Federal Regulatory Agencies
News releases, reports, statements and associated documents from federal regulatory agencies ranging from the Securities Exchange Commission to the Commodities Futures Trading Commission
Featured Stories
FDIC Makes Public May Enforcement Actions
WASHINGTON, June 25 -- The Federal Deposit Insurance Corporation issued the following news release on June 24, 2022:
The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in May 2022. There are no administrative hearings scheduled for July 2022.
The FDIC issued 14 Orders in May 2022. The administrative enforcement actions in those Orders consisted of two consent orders, one modification of an 8(e) prohibition order, three orders to pay civil money penalty, three orders of prohibition, two section
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WASHINGTON, June 25 -- The Federal Deposit Insurance Corporation issued the following news release on June 24, 2022:
The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in May 2022. There are no administrative hearings scheduled for July 2022.
The FDIC issued 14 Orders in May 2022. The administrative enforcement actions in those Orders consisted of two consent orders, one modification of an 8(e) prohibition order, three orders to pay civil money penalty, three orders of prohibition, two section19 orders, and one order of prohibition from further participation and order to pay, one order terminating amended supervisory prompt corrective action directive, and one order of termination of insurance.
To view orders, adjudicated decisions and notices and the administrative hearing details online, please visit the FDIC's Web page by clicking the link below.
May 2022 Enforcement Decisions and Orders (https://orders.fdic.gov/s/press-release-orders?prYear=2022&prDate=24&prMonth=6).
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Original text here: https://www.fdic.gov/news/press-releases/2022/pr22051.html
SEC: Statement on Final Rule Amendments to Electronic Filing Requirements
WASHINGTON, June 24 (TNStalk) -- The Securities and Exchange Commission issued the following statement on June 23, 2022, by Chair Gary Gensler:
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The Commission voted unanimously to finalize rule amendments to require the electronic filing of certain documents that previously were submitted on paper by investment advisers, institutional investment managers, and others. The rule also updates the substance of quarterly reports on Form 13F. I was pleased to support these amendments because they will modernize and increase the efficiency of the filing process for filers, investors, and the SEC.
The
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WASHINGTON, June 24 (TNStalk) -- The Securities and Exchange Commission issued the following statement on June 23, 2022, by Chair Gary Gensler:
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The Commission voted unanimously to finalize rule amendments to require the electronic filing of certain documents that previously were submitted on paper by investment advisers, institutional investment managers, and others. The rule also updates the substance of quarterly reports on Form 13F. I was pleased to support these amendments because they will modernize and increase the efficiency of the filing process for filers, investors, and the SEC.
Thenew electronic filing requirements will affect three types of filings that previously were submitted on paper: confidential treatment requests for Form 13F; applications under the Investment Advisers Act of 1940 (Advisers Act); and Form ADV-NR. The first two of these will now be submitted to our Electronic Data, Gathering, Analysis, and Retrieval (EDGAR) system. Form ADV-NR will now be submitted to our Investment Adviser Registration Depository (IARD) system.
This rule also will enhance the information reported on Form 13F. These changes include requiring filers to provide additional identifying information, allowing filers to provide an additional security identifier for securities reported on the form, and making other technical amendments to improve the quality of data reported on the form.
In a digital age, it is important for filers to have easy, online methods to submit information to the Commission, and where appropriate for investors to have easy, online access as well. Electronic filing as opposed to paper filing makes this submission and disclosure more efficient, transparent, and operationally resilient. In light of this, these amendments benefit filers, investors, and the SEC.
I'd like to thank the staff for their diligent work in preparing these amendments, including:
* Sarah ten Siethoff, Brian M. Johnson, Sara Cortes, Zeena Abdul-Rahman, and Alexis Palascak in the Division of Investment Management;
* Jessica Watcher, Alex Schiller, Hanna Lee, Charles Woodworth, Parhaum Hamidi, and Ross Askanazi in the Division of Economic and Risk Analysis; and
* Meridith Mitchell, Malou Huth, Natalie Shioji, Joseph Guerra, and Robert Bagnall in the Office of the General Counsel.
