The OCC, the Federal Reserve Board and the FDIC proposed long-term debt requirements for large banking entities, holding companies, foreign banking organizations and large insured depository institutions to facilitate resolvability in the event of failure and to reduce the risk of contagion within the financial system.
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The SEC Division of Investment Management issued guidance on the use of fee waiver and expense reimbursement arrangements that result in differing advisory fees for different share classes of the same fund.
A private equity fund adviser settled SEC charges for (i) improperly offsetting portfolio company fees against management fees charged to clients and (ii) failing to clarify management fee calculations to clients.
An FTC final rule amending the Commission's requirements for entities using information from customer reports for unsolicited credit or insurance advertising was published in the Federal Register.
The SEC requested comment on the potential money market fund reform measures outlined in the President's Working Group of Financial Markets December 2020 report.