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Commentary by Steven Lofchie

In a new Bulletin, which replaced and rescinded previous guidance, the Office of the Comptroller of the Currency advised regulated banks to prepare for the reduction in the settlement cycle for regular way trades.

Commentary by Steven Lofchie

The New York Department of Financial Services updated guidance for Greenlisted coins (coins that are approved for either trading or custody by the Department) and proposed new guidance on listing and delisting virtual currency for entities engaged in virtual businesses.

The OCC, the Federal Reserve Board and the FDIC proposed long-term debt requirements for large banking entities, holding companies, foreign banking organizations and large insured depository institutions to facilitate resolvability in the event of failure and to reduce the risk of contagion within the financial system.

The Federal Reserve Board and the Treasury Office of Foreign Assets Control fined a banking entity for apparent sanctions violations. The regulators charged that the bank provided software to a European bank engaged in transactions with sanctioned jurisdictions.