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Original text here: https://www.sec.gov/news/statement/gensler-statement-electronic-filing-requirements-062322
SEC Chair Gensler Issues Statement on Final Rule Amendments to Electronic Filing Requirements
WASHINGTON, June 24 -- The Securities and Exchange Commission issued the following statement by Chair Gary Gensler on the final rule amendments to electronic filing requirements:
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The Commission voted unanimously to finalize rule amendments to require the electronic filing of certain documents that previously were submitted on paper by investment advisers, institutional investment managers, and others. The rule also updates the substance of quarterly reports on Form 13F. I was pleased to support these amendments because they will modernize and increase the efficiency of the filing process
... Show Full Article
WASHINGTON, June 24 -- The Securities and Exchange Commission issued the following statement by Chair Gary Gensler on the final rule amendments to electronic filing requirements:
* * *
The Commission voted unanimously to finalize rule amendments to require the electronic filing of certain documents that previously were submitted on paper by investment advisers, institutional investment managers, and others. The rule also updates the substance of quarterly reports on Form 13F. I was pleased to support these amendments because they will modernize and increase the efficiency of the filing processfor filers, investors, and the SEC.
The new electronic filing requirements will affect three types of filings that previously were submitted on paper: confidential treatment requests for Form 13F; applications under the Investment Advisers Act of 1940 (Advisers Act); and Form ADV-NR. The first two of these will now be submitted to our Electronic Data, Gathering, Analysis, and Retrieval (EDGAR) system. Form ADV-NR will now be submitted to our Investment Adviser Registration Depository (IARD) system.
This rule also will enhance the information reported on Form 13F. These changes include requiring filers to provide additional identifying information, allowing filers to provide an additional security identifier for securities reported on the form, and making other technical amendments to improve the quality of data reported on the form.
In a digital age, it is important for filers to have easy, online methods to submit information to the Commission, and where appropriate for investors to have easy, online access as well. Electronic filing as opposed to paper filing makes this submission and disclosure more efficient, transparent, and operationally resilient. In light of this, these amendments benefit filers, investors, and the SEC.
I'd like to thank the staff for their diligent work in preparing these amendments, including:
* Sarah ten Siethoff, Brian M. Johnson, Sara Cortes, Zeena Abdul-Rahman, and Alexis Palascak in the Division of Investment Management;
* Jessica Watcher, Alex Schiller, Hanna Lee, Charles Woodworth, Parhaum Hamidi, and Ross Askanazi in the Division of Economic and Risk Analysis; and
* Meridith Mitchell, Malou Huth, Natalie Shioji, Joseph Guerra, and Robert Bagnall in the Office of the General Counsel.
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Original text here: https://www.sec.gov/news/statement/gensler-statement-electronic-filing-requirements-062322
FTC Commissioner Slaughter and Chair Khan Issue Joint Statement in Matter of Harley-Davidson Motor Group and MWE Investments
WASHINGTON, June 24 -- The Federal Trade Commission issued the following joint statement on June 22, 2022, by Commissioner Rebecca Kelly Slaughter and Chair Lina M. Khan in the Matter of Harley-Davidson Motor Co. Group and MWE Investments:
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Today the Commission announced actions settling charges that Harley-Davidson, LLC and MWE Investments, LLC ("Westinghouse") have engaged in unlawful repair restrictions. As stated in the complaints, the Commission charged Harley-Davidson, which manufactures motorcycles and related equipment, and Westinghouse, which makes and sells outdoor generators and
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WASHINGTON, June 24 -- The Federal Trade Commission issued the following joint statement on June 22, 2022, by Commissioner Rebecca Kelly Slaughter and Chair Lina M. Khan in the Matter of Harley-Davidson Motor Co. Group and MWE Investments:
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Today the Commission announced actions settling charges that Harley-Davidson, LLC and MWE Investments, LLC ("Westinghouse") have engaged in unlawful repair restrictions. As stated in the complaints, the Commission charged Harley-Davidson, which manufactures motorcycles and related equipment, and Westinghouse, which makes and sells outdoor generators andrelated products, with unlawfully conditioning their warranties on the use of authorized parts in violation of both the Magnuson-Moss Warranty Act and the FTC Act. The Commission also alleged that Harley-Davidson failed to provide a clear description of warranty terms in a single document, a violation of the Disclosure Rule.
