Financial Regulatory Reform Updates and Alerts
Morgan Lewis is closely tracking the Financial Regulatory Reform legislation (Restoring American Stability Act of 2010) and providing frequent updates on the latest developments—all collected on this page along with links to attorneys who can advise on specific areas of interest. We invite you to bookmark this page and visit regularly to access the latest information.
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Broker-Dealer Regulation
Impact of Senate Financial Reform Bill on Retail Brokerage and Private Client Services (05/24/2010)
Pending financial reform legislation, coupled with regulatory initiatives under way at SEC, FINRA, and DOL, move to establish consistent professional standards, improve disclosures, and impose greater requirements on securities professionals
Pending financial reform legislation, coupled with regulatory initiatives under way at SEC, FINRA, and DOL, move to establish consistent professional standards, improve disclosures, and impose greater requirements on securities professionals
Consumer Financial Protection Bureau
Financial Regulatory Reform Heads Down the Homestretch (06/29/2010)
A final compromise on the Volcker Rule headlines a climate change in the regulation of financial institutions.
A final compromise on the Volcker Rule headlines a climate change in the regulation of financial institutions.
The New Regulator on the Block—The Bureau of Consumer Financial Protection (06/17/2010)
A departure from the disclosure-driven precedents set by past consumer protection laws will usher in the era of the independent consumer financial protection regulator.
A departure from the disclosure-driven precedents set by past consumer protection laws will usher in the era of the independent consumer financial protection regulator.
Derivatives
2012 Derivatives Roundtable: Exploring the Use of Derivatives by Mutual Funds, Closed-End Funds, and ETFs
(02/17/2012)
Sponsor
Sponsor
The Commercial End-User Exemption (01/31/2011)
CFTC and SEC solicit comments on proposed rules governing the commercial end-user exemption to the clearing requirements of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act
CFTC and SEC solicit comments on proposed rules governing the commercial end-user exemption to the clearing requirements of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act
Derivative Reform Enacted Into Law (07/21/2010)
Sweeping derivative reform legislation contains momentous changes to the way swaps and security-based swaps are regulated and reported.
Sweeping derivative reform legislation contains momentous changes to the way swaps and security-based swaps are regulated and reported.
Are You Ready for Derivative Reform? Congress to Reconcile Proposed Derivative Legislation (05/28/2010)
Sweeping derivatives reforms are pending as the House and the Senate hand down new regulations for swaps and security-based swaps, imposing clearing, exchange trading, capital, margin, registration, reporting, recordkeeping, and business conduct requirements.
Sweeping derivatives reforms are pending as the House and the Senate hand down new regulations for swaps and security-based swaps, imposing clearing, exchange trading, capital, margin, registration, reporting, recordkeeping, and business conduct requirements.
Corporate Governance
Financial Reform Bill Imposes New Corporate Governance Requirements (07/21/2010)
The latest on financial reform provisions relating to proxy access, board leadership structure, board risk and compensation committees, broker voting, and internal control over financial reporting that will affect many public companies.
The latest on financial reform provisions relating to proxy access, board leadership structure, board risk and compensation committees, broker voting, and internal control over financial reporting that will affect many public companies.
Proposed Corporate Governance Changes Applicable to Public Companies (06/14/2010)
Proposed financial reform provisions relating to director elections, proxy access, board leadership structure, board risk committees, and broker voting will affect many public companies.
Proposed financial reform provisions relating to director elections, proxy access, board leadership structure, board risk committees, and broker voting will affect many public companies.
Financial Reform Addresses Executive Compensation and Corporate Governance (05/27/2010)
Proposed financial reform provisions move to address the perceived link between executive compensation and systemic risk by including substantive and procedural executive compensation requirements and imposing additional corporate governance and disclosure requirements.
Proposed financial reform provisions move to address the perceived link between executive compensation and systemic risk by including substantive and procedural executive compensation requirements and imposing additional corporate governance and disclosure requirements.
