Nonbank SIFIs and Asset Managers: Enforcement and Compliance Issues in 2013
One current hot button issue is the latest U.S. financial regulators’ ability under the Dodd-Frank Act to designate large, nonbank financial companies – such as AIG – as “Systemically Important Financial Institutions” (SIFIs) and to subject them to significant additional regulation. In addition, at the same time as financial regulators have been assessing nonbank financial companies, the SEC and the CFTC have intensified their scrutiny of asset managers.
The Knowledge Group gathered a panel of key thought leaders and practitioners who will help you understand some of the most critical issues with respect to compliance issues for nonbanks in a two-hour live webcast.
The panel will discuss the following subjects:
• Critical Enforcement and Compliance Issues for Nonbanks and Asset Managers: An Overview
• Guidance and best practices
• Latest regulatory updates
J.C. Boggs, Partner,
King & Spalding
- Focus on the legislative and public policy implications, including reasons why the SIFI provisions of Dodd-Frank are a bad idea from an insurance company and consumer perspective. Review of pending legislative efforts to provide the Federal Reserve Board additional authority to establish capital standards tailored to the unique characteristics of the business of insurance. Challenging a SIFI designation.
- Nonbank SIFIs: Overview and Public Policy Perspective
- Nonbank SIFIs – What and Why
- About FSOC
- Consequences of SIFI Designation
- A closer look at the Insurance Industry
- FRB Oversight of Nonbank SIFIs
- FSOC appeals process
- Legislative relief – S. 1360
- Legal and Judicial Challenges
Gregory S. Rowland , Partner,
Davis Polk & Wardwell LLP
- Asset Manager SIFI Issues
- Uncertain how, or to what extent, the SIFI regime will be applied to asset managers or their funds.
Arthur S. Long, Partner,
Gibson, Dunn & Crutcher LLP
- Nonbank SIFI Compliance Issues – Consequences of Becoming A Nonbank SIFI
- Enhanced Prudential Standards, Capital and Early Remediation
- Living Wills and Orderly Liquidation Authority
- Volcker Rule
- Acquisition Approval Requirements; Swap Entity Limitations
- Management Interlock Prohibitions
- Potential Intermediate Holding Company Requirement
- Examinations and Enforcement
- Administration, Reporting and Information Collection
Gregory S. Rowland, Partner,
Davis Polk & Wardwell LLP
- Asset Manager Compliance/Enforcement Issues
- Issues for asset managers under recently amended Regulation D (e.g., (i) new bad actor disqualification provisions and (ii) verification requirements if general solicitation is used).
- Current SEC focus on broker-dealer registration issues when asset managers are marketing funds or, in the case of private equity-fund managers, receiving fees in connection with portfolio company transactions.
- Recently adopted CFTC harmonization rules for commodity pool operators of registered funds.
- Asset manager performance marketing issues: SEC monitoring of performance and the use of back-tested or hypothetical performance.
Haydn J. Richards, Jr. , Member,
- Provide an overview of CFPB authority for non-banks
- Provide a discussion regarding CFPB examination process
- Discuss effective compliance management systems and how industries that historically may not have had such systems now must come up to speed and quickly put them in place; and
- Discuss the CFPB’s approach for vendor oversight.
Who Should Attend:
– Attorneys (Practice Area: Banking & Finance, Insurance & Related)
– General Counsel – Senior Management (Nonbank Financial Companies)
– Finance Executives
– Financial Analysts
– Compliance Officers
– Risk Officers
– Industry Watchers and other interested professionals
J.C. Boggs is a partner with King & Spalding’s Government Advocacy & Public Policy Practice Group in Washington, D.C. He previously served as counsel to the U.S. Senate Banking Committee and currently represents a wide range of financial services clients before Congress and the executive branch. He also regularly interfaces with federal and state financial regulators on a broad array of policy and institution-specific issues. With over 25 years of experience in law, politics and public policy, Chambers USA recognizes Mr. Boggs as a leader in government relations law and calls him “one of the most proficient attorneys on the scene.”
J.C. Boggs is a partner with King & Spalding’s Government Advocacy & Public Policy Practice Group in Washington, D.C. He …
Gregory Rowland is a partner in Davis Polk’s Corporate Department, practicing in the Investment Management Group. He focuses on providing transactional, regulatory and compliance advice relating to investment advisers, mutual funds, closed-end funds, business development companies, private equity funds and hedge funds. He devotes a large portion of his practice to the structuring, launch and operation of registered investment companies and to the sales, acquisitions and restructurings of asset management firms.
