by David E. Wohl and Kira F. Stanfield
The Commodity Futures Trading Commission (the “CFTC”) and the Securities and Exchange Commission (the “SEC”) have announced the adoption of new rules under the Commodity Exchange Act and the Investment Advisers Act of 1940 (the “Advisers Act”) requiring SEC-registered investment advisers to private funds (including private equity funds, hedge funds and liquidity funds) to periodically file Form PF with the SEC. The stated purpose of the new rules is to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) designed to assist the Financial Stability Oversight Counsel (the “FSOC”) in monitoring potential systemic risks to the United States financial system. As discussed below, the timing and types of information that an adviser is required to disclose on Form PF depends on whether such adviser manages private equity funds, hedge funds or liquidity funds and the size of those funds. [click to continue…]
As noted today in Weil’s Bankruptcy Blog, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation published notice yesterday in the Federal Register that they are adopting the final rule to implement the Dodd-Frank Act’s requirement concerning resolution plans, which are commonly referred to as “living wills”.
New ‘Living Will’ Requirements for Banks and Resolution Powers for Regulators
Institute of International Bankers
November 30, 2011, Harold Proshansky Auditorium, CUNY Graduate Center, New York, NY | Register Now
Weil’s Derrick Cephas will appear at the IIB conference Implementation of the Dodd-Frank Act – Key Issues for International Banks. Mr. Cephas’ panel is titled “New ‘Living Will’ Requirements for Banks and Resolution Powers for Regulators” and will commence at 1:45 p.m.
By: Sylvia Mayer and Christopher Linden
The United States in the decades before the crisis allowed a large amount of risk to build up in a variety of institutions outside the formal banking system. When the storm hit, that put enormous pressure on that system, causing a lot of tension and trauma across financial markets, amplifying the pressure on the formal banking system and adding to the broader damage caused by the economy as a whole.
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