- Client Alert
Legislative proposals by House Ways and Means Committee Chair Dave Camp would repeal the 4% LIHTC and change the way LIHTCs are allocated by the States.
- To the Point!
In this issue:
- Financial Literacy
- OCC Guidance Regarding Secured Consumer Debt Discharged in Bankruptcy
- Mortgage Rules Update
- Client Alert
On February 26, 2014, Representative David Camp, chair of the House Ways and Means Committee, released draft legislation referred to as the Tax Reform Act of 2014 that proposes to amend major portions of the Internal Revenue Code to provide for comprehensive tax reform.
- Regulatory Updates - SFI
On February 26, 2014, Representative David Camp, chair of the House Ways and Means Committee, released draft legislation referred to as the Tax Reform Act of 2014 that proposes to amend major portions of the Internal Revenue Code to provide for comprehensive tax reform.
- Client Alert
If your firm is a registered investment adviser that has never been examined by the Securities and Exchange Commission, you might want to prepare to see SEC examiners in the near future.
- Client Alert
Without reaching a consensual agreement with its various creditors, on Friday, February 21, 2014, the City of Detroit filed its Chapter 9 Plan for the Adjustment of Debts with the U.S. Bankruptcy Court for the Eastern District of Michigan.
- Regulatory Updates - SFI
This afternoon, Commissioner Michael S. Piwowar released a Statement supporting the SEC's decision to re-open the comment period on Regulation AB II, noting that market practices have continued to evolve since the financial crisis and the importance of obtaining the most recent data and information possible to inform and guide the SEC's decision-making process.
- Regulatory Updates - SFI
Today, the SEC announced that it is re-opening the comment period on Regulation AB II to solicit further public comment on an approach to disseminate potentially sensitive asset-level data.
- Client Alert
For the first time in its history the Municipal Securities Rulemaking Board has proposed a “best execution” rule for municipal securities transactions.
- Article
The Banking Law Journal published a Chapman-authored article. The article outlines the reasons website disability access should be addressed by banks—not only as good business practice, but to mitigate litigation risk, reputational damage, regulatory enforcement action and the potential new Department of Justice regulations expanding the coverage of the Americans with Disabilities Act to websites.
- To the Point!
In this issue:
- Making a Virtual Bank ADA Compliant
- Incident Response Plan for Privacy and Data Security Breaches
- Telephone Consumer Protection Act Update
- FinCEN Issues New Guidance on Virtual Currencies
- Client Alert
The Securities and Exchange Commission recently published a notice seeking comments on the Municipal Securities Rulemaking Board’s rule proposal on fair pricing obligations of dealers in municipal securities.
- Client Alert
The staff of the Securities and Exchange Commission recently issued a no-action letter providing that brokers that facilitate certain merger and acquisition transactions of privately-held companies could receive transaction-based compensation without being required to register with the SEC as a broker-dealer.
- Client Alert
The right of a secured creditor to “credit bid” (i.e., to bid the amount of debt owed rather than cash) in a debtor’s sale of assets, once thought to be rock solid, is again under attack.
- Regulatory Updates - SFI
On February 12, 2014, 17 members of the House of Representatives Committee on Financial Services, including the chair, Maxine Waters, wrote a letter to the federal regulators implementing the Volcker Rule asking that interpretive guidance be issued with respect to the treatment of certain CLO debt securities.
- Regulatory Updates - SFI
The SEC has announced that it is removing Regulation AB II off the agenda for its February 5th open meeting.
- Article
Equity sponsors holding a controlling interest in a distressed portfolio company have sometimes purchased substantial amounts of the company’s debt in order to gain advantage or profit.
- To the Point!
In this issue:
- Mortgage Rules Update
- FFIEC Issues Final Guidance On Social Media
- Regulatory Updates - SFI
The SEC has announced that it is holding an open meeting at 3:00 pm on Wednesday, February 5th to adopt Regulation AB II.
- Client Alert
The January 17th proposed guidelines from the Office of the Comptroller of the Currency seeks to establish minimum standards for financial institutions to design and implement a Risk Governance Framework and standards for the oversight and participation by an institution’s board of directors and internal audit department.
- Article
Under current bankruptcy law, units of local government cannot voluntarily petition for municipal bankruptcy under Chapter 9 without express and specific authority from the state.
- Client Alert
With fixed income markets already in decline in May 2013, speculation regarding Federal Reserve action reached a pinnacle in the last half of June, sparking a bond market selloff of historic proportions.
- Client Alert
On January 9, 2014, the Municipal Securities Rulemaking Board proposed Rule G-42, defining the fiduciary duties of municipal advisors to municipal entity clients and the duties and responsibilities owed to all municipal advisory clients.
- Client Alert
On January 10, 2014, the Staff of the Office of Municipal Securities of the Securities and Exchange Commission released additional guidance on the SEC’s registration rules for municipal advisors in the form of responses to Frequently Asked Questions.
- Client Alert
The beginning of each year provides an opportunity for investment advisers to review annual compliance and regulatory matters, including issues related to private investment funds and commodity pools.
