Skip to main content
  • Topics
    • Broker-Dealers
      • Broker-Dealers
        • Overview
        • FINRA Materials
        • FINRA: Rule by Rule
        • Muni Advisors
        • Muni Securities and Dealers
        • Muni Securities Documents
        • MSRB Rules: Rule by Rule
        • Government Securities Dealers
        • 100's More Broker-Dealer Topics
        • Capital Requirements
        • Regulation Best Interest
        • Non-U.S. Broker-Dealer (Rule 15a-6)
    • Commodity Exchange Act
      • Commodity Exchange Act
        • Overview
        • CFTC Supervision and CCO
        • Position Limits
        • FCMs
        • FCM / IB Registration Requirement
        • BD and FCM Risk Assessment Rules
        • BD and FCM Subordination Agreements
        • BD and CEA Withdrawals of Capital
        • FCM Capital
        • FCMs and Swap Dealer Custody
        • More CEA Topics
        • Swaps and Swap Dealers
        • Margin for Uncleared Swaps
        • FCMs and Swap Dealer Custody
        • Swap Dealer and SBSD Capital
        • CPOs and CTAs
        • Disclosures
        • Recordkeeping
        • Registration Process
        • Registration Requirement
        • Reporting on Form PQR, and Form PR
    • Advisers, Funds and Plans
      • Advisers, Funds and Plans
        • Overview
        • ERISA
        • Investment Advisers Act: By Section and By Rule
        • Municipal Advisors
        • IA Regulation
        • Standard of Conduct and Fiduciary Guidance
        • Business Continuity
        • Incentive Compensation
        • Marketing Materials
        • Pay to Play
        • Recordkeeping and Reporting
        • Registration Requirement
        • SEA 13(f) Position Reporting
        • Soft Dollars
        • Custody Requirements
        • Definition of Investment Adviser
        • Form CRS
        • More Adviser and Funds Topics
        • Investment Companies
        • Overview of Exemptions from Registration under the ICA
        • Capital Structure, Senior Securities, Liquidity
        • Custody Requirements
    • Banking
      • Banking
        • Overview
        • FRA 23A and 23B and Reg W
        • Community Reinvestment Act
        • Volcker
        • Truth in Lending
        • Truth in Savings
        • Capital Requirements
        • Enforcement Procedures
        • Money Service Businesses
      • Products and Contracts
        • Products and Contracts
          • Cannabis Finance
          • Commodity Options
          • Crypto and Initial Coin Offerings
          • Government Securities and Dealers
          • LIBOR and Indices
          • Municipal Securities and Dealers
          • Securities Lending
          • Securities Options
          • Security Futures Products
          • TBAs and the MSFTA
          • Asset-Backed Securities
          • Overview
          • ABS Qualifying Residential Mortgage and Other Exempt Loans
          • BD Communications about CMOs
          • Credit Rating Agencies and Credit Ratings
          • Credit Risk Retention
          • Due Diligence Reports
          • ICA Section 3(c)(4), (5) and (6) Funds, Including REITs
          • LIBOR and Indices
          • Marketplace Lending
          • Regulation AB
          • TBAs and the MSFTA
      • Credit and Insolvency
        • Credit and Insolvency
          • Overview
          • BD Insolvency
          • FCM Insolvency
          • Insolvency of Banks
          • Protected Financial Contracts
          • Security Interests and UCC
        • Cybersecurity
          • Cybersecurity
            • Cybersecurity and Data Protection
          • Enforcement and Bad Acts
            • Enforcement and Bad Acts
              • Anti-Money Laundering
              • Disqualifications and Waivers
              • Foreign Corrupt Practices Act
              • Insider Trading
              • SEC and FINRA
              • Sanctions
              • Whistleblowers
            • Investors
              • Investors
                • Comm. on Foreign Investment in US ("CFIUS")
                • Hart-Scott-Rodino
                • SEA 13(f) Position Reporting
              • Issuers and Offerings
                • Issuers and Offerings
                  • Asset-Backed Securities
                  • Conflict Minerals
                  • Issuer Repurchases Rule 10b-18
                  • Issuer Securities Regulation and Del. Corp. Law
                  • Regulation FD (Fair Disclosure)
                  • Securities Offerings
                  • Corporate Financing Rule
                  • FINRA Private Placement Rules (5122 and 5123)
                • Regulatory Policy
                  • Regulatory Policy
                    • Dodd-Frank
                    • Policy
                • Documents
                  • Federal Securities
                    • Federal Securities
                      • Statutes
                      • Investment Advisers Act
                      • Investment Company Act
                      • Securities Act
                      • Securities Exchange Act
                      • Trust Indenture Act
                      • Rules
                      • Investment Advisers Act
                      • Investment Company Act
                      • Securities Act
                      • Securities Exchange Act
                      • Securities Act / Securities Exchange Act Regulations
                      • Trust Indenture Act Rules
                      • More Federal Securities Laws, Rules and Other Documents
                      • SEC Administrative Materials
                      • SEC Federal Registers
                      • SEC Enforcement Releases
                      • SEC No-Action Letters
                      • SEC Forms
                      • Securities SROs
                      • FINRA Rules
                      • MSRB Rules
                      • FINRA / MSRB Notices
                      • SRO Federal Registers
                      • SRO Enforcement Releases
                  • Commodity Exchange Act and Energy
                    • Commodity Exchange Act and Energy
                      • CEA and Related Rules
                      • CEA
                      • CFTC Rules
                      • NFA Rules
                      • CEA Judicial Decisions
                      • Supreme Court and Circuit Court Cases
                      • More CEA-Related Documents
                      • CFTC Documents
                      • CFTC Fact Sheets
                      • CEA FAQs
                      • CEA Federal Registers
                      • CFTC Guidance on Cross-Border Futures Transactions
                      • CFTC Guidance on Cross-Border Swaps
                      • CFTC Orders
                      • CFTC No-Action Letters
                      • CEA Speeches, Statements and Testimony
                      • CEA Studies and Reports
                      • NFA Documents
                      • NFA Notices
                      • NFA Regulatory Guidance
                  • Federal Banking
                    • Federal Banking
                      • Statutes
                      • Antitying Act
                      • Bank Holding Company Act of 1956
                      • Community Reinvestment Act
                      • Consumer Credit Protection Statutes
                        • Truth in Lending Act
                        • Consumer Leasing Act
                        • Fair Credit Reporting Act
                        • Equal Credit Opportunity Act
                        • Fair Debt Collection Practices Act
                        • Electronic Fund Transfers Act
                      • Federal Deposit Insurance Act
                      • Federal Reserve Act
                      • International Banking Act
                      • National Banking Act
