Financial Services Alert - January 25, 2011

January 25, 2011 • Vol 14 No 24

IN THIS ISSUE:

FSOC Publishes Volcker Rule Study
FDIC Issues Interim Final Rule Implementing Certain Orderly Liquidation Authority Provisions
Financial Stability Oversight Council Issues Study and Recommendations Regarding Concentration Limits on Large Financial Companies
SEC Settles Administrative Proceedings Based on How Ultra-Short Bond Fund Was Marketed and Violations of 1940 Act Concentration Policy Limits
ICI Files Comment Letter on President’s Working Group Reform Options for Money Market Funds
SEC Staff Delivers Study on Enhancing Investment Adviser Examinations to Congress
SEC Delivers Study on Uniform Standards for Investment Advisers and Broker-Dealers
SEC Proposes Permanent Rules and Forms for Municipal Advisor Registration
SEC Staff Issues No-Action Letter Modifying Relief that Permits Broker-Dealers to Rely on Registered Advisers to Perform AML Customer Identification
New ERISA Litigation Update Available
SEC Proposes Rules Regarding Acknowledgement and Verification of Security-Based Swap Transactions
CFTC Proposes Rules and Guidance for Derivatives Clearing Organizations

New ERISA Litigation Update Available

On January 20, 2011 Goodwin Procter’s ERISA Litigation Practice published the latest edition of its quarterly ERISA Litigation Update. The Update discusses recent developments in a number of retirement cases, including a decision holding that the adviser to a fund containing Madoff investments could be held liable as an ERISA fiduciary, and another decision dismissing claims against an adviser for investing ERISA plan assets in mortgage-backed securities. The Update also reports on recent appellate developments in class actions challenging the holding of employer securities in 401(k) plans, and a district court decision involving a plan holding employer securities where the employer had received TARP funds.

© 2013 Goodwin Procter LLP. All rights reserved. This informational piece, which may be considered advertising under the ethical rules of certain jurisdictions, is provided with the understanding that it does not constitute the rendering of legal advice or other professional advice by Goodwin Procter LLP, Goodwin Procter (UK) LLP or their attorneys. Prior results do not guarantee similar outcome.

Goodwin Procter LLP is a limited liability partnership which operates in the United States and has a principal law office located at 53 State Street, Boston, MA 02109. Goodwin Procter (UK) LLP is a separate limited liability partnership registered in England and Wales with registered number OC362294. Its registered office is at Tower 42, 25 Old Broad Street, London EC2N 1HQ. A list of the names of the members of Goodwin Procter (UK) LLP is available for inspection at the registered office. Goodwin Procter (UK) LLP is authorized and regulated by the Solicitors Regulation Authority.

IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this informational piece (including any attachments) is not intended or written to be used, and may not be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

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