- Regulatory Updates - SFI
On January 14, 2014, five federal agencies approved an interim final rule to permit banks to retain certain collateralized debt obligations backed primarily by trust preferred securities (TruPS CDOs) from the investment prohibitions of the Volcker Rule.
- Client Alert
The IRS recently published final regulations concerning the new Medicare tax, imposed beginning with tax year 2013 at a rate of 3.8 percent on net investment income.
- Client Alert
Today the Securities and Exchange Commission announced that it is delaying until July 1, 2014 the compliance date of the recent final rule requiring registration of municipal advisors under the Dodd-Frank Act.
- Regulatory Updates - SFI
On January 12, 2014, the Basel Committee on Banking Supervision (BCBS) issued a consultative document proposing revisions to the Net Stable Funding Ratio (NSFR) under Basel III.
- Regulatory Updates - SFI
On January 12, 2014, the Basel Committee on Banking Supervision published guidance to assist national banking supervisions in implementing the liquidity ratio requirement (LCR) under Basel III.
- Regulatory Updates - SFI
On January 12, 2014, the Basel Committee on Banking Supervision issued final requirements for banks' disclosures relating to the liquidity coverage ratio.
- Client Alert
The Securities and Exchange Commission has released interpretive guidance on the final rules for the registration of municipal advisors.
- Client Alert
The Municipal Securities Rulemaking Board has released its proposed rule on the duties of municipal advisors.
- Client Alert
In accordance with provisions of the Jumpstart Our Business Startups Act, enacted in 2012, the staff of the Securities and Exchange Commission recently published a report on its review of disclosure requirements under SEC Regulation S-K.
- Regulatory Updates - SFI
Industry participants are concerned that the Volcker Rule's prohibition of banks acquiring or retaining "ownership interests" of CLO covered funds will prohibit banks from owning rated debt securities that include the right to replace the collateral manager for cause and appoint a replacement.
- Article
A Chapman Insights article was posted by the Harvard Law School Forum on Corporate Governance and Financial Regulation.
- Article
Technology continues to take an expanded role in banking and the way consumers and businesses manage their money and lives.
- Client Alert
Federal regulators approved final regulations implementing the “Volcker Rule” on December 10, 2013.
- Client Alert
In Anderson v. Krafft-Murphy Company, Inc., the Delaware Supreme Court held, inter alia, that (1) contingent contractual rights such as insurance policies may be considered the “property” of a dissolved corporation so long as such rights are capable of vesting and (2) that the Delaware General Corporation Law does not impose a generally applicable statute of limitations that would time-bar claims against a dissolved corporation. The Court reversed the holding of the Chancery Court of the State of Delaware that the relevant dissolution provisions of the DGCL operate to extinguish a dissolved corporation’s liability after ten years from the date of dissolution.
- Client Alert
Recent legislative tax reforms proposed by Senate Finance Committee Chairman Max Baucus could have far reaching tax and other economic consequences to many holders of interests in real estate and tangible personal property, whether as investors, lessors, or other business users.
- Client Alert
Congressional budget negotiators have agreed on a budget proposal to avoid another looming government shutdown. The budget proposal would increase discretionary spending for fiscal years 2014 and 2015, but would not affect the mandatory sequester amounts for Build America Bonds (BABs) (including Recovery Zone Economic Development Bonds (RZEDBs)) and other direct pay bonds, such as Qualified Zone Academy Bonds (QZABs), Qualified School Construction Bonds (QSCBs), Qualified Energy Conservation Bonds (QECBs) and New Clean Renewable Energy Bonds (NCREBs), for fiscal years 2014 and 2015.
- Client Alert
On November 22, 2013, Duke Energy Renewables, Inc., a subsidiary of Duke Energy Corp., plead guilty to criminal charges for violating the Migratory Bird Treaty Act in connection with the deaths of protected birds at its “Campbill Hill” and “Top of the World” wind farm projects in Converse County, Wyoming.
- Corporate Governance Quarterly Update
Companies today are being called upon by their shareholders and other stakeholders to not only boost the bottom line, but also to help address some of the country’s most challenging problems, including those concerning economic development and the environment.
- Client Alert
Institutional Shareholder Services Inc., a leading provider of proxy advisory and corporate governance services, recently released 2014 updates to its U.S. corporate governance policies.
- Client Alert
Under current bankruptcy law, units of local government cannot voluntarily petition for municipal bankruptcy under Chapter 9 without express and specific authority from the state.
- Client Alert
The SEC’s final municipal advisor registration rules will become effective on January 13, 2014. The SEC rules have created controversy within the municipal bond community about whether an underwriter will continue to be able to visit clients and pitch ideas without being prohibited from underwriting a resulting bond issue under MSRB Rule G-23.
- Chapman Insights
The majority of power generated in the United States historically has been, and continues to be, generated by large-scale, centrally located generation facilities.
- Client Alert
The staff of the Securities and Exchange Commission’s Division of Investment Management recently published guidance to clarify the obligations of registered investment companies when using fund names that suggest safety or protection from loss.
- Client Alert
The SEC’s final municipal advisor registration rules will be published in the Federal Register on November 12, 2013, with an effective date of January 13, 2014.