Late last fall, Congress faced a serious crisis in trying to pass a comprehensive transportation bill, designated as the Fixing America's Surface Transportation (FAST) Act.  Amendments to various Federal securities and banking laws were added to the FAST Act during the reconciliation process.

MetLife won the first round in its fight against designation as a nonbank systemically important financial institution ("SIFI"). The court's opinion will be under seal until at least April 6, so we do not know why the court rescinded the Financial Stability Oversight Council's ("FSOC's") designation.

The minimal credit risk determination for ABS [an Asset-Backed Security] should identify every entity on whose financial strength the fund will rely; the illiquid security determination should

Funds Don't Identify Rule 144A and Regulation S Securities as "Restricted" Notwithstanding my technical interpretation of "restricted security" in Part One, my sampling of recent annual reports found no funds treating Rule 144A or Regulation S securities

This post continues my discussion of the IM Guidance Update released on January 6, 2016, in which the SEC staff urges boards to consider the following factors in meeting the staff

Since the SEC's mutual fund distribution sweep examination began in 2013, the industry has become increasingly focused on the various types of payments made to intermediaries selling fund shares and providing services to shareholders.