The North American Securities Administrators Association requested input on a proposal that would provide funding to victims of securities law violations that result in a loss of funds.
The OCC, Federal Reserve Board, FDIC, Farm Credit Association, and Federal Housing Finance Agency jointly adopted an interim final rule to delay the compliance dates for initial margin requirements.
The Senate Committee on Banking, Housing and Urban Affairs considered testimony on the development and testing of a U.S. central bank digital currency pilot program.
The CFTC voted unanimously to adopt amendments to the exception from clearing for swaps between affiliates, in effect codifying previously existing no-action relief.
The FDIC adopted a series of amendments to its swap margin rules, including for LIBOR transition, inter-affiliate initial margin and the extension of compliance dates.
The U.S. Supreme Court held that disgorgement can be considered "equitable relief" as long as it does "not exceed a wrongdoer's net profits and is awarded for victims."
A Federal Reserve working group, made up of government and payments industry experts, developed a uniform fraud classification system to address fraud involving Automated Clearing House, wire, and check payments.
FINRA proposed extending the effective date of temporary amendments to provide the FINRA staff with short-term relief from certain enforcement and other procedural requirements while operations are impacted by COVID-19.
The CFTC voted to adopt an interim final rule to delay the implementation of "Phase Five" initial margin requirements for uncleared derivatives from September 1, 2020 to September 1, 2021.
The CFTC Global Markets Advisory Committee considered subcommittee recommendations for improving the scoping and implementation of initial margin requirements for uncleared swaps.
The CFTC Division of Enforcement "set forth" guidance for staff to consider when recommending civil monetary penalties in an enforcement action. The guidance will be included in the CFTC Enforcement Manual.
The SEC provided conditional relief from certain Exchange Act credit-arranging prohibitions to broker-dealers designated as agents for the Federal Reserve Board's Term Asset-Backed Securities Loan Facility.
The CFTC Divisions of Market Oversight, Swap Dealer and Intermediary Oversight, and Clearing and Risk warned regulated entities "to prepare for the possibility that certain contracts may continue to experience extreme market volatility, low liquidity and possibly negative pricing."
In a new staff report on the nexus between central counterparties and clearing member banks, the Bank for International Settlements emphasized the need for central banks to evaluate the two entity types collectively.
SEC Division of Enforcement Co-Director Steven Peikin described recent efforts to address the heightened risk to investors during the COVID-19 pandemic.
A CFTC final rule to exempt certain transactions with the European Stability Mechanism from uncleared swap margin requirements was published in the Federal Register.
FINRA proposed rule amendments to provide the self-regulatory agency temporary relief from certain enforcement and other procedural requirements while operations are impacted by the coronavirus.
