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| Insights from Winston & Strawn |
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On July 21, 2010, President Barack Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act, enacting the most sweeping legislative overhaul to Wall Street since the Great Depression. The passage of the Act started the clock on the deadlines for the agencies to adopt the rulemaking necessary to implement the Act. While there are a few provisions of the Act that became effective immediately (for example, the change to the definition of "accredited investor" that excludes the value of an individual's primary residence when determining their net worth), there are over 240 rulemakings required by the agencies to implement the Act. The SEC and CFTC together are required to implement nearly 150 new rules. The Act requires that most of the rulemaking be implemented in the next six to twelve months. It has been reported that the SEC's divisions have assembled teams to tackle the issues, and that 50 to 100 staffers are involved in the preparations. Separately, the CFTC has identified 30 areas where rules will be necessary to regulate the over-the-counter derivatives marketplace. While the rulemaking process will continue the uncertainty confronting many financial institutions and other market participants, it also provides an opportunity for such institutions and participants to influence the agency decision-making through the public comment process. We encourage those with an outcome in any rulemaking to review carefully the proposed rulemaking as it is released and to offer comments where appropriate.
On Friday, August 6, 2010, we will hold the third of four scheduled webinars designed to shed light on the various parts of Dodd-Frank Act. Information regarding the webinars, including how to register, can be found in the Winston & Strawn Speaking Engagements and Publications section, below, or on our Global Financial Markets Spotlight website.
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| In the News |
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- Ambiguous Notes of AIG's Auditor Led to Investigation's Closure.
On July 23rd, the New York Times, covering a Wall Street Journal article, reported on the reasons behind the decision of the SEC and Justice Department to close their investigation of Joseph Cassano, the head of AIG's financial products unit. Notes taken by an independent auditor for AIG could be read to indicate that Cassano had disclosed necessary accounting adjustments. Ambiguities. On July 23rd, Kenneth Feinberg, the Special Master for TARP Executive Compensation, released his conclusions after conducting a review of executive pay in late 2008 and early 2009. Treasury Department Press Release. On July 22nd, the New York Times reported Feinberg concluded that 17 firms who received federal financial assistance, paid $1.58 billion in unwarranted executive compensation. Executive Compensation. Bloomberg reported Feinberg recommended that companies adopt policies allowing directors to lower executive compensation when a firm is in crisis. Recommendations. On July 22nd, Bloomberg reported that the lawyers and managers overseeing Lehman Brothers' bankruptcy have billed $873.1 million since Lehman filed its bankruptcy petition in September 2008. Fees. - Senator Wants an Examination of GM's Plan to Purchase a Subprime Lender.
On July 22nd, Bloomberg reported that Senator Charles Grassley has asked the Special Inspector General for the Trouble Asset Relief Programs to examine General Motor's plan to purchase a subprime lender. Examination. - Federal Housing Finance Agency's Investigation of Non-Agency Mortgage Securities.
On July 21st, Bloomberg reported on the Federal Housing Finance Agency's subpoenas to issuers of mortgage-backed securities purchased by Fannie Mae and Freddie Mac. One analyst believes that the agencies could require issuers to repurchase up to $30 billion of the bonds because of misrepresentations. Non-Agency Mortgage Securities. On July 21st, the New York Times speculated on whether AIG could be the test case for the federal government's new resolution authority and if so, how the resolution process would work. Test Case. - Madoff Trustee Names 43 Additional Defendants.
On July 21st, Bloomberg reported that Irving Picard, the trustee in charge of liquidating Bernard Madoff's investment advisory firm, has named an additional 43 defendants in an amended complaint against Fairfield Greenwich executives and affiliates who allegedly ignored warnings signs about the Ponzi scheme. Lawsuit. - Private Equity and Community Banks.
On July 20th, Reuters reported that federal banking regulators appear ambivalent about the attempts of private equity and hedge funds to invest in failing community banks. Ambivalence. On July 16th, the New York Times profiled the lawyers who settled the SEC's charges against Goldman Sachs. Profile.
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| Dodd-Frank Wall Street Reform and Consumer Protection Act |
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- Whistleblower Provisions.
On July 23rd, the Los Angeles Times summarized the whistleblower provisions of the Dodd-Frank Act. The provisions give whistleblowers at least 10 percent, and up to 30 percent, of what the government collects in a financial fraud case. Whistleblowers. - Behind-the-Scenes Look at Dodd-Frank Act.