                      • Real Estate Settlement Procedures Act
                      • More Banking Laws, Rules and Other Documents
                      • Rules
                      • Comptroller Rules
                      • FDIC Rules
                      • FRB Rules
                      • Government Securities Act Rules
                      • CFPB Rules
                      • Banking Guidance
                      • Comptroller Handbooks
                      • Comptroller Interpretive Letters
                      • FDIC Financial Institution Letters
                      • FRB Compliance Guides
                      • FRB Supervision and Regulation Letters
                      • CFPB Supervisory Highlights
                  • ERISA
                    • ERISA
                      • Statutes
                      • Employee Retirement Income Security Act
                      • Internal Revenue Code Provisions Related to ERISA
                      • Rules
                      • ERISA Rules
                      • Internal Revenue Regulations Related to ERISA
                      • Other Documents
                      • DOL Federal Registers
                      • DOL FAQs
                      • DOL Glossaries
                      • Pension Benefit Guaranty Corporation Federal Registers
                  • Credit
                    • Credit
                      • Bankruptcy Laws
                      • Bankruptcy Code
                      • Federal Deposit Insurance Corporation Improvement Act
                      • SIPA
                      • Securities Investor Protection Act
                      • Securities Investor Protection Corporation Rules
                      • SIPC Letters and Interpretations
                      • SIPC Annual Reports
                      • State Law
                      • New York Statute
                      • Other Documents
                      • Bankruptcy Basics​
                      • Hague Convention
                      • Court Decisions
                      • NYDFS Letters on Bank Insolvency
                  • AML, FCPA and Sanctions
                    • AML, FCPA and Sanctions
                      • AML
                      • Bank Secrecy Act
                      • Bank Secrecy Act Rules
                      • Federal Crime of Money Laundering
                      • NY Penal Law, Article 470
                      • FinCEN Advisories
                      • FinCEN FAQs
                      • FinCEN Federal Registers
                      • More AML Laws, Rules and Other Documents
                      • FCPA
                      • 15 USC 78dd
                      • 15 USC 78m
                      • FCPA Resource Guide
                      • More FCPA Laws, Rules and Other Documents
                      • Sanctions
                      • Statutes Relevant to Sanctions
                      • Sanctions Rule
                      • OFAC Federal Registers
                      • Executive Orders
                      • More Sanctions Laws, Rules and Other Documents
                  • NASAA and State Law
                    • NASAA and State Law
                      • NASAA
                      • Uniform Securities Act
                      • Uniform Securities Act (1956), As Amended
                      • Model Rules: Advisers
                      • Model Rules: Broker-Dealers
                      • Model Rules: Offerings
                      • Delaware
                      • Delaware General Corporation Law
                      • New York Statutes
                      • Martin Act
                      • Requirement of Written Agreement
                      • Anti-Money Laundering
                      • New York Rules and Interpretations
                      • Virtual Currencies Regulation
                      • Annuity Regulations
                      • NYDFS Letters on Bank Insolvency
                  • Antitrust and CFIUS
                    • Antitrust and CFIUS
                      • Hart-Scott-Rodino
                      • Act
                      • Rules
                      • HSR Guidance
                      • HSR - Introductory Guide I
                      • HSR - Introductory Guide II
                      • HSR: Back to Basics Workshop Transcript
                      • The Most Frequently Asked HSR Questions
                      • CFIUS
                      • Defense Production Act
                      • Rules
                      • Federal Registers
                      • Executive Orders
                  • Statutes, Rules and Public Laws
                    • Statutes, Rules and Public Laws
                      • All Statutes
                      • All Rules
                      • All Public Laws
                    • Analytic Materials
                      • Analytic Materials
                        • Cabinet Materials
                        • Broker-Dealer Guide
                        • CEA Guide
                        • Hedge Fund Guide
                        • Pamphlets
                        • Anti-Money Laundering Regulation for Financial Institutions
                        • Blue Sky Law Registration Requirements
                        • Guide to Federal Income Tax of Hedge Fund
                        • Section 23A for Broker-Dealers
                        • Quick Guide to U.S. Economic Sanctions
                        • More Legal Writings
                        • Governmental Materials
                        • SEC Compliance Guides
                        • SEC Guide to Broker-Dealer Registration
                        • SEC Guide to ICA Registration
                        • SEC Guidance for Newly-Registered Investment Advisers
                        • FRB Compliance Guides
                        • FRB Supervision and Regulation Letters
                        • Comptroller Handbooks
                        • Comptroller Interpretive Letters
                        • FDIC Financial Institution Letters
                    • Individuals and Organizations
                      • Individuals and Organizations
                        • Speeches, Statements & Testimony
                        • Elizabeth A. Warren
                        • Steven T. Mnuchin
                        • J. Christopher Giancarlo
                        • Jerome H. Powell
                        • Randal Quarles
                        • Walter Jay Clayton
                        • Hester Peirce
                        • Kara M. Stein
                        • Lael Brainard
                        • Robert Jackson
                        • All Individuals
                        • Reports
                        • Alternative Reference Rates Committee
                        • Congressional Research Service
                        • Financial Stability Oversight Council
                        • Futures Industry Association
                        • Government Accountability Office
                        • Investment Company Institute
                        • Managed Funds Association
                        • North American Securities Administrators Association
                        • Office of Financial Research
                        • Securities Industry and Financial Markets Association
                  • Events
                  • News
                  • Tools
                    • Glossaries
                    • Interactive Applications
                    • Change Management Tracker
                  • About
                    • About News
                    • About Berkeley
                    • Contributors
                    • Help
                    • Purpose
                  • Sign in
                  Advanced Search