The consent orders obtained in these matters bar both manufacturers from continuing the unlawful tying of their warranties to the use of authorized service or parts and prohibit them from misrepresenting any material facts about the warranty. Importantly, the firms are also required to note clearly and conspicuously in public statements that using third-party parts or repair services will not void the warranty. They must also provide customers with clear notice alerting them of the change.
In July 2021, the Commission unanimously adopted a policy statement that committed the agency to prioritizing enforcement actions tackling unlawful repair restrictions./1 Today's enforcement actions-the first addressing unlawful repair restrictions since we adopted the policy statement-mark an important step forward, demonstrating our commitment to vigorously protecting Americans' right to repair. We are grateful to the Bureau of Consumer Protection staff for their excellent work driving this effort forward.
Illegal repair restrictions can significantly raise costs for consumers, stifle innovation, close off business opportunity for independent repair shops, create unnecessary electronic waste, delay timely repairs, and undermine resiliency-harms that can have an outsized impact on low-income communities in particular./2 It is critical that unlawful repair restrictions continue to be a key area of focus for the Commission and that we continue to use all of our tools and authorities to root out these illegal practices.
Footnotes:
1/ Press Release, Fed. Trade Comm'n, FTC to Ramp Up Law Enforcement Against Illegal Repair Restrictions (July 21, 2021), https://www.ftc.gov/news-events/news/press-releases/2021/07/ftc-ramp-law-enforcement-against-illegalrepair-restrictions. This policy statement followed a July 2019 workshop that the FTC held on unlawful repair restrictions and a May 2021 report documenting the types of repair restrictions that firms frequently impose and the various arguments criticizing and defending them. See Nixing the Fix: A Workshop on Repair Restrictions, FED. TRADE COMM'N (July 16, 2019), https://www.ftc.gov/news-events/events/2019/07/nixing-fix-workshop-repairrestrictions; Press Release, Fed. Trad Comm'n, FTC Report to Congress Examines Anti-Competitive Repair Restrictions, Recommends Ways to Expand Consumers' Repair Options (May 6, 2021), https://www.ftc.gov/newsevents/news/press-releases/2021/05/ftc-report-congress-examines-anti-competitive-repair-restrictions-recommendsways-expand-consumers.
2/ Remarks of Chair Lina M. Khan Regarding the Proposed Policy Statement on Right to Repair, at 1 (July 21, 2021), https://www.ftc.gov/legal-library/browse/cases-proceedings/public-statements/remarks-chair-lina-m-khanregarding-proposed-policy-statement-right-repair; FED. TRADE COMM'N, NIXING THE FIX: AN FTC REPORT TO CONGRESS ON REPAIR RESTRICTIONS, at 4-5, 9-15 (2021).
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Original text here: https://www.ftc.gov/system/files/ftc_gov/pdf/2223012_2123140HarleyMWEChairStatement.pdf
FTC Chair Khan and Commissioner Slaughter Issues Joint Statement in Matter of Harley-Davidson Motor Group and MWE Investments
WASHINGTON, June 24 -- The Federal Trade Commission issued the following joint statement on June 22, 2022, by Chair Lina M. Khan and Commissioner Rebecca Kelly Slaughter in the matter of Harley-Davidson Motor Co. Group and MWE Investments:
* * *
Today the Commission announced actions settling charges that Harley-Davidson, LLC and MWE Investments, LLC ("Westinghouse") have engaged in unlawful repair restrictions.
