Legal Update
31 Dezember 2012
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Mayer Brown Legal Update
The US Commodity Futures Trading Commission has issued a release containing a final exemptive order and proposing for public comment additional guidance regarding the cross-border regulation of swaps.
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Legal Update
18 Dezember 2012
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Mayer Brown Legal Update
The Commodity Futures Trading Commission (the “Commission”) today adopted interim final rules that defer the dates by which swap dealers (“SDs”) and major swap participants (“MSPs”) are required to comply with many provisions of the Commission’s external business conduct rules and with certain internal business conduct rules that require agreements or the exchange of information with counterparties.
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Legal Update
20 November 2012
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Mayer Brown Legal Update
On November 16, 2012, under specific authority granted under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the US Secretary of the Treasury (Secretary) issued the long-awaited final determination (Determination), which states that physically settled “foreign exchange swaps” (FX Swaps) and “foreign exchange forwards” (FX Forwards) are exempt from the definition of “swap” and not subject to many of the swap requirements under the Commodity Exchange Act (CEA).
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Legal Update
22 August 2012
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Mayer Brown Legal Update
On August 14, 2012, the US Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight released a set of frequently asked questions and answers regarding the changes to registration and compliance requirements for commodity pool operators (CPOs) and commodity trading advisors (CTAs) adopted earlier this year. |
Legal Update
15 August 2012
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Mayer Brown Legal Update
Among the more significant amendments made by Title VII of the Dodd-Frank Act to the Commodity Exchange Act are Section 721(a)(5), which added a definition of “commodity pool,” and Section 721(a)(6), which expanded the scope of the term “commodity pool operator” to include those that invest in non-security-based swaps.
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Mayer Brown Legal Update
On June 29, 2012, the US Commodity Futures Trading Commission (the “CFTC”) proposed interpretive guidance (the “Proposed Guidance”) regarding the cross-border application of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”).
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Mayer Brown Legal Update
The US Commodity Futures Trading Commission has released its proposed interpretive guidance and policy statement (the “Proposed Guidance”) regarding the cross-border application of the swaps provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
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Legal Update
30 April 2012
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Mayer Brown Legal Update
Last Friday, the US Commodity Futures Trading Commission and Securities and Exchange Commission (the “Commissions”) released the text of their final rulemaking further defining the terms “swap dealer,” “security-based swap dealer,” “major swap participant,” “major security-based swap participant” and “eligible contract participant.” In the report linked to below, we offer selected observations on the final rules and the Commissions’ interpretive guidance.
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Legal Update
4 Januar 2012
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Mayer Brown Legal Update
The Securities and Exchange Commission has further amended its net worth standard for accredited investors to exclude the value of a primary residence for purposes of determining whether a natural person, either individually or jointly with their spouse, has a net worth in excess of $1 million. The SEC amended the portion of the accredited investor definition that qualifies a natural person investor as accredited based on net worth under both Rule 501 of Regulation D and Rule 215 of the Securities Act. The SEC also adopted technical amendments to Form D and a number of other rules to conform them to the corresponding Dodd-Frank Act requirements.
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Legal Update
20 Oktober 2011
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Mayer Brown Legal Update
The US bank and securities regulatory agencies have issued for public comment their much anticipated proposal to implement the Volcker Rule provisions of the Dodd-Frank Act. The proposal provides key details—and raises many new questions—regarding the proprietary-trading and covered-fund prohibitions at the core of the Volcker Rule, as well as the restrictions and conditions that will apply to banking entities that engage in permitted trading and fund activities pursuant to its key exemptions. This Legal Report summarizes the proposal and highlights select issues of concern to many financial services firms, including observations regarding the extraterritorial reach of the proposal and its potential impact on the securitization markets.
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Legal Update
9 August 2011
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Mayer Brown Legal Update
On July 26, 2011, the US Securities and Exchange Commission (SEC) voted unanimously to adopt Form 13H and Rule 13h-1 under the Securities Exchange Act of 1934 (Exchange Act). The formal adopting release was issued on July 27.1 Although Rule 13h-1 is technically effective on October 3, 2011, the Adopting Release provides two staggered compliance dates for the rule’s key provisions.
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Legal Update
15 Juli 2011
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Mayer Brown Legal Update
The SEC has adopted new rules implementing certain changes to the Investment Advisers Act of 1940 that were made as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The new regulations provide several replacement exemptions for the former “private adviser exemption. We review three key new exemptions and discuss compliance and other issues for US- and Non-US Advisers. We also provide a summary of important dates for new and existing registrants.
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Legal Update
15 Juli 2010
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Mayer Brown Legal Update
The Dodd-Frank Wall Street Reform and Consumer Protection Act’s impact on the securitization markets will be significant. In fact, some provisions are already raising significant issues, as the market begins to digest the final terms of this landmark, voluminous legislation. Mayer Brown has already published a detailed summary and analysis of the Act, “Understanding the New Financial Reform Legislation.”
