FHFA Input on Freddie Mac and Fannie Mae Multifamily Businesses
On August 9, the FHFA announced that it is seeking public input on strategies to reduce Fannie Mae and Freddie Mac's presence in the multifamily housing market and is seeking input on various proposed alternatives. Input must be received within 60 days or not later than October 8. FHFA Release and Proposal.
Broker-Dealers: The New Frontier for SEC Enforcement
The SEC adopted new rules designed to increase protections for customers who invest money and securities with broker-dealers. Recent rulemaking and statements made by the SEC have highlighted the fact that broker-dealer regulation is becoming a growing area of SEC interest. In connection with Wednesday's vote, SEC Chair Mary Jo White stated that "[i]nvestors need to feel confident that their money is safe when it's being held by their broker-dealers… [and] these rules will strengthen the audit requirements for broker-dealers and enhance [the SEC's] oversight of the way they maintain custody over their customer's needs." The new rules amend the broker-dealer reporting and notification rules codified in Section 17 and Rules 17a-5 and 17a-11 of the Exchange Act. They also require that the broker-dealer let the SEC review the work-papers of the accountant, if requested. For more information and to visit our Securities Litigation blog, please click here.