On July 23rd, the Washington Post reported on the behind-the-scenes activity and individuals responsible for the Dodd-Frank Act's passage. Behind-the-Scenes. - Regulatory Reform Timeline.
On July 21st, Reuters published an approximate timeline of when provisions of the Dodd-Frank Act will be implemented. Timeline. On July 19th, the New York Times summarized the effect the Act will have on federal agencies. Among other things, the Act requires the SEC to study mandatory arbitration clauses and whether private parties should be allowed to file aiding and abetting lawsuits. It also lowers to "recklessness," the standard of proof the SEC bears when it brings an aiding and abetting charge. In addition, the Act asks the U.S. Sentencing Commission to reconsider the sentencing guidelines for securities and mortgage fraud. Regulatory Effect. Reuters reported that SEC Chairman Mary L. Schapiro anticipates the Commission will need 800 new staff to meet its obligations under the Act. Hiring. On July 22nd, the Washington Post summarized the SEC's new responsibilities under the Act. Responsibilities. On July 21st, the New York Times reported on the Dodd-Frank Act's provisions concerning credit raters, which, some say, may make it easier for asset-backed securities purchasers to sue credit raters. As a result, credit raters are refusing to allow issuers of ABS to use their ratings in offering documents. Credit Raters. Bloomberg Businessweek reported that the effect the Act's credit rater section has on new ABS offerings may be minimal. While some speculate that the lack of a credit rating will stifle the market for new securitizations, others believe issuers will turn to private offerings to market the instruments. Effect. On July 22nd, Meredith Cross, SEC Director, Division of Corporation Finance, announced that the Division will issue a "no action" letter allowing issuers, for a period of 6 months, to omit credit ratings from registration statements filed under Regulation AB. Cross Statement. On July 21st, the Washington Post reported that a little noticed provision in the Dodd-Frank Act requires public companies to disclose in an annual report to the SEC whether company products contain minerals from Congo or neighboring countries and, if so, what steps those companies are taking to track the source of the minerals. Conflict Minerals.
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| Banking Agency Developments |
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- New York Fed Names New Head of Bank Supervision.
On July 23rd, the Federal Reserve Bank of New York announced that Sarah Dahlgren will be appointed head of Bank Supervision effective January 1, 2011, and that Roseann Stichnoth will succeed Dahlgren as head of the Special Investments Management Group ("SIMG"), effective September 1, 2010. SIMG has two business lines: AIG Relationship Management and Investment Support Office, which is responsible for the Maiden Lane facilities, as well as support functions. The AIG monitoring team reviews AIG's financial condition, monitors the use of cash and exercises the New York Fed's contractual consent rights over decisions that may impact the company's ability to repay its loan. New York Fed Press Release. - OCC Issues Bulletin on Mexican Financial Regulations.
On July 22nd, the OCC issued a Bulletin on the Financial Crimes Enforcement Network's Advisory FIN-2010-A007, which discusses a recent change in Mexican financial regulations applying to Mexican (credit) banks that could affect the operations of U.S. financial institutions. - Deposit Insurance Limit Raised.
On July 21st, the FDIC announced that in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, the current standard maximum deposit insurance amount has been raised to $250,000, retroactive to January 1, 2008. FDIC Press Release. As a result, depositors of banks that failed between January 1 and October 3, 2008, will have their deposit insurance limit raised. FDIC Press Release. On July 20th, Reuters reported the remarks of Federal Reserve Governor Daniel Tarullo before a Senate banking subcommittee. Tarullo said that banks must hold sufficient capital to withstand a systemic problem. Capitalization. - FDIC Announces Winning Bidder of $898 Million in Single Family Non-Performing Residential Loan Assets: Amtrust 2010 NP-SFR.
On July 19th, the FDIC announced that it has closed on a sale of 40 percent equity interest in a limited liability company created to hold approximately $898 million of primarily non-performing residential loan assets out of AmTrust Bank. The winning bidder of the Structured Transaction is a three-party consortium made up of Residential Credit Solutions, Inc., CarVal Investors and RBS Financial Products Inc. at a price of approximately 37 percent of unpaid principal balance. FDIC Press Release. - OCC Approves Use of Shelf Charter.
On July 16th, the OCC announced that it has approved the use of a shelf charter for the acquisition of a failed bank, allowing NAFH National Bank, Miami, Florida, to acquire two banks in Florida and one in South Carolina. This is the second instance in which a shelf charter was approved for use in such an acquisition. OCC Press Release.
