The SEC Division of Corporation Finance granted an exemption to a UK-based company from an Exchange Act rule barring purchases outside of a tender offer. The exemption permits the company to "purchase, or arrange to purchase, Shares outside the Offer in accordance with English law."

The SEC updated Compliance and Disclosure Interpretations of Regulation S-K to clarify disclosure of "self-identified diversity characteristics" required under Item 401 (Directors, executive officers, promoters and control persons) and under Item 407 ("Corporate Governance") with respect to nominees. To the extent that a board or nominating committee considered the "self-identified diversity characteristics" of an individual who consented to the disclosure of those characteristics, SEC staff would expect a company's discussion under Item 401 to include "identifying those characteristics and

A payday retail lender ("Cash Tyme") with outlets in several U.S. states ( i.e., Alabama, Florida, Indiana, Kentucky, Louisiana, Mississippi and Tennessee) entered into a Consent Order with the Consumer Financial Protection Bureau ("CFPB") for alleged violations of (i) the Consumer Financial Protection Act ("CFPA"), (ii) the Gramm-Leach-Bliley Act ("GLBA") and Regulation P, and (iii) the Truth in Lending Act ("TILA") and Regulation Z. According to the CFPB Consent Order, Cash Tyme violated the CFPA by: failing to take sufficient steps to prevent unauthorized charges; neglecting to "promptly

The SEC final rules that require companies to disclose practices or policies on the ability of employees or directors to engage in hedging transactions with respect to company equity securities held or granted as compensation were published in the Federal Register. The effective date for the final rules is March 8, 2019. If the company does not have any policies or practices on the matter, then the company must disclose that fact or note that hedging transactions are generally allowed. The final rules also specify that the equity securities for which disclosure is required include equity

The FDIC advanced notice of a proposed rulemaking on brokered deposits and interest rate caps applicable to banks that are less than "well capitalized" was published in the Federal Register. Comments must be submitted by May 7, 2019. As previously covered, the goal of the FDIC's review, in significant part, is to better understand the impact of changes to the financial services industry and changes to the economic environment on interest rate restrictions.