                  Not just data.
                  Information in context.

                  News & Headlines

                  Receive our daily newsletter

                  52 results
                  Search Narrowed by Text
                  Search Terms

                  Search Narrowed by Categories
                  • Remove Creditors / Lenders filter Creditors / Lenders
                  • Remove Foreign Private Issuers filter Foreign Private Issuers
                  date:
                  body of law:
                  • Banking Apply Banking filter 36
                  • Securities Apply Securities filter 14
                  • CEA Regulation Apply CEA Regulation filter 8
                  • Insolvency Apply Insolvency filter 4
                  • AML Apply AML filter 2
                  • Commerce Apply Commerce filter 2
                  • FCPA Apply FCPA filter 2
                  • Contracts Apply Contracts filter 1
                  issuing jurisdiction:
                  • United States Apply United States filter 51
                  • US - Federal Apply US - Federal filter 50
                  • States Apply States filter 3
                  • Arkansas Apply Arkansas filter 1
                  • Colorado Apply Colorado filter 1
                  • Global Apply Global filter 1
                  • New York Apply New York filter 1
                  author organization:
                  • CFPB Apply CFPB filter 17
                  • SEC Apply SEC filter 10
                  • Cadwalader Apply Cadwalader filter 6
                  • Comptroller Apply Comptroller filter 3
                  • FDIC Apply FDIC filter 2
                  • Fed. Res. Board / Banks Apply Fed. Res. Board / Banks filter 2
                  • FTC Apply FTC filter 2
                  • Industry Associations Apply Industry Associations filter 2
                  • US Congress Apply US Congress filter 2
                  • Academics Apply Academics filter 1
                  • CFTC Apply CFTC filter 1
                  • FINRA Apply FINRA filter 1
                  • GAO Apply GAO filter 1
                  • ISDA Apply ISDA filter 1
                  • LSTA Apply LSTA filter 1
                  • New York Apply New York filter 1
                  • NYDFS Apply NYDFS filter 1
                  • President / White House Apply President / White House filter 1
                  • SIFMA Apply SIFMA filter 1
                  • US Government Research Entities Apply US Government Research Entities filter 1
                  news type:
                  • Legal / Regulatory News Apply Legal / Regulatory News filter 45
                  • Enforcement News Apply Enforcement News filter 7
                  enforcement type:
                  federal register type:
                  book compilation:
                  regulatory status:
                  regulated activities:
                  • Lending Apply Lending filter 25
                  • Suitability and Consumer Protection Apply Suitability and Consumer Protection filter 12
                  • Fintech Apply Fintech filter 8
                  • Exchange and Tender Offers Apply Exchange and Tender Offers filter 5
                  • Disclosures Apply Disclosures filter 4
                  • Cross-Border Apply Cross-Border filter 3
                  • Regulatory Activities Apply Regulatory Activities filter 3
                  • Regulatory Exemptions Apply Regulatory Exemptions filter 3
                  • Rulemaking Apply Rulemaking filter 3
                  • Capital Markets Apply Capital Markets filter 2
                  • Diversity / Discrimination Apply Diversity / Discrimination filter 2
                  • Leasing Apply Leasing filter 2
                  • Regulatory Oversight Apply Regulatory Oversight filter 2
                  • Regulatory Reporting Apply Regulatory Reporting filter 2
                  • Risk Management Apply Risk Management filter 2
                  • Trading Apply Trading filter 2
                  • Accounting and Audit Apply Accounting and Audit filter 1
                  • Advice and Fiduciary Apply Advice and Fiduciary filter 1
                  • AML Compliance Apply AML Compliance filter 1
                  • Community Lending Apply Community Lending filter 1
                  • Disclosures - Foreign Entities Apply Disclosures - Foreign Entities filter 1
