US investment advisor allegedly violated ERISA. The US Department of Labor has sued an advisor to ERISA plan clients and the companies through which he provided investment advisory and pension plan administrative services for paying themselves undisclosed or unauthorized commissions and fees. (1/15/2015)Department of Labor Press Release.
Proposed Dodd-Frank amendments pass. The US House of Representatives passed the “Promoting Job Creation and Reducing Small Business Burdens Act,”which extends the date by which banks must divest themselves of certain collateralized loan obligations. Among other things, the bill also limits the SEC’s oversight of some private equity advisors. (1/14/2015)
US stability council proposes rules for QFCs. The US Financial Stability Oversight Council proposed rules that would require financial companies to maintain records with respect to qualified financial contracts to assist the US FDIC as receiver for a covered financial company. Comments should be submitted by April 7, 2015. (1/7/2015) 80 Fed. Reg 965.