Goodwin Procter has one of the largest financial services practices in the United States. We publish the weekly Financial Services Alert to inform our clients and other financial services institutions about news of importance to the industry. Some issues of the Alert summarize significant recent developments in financial services law and regulation. Other issues provide more in-depth analysis about specific areas of financial services law. We hope you find the Financial Services Alert helpful, and we welcome your suggestions for future topics of interest.

Financial Services Alert - May 6, 2008 (PDF)
05.06.08

• Retirement Plan Service Provider May be Liable for Breach of ERISA Fiduciary Duty In Cross-Selling Rollover IRAs Invested in Proprietary Mutual Funds
• FRB Proposes Rules for Credit Card and Overdraft Services
• DOL Provides Guidance on Default Investment Alternatives
• OTS Approves Foreign Operating Subsidiary in India
• OCC Issues Final Rule Reducing Regulatory Burden
• OCC Issues Interpretive Letter Concerning Loans Made to Bank “Insiders”
• OCC Issues Interpretive Letter Concerning Bank’s Ability to Hold Commercial Real Estate for a “Moment-In-Time”
• New York, New Jersey and Pennsylvania Sign Interstate Regulation Pact
• California Announces that it Will Not Proceed with  Proposed Narrowing of Private Adviser Licensing Exemption
• OCC Issues Payment Processors Risk Management Guidance

Financial Services Alert (PDF)
04.29.08

• Department of Labor Administrative Law Judge Rules That Sarbanes-Oxley’s Whistleblower Provisions Do Not Apply to Research Analysts of Privately Held Investment Adviser and Dismisses Suit
• SEC Staff Provides No‑Action Relief to Permit Insurance Companies to Forego an SEC Substitution Order in the Case of Certain Mergers of Underlying Fund Investment Options
• FDIC Adopts Interim Final Policy Regarding the Treatment of Covered Bonds in a Conservatorship or Receivership
• SEC Adopts Disclosure Requirements to Allow Registered Investment Companies to Rely on Protections Provided under the Sudan Accountability and Divestment Act of 2007
• FINRA Files Proposal to Delay May 5 Effective Date of Portions of New Rule Governing Deferred Variable Annuity Sales and Exchanges
• SEC Posts Overview of Voluntary Data Tagging Program for Mutual Funds

Financial Services Alert - April 22, 2008 (PDF)
04.22.08
SEC Proposes Amendments to Form ADV Part 2