- Client Alert
The Financial Industry Regulatory Authority, Inc. recently proposed new “pay-to-play” rules that would regulate the activities of FINRA member firms engaging in distribution or solicitation activities with government entities on behalf of investment advisers.
- Client Alert
On October 15th, the IRS proposed a change to the regulations which would eliminate the requirement of a creditor to report cancellation of debt income on Form 1099-C after not receiving payment for 36 months.
- Client Alert
The Financial Industry Regulatory Authority, Inc. and the Municipal Securities Rulemaking Board recently requested comment on proposals to require disclosure of pricing information on customer trade confirmations for certain fixed income security transactions.
- Client Alert
On November 6, 2014, the Securities and Exchange Commission announced that fraud charges had been issued against the city of Allen Park, Michigan, and two former city leaders.
- To the Point!
The Consumer Financial Protection Bureau has issued a proposed rule that would bring prepaid products under the Electronic Fund Transfer Act and make the protections currently afforded to credit cardholders under Regulation Z applicable when credit features are obtained in connection with a prepaid account.
- To the Point!
In this issue:
- Department of Housing and Urban Development 2013 Disparate Impact Rule is Vacated
- FFIEC Cybersecurity Guidance
- 2014 Federal Interagency Fair Lending Hot Topics Webinar
- To the Point!
In this issue:
- Qualified Mortgage Points and Fees Cure
- Posting Privacy Notices Online
- National Survey of Unbanked and Underbanked Households
- Client Alert
The Delaware Supreme Court ruled recently that a secured party’s security interest in collateral can be terminated upon the filing of a UCC termination statement even though there was a mistake in the document.
- Client Alert
On October 24, 2014, the IRS issued Notice 2014-67, Private Business Use of Tax-Exempt Bond Financed Facilities.
- Client Alert
On October 24, 2014, the IRS issued Notice 2014-67, Private Business Use of Tax-Exempt Bond Financed Facilities. The Notice expands the management contract safe harbor guidelines of Revenue Procedure 97-13 to permit certain productivity awards and liberalizes the requirements for certain types of 5-year contracts that will not result in private business use.
- Regulatory Updates - SFI
On October 31, 2014, the Basel Committee on Banking Supervision issued the final standard for a Net Stable Funding Ratio requirement.
- Article
An article based on a recent Chapman Client Alert was posted by the Harvard Law School Forum on Corporate Governance and Financial Regulation.
- ArticleOctober 2014
A Chapman article was published in the October 2014 issue of Insights: The Corporate & Securities Law Advisor.
- White Paper
In September 2014, the U.S. banking agencies adopted final rules implementing a liquidity coverage ratio requirement that will test a bank's ability to withstand "liquidity stress periods." In collaboration with the Structured Finance Industry Group (SFIG), Chapman attorneys authored a guide summarizing elements of the final rule that have the greatest impact on the securitization market.
- Client Alert
The Municipal Securities Rulemaking Board recently announced the approval of an amended continuing education rule that will require annual training and expand the coverage of its Firm Element.
- Client Alert
Issuers and obligated persons are reminded of the approaching deadline for self-reporting materially inaccurate representations in offering documents regarding compliance with continuing disclosure undertakings.
- Regulatory Updates - SFI
At an open meeting this morning, October 21, 2014, in a 4-1 vote, the Federal Deposit Insurance Corporation adopted final rules to implement the credit risk retention requirements of Section 15G of the Securities Exchange Act of 1934, which were added to that statute pursuant to Section 941 of the Dodd-Frank Act.
- White Paper
Chapman and Cutler attorneys have been monitoring decisions and developments with respect to creditors' rights and have compiled the client alerts published to date that provide important insight regarding the implications of these decisions for holders of secured debt and highlight what every creditor should know in order to effect rights under its credit agreement.
- Client Alert
The Internal Revenue Service Office of Tax Exempt Bonds has announced a new sequester reduction in amounts paid to issuers of direct pay bonds for which issuers elected to receive a direct payment from the U.S. Treasury pursuant to Section 6431 of the Internal Revenue Code.
- Regulatory Updates - SFI
The Board of Governors of the Federal Reserve System announced today that it is holding an open meeting at 3:30pm (EST) on Wednesday, October 22, 2014, to vote on adoption of a final risk retention rule under Section 941 of the Dodd-Frank Act.
- Client Alert
“Acquisition Financing,” or the funding of capital for the purpose of acquiring a target company, is a growing specialty area among bank lending attorneys.
- To the Point!
In this issue:
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FinCEN Proposed Rule on Customer Due Diligence Requirements
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CFPB Issues First Enforcement Action for Mortgage Servicing Rules
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Cordray Speaks about Checking Account Issues
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- Client Alert
The Federal gift and estate tax exclusion amount shelters gifts and testamentary bequests from gift and estate tax.
- Corporate Governance Quarterly Update
It has been reported that approximately two-thirds of companies in the U.S. are affected by fraud, losing an estimated 1.2% of revenue each year to such activity.
