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Cadwalader's Reg-tracker for early June

Regulatory team, Cadwalader Wickersham & Taft, New York, 1 June 2021


Our Regulatory Tracker is a list of effective dates, comment deadlines, compliance dates and expiration dates for the United States of America.

Comment deadlines

  • June 14: The Board of Governors of the Federal Reserve is asking the public to comment on a proposal to automate non-merger-related adjustments to its subject-banks' subscriptions to Federal Reserve Bank capital stock. It also wants to make certain technical amendments to Regulation I and to revise the FR 2056 reporting form.

Effective dates

  • June 1: On the subject of "bad boys," FINRA has adopted new rules to "address brokers with a significant history of misconduct and the broker-dealers that employ them." The amendments to the FINRA Rule 9520 Series (to do with "eligibility proceedings") and Funding Portal Rule 900 (to do with a Code of Procedure) become effective today.
  • June 8: The Securities and Exchange Commission is amending Regulation National Market System (NMS) in line with the Securities Exchange Act 1934 to modernise the national market system for the collection, consolidation and dissemination of information with respect to quotations for and transactions in NMS stocks. It is expanding the content of NMS-related information that its subject-firms must collect, consolidate and disseminate and is changing the method by which that information is collected, calculated and disseminated by fostering a competitive environment for the dissemination of the information, using a "decentralised consolidation model" with competing consolidators.
  • June 9: The SEC is amending its rules that pertain to auditors' independence. The idea is to pay more attention to those relationships or services that are most likely to pose threats to an auditor's objectivity and impartiality.
  • June 14: The SEC is amending rules that it has issued under the Investment Company Act 1940 to establish an "expedited review procedure" for applications that are substantially identical to recent precedent. It is also making a rule to establish an internal time frame for the review of applications outside this new procedure. In addition, it is amending to its rules (in accordance with the same Act) to deem an application made outside the new review procedure to be withdrawn when the applicant does not respond in writing to comments within 120 days.

* Cadwalader, Wickersham & Taft can be reached on +1 212 504 6000 or at cwtinfo@cwt.com

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