                  • Enforcement Procedures Apply Enforcement Procedures filter 1
                  • Exempt Sales Apply Exempt Sales filter 1
                  • Financial Recordkeeping & Reporting Apply Financial Recordkeeping & Reporting filter 1
                  • Liquidation Apply Liquidation filter 1
                  • Non-US Offerings (Reg S) Apply Non-US Offerings (Reg S) filter 1
                  • Payments Apply Payments filter 1
                  • Proxies / Voting Apply Proxies / Voting filter 1
                  • Technology (not Cyber) Apply Technology (not Cyber) filter 1
                  regulated entities:
                  • Remove Creditors / Lenders filter Creditors / Lenders
                  • Remove Foreign Private Issuers filter Foreign Private Issuers
                  • Broker-Dealers Apply Broker-Dealers filter 2085
                  • Adviser / CTA / CPO Apply Adviser / CTA / CPO filter 1213
                  • FCMs and IBs Apply FCMs and IBs filter 1061
                  • Banking Entities Apply Banking Entities filter 915
                  • Issuers Apply Issuers filter 784
                  • Regulatory Agencies Apply Regulatory Agencies filter 758
                  • Swap Dealers / SBSDs Apply Swap Dealers / SBSDs filter 754
                  • Banking Organizations Apply Banking Organizations filter 656
                  • Traders / Investors / Counterparties Apply Traders / Investors / Counterparties filter 627
                  • Markets Apply Markets filter 527
                  • Investment Funds Apply Investment Funds filter 471
                  • SEC-Registered Issuers Apply SEC-Registered Issuers filter 360
                  • Foreign Entities Apply Foreign Entities filter 322
                  • Clearing Orgs. Apply Clearing Orgs. filter 280
                  • Public Funds Apply Public Funds filter 278
                  • Muni Advisors Apply Muni Advisors filter 217
                  • SEFs / SBSEFs Apply SEFs / SBSEFs filter 217
                  • Exchanges / Contract Markets Apply Exchanges / Contract Markets filter 211
                  • Private Funds Apply Private Funds filter 206
                  • Securities SROs Apply Securities SROs filter 167
                  • ATSs / ECNs Apply ATSs / ECNs filter 124
                  • Whistleblowers Apply Whistleblowers filter 112
                  • Foreign Governments Apply Foreign Governments filter 106
                  • RFDs / FDMs Apply RFDs / FDMs filter 92
                  • Rating Agencies Apply Rating Agencies filter 73
                  • State or Municipal Gov. Apply State or Municipal Gov. filter 70
                  • Commercial Parties Apply Commercial Parties filter 66
                  • Accountants / Attorneys Apply Accountants / Attorneys filter 51
                  • SDRs Apply SDRs filter 51
                  • Insurance Companies Apply Insurance Companies filter 39
                  • Plans Apply Plans filter 32
                  • Futures Association Apply Futures Association filter 28
                  • Emerging Growth Companies Apply Emerging Growth Companies filter 23
                  • Money Service Business / Transmitter Apply Money Service Business / Transmitter filter 17
                  • FB / FTs Apply FB / FTs filter 12
                  • Investor Status Apply Investor Status filter 12
                  • LTMs Apply LTMs filter 12
                  • Transfer Agents Apply Transfer Agents filter 12
                  • Borrowers / Debtors Apply Borrowers / Debtors filter 9
                  • Funding Portals Apply Funding Portals filter 8
                  • Casinos Apply Casinos filter 6
                  • Utilities Apply Utilities filter 1
                  regulated products:
                  • Debt Apply Debt filter 12
                  • Real Estate / Mortgages Apply Real Estate / Mortgages filter 6
                  • Penny Stocks / Small Caps Apply Penny Stocks / Small Caps filter 1
                  affected jurisdiction:
                  • Hungary Apply Hungary filter 1
                  • India Apply India filter 1
                  • Macedonia Apply Macedonia filter 1
                  • Montenegro Apply Montenegro filter 1
                  penalty amount (approximate):
                  disgorgement amount (approximate):
                  • November 22, 2019

