On July 3, 2023, the SEC's relief for broker-dealers from investment adviser regulation in connection with the provision of research to EU investment managers expired. SEC Commissioner Mark T. Uyeda urged the SEC to engage in a "holistic review of the regulatory framework for investment research."
News & Insights
The OCC, Federal Reserve Board, FDIC and National Credit Union Administration finalized a policy statement for financial institutions on commercial real estate loan accommodations for borrowers during periods of financial stress.
Enforcement and supervisory policy guidance on a new CFPB rule on the collection of small business lending data was published in the Federal Register. The effective date is August 29, 2023.
In a Consent Order, the CFPB ordered a personal loan installment lender to pay $20 million in penalties for deceptive and abusive sales practices in connection with loan originations, renewals and product add-ons.
The House Financial Services Committee approved a bill that would codify expiring SEC no-action relief that (i) excludes broker-dealers who are compensated for research services from the definition of "investment adviser" and (ii) allows broker-dealers to continue accepting payments for research reports in order to comply with international regulations, including MiFID and MiFID II.