Regulatory Reform

We see a lot of surveys and, frankly, we’re often underwhelmed. But that’s not the case with the annual Fulbright & Jaworski Litigation Trends Survey. The firm always has interesting and important information to report.

In a letter signed by 614 bankers, the American Bankers Association is urging SEC chair Mary Schapiro to revise the SEC proposal that would require the registration of thousands of bankers and their banks as municipal advisors if they offer "the same traditional services that banks have provided to towns and cities for decades."  The bankers say the plan would interfere with banks’ long-time close cooperation in the work of local munici

Under the Dodd-Frank Act, government regulators, including the FDIC and SEC, have released risk-retention proposals for asset-back securities, including collateralized loan obligation funds ("CLOs"). The proposals, which are out for comment until June 10, will require entities that securitize assets to retain risk, meaning owning a percentage of the securities issued in the transaction.

Derrick D. Cephas has joined the New York office of Weil, Gotshal & Manges to lead the Financial Institutions Regulatory practice group. Cephas joins Weil from Amalgamated Bank, where he served as the bank's president and chief executive officer.

With Election Day now over, the Securities and Exchange Commission has announced that it is proposing Exchange Act Rule 9j-1, which is intended to prohibit fraud, manipulation, and deception in connection with the offer, purchase or sale of any security-based swap, as well as in connection with the exercise of any right or performance of any obligation under a security-based swap, including the avoidance of such exercise or performanc

The Federal Reserve Board is forming an advisory council representing a broad group of insured community depository institutions.  The Community Depository Institutions Advisory Council (“CDIAC”) will provide input to the Fed on the economy, lending conditions, and other issues.  Members will be selected from representatives of banks, thrift institutions, and credit unions serving on newly created local advisory councils at the 12 F

Perhaps no government entity is more affected by the new financial regulatory reform act than the Securities and Exchange Commission. On Tuesday, SEC Chair Mary L.

The Securities and Exchange Commission's division that reviews public company filings is creating three specialized offices to enhance its disclosure review and policy operations. 

The Federal Reserve Board today approved a final rule “to protect credit card users from unreasonable late payment and other penalty fees and to require credit card issuers to reconsider interest rate increases imposed since the beginning of last year.” 

The staffs of the CFTC and SEC to the Joint Advisory Committee on Emerging Regulatory Issues have issued their preliminary findings regarding the May 6 stock market fall. The report states, “We have found no evidence that these events were triggered by ‘fat finger’ errors, computer hacking, or terrorist activity, although we cannot completely rule out these possibilities.” The key portion of the executive summary indicates: