On April 21, 2020, the U.S. Securities and Exchange Commission (“SEC”) proposed new Rule 2a-5 under the Investment Company Act of 1940 to address valuation practices of registered investment companies. According to the SEC, the Proposed Rule is necessary due
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Latest from Morrison & Foerster LLP - Page 9
CFPB Facilitates CARES Act Payments to Individuals
On April 13, 2020, the Consumer Financial Protection Bureau issued an interpretive rule to provide guidance to government agencies, including the U.S. Department of the Treasury, to make COVID-19-related relief payments to individuals, including the economic impact payments authorized in…
SEC Maintains Focus on Implementing Regulations BI and Form CRS
Despite the disruptive effect of COVID-19, the SEC does not intend to extend the effective dates for compliance with Reg. BI and Form CRS. In addition, the SEC’s Office of Compliance Inspections and Examinations recently announced its intention to begin…
Announcing Morrison & Foerster’s Financial Services Resource Center
By Jeremy Mandell & Mark Sobin
The outbreak of COVID-19 has wide-ranging implications for the global economy, including the financial services industry. As the crisis unfolds, federal and state government are taking unprecedented action to mitigate its impact on the economy and set the stage for a…
Computer Service Providers Face Implied Limits on CDA Immunity
Often lauded as the most important law for online speech, Section 230 of the Communications Decency Act (CDA) does not just protect popular websites like Facebook, YouTube and Google from defamation and other claims based on third-party content. It…
SEC Provides No-Action Relief for Broker-Dealer Sweep Programs
On March 30, 2020, the Securities and Exchange Commission (SEC) issued a no-action letter stating that the staff of the SEC’s Division of Trading and Markets would not recommend enforcement actions against broker-dealers that treat unsecured receivables related to bank sweep accounts…
FDIC Opens for Business for Industrial Banks
On March 17, 2020, the Federal Deposit Insurance Corporation (FDIC) announced two significant developments relating to industrial banks (also sometimes called industrial loan companies). First, in a notice of proposed rulemaking (NPR), the FDIC laid out the regulatory regime it…
SEC Extends Prior Relief Granted to Investment Advisers and Registered Funds
On March 25, 2020, the SEC issued exemptive orders replacing prior orders granting temporary relief from certain provisions of the Investment Advisers Act of 1940 (the “Advisers Act”) and the Investment Company Act of 1940 (the “1940 Act”). The SEC…
SEC Provides Interfund Lending Relief to Registered Investment Companies Affected by COVID-19
On March 23, 2020, in response to business disruptions caused by the spread of the coronavirus (“COVID-19”), the Securities and Exchange Commission (“SEC”) issued an exemptive order (the “Order”) under the Investment Company Act of 1940 (“1940 Act”) granting registered investment companies…
CARES Act Enacted: Financial Services Provisions
On March 27, 2020, President Trump enacted a historic stimulus package, the CARES Act, which contains a number of provisions of interest to the financial services industry. This alert provides an overview of the financial services-related provisions of the new…