In addition, Mr. Rowland advises financial institutions, fund sponsors, corporations, employees’ securities companies, and other entities regarding exemptions under the Investment Company Act and Investment Advisers Act.
Gregory Rowland is a partner in Davis Polk’s Corporate Department, practicing in the Investment Management Group. He focuses on providing …
See Whitepapers : FSOC Designation : Consequences for Nonbank SIFIS.pdf Bank Corporate Governance and the New Supervisory Framework.pdf Fed Needs to …
Haydn J. Richards, Jr. is a Member at Dykema, where he is the Director of the Firm’s Financial Institutions Group. Mr. Richards’ practice is centered on advising members of the financial services industry on regulatory issues, both federal and state. He advises clients in state licensing matters pertaining to all areas of the financial services space, including with a focus on mortgage lenders, brokers, servicers and their employees. He also counsels financial services companies regarding CFPB preparedness and implementation strategies for the CFPB’s new regulations.
Mr. Richards regularly counsels institutional investors, hedge funds, and similar entities in connection with their entry into the financial services space. In addition, he supports financial services companies with internal and external compliance surveys, facilitates interaction with regulatory agencies and assists with all aspects of state and federal audits, examinations and enforcement actions.
Haydn J. Richards, Jr. is a Member at Dykema, where he is the Director of the Firm’s Financial Institutions Group. …
Print and review course materials
Method of Presentation:
On-demand Webcast (CLE)
NASBA Field of Study:
Specialized Knowledge and Applications
NY Category of CLE Credit:
Areas of Professional Practice
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About King & Spalding
Celebrating more than 125 years of service, King & Spalding is an international law firm that represents a broad array of clients, including half of the Fortune Global 100, with 800 lawyers in 17 offices in the United States, Europe, the Middle East and Asia. King & Spalding was named the “Law Firm of the Year” for government relations in 2012 by U.S. News & World Report and Best Lawyers and was selected as a “go-to law firm” by American Lawyer Media based on a survey of general counsel at leading financial services companies.
About Davis Polk & Wardwell LLP
Davis Polk & Wardwell LLP is a global law firm with 10 offices across the world’s key financial centers. For more than 160 years, its lawyers have advised industry-leading companies and global financial institutions on their most challenging legal and business matters. Davis Polk ranks among the world’s preeminent law firms across the entire range of its practice, which spans such areas as capital markets, mergers and acquisitions, credit, litigation, private equity, tax, financial regulation, investment management, insolvency and restructuring, executive compensation, intellectual property, real estate, and trusts and estates. Davis Polk (including its associated entities) has more than 800 lawyers in offices in New York, Menlo Park, CA, Washington DC, São Paulo, London, Paris, Madrid, Hong Kong, Beijing and Tokyo.
For more information, please visit: https://www.davispolk.com.
About Gibson, Dunn & Crutcher LLP
Gibson, Dunn & Crutcher LLP is a full-service global law firm, with more than 1,100 lawyers and 18 offices worldwide, including Beijing, Brussels, Century City, Dallas, Denver, Dubai, Hong Kong, London, Los Angeles, Munich, New York, Orange County, Palo Alto, Paris, San Francisco, Sao Paulo, Singapore, and Washington, D.C. Consistently ranking among the world’s top law firms in industry surveys and major publications, Gibson Dunn is distinctively positioned in today’s global marketplace as a recognized leader in representing companies in all major industries, as well as investment and commercial banks, financial sponsors, individuals, governments and sovereign wealth funds.
With more than a century of experience and nearly 400 attorneys and other professionals, Dykema has established itself as one of the top law firms for business in the United States. From its 13 strategically located offices in California, Illinois, Michigan, Minnesota, North Carolina, Texas and Washington, D.C., Dykema helps clients—from start-up enterprises to Fortune 100 companies—skillfully address their most complex and sophisticated issues. From transactional work to litigation, on matters of government policy, intellectual property, tax, real estate or a diverse array of business-related legal issues, Dykema professionals are guided by three operating principles: strive for outstanding results, provide extraordinary value and most importantly, deliver relentlessly excellent service to clients. The firm’s roster of attorneys and professionals—many nationally recognized and Chambers-ranked leaders in their area of practice—is smart, sophisticated, broadly skilled and deeply knowledgeable. To learn more, visit www.dykema.com or follow Dykema on Twitter https://twitter.com/Dykema.