As stated in the complaints, the Commission charged Harley-Davidson, which manufactures motorcycles and related equipment, and Westinghouse, which makes and sells outdoor generators
... Show Full Article
WASHINGTON, June 24 -- The Federal Trade Commission issued the following joint statement on June 22, 2022, by Chair Lina M. Khan and Commissioner Rebecca Kelly Slaughter in the matter of Harley-Davidson Motor Co. Group and MWE Investments:
* * *
Today the Commission announced actions settling charges that Harley-Davidson, LLC and MWE Investments, LLC ("Westinghouse") have engaged in unlawful repair restrictions.
As stated in the complaints, the Commission charged Harley-Davidson, which manufactures motorcycles and related equipment, and Westinghouse, which makes and sells outdoor generatorsand related products, with unlawfully conditioning their warranties on the use of authorized parts in violation of both the Magnuson-Moss Warranty Act and the FTC Act. The Commission also alleged that Harley-Davidson failed to provide a clear description of warranty terms in a single document, a violation of the Disclosure Rule.
The consent orders obtained in these matters bar both manufacturers from continuing the unlawful tying of their warranties to the use of authorized service or parts and prohibit them from misrepresenting any material facts about the warranty. Importantly, the firms are also required to note clearly and conspicuously in public statements that using third-party parts or repair services will not void the warranty. They must also provide customers with clear notice alerting them of the change.
In July 2021, the Commission unanimously adopted a policy statement that committed the agency to prioritizing enforcement actions tackling unlawful repair restrictions./1 Today's enforcement actions-the first addressing unlawful repair restrictions since we adopted the policy statement-mark an important step forward, demonstrating our commitment to vigorously protecting Americans' right to repair. We are grateful to the Bureau of Consumer Protection staff for their excellent work driving this effort forward.
Illegal repair restrictions can significantly raise costs for consumers, stifle innovation, close off business opportunity for independent repair shops, create unnecessary electronic waste, delay timely repairs, and undermine resiliency-harms that can have an outsized impact on low-income communities in particular./2 It is critical that unlawful repair restrictions continue to be a key area of focus for the Commission and that we continue to use all of our tools and authorities to root out these illegal practices.
Footnotes:
1/ Press Release, Fed. Trade Comm'n, FTC to Ramp Up Law Enforcement Against Illegal Repair Restrictions (July 21, 2021), https://www.ftc.gov/news-events/news/press-releases/2021/07/ftc-ramp-law-enforcement-against-illegalrepair-restrictions. This policy statement followed a July 2019 workshop that the FTC held on unlawful repair restrictions and a May 2021 report documenting the types of repair restrictions that firms frequently impose and the various arguments criticizing and defending them. See Nixing the Fix: A Workshop on Repair Restrictions, FED. TRADE COMM'N (July 16, 2019), https://www.ftc.gov/news-events/events/2019/07/nixing-fix-workshop-repairrestrictions; Press Release, Fed. Trad Comm'n, FTC Report to Congress Examines Anti-Competitive Repair Restrictions, Recommends Ways to Expand Consumers' Repair Options (May 6, 2021), https://www.ftc.gov/newsevents/news/press-releases/2021/05/ftc-report-congress-examines-anti-competitive-repair-restrictions-recommendsways-expand-consumers.
2/ Remarks of Chair Lina M. Khan Regarding the Proposed Policy Statement on Right to Repair, at 1 (July 21, 2021), https://www.ftc.gov/legal-library/browse/cases-proceedings/public-statements/remarks-chair-lina-m-khanregarding-proposed-policy-statement-right-repair; FED. TRADE COMM'N, NIXING THE FIX: AN FTC REPORT TO CONGRESS ON REPAIR RESTRICTIONS, at 4-5, 9-15 (2021).
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Original text here: https://www.ftc.gov/system/files/ftc_gov/pdf/2223012_2123140HarleyMWEChairStatement.pdf
FEC Approves Two Advisory Opinions
WASHINGTON, June 24 -- The Federal Election Commission issued the following news release on June 23, 2022:
At its open meeting today, the Federal Election Commission approved two advisory opinions and directed the Office of General Counsel to prepare another draft of a third.
