The SEC final rule to implement exemptions provided under the Rural Business Investment Companies Advisers Relief Act of 2018 was published in the Federal Register. The effective date for the final rule is March 10, 2020.
An investment fund challenged an IRS determination that various contracts entered into between the fund and an investment bank resulted in the fund having effective ownership of the positions that were the subject of the contracts.
Elizabeth Warren (D-MA), Tammy Baldwin (D-WI), Sherrod Brown (D-OH), Mark Pocan (D-WI) and Pramila Jayapal (D-WA) introduced a bill to govern the private funds that engage in change in control transactions.
The Federal Reserve Board, Office of the Comptroller of the Currency, CFTC, FDIC and SEC rules amending the definition of "insured depository institutions" to exclude firms with consolidated assets equal to or less than $10 billion from the Volcker Rule was published in the Federal Register.
IOSCO defended its 2018 Liquidity Risk Management recommendations for investment funds against recent criticism, reasserting that the recommendations offer regulators a "comprehensive framework" for liquidity risks in investment funds.
In anticipation of clarifying the treatment of qualifying foreign excluded funds under the Volcker Rule, banking agencies will not take action against foreign banking entities for a two-year period ending on July 21, 2021.
The Federal Reserve Board, Office of the Comptroller of the Currency, CFTC, FDIC and SEC adopted final rule amendments to exclude certain firms with consolidated assets equal to or less than $10 billion from the Volcker Rule.
The CFTC Division of Swap Dealer and Intermediary Oversight granted exemptive relief to the commodity pool operator from the requirement to deliver quarterly account statements within 30 days after the end of each quarter.
In a letter to the Federal Trade Commission, the Managed Funds Association and the Council of Institutional Investors called for reforms to the premerger notification program of the Hart-Scott-Rodino Antitrust Improvements Act.