Comment Period Extension for Volcker Rule
On December 23, the Fed, FDIC, OCC, and SEC extended the comment period on proposed regulations implementing the Volcker Rule to February 13. The Volcker Rule requires regulators to implement restrictions on the ability of banks and nonbank financial companies to engage in proprietary trading and to have certain interests in, or relationships with, hedge funds or private equity funds. Interagency Release.
SEC Amends Net Worth Standard for Accredited Investors
On December 21, pursuant to Section 413(a) of the Dodd-Frank Act, the SEC amended several rules under the Securities Act, the Investment Company Act, and the Investment Advisers Act to exclude the value of an individual's home from net worth calculations used to determine whether such individual qualifies as an accredited investor. The amendments also: (i) clarify the treatment of loans secured by a primary residence for purposes of this new net worth calculation and (ii) permit individuals who qualified as accredited investors under the prior definition of accredited investor to use the previous net worth standard for certain follow-on investments. The amendments will be effective on February 27. SEC Release. SEC Final Rule.
CFTC Final Order on Effective Date for Swap Regulation
On December 19, the CFTC issued a Final Order on swap regulation extending the potential latest expiration date of exemptive relief from certain provisions of the Commodity Exchange Act to July 16. CFTC Release.
CFTC Final Rules on Real-Time Reporting of Swap Transaction Data
On December 20, pursuant to Section 727 of the Dodd-Frank Act, the CFTC adopted final rules to implement a new framework for the real-time public reporting of swap transaction and pricing data for all swap transactions. The final rules will be effective 60 days after publication in the Federal Register. CFTC Fact Sheet. CFTC Final Rules.
CFTC Final Rules on Swap Data Recordkeeping and Reporting Requirements
On December 20, pursuant to Sections 727, 728, and 729 of the Dodd-Frank Act, the CFTC adopted final rules establishing swap data recordkeeping and reporting requirements for swap data repositories, derivatives clearing organizations, designated contract markets, swap execution facilities, swap dealers, major swap participants, and swap counterparties that are neither swap dealers nor major swap participants. The final rules will be effective 60 days after issuance. CFTC Fact Sheet. CFTC Final Rules.
Fed Proposed Rules on Large Banks and Systemically Important Nonbanks
On December 20, pursuant to Sections 165 and 166 of the Dodd-Frank Act, the Fed proposed rules implementing new requirements for bank holding companies with consolidated assets of $50 billion or more and systemically important nonbank financial firms. The proposed rules address several measures, including: (i) risk-based capital and leverage requirements; (ii) liquidity requirements; (iii) stress tests; (iv) single-counterparty credit limits; and (v) debt-to-equity limits for companies that pose a grave threat to financial stability. Comments must be submitted by March 31. Fed Release. Proposed Rule.
SEC Extension of Temporary Registration of Municipal Advisors
On December 21, the SEC extended interim final temporary Rule 15Ba2-6T, providing for temporary registration of municipal advisors under the Exchange Act, from December 31, 2011 to September 30, 2012. SEC Rule.
Fannie Mae Loan-Level Disclosure
On January 3, Fannie Mae announced that it will start to disclose loan-level data for its newly-issued Single-Family MBS in the first quarter of 2012. The initial release will provide at issuance loan-level data and subsequent releases will aim to include additional data elements and monthly updates to loan-level data. Fannie Mae Release.
Fed Final Notice on SLHC Reporting
On December 23, 2011, the Fed issued a final notice providing a two-year phase-in period for most savings and loan holding companies (SLHCs) to submit regulatory reports similar to those collected from bank holding companies, and exempting certain SLHCs from having to file this new type of report. Fed Release. Fed Final Notice.
Fed Housing Market White Paper
On January 4, the Fed released a white paper entitled "The U.S. Housing Market: Current Conditions and Policy Considerations" which discusses proposals for housing market and mortgage servicing practices, including a pending federal agency proposal for an REO to Rental program, servicer modification and foreclosure practices, loan underwriting standards and issues related to loan put backs by the GSEs. Fed White Paper.
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