Employee Benefits and Executive Compensation
Financial Reform Bill Imposes Significant New Executive Compensation and Corporate Governance Requirements (07/16/2010)
Amendments to proxy disclosure rules and changes to executive compensation requirements will mean immediate changes for almost all publicly traded corporations.
Amendments to proxy disclosure rules and changes to executive compensation requirements will mean immediate changes for almost all publicly traded corporations.
Impact of Financial Reform Legislation on Employee Benefit Plans (07/06/2010)
Despite the presence of several exclusions for plans and plan-related services, employee benefit plans will feel the effects of the new regulatory requirements.
Despite the presence of several exclusions for plans and plan-related services, employee benefit plans will feel the effects of the new regulatory requirements.
Financial Reform Addresses Executive Compensation and Corporate Governance (05/27/2010)
Proposed financial reform provisions move to address the perceived link between executive compensation and systemic risk by including substantive and procedural executive compensation requirements and imposing additional corporate governance and disclosure requirements.
Proposed financial reform provisions move to address the perceived link between executive compensation and systemic risk by including substantive and procedural executive compensation requirements and imposing additional corporate governance and disclosure requirements.
Financial Stability Oversight Council
Form PF Will Result in Substantial Reporting Requirements for Registered Advisers to Private Funds (11/08/2011)
Financial Regulatory Reform Heads Down the Homestretch (06/29/2010)
A final compromise on the Volcker Rule headlines a climate change in the regulation of financial institutions.
A final compromise on the Volcker Rule headlines a climate change in the regulation of financial institutions.
Systemic Risk Regulation: The Missing Link? (06/14/2010)
Gaps in oversight prompt the creation of a new interagency council that will be charged with identifying, monitoring, and responding to systemic risks in the financial sector.
Gaps in oversight prompt the creation of a new interagency council that will be charged with identifying, monitoring, and responding to systemic risks in the financial sector.
Investor Protection and Securities Regulation
Financial Reform Act Creates Whistleblower Provisions Likely to Increase FCPA Enforcement (07/26/2010)
The Financial Reform Act includes whistleblower protections that may increase the reporting of FCPA violations, and provides incentives for reporting information relating to the violation of securities laws.
The Financial Reform Act includes whistleblower protections that may increase the reporting of FCPA violations, and provides incentives for reporting information relating to the violation of securities laws.
Landmark Legislation Gives SEC New Enforcement Capability (07/19/2010)
The newly approved financial reform bill contains new measures expanding the SEC’s enforcement authority and strengthening its oversight and regulatory authority over the nation’s securities markets.
The newly approved financial reform bill contains new measures expanding the SEC’s enforcement authority and strengthening its oversight and regulatory authority over the nation’s securities markets.
Congress Set to Arm SEC with Increased Enforcement Capability (06/07/2010)
The U.S. financial reform legislation that recently passed in the Senate and House is expected, after reconciliation in joint committee, to bring a new expansion of SEC market oversight, including collateral bars for securities laws violators, new whistleblower incentives and protections, and increased regulation of municipal securities.
The U.S. financial reform legislation that recently passed in the Senate and House is expected, after reconciliation in joint committee, to bring a new expansion of SEC market oversight, including collateral bars for securities laws violators, new whistleblower incentives and protections, and increased regulation of municipal securities.
Proposed Rewards for FCPA Whistleblowers Raise Risk for Multinational Corporations (04/15/2010)
Amid heightened interest in FCPA investigations, the proposed whistleblower legislation will require corporations to implement new and upgrade existing FCPA compliance programs, fully investigate allegations of misconduct, and consider more carefully whether to self-report FCPA violations.
Amid heightened interest in FCPA investigations, the proposed whistleblower legislation will require corporations to implement new and upgrade existing FCPA compliance programs, fully investigate allegations of misconduct, and consider more carefully whether to self-report FCPA violations.
Labor and Employment
Financial Reform Legislation: A Guide to the Employment-Related Provisions (08/05/2010)
The Wall Street Reform Act dramatically changes the employer-employee landscape, significantly expanding government oversight and regulation of the workplace for employers in the financial services industry and public companies.