                    CFPB Director Highlights Agency Policy Initiatives

                    CFPB Director Kathy Kraninger described agency initiatives focused on product experimentation, investigations and enforcement, and consumer education.
                  • October 30, 2019

                    CFPB Extends Reporting Relief for Smaller Institutions under HMDA Rules

                    The CFPB adopted a final rule designed to provide relief to smaller firms by extending the temporary reporting data threshold under the Home Mortgage Disclosure Act.
                  • September 16, 2019

                    Federal Register: CFPB Guidance on No-Action Relief, Product Sandbox and Trial Disclosure Program

                    CFPB-revised policy guidance on no-action letters, on the CFPB Product Sandbox and on the Trial Disclosure Program was published in the Federal Register.
                  • August 16, 2019

                    CFPB Proposes Settlement in Connection with High-Interest Credit Offers

                    The CFPB and the State of Arkansas proposed to settle a complaint against brokers for violations of the Consumer Financial Protection Act and the Arkansas Deceptive Trade Practices Act.
                  • August 07, 2019

                    CFPB Highlights Analysis on the Use of Non-Traditional Data in Credit Process

                    The CFPB highlighted the results of an analysis comparing the uses of traditional and non-traditional sources of information by consumers in the credit process.
                    Steven.Lofchie@cwt.com's picture
                    Commentary by Steven Lofchie
                  • April 24, 2019

                    Cadwalader Attorneys Review State Court Ruling on Marketplace Lending

                    A Colorado state court determined that securitization trusts that acquire marketplace lender loans originated to Colorado consumers are subject to Colorado jurisdiction.
                  • March 21, 2019

                    FINRA Reminds Firms of Obligations regarding Quotations in Securities of Foreign Private Issuers

                    FINRA reminded broker dealers of rules that require firms to provide information upon request to any person that voices an interest in a transaction involving the securities of foreign private issuers.
                  • January 02, 2019

                    Marketplace Lending Update: Securitizations under Attack in Colorado Litigation

                    Cadwalader attorneys reviewed a Colorado case concerning marketplace lending in which certain securitization trusts that had acquired the Defendant's loans were charged for violations of the state's Uniform Consumer Credit Code.
                    Scott.Cammarn@cwt.com's picture
                    Commentary by Scott Cammarn
                  • December 13, 2018

                    Federal Register: CFPB Proposes to Streamline Policy on No-Action Relief

                    The Consumer Financial Protection Bureau proposal to streamline its no-action letter process and create a CFPB Product Sandbox was published in the Federal Register.
                  • December 11, 2018

                    CFPB Proposes to Streamline Policy on No-Action Relief

                    The Consumer Financial Protection Bureau proposed to streamline its no-action letter process and create a CFPB Product Sandbox.
                  • Previous
                  • 1
                  • 2
                  • 3
                  • 4
                  • 5
                  • 6
                  • Next

                  Request delivery of the Cadwalader Cabinet Newsletter.