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| Treasury Department Developments |
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On July 22nd, the Treasury Department issued an order unblocking the assets of Luis Alvaro Delgado Gutierrez, Herned Idarraga Escandon, Jessica Maria Palma Saadie and Ricardo Salgado Mosquera. 75 FR 42833. On July 22nd, the Treasury Department's Office of Foreign Assets Control designated two Mexican entities, Arte y Diseno de Culiacan S.A. de C.V. and Autotransportes JYM S.A. de C.V., for being owned and operated by Maria Teresa and Midiam Patricia Zambada Niebla, front persons and daughters of Mexican drug lord Ismael Zambada Garcia. Treasury Department Press Release. Separately, three key leaders and financiers for the Taliban and its affiliated group the Haqqani Network, were designated for supporting acts of terrorism and for acting for or on behalf of the Taliban or the Haqqani Network. Treasury Department Press Release. On July 16th, the Treasury Department designated Anwar al-Aulaqi, a key leader for al-Qa'ida in the Arabian Peninsula, a Yemen-based terrorist group. Treasury Department Press Release. The designations prohibit U.S. persons from conducting financial or commercial transactions with the designated entities and individuals, and freeze any assets they may have under U.S. jurisdiction. - FinCEN Releases Report on Money Services Businesses.
On July 19th, the Financial Crimes Enforcement Network issued a report announcing the findings of a months-long outreach campaign to money services businesses. FinCEN Press Release. - FinCEN Advisories on AML/CFT Regimes.
On July 16th, the Financial Crimes Enforcement Network issued two advisories to inform banks and other financial institutions operating in the United States of the risks associated with jurisdictions identified by the Financial Action Task Force on June 25, 2010, as having deficiencies in their anti-money laundering and counter-terrorist financing regimes. FIN-2010-A010 relates to Iran, North Korea, Sao Tome and Principe. FIN-2010-A009 relates to Angola, Antigua and Barbuda, Azerbaijan, Bolivia, Ecuador, Ethiopia, Greece, Indonesia, Kenya, Morocco, Burma (Myanmar), Nepal, Nigeria, Pakistan, Paraguay, Qatar, Sri Lanka, Sudan, Syria, Thailand, Trinidad and Tobago, Turkey, Turkmenistan, Ukraine, and Yemen.
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| Commodity Futures Trading Commission |
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- CFTC to Publish Large Trader Report for Financial Futures Markets.
On July 22nd, the CFTC announced it will publish a new report entitled Traders in Financial Futures which will disaggregate large traders in the financial futures markets into four categories, Dealer/Intermediary; Asset Manager/Institutional; Leveraged Funds; and Other Reportables. CFTC Release No. PR5857-10. - CFTC Lists 30 Areas of Rulemaking.
On July 21st, the CFTC released the list of 30 areas of rulemaking it will address in implementing the Dodd-Frank Act. The CFTC is required to complete these rules generally in 360 days, though some are required to be completed within 90, 180 or 270 days. CFTC Release No. PR5856-10. - Agriculture Advisory Committee to Meet.
On July 20th, the CFTC announced that its Agricultural Advisory Committee will hold a public meeting on August 5, 2010. The agenda for the meeting includes the ICE Futures US Cotton Contract, wheat price convergence issues, and price reporting issues in the cattle and hog markets. 75 FR 42080. - Regulatory Reform Bill Lowers Standard of Proof in Manipulation Cases.
On July 19th, Bloomberg reported on the Dodd-Frank Act's provisions concerning commodity manipulation. Under the new act, the CFTC will no longer need to prove intent; it will only need to establish recklessness. Standard of Proof. - DCIO Issues Exemptive Order.
On June 28th, the Division of Clearing and Intermediary Oversight granted exemptive relief from certain Disclosure Document, reporting and recordkeeping requirements in connection with the operation of commodity pools whose units of participation will be listed for trading on a national securities exchange. The relief was in the nature of substituted compliance with those regulations. CFTC Letter No. 10-24. - DCIO Issues Interpretive Letter.
On June 25th, the Division of Clearing and Intermediary Oversight issued an interpretation finding that a limited liability company and a trust operated by the limited liability company are not commodity pools where all participants are close family members. CFTC Letter No. 10-25.
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| Securities and Exchange Commission |
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New Final Rules
Proposed Rules
- SEC Proposes New Rules for Mutual Fund Distribution Fees.
