Washington Proposes Amendments to Money Transmitters Rules

Recently, the Washington Department of Financial Institutions (DFI) announced that on March 29, 2016 it will hold a hearing regarding proposed amendments to the 2015 Uniform Money Services Act. New sections to the proposal include requiring that money services licensees establish and maintain (i) an effective cybersecurity program; (ii) a written customer information security program; […]

SEC and FDIC Propose Rules for Orderly Liquidation of Large Broker-Dealers

By Jacquelyn Lumb The SEC and the FDIC have jointly issued a rule proposal to provide for the orderly liquidation of large broker-dealers. The proposal would implement Section 205 of the Dodd-Frank Act, and is intended to ensure that customers are treated in a manner that is as beneficial as if the liquidation occurred under […]

SEC: Deutsche Bank Analyst Issued Stock Rating Inconsistent With Personal View

The Securities and Exchange Commission today charged a former Deutsche Bank research analyst with certifying a rating on a stock that was inconsistent with his personal view. An SEC investigation found that Charles P.Gromcertified that his March 29, 2012 research report aboutdiscount retailer Big Lotsaccurately reflected his own beliefs about the company and its securities. […]

Proxy Access & “Substantially Implemented”: Corp Fin Rules on 18 Shareholder Proposals

February 16, 2016 On Friday, Corp Fin posted 18 no-action responses over proxy access shareholder proposals for which companies had argued they should be excluded under Rule 14a-8(i)(10) the substantially implemented basis. Looks like the Staff is favoring the 3% ownership threshold requirement as compared to other terms (egs. number of nominees, group […]

Are You Overestimating Your Ability to Access Your Own Money in Retirement?

Over the last couple of years, Ive spent a whole lot of my time talking to people in or approaching retirement, and Im here to tell you that when it comes to looking at retirement, we are in general an overly optimistic bunch. Im not saying we should be pessimistic about our futures either. Im […]

Obama Administration Announces Executive Orders: Commission on Enhancing National Cybersecurity; Establishment of the Federal Privacy Council

On February 9, President Obama issued two Executive Orders (EO) titled, Commission on Enhancing National Cybersecurity and Establishment of the Federal Privacy Council. The first EO creates a Commission on Enhancing National Cybersecurity (Commission), which will be comprised of top industry thinkers outside of the government. The President will appoint the Commissions members, with the […]

This Survey Doesn’t Bode Well for Pay Ratio Disclosures

February 11, 2016 Heres the teaser for this new set of survey results from Stanford: Recently, the Rock Center for Corporate Governance at Stanford University conducted a nationwide survey of 1,202 individuals representative by gender, race, age, political affiliation, household income, and state residence to understand public perception of CEO pay levels among […]

SEC Names C. Dabney O’Riordan and Alka Patel as Associate Regional Directors in Los Angeles Office

The Securities and Exchange Commission today announced that C. Dabney ORiordan and Alka Patel have been named Associate Directors for Enforcement in the agencys Los Angeles Regional Office. Ms. ORiordan began working in the Los Angeles office in 2005 as a staff attorney, served as counsel to the Director of the Division of Enforcement, and […]

Federal Reserve Releases Progress Report on Efforts to Improve US Payment System

On February 2, the Federal Reserve published a report titled, Progress Report: Strategies for Improving the U.S. Payment System. The report details progress made and outlin[es] anticipated steps for moving forward with [the Federal Reserves] initiative to enhance payment system speed, efficiency, and security. The report highlights the significance of industry collaboration among stakeholders, commenting […]