                  User menu

                  • Attorney Advertising
                  • Terms of Use
                  • Privacy
                  2008-2019
                  • Main menu
                    • Topics
                      • Broker-Dealers
                        • Overview
                        • FINRA Materials
                        • FINRA: Rule by Rule
                        • Muni Advisors
                        • Muni Securities and Dealers
                        • Muni Securities Documents
                        • MSRB Rules: Rule by Rule
                        • Government Securities Dealers
                        • 100's More Broker-Dealer Topics
                        • Separator for Broker-Dealer
                        • Capital Requirements
                        • Regulation Best Interest
                        • Non-U.S. Broker-Dealer (Rule 15a-6)
                      • Commodity Exchange Act
                        • Overview
                        • CFTC Supervision and CCO
                        • Position Limits
                        • FCMs
                        • FCM / IB Registration Requirement
                        • BD and FCM Risk Assessment Rules
                        • BD and FCM Subordination Agreements
                        • BD and CEA Withdrawals of Capital
                        • FCM Capital
                        • FCMs and Swap Dealer Custody
                        • More CEA Topics
                        • Separator for Commodity
                        • Swaps and Swap Dealers
                        • Margin for Uncleared Swaps
                        • FCMs and Swap Dealer Custody
                        • Swap Dealer and SBSD Capital
                        • CPOs and CTAs
                        • Disclosures
                        • Recordkeeping
                        • Registration Process
                        • Registration Requirement
                        • Reporting on Form PQR, and Form PR
                      • Advisers, Funds and Plans
                        • Overview
                        • ERISA
                        • Investment Advisers Act: By Section and By Rule
                        • Municipal Advisors
                        • IA Regulation
                        • Standard of Conduct and Fiduciary Guidance
                        • Business Continuity
                        • Incentive Compensation
                        • Marketing Materials
                        • Pay to Play
                        • Recordkeeping and Reporting
                        • Registration Requirement
                        • SEA 13(f) Position Reporting
                        • Soft Dollars
                        • Custody Requirements
                        • Separator for Advisers and Funds
                        • Definition of Investment Adviser
                        • Form CRS
                        • More Adviser and Funds Topics
                        • Investment Companies
                        • Overview of Exemptions from Registration under the ICA
                        • Capital Structure, Senior Securities, Liquidity
                        • Custody Requirements
                      • Banking
                        • Overview
                        • FRA 23A and 23B and Reg W
                        • Community Reinvestment Act
                        • Volcker
                        • Truth in Lending
                        • Truth in Savings
                        • Capital Requirements
                        • Enforcement Procedures
                        • Money Service Businesses
                      • Products and Contracts
                        • Cannabis Finance
                        • Commodity Options
                        • Crypto and Initial Coin Offerings
                        • Government Securities and Dealers
                        • LIBOR and Indices
                        • Municipal Securities and Dealers
                        • Securities Lending
                        • Securities Options
                        • Security Futures Products
                        • TBAs and the MSFTA
                        • Separator for Products and Contracts
                        • Asset-Backed Securities
                        • Overview
                        • ABS Qualifying Residential Mortgage and Other Exempt Loans
                        • BD Communications about CMOs
                        • Credit Rating Agencies and Credit Ratings
                        • Credit Risk Retention
                        • Due Diligence Reports
                        • ICA Section 3(c)(4), (5) and (6) Funds, Including REITs
                        • LIBOR and Indices
                        • Marketplace Lending
                        • Regulation AB
                        • TBAs and the MSFTA
                      • Credit and Insolvency
                        • Overview
                        • BD Insolvency
                        • FCM Insolvency
                        • Insolvency of Banks
                        • Protected Financial Contracts
                        • Security Interests and UCC
                      • Cybersecurity
                        • Cybersecurity and Data Protection
                      • Enforcement and Bad Acts
                        • Anti-Money Laundering
                        • Disqualifications and Waivers
                        • Foreign Corrupt Practices Act
                        • Insider Trading
                        • SEC and FINRA
                        • Sanctions
                        • Whistleblowers
                      • Investors
                        • Comm. on Foreign Investment in US ("CFIUS")
                        • Hart-Scott-Rodino
                        • SEA 13(f) Position Reporting
                      • Issuers and Offerings
                        • Asset-Backed Securities
                        • Conflict Minerals
                        • Issuer Repurchases Rule 10b-18
                        • Issuer Securities Regulation and Del. Corp. Law
                        • Regulation FD (Fair Disclosure)
                        • Securities Offerings
                        • Corporate Financing Rule
                        • FINRA Private Placement Rules (5122 and 5123)
                      • Regulatory Policy
                        • Dodd-Frank
                        • Policy
                    • Documents
                      • Federal Securities
                        • Statutes
                        • Investment Advisers Act
                        • Investment Company Act
                        • Securities Act
                        • Securities Exchange Act
                        • Trust Indenture Act
                        • Rules
                        • Investment Advisers Act