Advisory Opinion 2022-05 (DSCC) The Commission approved an advisory opinion in response to a request from the DSCC, a national political party committee that plans to hire a consultant to write a research book regarding a sitting U.S. senator and to use the book both to inform its own strategy in that senator's state and
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WASHINGTON, June 24 -- The Federal Election Commission issued the following news release on June 23, 2022:
At its open meeting today, the Federal Election Commission approved two advisory opinions and directed the Office of General Counsel to prepare another draft of a third.
Advisory Opinion 2022-05 (DSCC) The Commission approved an advisory opinion in response to a request from the DSCC, a national political party committee that plans to hire a consultant to write a research book regarding a sitting U.S. senator and to use the book both to inform its own strategy in that senator's state andto provide the book to two candidates for the Democratic nomination for U.S. Senate in that state. The Commission concluded that, based on the specific facts presented, the value paid by DSCC for the research book may be allocated equally to DSCC and each authorized committee, if that allocation reasonably reflects the benefit derived. During the discussion, the Commission heard from counsel for the requestor.
Advisory Opinion Request 2022-03 (Democracy Engine, LLC) The Commission voted on two draft advisory opinions in response to a request from Democracy Engine, LLC, but did not approve either by the requisite four affirmative votes. The Commission directed the Office of General Counsel to prepare a draft reflecting the areas of consensus among Commissioners. Democracy Engine, LLC asked whether (1) corporations may use Democracy Engine's web platform to solicit and track contributions from members of a corporation's restricted class to federal candidates and political committees and (2) corporations and their separate segregated funds may use Democracy Engine's web platform to solicit and track contributions from the general public to federal candidates and political committees.
Advisory Opinion Request 2022-06 (Hispanic Leadership Trust) The Commission held over Advisory Opinion Request 2022-06 to a future meeting. Requestor HLT, a non-connected committee, asked several questions relating to whether HLT would be a leadership PAC if its chair and vice chair were members of Congress, or whether HLT would be affiliated with the chair or vice chair's leadership PACs.
Advisory Opinion 2022-08 (National Republican Congressional Committee) The Commission unanimously approved Advisory Opinion 2022-08 in response to a request from the National Republican Congressional Committee or NRCC. The Commission concluded that the NRCC's members may raise contributions subject to a separate contribution limit for the New York congressional primary election on August 23, 2022.
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Original text here: https://www.fec.gov/updates/fec-approves-two-advisory-opinions-06-23-22/
Ex-Chairman Michael A. Khouri Awarded Federal Maritime Commission Gold Medal
WASHINGTON, June 24 (TNSawa) -- The Federal Maritime Commission's Chairman Michael A. Khouri issued the following news release:
The Federal Maritime Commission recognized the leadership and contributions of former Chairman and Commissioner Michael A. Khouri by awarding him a Gold Medal and Citation at its May 2022 Commission meeting.
During his tenure on the Commission, Mr. Khouri had a meaningful impact in many ways, including leading Fact Finding 27, maintaining an open door to industry and agency employees, and continuously examining ways Commission regulations should serve the needs of the
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WASHINGTON, June 24 (TNSawa) -- The Federal Maritime Commission's Chairman Michael A. Khouri issued the following news release:
The Federal Maritime Commission recognized the leadership and contributions of former Chairman and Commissioner Michael A. Khouri by awarding him a Gold Medal and Citation at its May 2022 Commission meeting.
During his tenure on the Commission, Mr. Khouri had a meaningful impact in many ways, including leading Fact Finding 27, maintaining an open door to industry and agency employees, and continuously examining ways Commission regulations should serve the needs of thetrade.
Mr. Khouri served on the Commission for 12 years, including four as Chairman. He was first confirmed by the U.S. Senate in December 2009, served as Chairman from January 2017 to March 2021, and then continued to serve as a Commissioner until February 2022.
"The leadership former Chairman Khouri showed at the Commission is worth noting and honoring. I applaud his sense of purpose as a Commissioner and his commitment to public service," said Chairman Daniel B. Maffei.
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Original text here: https://www.fmc.gov/former-chairman-michael-a-khouri-awarded-fmc-gold-medal/
