regulation

On January 6, 2017, Congressman Joe Wilson (R-SC) introduced in the House the Protecting American Families’ Retirement Advice Act, which would delay the effective date of the DOL Fiduciary Rule. Under the bill the DOL Fiduciary Rule would be delayed for two years past its currently slated effective date
Continue Reading The Future of the DOL’s Fiduciary Rule

Linked below is the Davis Polk visual memorandum analyzing the Federal Reserve’s final rule on total loss-absorbing capacity (TLAC), eligible long-term debt (LTD) and clean holding company requirements for U.S. global systemically important banking organizations (G-SIBs) and U.S. IHCs of foreign G-SIBs, which is intended to further improve their resiliency
Continue Reading Federal Reserve’s Final Rule on TLAC, Eligible LTD and Clean Holding Company Requirements