                        • Investment Company Act
                        • Securities Act
                        • Securities Exchange Act
                        • Securities Act / Securities Exchange Act Regulations
                        • Trust Indenture Act Rules
                        • More Federal Securities Laws, Rules and Other Documents
                        • separator for securities
                        • SEC Administrative Materials
                        • SEC Federal Registers
                        • SEC Enforcement Releases
                        • SEC No-Action Letters
                        • SEC Forms
                        • Securities SROs
                        • FINRA Rules
                        • MSRB Rules
                        • FINRA / MSRB Notices
                        • SRO Federal Registers
                        • SRO Enforcement Releases
                      • Commodity Exchange Act and Energy
                        • CEA and Related Rules
                        • CEA
                        • CFTC Rules
                        • NFA Rules
                        • CEA Judicial Decisions
                        • Supreme Court and Circuit Court Cases
                        • More CEA-Related Documents
                        • Separator for Commodities
                        • CFTC Documents
                        • CFTC Fact Sheets
                        • CEA FAQs
                        • CEA Federal Registers
                        • CFTC Guidance on Cross-Border Futures Transactions
                        • CFTC Guidance on Cross-Border Swaps
                        • CFTC Orders
                        • CFTC No-Action Letters
                        • CEA Speeches, Statements and Testimony
                        • CEA Studies and Reports
                        • NFA Documents
                        • NFA Notices
                        • NFA Regulatory Guidance
                      • Federal Banking
                        • Statutes
                        • Antitying Act
                        • Bank Holding Company Act of 1956
                        • Community Reinvestment Act
                        • Consumer Credit Protection Statutes
                          • Truth in Lending Act
                          • Consumer Leasing Act
                          • Fair Credit Reporting Act
                          • Equal Credit Opportunity Act
                          • Fair Debt Collection Practices Act
                          • Electronic Fund Transfers Act
                        • Federal Deposit Insurance Act
                        • Federal Reserve Act
                        • International Banking Act
                        • National Banking Act
                        • Real Estate Settlement Procedures Act
                        • More Banking Laws, Rules and Other Documents
                        • separator for banking
                        • Rules
                        • Comptroller Rules
                        • FDIC Rules
                        • FRB Rules
                        • Government Securities Act Rules
                        • CFPB Rules
                        • Banking Guidance
                        • Comptroller Handbooks
                        • Comptroller Interpretive Letters
                        • FDIC Financial Institution Letters
                        • FRB Compliance Guides
                        • FRB Supervision and Regulation Letters
                        • CFPB Supervisory Highlights
                      • ERISA
                        • Statutes
                        • Employee Retirement Income Security Act
                        • Internal Revenue Code Provisions Related to ERISA
                        • Rules
                        • ERISA Rules
                          • DOL Fiduciary Rule (Final)
                          • DOL Fiduciary Rule (Proposed)
                        • Internal Revenue Regulations Related to ERISA
                        • Separator for ERISA
                        • Other Documents
                        • DOL Federal Registers
                        • DOL FAQs
                        • DOL Glossaries
                        • Pension Benefit Guaranty Corporation Federal Registers
                      • Credit
                        • Bankruptcy Laws
                        • Bankruptcy Code
                        • Federal Deposit Insurance Corporation Improvement Act
                        • SIPA
                        • Securities Investor Protection Act
                        • Securities Investor Protection Corporation Rules
                        • SIPC Letters and Interpretations
                        • SIPC Annual Reports
                        • separator for credit
                        • State Law
                        • New York Statute
                        • Other Documents
                        • Bankruptcy Basics​
                        • Hague Convention
                        • Court Decisions
                        • NYDFS Letters on Bank Insolvency
                      • AML, FCPA and Sanctions
                        • AML
                        • Bank Secrecy Act
                        • Bank Secrecy Act Rules
                        • Federal Crime of Money Laundering
                        • NY Penal Law, Article 470
                        • FinCEN Advisories
                        • FinCEN FAQs
                        • FinCEN Federal Registers
                        • More AML Laws, Rules and Other Documents
                        • separator for AML
                        • FCPA
                        • 15 USC 78dd
                        • 15 USC 78m
                        • FCPA Resource Guide
                        • More FCPA Laws, Rules and Other Documents
                        • Sanctions
                        • Statutes Relevant to Sanctions
                        • Sanctions Rule
                        • OFAC Federal Registers
                        • Executive Orders
                        • More Sanctions Laws, Rules and Other Documents
                      • NASAA and State Law
                        • NASAA
                        • Uniform Securities Act
                        • Uniform Securities Act (1956), As Amended
                        • Model Rules: Advisers
                        • Model Rules: Broker-Dealers
                        • Model Rules: Offerings
                        • Delaware
                        • Delaware General Corporation Law
                        • Separator for state law
                        • New York Statutes
                        • Martin Act
                        • Requirement of Written Agreement
                        • Anti-Money Laundering
                        • New York Rules and Interpretations
