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US Financial Stability Oversight Council Meeting Date
19/05/2021
On Friday, June 11, Secretary Janet L. Yellen will preside over a meeting of the Financial Stability Oversight Council (Council) via videoconference. The agenda will include both an open and an executive session. The preliminary agenda for the open session includes money market mutual fund reform and the transition from LIBOR. The preliminary agenda for the executive session includes money market mutual fund reform and preliminary updates regarding Council priorities.
The Dodd-Frank Wall Street Reform and Consumer Protection Act requires the Council to convene no less than quarterly, but the Council has historically convened on a more frequent basis. The meetings bring Council members together to discuss and analyze emerging market developments and financial regulatory issues. The Council is committed to conducting its business as openly and transparently as practicable, given the confidential supervisory and
Tuesday, May 18, 2021
On Monday, May 10, 2021, the U.S. Securities and Exchange Commission (“SEC”) issued a Notice of Intent to Issue an Order that “would adjust for inflation dollar amount thresholds in the rule under the Investment Advisers Act of 1940 (the “1940 Act”), which permits investment advisers to charge performance-based fees” to certain clients. That Rule, 205-3, was originally adopted in 1985 and has been revised in 1998, 2011, and 2016, in each case adjusting the thresholds higher.
Performance-Based Fees
Rule 205-3 was adopted under Section 205(a)(1) of the 1940 Act, which prohibits an investment adviser from charging fees based on capital gains or capital appreciation of the client’s funds. This was intended to protect clients from adviser arrangements that “might encourage advisers to take undue risks with client funds.” Indeed, in a February 1, 1994, letter from the SEC’s Division of Investment Management, the Division Director exp
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Nearly a decade after promulgation of Regulation II better known as the Durbin Amendment the Federal Reserve Board proposed changes to modernize the regulation by clarifying that the exclusivity prohibition applies to card-not-present transactions, such as online purchases.
On March 7, the Federal Reserve Board issued a notice of proposed rulemaking (NPR) requiring debit card issuers to provide at least two unaffiliated networks to process card-not-present debit card transactions. As drafted, the NPR would amend Regulation II (Debit Card Interchange Fees and Routing), promulgated under Section 1075 of the Dodd Frank Wall Street Reform and Consumer Protection Act, which amended the Electronic Funds Transfer Act to add a new Section 920 regarding interchange transaction fees for electronic debit transactions and rules for payment card transactions.