On July 21st, the SEC published for public comment a proposed new rule and rule amendments that would replace Rule 12b-1 under the Investment Company Act. The new rule and amendments would continue to allow funds to bear promotional costs within certain limits, and would also preserve the ability of funds to provide investors with alternatives for paying sales charges (e.g., at the time of purchase, at the time of redemption, or through a continuing fee charged to fund assets). Unlike the current Rule 12b-1 framework, the proposed rule would limit the cumulative sales charges each investor pays, no matter how they are imposed. To help investors make better-informed choices when selecting a fund that imposes sales charges, the Commission is also proposing to require clearer disclosure about all sales charges in fund prospectuses, annual and semi-annual reports to shareholders, and investor confirmation statements. Comments should be submitted on or before November 5, 2010. SEC Release No. 33-9128; SEC Press Release. See also Schapiro Remarks; Paredes Remarks; Walter Remarks; Casey Remarks; Aguilar Remarks. Special Studies
- Life Settlements Task Force Issues Report.
On July 22nd, the SEC released a staff report recommending that life settlements be clearly defined as securities so that investors in these transactions are protected under the federal securities laws. The report recommends that the SEC consider recommending to Congress that it amend the definition of security to include life settlements; instruct SEC staff to monitor to ensure that legal standards of conduct are being met by brokers and providers; instruct SEC staff to monitor for the development of a life settlement securitization market; and encourage Congress and state legislators to consider more significant and consistent regulation of life expectancy underwriters. The SEC also issued an investor bulletin regarding investments in life settlements, as recommended by the Life Settlements Task Force. SEC Press Release. Bloomberg reported the GAO has issued its own report on life settlements that noted, among other things, the lack of consistent regulation. Bloomberg. Other Developments
On July 22nd, SEC staff released new changes to the Compliance and Disclosure Interpretations regarding Securities Act rules, in light of provisions of the Dodd-Frank Act. CD&Is. - Associate General Counsel Named.
On July 21st, the SEC announced that David W. Blass has been named an Associate General Counsel for Legal Policy in the agency's Office of the General Counsel. SEC Press Release. - SEC Chairman Testifies before the House Capital Markets Subcommittee.
On July 20th, SEC Chairman Mary L. Schapiro provided an overview of the actions and initiatives that the SEC has taken to protect investors, improve markets, and facilitate capital formation. Chairman Schapiro detailed the new changes in personnel, processes, and technology that have been made at the SEC and described the SEC's regulatory activities over the past year, identifying some of its anticipated challenges, and discussing the status of the inquiry into the May 6 market events. Schapiro Testimony. - Commissioner Casey Testifies before Senate Banking Subcommittee on Security and International Trade and Finance.
On July 20th, SEC Commissioner Kathleen L. Casey testified about international cooperation to modernize financial regulation. Casey Testimony. - Enforcement Division's Structured and New Products Unit.
On July 17th, the Washington Post reported on the Enforcement Division's Structured and New Products unit, which brought the case against Goldman Sachs. According to the Post, unlike the Enforcement Division's historic practice of relying on outside tips for the initiation of an investigation, the unit will examine new financial products, and those issuing and trading those products. Enforcement. - New Corporation Finance Offices.
On July 16th, the SEC announced that the Division of Corporation Finance has created three new offices that will focus on large financial institutions, asset-backed securities and other structured products, and securities offering trends. SEC Press Release. Paula Dubberly has been named Deputy Director for Policy and Capital Markets, Division of Corporation Finance, and will oversee the new offices focused on asset-backed securities and other structured finance products and on new securities products and capital markets trends. Dubberly Announcement. - SEC Files Amicus Brief in Whistleblower Case.
On July 6th, the SEC filed an amicus brief recommending that Section 806 of the Sarbanes Oxley Act be construed as applying to an employee of a private contractor, subcontractor, or agent of a public company where the employee engaged in "protected activity" with respect to that public company, and not limit Section 806's application to only those cases where the contractor, subcontractor, or agent retaliates at the direction of a public company. Amicus Brief.
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| Exchanges and Self-Regulatory Organizations |
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BATS Exchange
- Registration Requirements for Principals are Approved.
On July 16th, the SEC approved BATS Exchange's proposed amendment of BATS Rules 2.5 and 17.2 to establish a registration requirement for principals. SEC Release No. 34-62524. Financial Industry Regulatory Authority
- FINRA Expands BrokerCheck.
On July 23rd, FINRA issued a Regulatory Notice discussing the changes that it has made to expand the information released through BrokerCheck and to establish a process for disputing or updating information disclosed through BrokerCheck. FINRA Regulatory Notice 10-34. - SEC Approves Rule Regarding Fixed Price Offerings.
