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On December 16, 2020, the Securities and Exchange Commission (SEC) voted to approve a Final Rule requiring companies to annually disclose information about payments they made to the U.S. government or any foreign government in connection with the commercial development of oil, natural gas or minerals.
1 The highly anticipated Final Rule implements Section 13(q) of the Securities Exchange Act, added by the Dodd Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act).
2 The Final Rule is intended to fulfill the Dodd-Frank Act’s objective of increasing transparency.
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On September 11, 2020, the CFTC announced monetary awards to two whistleblowers who provided specific, credible, and timely information leading the CFTC to open an investigation into fraudulent activity perpetrated by wrongdoers in the futures and commodities markets. The whistleblowers continued to assist the CFTC over the course of the investigation, which ultimately helped lead to a successful enforcement action.
The CFTC’s Whistleblower Program was created under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and has resulted in approximately $120 million in awards to whistleblowers since 2014. Under the Commodity and Exchange Act, whistleblowers who provide information through the program receive confidentiality protections and are eligible to receive between 10 and 30 per cent of the monetary sanctions collected by the CFTC. Since the inception of the program, the CFTC has recovered nearly $9
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On Dec. 18, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) completed its seven-year rulemaking process for debt collection. In 2013, the CFPB embarked on an ambitious journey to write regulations to interpret the 40-year-old Fair Debt Collections Practices Act (“FDCPA”). Until the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) was passed, no federal regulator had the authority to interpret the FDCPA through rule writing. The Dodd-Frank Act expressly paved the way for a federal regulator, the CFPB, to take a look at what it regarded as evidence of “abusive, deceptive, and unfair debt collection practices” and to interpret appropriate features of the FDCPA through rule writing.
Proposed Rule to Require Gov t-Sponsored Agencies to Develop Contingency Plans Dec 23 2020, 12:01PM
The Federal Housing Finance Agency (FHFA) has released a notice of proposed
rulemaking that would
require Fannie Mae and Freddie Mac (the GSEs) to develop
resolution plans. FHFA says these plans would facilitate a rapid and orderly
resolution should FHFA have to be appointed their receiver under the Housing
and Economic Recovery Act of 2008.
According to the press release, the proposal is designed to ensure the GSEs
are prepared in the same way as financial institutions regulated by the Federal
Reserve and the Federal Deposit Insurance Corporation to react to another
(1)
Washington, D.C. (Newsfile Corp. - December 22, 2020) - The Securities and Exchange Commission voted to take two actions to advance implementation of security-based swap regulation under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. First, the Commission is publishing a final substituted compliance order in response to an application by Germany s Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). In addition, the Commission is publishing a notice of application and proposed substituted compliance order in response to an application by France s Autorité des Marchés Financiers (AMF) and Autorité de Contrôle Prudential et de Résolution (ACPR).