- Client Alert
In an important bench ruling in the MPM Silicones case, Judge Robert Drain of the U.S. Bankruptcy Court for the Southern District of New York has provided debtors with a potentially coercive tool to use as leverage against their secured creditors.
- Client Alert
The Board of Governors of the Financial Industry Regulatory Authority, Inc. recently authorized regulatory notices seeking comment on initiatives to enhance transparency and execution quality in fixed income markets.
- Regulatory Updates - SFI
This morning, Regulation AB II was published in the Federal Register.
- Client Alert
The staff of the Commodity Futures Trading Commission recently issued relief for certain exempt commodity pool operators that permits general solicitation and general advertising in connection with offerings of commodity pools.
- Chapman Insights
In August 2014, the SEC adopted final rules under Regulation AB that substantially revise the offering process, disclosure and reporting requirements for offerings of ABS. More than four years after the SEC originally published its comprehensive "Regulation AB II" rule proposals, and after two partial re-proposals in 2011 and 2014, the final rules implement several key areas of reform but defer action on other significant aspects of the original proposals.
- Chapman Insights
On September 3, 2014, the US banking agencies adopted final rules implementing a liquidity coverage ratio (LCR) requirement that will test a bank's ability to withstand liquidity stress periods. The specific objective of the LCR rules is to ensure that a bank has enough high quality liquid assets (referred to as HQLA) that can be immediately converted into cash to meet its liquidity needs for a 30-day stress period.
- Regulatory Updates - SFI
Chapman and Cutler hosted a regulatory update program on September 10, 2014, regarding the recently adopted final rules implementing Regulation AB II and the Liquidity Coverage Ratio.
- Client Alert
As prices for distressed loans have risen, holders of secured claims are focusing not only on the recovery of principal but also on repayment of interest, fees and pre-payment-premiums or “make whole” payments.
- Client Alert
The Securities and Exchange Commission is seeking comments on the first ever explicit “best execution” rule for municipal securities transactions proposed by the Municipal Securities Rulemaking Board.
- Regulatory Updates - SFI
On September 3, 2014, the OCC, the Federal Reserve Board and the FDIC (collectively, the "Agencies") adopted final rules implementing revisions to the denominator measure for the supplementary leverage ratio.
- Regulatory Updates - SFI
This morning, September 3, 2014, the Federal Reserve Board adopted final regulations implementing the liquidity coverage ratio (LCR) requirement in the United States.
- Regulatory Updates - SFI
On August 27, 2014, in a 3-2 vote, the SEC approved final rules applicable to nationally recognized statistical rating organizations (NRSROs).
- Regulatory Updates - SFI
The FDIC has announced an open meeting on September 3, 2014, at 2:00 p.m. Eastern time to vote on final regulations implementing the liquidity coverage ratio (LCR) and changes to the supplementary leverage ratio (SLR).
- Regulatory Updates - SFI
At an open meeting this morning, August 27, 2014, the SEC unanimously adopted final rules under Regulation AB that substantially revise the offering process, disclosure and reporting requirements for registered offerings of asset-backed securities (ABS).
- Regulatory Updates - SFI
On August 27, 2014, the Federal Reserve Board announced that an open meeting will be held on September 3 to vote on final regulations implementing the liquidity coverage ratio (LCR) requirement in the United States
- Client Alert
On August 18, 2014, the Municipal Securities Rulemaking Board released for public comment draft amendments the Proposed Amendments) to existing Rule G-37, which restricts “pay to play” practices by regulating certain activities by brokers, dealers and municipal securities dealers.
- Regulatory Updates - SFI
This evening, the SEC announced that it is holding an open meeting at 10:00 a.m. (EST) on Wednesday, August 27, 2014, to vote on adoption of Regulation AB II and additional Dodd-Frank implementing regulations.
- Client Alert
A Nebraska bankruptcy court recently upheld the longstanding principle that a creditor filing a proof of claim may seek the entire amount due despite amounts collected from other obligors who may be jointly and severally liable for the debt.
- Client Alert
Under the American Taxpayer Relief Act of 2012, qualified renewable energy generation facilities that began construction prior to January 1, 2014 are eligible to receive the renewable electricity production tax credit under section 45 of the Internal Revenue Code or, in lieu thereof, the energy investment tax credit under section 48 of the Code.
- Client Alert
All litigators have written the phrase: “Subject to and without waiving the foregoing objections, see documents attached hereto.” Despite its frequent use, this phrase may soon join the assemblage of overused and outdated legalese.
- ArticleJuly/August 2014
Three Chapman-authored articles were published in the July/August 2014 issue of Pratt's Journal of Bankruptcy Law.
- Client Alert
The Municipal Securities Rulemaking Board recently announced its intent to move forward with several actions aimed at enhancing price transparency for municipal securities.
- Article
The Harvard Law School Forum on Corporate Governance and Financial Regulation posted an article based on a recent Chapman Sidebar.
- Client Alert
The SEC announced modifications to its Municipalities Continuing Disclosure Cooperation Initiative on July 31, 2014.
- Client AlertJuly/August 2014 (Originally Published May 22, 2014)
Pratt's Journal of Bankruptcy Law republished a Chapman Client Alert.