On July 21st, the SEC approved FINRA's proposal to adopt FINRA Rule 5141 (Sale of Securities in a Fixed Price Offering) in the consolidated FINRA rulebook and to delete NASD Rules 0120(h), 2730, 2740 and 2750, and NASD IM-2730, IM-2740 and IM-2750. SEC Release No. 34-62539. - SEC Approves Rule Regarding Short Sale Delivery Requirements.
On July 20th, the SEC approved FINRA's proposed adoption of NASD Rule 3210, which applies short sale delivery requirements to those equity securities not otherwise covered by the close-out requirements of Regulation SHO, as FINRA Rule 4320 in the consolidated FINRA rulebook. SEC Release No. 34-62533. - FINRA Proposes the Filing of Supplemental FOCUS Information.
On July 19th, the Financial Industry Regulatory Authority requested comment on a proposal to require the filing of supplemental FOCUS Information and Proposed Supplementary Schedule to the Statement of Income (Loss) Page of FOCUS Report Parts II and IIA. Comments should be submitted on or before August 18, 2010. FINRA Regulatory Notice 10-33. - FINRA Amends Codes of Arbitration Procedure.
On July 16th, the SEC granted accelerated approval to FINRA's proposed amendment of the Codes of Arbitration Procedure to provide for attorney representation of non-party witnesses in arbitration. Comments should be submitted on or before August 12, 2010. SEC Release No. 34-62521. International Securities Exchange
- ISE Files Proposed Modified Rules for QCC Orders.
On July 16th, the SEC provided notice of the International Securities Exchange's proposal to adopt modified rules related to Qualified Contingent Cross ("QCC") Orders. The modified QCC proposal does not permit a QCC to be executed at the same price as a priority customer order on the exchange, and increases the required minimum size from 500 to 1000 contracts. Comments should be submitted on or before August 9, 2010. SEC Release No. 34-62523. - ISE Extends Deadline for Joining Market Maker Incentive Plan.
On July 15th, the SEC granted immediate effectiveness to the International Securities Exchange's proposal to extend of the date by which market makers may join an incentive plan for market makers in options on the New Zealand dollar, the Mexican peso, the Swedish krona and the Brazilian real. Comments should be submitted on or before August 12, 2010. SEC Release No. 34-62503. International Swaps and Derivatives Association
- ISDA Releases Recommendation for Version 5.0 of FpML.
On July 20th, the International Swaps and Derivatives Association released the Recommendation for Version 5.0 of its Financial products Markup Language. ISDA Press Release. NASDAQ OMX BX
- NASDAQ OMX BX Established Short Term Option Program.
On July 15th, the SEC granted immediate effectiveness to NASDAQ OMX BX's proposal to permit the listing and trading of options series that expire one week after being opened for trading. Comments should be submitted on or before August 12, 2010. SEC Release No. 34-62505. NASDAQ OMX PHLX
- NASDAQ OMX PHLX Proposed Registration and Qualification Requirements for PSX.
On July 15th, the SEC provided notice of NASDAQ OMX PHLX's proposal to adopt new registration provisions applicable to member organizations that are registered with the exchange for the purpose of trading NMS Stocks through the facilities of the exchange. These new provisions would cover members that trade on the NASDAQ OMX PHLX's proposed new equity trading platform for NMS Stocks, NASDAQ OMX PSX. Comments should be submitted on or before August 12, 2010. SEC Release No. 34-62509. On July 16th, the SEC provided notice of NASDAQ OMX PHLX's proposal to establish the PSX. Comments should be submitted within 21 days after publication in the Federal Register, which is expected during the week of July 26. SEC Release No. 34-62519. National Futures Association
- Forex Dealer Financial Requirements Amended.
On July 21st, the National Futures Association advised that it has amended its financial requirements for forex dealers effective October 1, 2010. Amendments to NFA Financial Requirements Section 11(b) and (c) prohibit a Forex Dealer Member from including assets as current for purposes of determining adjusted net capital and from using those assets to cover currency positions if the assets are held at an affiliate or an unregulated person. NFA Notice I-10-14.
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| Judicial Opinions |
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- Court Enters Protective Order Containing Clawback Provision for Privileged Material.
On July 22nd, the U.S. District Court for the District of Kansas, in a case alleging securities and common law fraud claims, held that a defendant law firm met its burden to show that the entry of a protective order containing a clawback provision relating to the inadvertent disclosure of attorney-client privileged communications or work product materials is necessary. Rajala v. McGuire Woods, LLP. - Credit Cards, APRs and "Fixed" Rates.
