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On March 4, 2013, the Office of Compliance Inspections and Examinations ("OCIE") of the Securities and Exchange Commission (the "SEC") issued a Risk Alert identifying "significant deficiencies" in compliance with Rule 206(4)-2 (the...

On December 14, 2012, the Federal Reserve Board published its proposed enhanced prudential standards for the US operations of non-US banks.  The highly anticipated proposal would implement the "rebalanced approach" to the regulation of non-US banks...

On November 28, 2012, Federal Reserve Board Governor Daniel Tarullo provided a preliminary glimpse at new requirements to be imposed on non-US banks that have US banking operations.  A proposed rule to be published by the Federal Reserve within weeks will...

The Office of Compliance Inspections and Examinations (“OCIE”) of the U.S. Securities and Exchange Commission (the “SEC”) announced last month that it would soon begin conducting “presence examinations” of newly registered...

During the open meeting of the Securities and Exchange Commission (SEC) held on August 29, 2012, the SEC voted to propose for public comment amendments to Rule 506 of Regulation D and Rule 144A under the U.S. Securities Act of 1933 (Securities Act), as mandated...

Today the U.S. Federal Reserve Board voted to publish proposed regulations to implement the "Basel III" changes to the international regulatory capital framework, a set of comprehensive reforms issued by the Basel Committee on Banking Supervision in...

As a result of changes made by the 2010 Dodd-Frank Act, sponsors, managers and advisers to private funds may now be required to register with the U.S. Commodity Futures Trading Commission as commodity pool operators ("CPOs") and/or commodity trading...

On June 4, 2012, the Financial Industry Regulatory Authority ("FINRA") announced that any investment adviser required to report private fund information on Form PF may do so through FINRA's new, electronic Private Fund Reporting Depository (PFRD)...

On Thursday, April 19, 2012, the Federal Reserve Board issued a policy statement clarifying the manner in which the Volcker Rule prohibitions would apply and would be enforced during the statutory two-year Conformance Period.  Despite public statements by...

  The Jumpstart Our Business Startups Act (the JOBS Act) was signed into law by President Obama on April 5, 2012. The JOBS Act seeks to encourage more initial public offerings in the United States and to facilitate other forms of capital formation by reducing...