Multiple agencies requested comment on a joint proposal that would limit incentive-based compensation arrangements at covered institutions. The request for comment was published in the Federal Register.
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Six regulatory agencies requested comment on a proposed rule regulating incentive-based compensation arrangements at covered institutions as required by the Dodd-Frank Act.
The SEC approved amendments to (i) provide a one-time exemption for municipal advisors who allowed their qualification to lapse and (ii) require municipal advisors to keep books and records regarding the exemption.
The SEC approved MSRB amendments extending the restrictions regarding gift-giving and related recordkeeping requirements that currently are applicable to brokers, dealers, and municipal securities dealers to municipal advisors. The amendments apply to MSRB Rules G-20 ("Gifts, Gratuities and Non-Cash Compensation") and G-8 ("Books and Records to Be Made by Brokers, Dealers and Municipal Securities Dealers").
A firm settled charges that it had hired individuals referred by foreign officials and other clients in order to obtain improper business advantages in violation of the Foreign Corrupt Practices Act.