A broker-dealer agreed to pay $250,000 to settle various FINRA reporting violations, including failing to disclose its sales compensations on preferred securities transactions to customers.
The Federal Reserve Board, FDIC, OCC, SEC and CFTC stated that they will consider comments submitted past the deadline on a proposal to amend the Volcker Rule's "covered funds" provisions.
The House Financial Services Committee considered (i) testimony from federal banking regulators on a broad range of concerns and (ii) several proposed bills imposing additional requirements on financial institutions.
The Federal Reserve Board, Office of the Comptroller of the Currency, CFTC, FDIC and SEC rules amending the definition of "insured depository institutions" to exclude firms with consolidated assets equal to or less than $10 billion from the Volcker Rule was published in the Federal Register.
In anticipation of clarifying the treatment of qualifying foreign excluded funds under the Volcker Rule, banking agencies will not take action against foreign banking entities for a two-year period ending on July 21, 2021.
The Federal Reserve Board, Office of the Comptroller of the Currency, CFTC, FDIC and SEC adopted final rule amendments to exclude certain firms with consolidated assets equal to or less than $10 billion from the Volcker Rule.
SEC Office of Compliance Inspections and Examinations Director Peter Driscoll highlighted key risks facing retail investors caused by bad actors and poor internal controls.
FDIC Chair Jelena McWilliams described the need to better define the scope of the Volcker Rule "so that both bankers and supervisors have clear rules of the road." She also weighed in on recent legislation, FinTech and improved international coordination.
A proposal by the FDIC, the Federal Reserve Board, the Office of the Comptroller of the Currency, the SEC and the CFTC to exclude certain community banks from the Volcker Rule was published in the Federal Register.
Federal regulators proposed amendments to (i) exclude certain community banks from the Volcker Rule and (ii) allow banking entities to share a name with a hedge fund or private equity fund under certain circumstances.
SIFMA, ISDA, FIA, and other industry trade associations and diverse banking organizations made recommendations on proposed changes to regulations implementing the "Volcker Rule."
The SEC Division of Trading and Markets granted the Financial Information Forum and its registered broker-dealer members an exemption from the requirement to issue trade-by-trade confirmations for orphaned fractional share trades.
In a Compliance Advisory, the MSRB highlighted several factors for broker-dealers and municipal securities dealers to consider when evaluating internal policies and procedures.
