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On December 16, 2020, the US Securities and Exchange Commission (SEC), by a 3-2 vote, adopted final rules requiring annual disclosure on Form SD of payments by SEC reporting companies engaged in the commercial development of oil, natural gas or minerals (resource extraction issuers) to certain governmental entities. The final rules implement Section 13(q) of the Securities Exchange Act of 1934 (Exchange Act), which was added by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank). Section 13(q) directs the SEC to issue rules requiring resource extraction issuers to submit an annual report containing information about payments “made by the resource extraction issuer, a subsidiary of the resource extraction issuer, or an entity under the control of the resource extraction issuer to a foreign government or the Federal Government for the purpose of the commercial development of oil, natural gas,
FOR IMMEDIATE RELEASE Washington D.C., Dec. 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).
CFPB launches advisory opinion program
Welcome to the shortest day of 2020! Today marks the winter solstice and the beginning of a new season. And speaking of the start of something new, let’s take a quick look at the CFPB’s new advisory opinion program.
Earlier this month, the CFPB published its advisory opinions (AO) policy. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the CFPB is required to issue guidance implementing federal consumer financial law. Providing clear and useful guidance to credit unions and the entire financial services industry is a large part of the CFPB’s role. NAFCU has shown support for an AO program and asked for the opinions to be made publicly available to ensure they are easily accessible.
SEC Creates Security-Based Swaps Joint Venture
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The Securities and Exchange Commission today announced the creation of the Security-Based Swaps Joint Venture, a collaborative venture among several SEC divisions and offices that will be responsible for coordinating functions related to the regulation of security-based swaps (SBS) and oversight of certain entities that will be required to register with the SEC (SBS entities).
The co-leads of the SBS Joint Venture will be Vivi Mazarakis, an Acting Assistant Director in the Division of Examinations, and Carol McGee, who is the Assistant Director for the Office of Derivatives Policy in the Division of Trading and Markets. The joint venture will also include participation from staff across the agency, including from the Division of Enforcement, the Division of Economic Risk and Analysis, the Office of International Affairs and the Office of the Chief Data Officer. The SBS Joint Venture will be an important part of the agency