                        • Virtual Currencies Regulation
                        • Annuity Regulations
                        • NYDFS Letters on Bank Insolvency
                      • Antitrust and CFIUS
                        • Hart-Scott-Rodino
                        • Act
                        • Rules
                        • HSR Guidance
                        • HSR - Introductory Guide I
                        • HSR - Introductory Guide II
                        • HSR: Back to Basics Workshop Transcript
                          • FTC Announces 2017 Thresholds for Merger Control Filings Under the HSR Act and Interlocking Directorates Under the Clayton Act
                          • A “Sound Basis” Exists for Revising the HSR Act’s Investment-Only Exemption
                        • The Most Frequently Asked HSR Questions
                        • separator for antitrust
                        • CFIUS
                        • Defense Production Act
                        • Rules
                        • Federal Registers
                        • Executive Orders
                      • Statutes, Rules and Public Laws
                        • All Statutes
                        • All Rules
                        • All Public Laws
                        • separator for statutes
                      • Analytic Materials
                        • Cabinet Materials
                        • Broker-Dealer Guide
                          • Introduction
                          • What is a Security?
                          • Registration Requirement
                          • How to Register
                          • Employees and APs
                          • Customers
                          • Communications
                          • Research
                          • Trading
                          • Capital Requirements
                          • Custody
                          • ERISA
                          • Insolvency of Broker-Dealers
                          • Internal Investigations
                          • Margin and Credit
                          • Non-U.S. Broker-Dealers
                          • Records, Reports and Inspections
                          • Supervision
                          • Insider Trading
                        • CEA Guide
                          • Introduction to the CEA
                          • What Is a Swap and Other Jurisdictional Questions
                          • What Is a Pool; CPO/CTA Registration Requirement
                          • Application for CPO/CTA Registration
                          • Trading
                          • Margin
                          • Supervision
                          • Non-U.S. Pools
                          • Non-U.S. FCMs and Futures
                          • Insolvency
                          • Appendices
                        • Hedge Fund Guide
                          • Introduction
                          • Documentation
                          • Adviser Registration Requirement
                          • Adviser Registration Process
                          • Issuer Exemptions Under the ICA and Exchange Act
                          • Securities Act and State Registration Exemptions
                          • Broker-Dealer and other Sales Issues
                          • Communications
                          • Trading
                          • Ownership and Custody
                          • Margin and Credit
                          • Records, Reports, and Inspections
                          • Supervision and Code of Ethics
                          • ERISA
                          • Relationships with Banks
                        • Pamphlets
                        • Anti-Money Laundering Regulation for Financial Institutions
                        • Blue Sky Law Registration Requirements
                        • Guide to Federal Income Tax of Hedge Fund
                        • Section 23A for Broker-Dealers
                        • Quick Guide to U.S. Economic Sanctions
                        • More Legal Writings
                        • separator for legal writing
                        • Governmental Materials
                        • SEC Compliance Guides
                        • SEC Guide to Broker-Dealer Registration
                        • SEC Guide to ICA Registration
                        • SEC Guidance for Newly-Registered Investment Advisers
                        • FRB Compliance Guides
                        • FRB Supervision and Regulation Letters
                        • Comptroller Handbooks
                        • Comptroller Interpretive Letters
                        • FDIC Financial Institution Letters
                      • Individuals and Organizations
                        • Speeches, Statements & Testimony
                        • White House / President
                        • Elizabeth A. Warren
                        • Executive Orders
                        • Memoranda
                        • Steven T. Mnuchin
                        • News
                        • J. Christopher Giancarlo
                        • Regulatory Guidance
                        • Jerome H. Powell
                        • Statutes
                        • Glossary
                        • Randal Quarles
                        • News
                        • Walter Jay Clayton
                        • Hester Peirce
                        • Speeches, Statements & Testimony
                        • Studies and Reports
                        • Kara M. Stein
                        • Lael Brainard
                        • Robert Jackson
                        • All Individuals
                        • Separator for government
                        • Reports
                        • Alternative Reference Rates Committee
                        • Congressional Research Service
                        • Financial Stability Oversight Council
                        • Futures Industry Association
                        • Government Accountability Office
                        • Investment Company Institute
                        • Managed Funds Association
                        • North American Securities Administrators Association
                        • Office of Financial Research
                        • Securities Industry and Financial Markets Association
                    • Events
                    • News
                    • Tools
                      • Glossaries
                      • Interactive Applications
                      • Change Management Tracker
                    • About
                      • About News
                      • About Berkeley
                      • Contributors
                      • Help
                      • Purpose
                    • Sign in
                    • Account