On July 21st, the Ninth Circuit addressed the question of whether a credit card issuer clearly and conspicuously disclosed the card's APR. Reversing a dismissal of the case by the U.S. District Court
for the Central District of California, the Court held that plaintiff stated a Truth in Lending Act Claim because the card issuer failed to show as a matter of law that it made its APR disclosure in a reasonably understandable form and readily noticeable to the consumer. In doing so, the Court relied on the Federal Reserve's 2010 revisions to Regulation Z which limits using "fixed" to describe an interest rate because of the term's tendency to mislead. For that reason, the Ninth Circuit concluded, it is not "clear and conspicuous" to describe an APR as "fixed" when the creditor has reserved the right to change the APR for any reason. A reasonable consumer, having concluded from reading the APR disclosure box that the interest rate could change only for the reasons enumerated, could have interpreted the outside-the-box statement to mean that the APR was "subject to change" exclusively for those reasons.
Rubio v. Capital One Bank. - Tenth Circuit Rejects Bankruptcy Appellate Court Opinion.
On July 20th, the Tenth Circuit rejected a Bankruptcy Appellate Panel's earlier opinion and held that a bank that timely perfected its security interest in a motor vehicle, but after the debtor filed for bankruptcy, has priority over the trustee. Sovereign Bank v. Hepner.
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| Rules Effective Dates |
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- Amendment to Municipal Securities Disclosure - Effective August 9, 2010.
The SEC is adopting amendments to Rule 15c2-12 under the Securities Exchange Act of 1934 relating to municipal securities disclosure. The amendments revise certain requirements regarding the information that a broker, dealer, or municipal securities dealer, acting as an underwriter in a primary offering of municipal securities, must reasonably determine that an issuer of municipal securities or an obligated person has undertaken to provide, in a written agreement or contract for the benefit of holders of the issuer's municipal securities, to the Municipal Securities Rulemaking Board ("MSRB"). Specifically, the amendments require a broker, dealer, or municipal securities dealer to reasonably determine that the issuer or obligated person has agreed to provide notice of specified events in a timely manner not in excess of ten business days after the event's occurrence; amend the list of events for which a notice is to be provided; and modify the events that are subject to a materiality determination before triggering a requirement to provide notice to the MSRB. In addition, the amendments revise an exemption from the Rule for certain offerings of municipal securities with put features. The SEC also is providing interpretive guidance intended to assist municipal securities brokers, dealers, and municipal securities dealers in meeting their obligations under the antifraud provisions of the federal securities laws. 75 FR 33099.
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| Winston & Strawn Speaking Engagements and Publications |
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- Dodd-Frank: The Impact on the Hedging Activities of the Corporate Treasurer.
What if, on July 21, 2010, the treasurer of a corporate client had sat down with the Winston & Strawn derivatives team to discuss the impact to her of Title VII of the Dodd-Frank Act which was signed into law earlier that day. Set out below is one possible version of a transcript of that discussion. Briefing. - The Bribery Act: Timing & Consultation Announced.
The UK recently approved new legislation consolidating existing anti-corruption laws and adding broad new offences. Briefing. - SEC Seeks Comments on U.S. Proxy System.
On July 14, 2010, the Securities and Exchange Commission approved the issuance of a long-anticipated concept release concerning the U.S. proxy system. Briefing. - The Bureau of Consumer Financial Protection: Broad Authority to Regulate Arbitration Agreements.
Comprehensive financial reform legislation known as the Dodd-Frank Wall Street Reform and Consumer Protection Act recently passed both houses of Congress and will significantly alter regulation of the financial industry. Briefing. - Winston Announces Two Scheduled Briefings on Dodd-Frank Wall Street Reform and Consumer Protection Legislation:
On August 6: A report from Winston's European and Asian offices on "International Regulatory Reform Developments" and a "Focus on the New Enforcement Environment under Dodd-Frank;" and on August 20: New Executive Compensation, Corporate Governance, and Officer and Director Considerations under Dodd-Frank. Event. - Winston & Strawn Sponsors TMA's Annual Convention.
Winston & Strawn is proud to sponsor the TMA Annual Convention to be held October 6-8, 2010, at the JW Marriott in Orlando, Florida. TMA is a premier professional organization dedicated to corporate renewal and turnaround management. This convention is for professionals who share a common interest in strengthening the economy through the restoration of corporate value, including turnaround practitioners, appraisers, attorneys, investment bankers, equity investors, liquidators, venture capitalists, as well as, workout specialists and outsourcing professionals. Event.
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