In his latest articled titled, EU’s Conflict Minerals Law Will Be Delayed Until Next Year, Joe Mont of Compliance Week wrote “The European Commission’s legislative proposal on conflict minerals, expected any day now, has instead been put on hold until next year.”
In January, 2010, the Securities and Exchange Commission (“SEC”) announced its Enforcement Cooperation Initiative (“Initiative”), which provided the SEC with the ability to offer certain individuals or entities immunity or other preferential treatment in exchange for information about illegal activities and/or cooperation with the SEC in connection with SEC enforcement actions.
On November 14, Securities and Exchange Commission Chair Mary Jo White delivered a letter to Representative Scott Garrett, Chairman of the House of Representatives Subcommittee on Capital Markets and Government-Sponsored Enterprises for the House Financial Services Committee, in which she answered a number of Representative Garrett’s questions regarding the status of the SEC’s review of the definition of “accredited investor” under Rule 501(a) promulgated under the Securities Act of 1933 (Securities Act).
On November 15, the Commodity Futures Trading Commission’s Division of Market Oversight (DMO) issued guidance (Guidance) to swap execution facilities (SEFs) and SEF applicants concerning several CFTC regulations relating to SEF registration requirements, consent to SEF jurisdiction, use of proprietary data, member guarantees, emergency action requirements and SEF reporting obligations.
CFPB: On November 20, the CFPB released its final rule combining the TILA and RESPA mortgage disclosure forms and rules. The new, streamlined “Know Before You Owe” mortgage forms introduced by the rule will replace the existing federal disclosures and help consumers understand their options, choose the deal that’s best for them, and avoid unexpected costs at the closing table. The rule goes into effect on August 1, 2015.
The editors at the Corporate Governance & Social Responsibility blog brought our attention to a recent academic paper from The Ohio State University Moritz College of Law titled “Shareholder Activism as a Corrective Mechanism in Corporate Governance.”
During the American Bar Association’s Business Law Section Fall Meeting, the Federal Regulation of Securities Committee hosted a dialogue with the Director of the SEC’s Division of Corporation Finance, Keith Higgins. Mr. Higgins noted that the SEC Staff is tracking Rule 506 offerings, and thus far, there have been slightly over 300 offerings made using general solicitation (based on Form D data)
As we discussed earlier this month, the Ontario Securities Commission recently published final rules dealing with the regulation of trade repositories, derivatives data reporting requirements and the scope of derivatives that will be subject to such reporting requirements.
In what appears to be a case of first impression, the SEC recently granted exemptive relief from the “time-out” provision of the pay-to-play rule, which prohibits a registered investment adviser from providing investment advisory services for compensation to a government entity within two years after an adviser or any of its covered associates contributes money to an official of the government entity.
Earlier this week, the CFPB issued a study comparing annual spending on financial education to annual spending on financial industry marketing efforts. Intended to support the CFPB’s call for increased financial education and financial skill building opportunities for American consumers, the studies key findings are that 25 times as much is spent on marketing financial products and services to consumers each year than on financial education and about two dollars per person per year is spent nationally on financial education.