Cadwalader Clients & Friends Memo: A New Year’s Booster Shot: Congress grants SEC a statutory disgorgement remedy and extended statute of limitations. CFTC staff provides no-action relief to FCMs for SOFR-linked investments. CFTC staff provides relief to DCOs from amended daily reporting requirements. NYDFS grants charter for trust company to administer stablecoins. FINRA provides guidance on e-bill final statements.

House Financial Services Committee urges OCC to rescind proposed "fair access to financial services" rulemaking. Digital currency technology company settles OFAC charges for sanctions violations. SEC Director Avakian highlights Enforcement Division’s successes. New York Attorney General recaps 2020 enforcement actions.

FINRA releases results of voluntary 529 Plan Share Class Initiative. SEC delegates additional authorities to the Director of Enforcement. FRB extends termination date of Main Street Lending Program facilities. Effective and compliance dates set for amended SEC Rules of Practice. Effective and compliance dates set for CFPB change to "general qualified mortgage" definition. Cabinet regulatory tracker: January 1 to January 15.

Commissioner Elad Roisman named Acting Chair of the SEC. OCC issues interpretation of preemption standards. OFAC issues FAQs on Communist Chinese military companies. Firm settles FINRA charges for OATS reporting and supervisory violations. Saudi bank settles OFAC charges for Sudanese and Syrian sanctions violations.

President's Working Group reviews Covid-19 impact on money market funds. Loan originator settles CFPB charges for consumer reporting violations. FINRA seeks comment on expanded trace reporting for government securities.

SEC Chair Jay Clayton makes his exit. FRB lowers certain reserve requirements and proposes simplifying interest rate formula. FDIC provides guidance on compliance with annual independent audits and reporting requirements. SEC proposes amendments to safe harbor rules on the sale of securities. SEC Division of Corporation Finance provides disclosure guidance for SPACs. OFAC modifies authorizations under Venezuela- and Ukraine-related general licenses. CFTC identifies contracts subject to position limits rule.

SEC adopts amendments to investment adviser marketing rule. SEC requests comment on broker-dealer custody of "digital asset securities.” SEC approves NYSE proposal to allow primary direct floor listings. FINRA proposes to delay implementation of TBA margin requirements. Federal banking agencies extend no-action relief on loans to insiders. SEC charges tech company for unregistered crypto-securities offerings. OCIE alerts investment advisers and broker-dealers to large trader compliance obligations.

FinCEN proposes additional requirements for certain CVC and digital asset transactions. Firm settles FINRA charges for inadequate supervision of representatives' recommendations. SEC staff highlight 2021 focus of Reg BI examinations. CFTC staff extends no-action relief from DCO registration to Shanghai Clearing House. SEC Office of Credit Ratings reviews NSROs for 2020. SEC staff summarize FIMSAC 2020 regulatory recommendations.

FRB Governor emphasizes importance of climate change resilience for financial system. CFPB adopts rule changes on debt collection practices. SEC Chair supports harmonization of China-related actions. SEC advocate reports on small business capital formation. FRB names new board member. Effective and compliance dates set for SEC final rule on investment companies' use of derivatives.

DOL adopts prohibited transaction exemption for investment advice fiduciaries. OCC proposes exemptions to suspicious activity report requirements. CFTC extends inter-affiliate trade execution relief. SEC establishes internal "joint venture" on SBS regulation and oversight. NFA reminds FCMs and RFEDs of holiday filing requirements.