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Legal Update
14 Juni 2010
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Mayer Brown Legal Update
On December 30, 2009, the US Securities and Exchange Commission (SEC) published its final rule amending certain custody requirements under the Investment Advisers Act of 1940, as amended (Advisers Act) for registered investment advisers (RIAs).1 The SEC indicated in the Adopting Release that the amendments were adopted to enhance the safekeeping of investor assets in the wake of several high-profile fraud cases against investment advisers and broker-dealers.
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Legal Update
20 April 2010
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Mayer Brown Legal Update
On March 18, 2010, President Obama signed into law the HIRE Act,1 economic stimulus legislation intended, among other things, to spur new job creation in the US economy. To partially offset the costs of this new law, Congress substantially incorporated into the HIRE Act certain provisions of the Foreign Account Tax Compliance Act of 2009 (FATCA) (see our December 14, 2009 alert, “House ‘Extenders’ Provision Contains Modified Information Reporting and Withholding Tax Provisions First Proposed in the Foreign Account Tax Compliance Act of 2009”2 and our November 5, 2009 update, “Foreign Account Tax Compliance Act of 2009: Information Reporting for US Client Accounts
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Legal Update
26 Februar 2010
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Mayer Brown Legal Update
On February 24, 2010, the US Securities and Exchange Commission (SEC) adopted amendments to Regulation SHO under the Securities Exchange Act of 1934, aimed at restricting short selling under certain limited circumstances. After proposing a number of different short sale controls, the SEC voted 3-2 to adopt the “alternative uptick rule.”
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Legal Update
21 Dezember 2009
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Mayer Brown Legal Update
On December 16, 2009, the US Securities and Exchange Commission (SEC) voted to adopt amendments to Rule 206(4)-2 under the Investment Advisers Act of 1940 – the “Custody Rule” for registered investment advisers (RIAs). Based in part on approximately 1,300 comment letters received by the SEC, the SEC intends to make some significant changes from the original proposal to amend the Custody Rule.
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Legal Update
1 September 2009
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Mayer Brown Legal Update
We have previously written about legislative and regulatory developments facing the over-the-counter (OTC) derivatives market. These development include a number of bills introduced in Congress as well as the framework outlined by the Department of the Treasury in the June white paper, “Financial Regulatory Reform: A New Foundation,” for a new regulatory regime for OTC derivatives to be implemented by legislation.
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Legal Update
18 August 2009
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Mayer Brown Legal Update
On August 17, 2009, the US Securities and Exchange Commission (SEC) issued a release (the “New Proposal”)1 announcing that it had (i) re-opened the comment period on its prior release proposing alternative means for potentially regulating short sale price tests (the “Prior Proposal”)2 and (ii) proposed an additional price test for commenters’ consideration (an “alternative uptick rule”). The comment period for both the New Proposal and the Prior Proposal will end 30 days after the New Proposal is published in the Federal Register.
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Legal Update
29 Juli 2009
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Mayer Brown Legal Update
On July 27, 2009, the US Securities and Exchange Commission (SEC) took several steps aimed at combating “abusive” short selling and increasing public disclosure of short sale activity. First, the SEC finalized Rule 204 under Reg. SHO,2 which was originally adopted as Interim Final Temporary Rule 204T in October 2008.
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Legal Update
19 Juni 2009
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Mayer Brown Legal Update
On May 20, 2009, the US Securities and Exchange Commission (SEC) issued proposed amendments to Rule 206(4)-2 (Custody Rule) under the Investment Advisers Act of 1940 (Advisers Act) aimed at providing additional safeguards for client assets held by registered investment advisers (Proposed Amendments). According to the SEC, the Proposed Amendments are intended to address the findings of several recent high-profile enforcement actions involving certain advisers’ custody arrangements, particularly self-custody or custody of client assets with an affiliate, in which client assets were misappropriated or otherwise fraudulently handled.
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Legal Update
15 April 2009
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Mayer Brown Legal Update
On April 10, 2009, the US Securities and Exchange Commission (SEC) issued five alternative proposed amendments to Regulation SHO, which, according to the SEC, are aimed at curbing short sales under certain circumstances and increasing overall investor confidence (the “Proposing Release”). The Proposing Release comes at a time when the SEC is under intense pressure from members of the US Congress, many of whom have taken an increased interest in short selling in light of the ongoing market crises.
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News Release
6 November 2008
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6 November 2008 - Mayer Brown LLP, a leading global law firm, announced today that 20 of its attorneys are ranked as “Leading Lawyers” in the 2009 edition of IFLR1000. The publication also ranks Mayer Brown practices in 21 categories, including two Tier 1 rankings: US Structured Finance & Securitization and Hong Kong Restructuring & Insolvency. IFLR1000 is the guide to the world’s leading financial law firms, providing rankings and analysis of the best financial law firms operating in more than 100 markets worldwide.
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NC Banking Institute Journal
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News Release
22 März 2007
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21 March 2007 - Mayer, Brown, Rowe & Maw LLP is pleased to announce the addition of Jerome Roche to its Financial Services Regulatory practice. Mr. Roche joins the firm's Washington, D.C. office as a partner from TIAA-CREF where he served as Chief Legal Officer of Teachers Personal Investing Services, Inc.
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