The Wall Street Reform Act dramatically changes the employer-employee landscape, significantly expanding government oversight and regulation of the workplace for employers in the financial services industry and public companies.
Congress Passes Sweeping Changes to Labor and Employment Whistleblower Protections (07/20/2010)
The newly passed Dodd-Frank Wall Street Reform and Consumer Protection Act will be signed into law this week, strengthening the whistleblower provisions of the Sarbanes-Oxley Act and creating several new whistleblower programs.
The newly passed Dodd-Frank Wall Street Reform and Consumer Protection Act will be signed into law this week, strengthening the whistleblower provisions of the Sarbanes-Oxley Act and creating several new whistleblower programs.
Sweeping Changes Made to Labor and Employment Whistleblower Protections (05/21/2010)
Financial reform legislation, if signed, will—among other changes—allow employee whistleblowers to bypass Sarbanes-Oxley administrative proceedings and its 90-day statute of limitations for bringing retaliation claims.
Financial reform legislation, if signed, will—among other changes—allow employee whistleblowers to bypass Sarbanes-Oxley administrative proceedings and its 90-day statute of limitations for bringing retaliation claims.
Orderly Liquidation Authority
Reforming "Too Big to Fail" (07/22/2010)
The financial reform bill creates a new liquidation process that would allow the FDIC to seize control of large, interconnected financial companies, including broker-dealers, whose imminent failure threatens the stability of the U.S. financial system as a whole.
The financial reform bill creates a new liquidation process that would allow the FDIC to seize control of large, interconnected financial companies, including broker-dealers, whose imminent failure threatens the stability of the U.S. financial system as a whole.
Regulation of Advisers to Hedge Funds and Others
SEC Adopts Rules Exempting Venture Capital Fund Advisers from SEC Registration and Setting Forth Reporting Regime (07/07/2011)
Advisers that solely advise funds that are able to fit the narrow definition of "venture capital fund" set forth by the SEC are exempt from registration requirements imposed by the Dodd-Frank Act, but are still required to comply with recordkeeping and reporting obligations.
Advisers that solely advise funds that are able to fit the narrow definition of "venture capital fund" set forth by the SEC are exempt from registration requirements imposed by the Dodd-Frank Act, but are still required to comply with recordkeeping and reporting obligations.
SEC Adopts Exemptions for Certain Private Fund Advisers and Other Dodd-Frank Implementing Rules (06/29/2011)
Certain fund advisers that fit narrow definitions are exempt from registration requirements imposed by the Dodd-Frank Act, but are still required to comply with recordkeeping and reporting obligations.
Certain fund advisers that fit narrow definitions are exempt from registration requirements imposed by the Dodd-Frank Act, but are still required to comply with recordkeeping and reporting obligations.
SEC Proposes Exemptions for Certain Private Fund Advisers (01/10/2011)
Certain fund advisers that fit narrow definitions would be exempt from registration requirements imposed by the Dodd-Frank Act, but would still be required to comply with extensive recordkeeping and reporting obligations.
Certain fund advisers that fit narrow definitions would be exempt from registration requirements imposed by the Dodd-Frank Act, but would still be required to comply with extensive recordkeeping and reporting obligations.
Dodd-Frank Wall Street Reform and Consumer Protection Act: Summary of Provisions of Primary Interest to Advisers (07/28/2010)
Among the many reforms to occur due to the recent passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, some provisions will specifically impact the business of those investment advisers registered under the Advisers Act.
Among the many reforms to occur due to the recent passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, some provisions will specifically impact the business of those investment advisers registered under the Advisers Act.
Private Fund Investment Advisers Registration Act Enacted Into Law (07/28/2010)
Hedge fund and private equity fund managers will now be required to register with the SEC or state regulators, while venture capital fund advisers obtain an exemption from registration.
Hedge fund and private equity fund managers will now be required to register with the SEC or state regulators, while venture capital fund advisers obtain an exemption from registration.