The House Financial Services Committee approved a bill that would codify expiring SEC no-action relief that (i) excludes broker-dealers who are compensated for research services from the definition of "investment adviser" and (ii) allows broker-dealers to continue accepting payments for research reports in order to comply with international regulations, including MiFID and MiFID II.
Commentary by Steven Lofchie
ISDA warned of the “destabilizing impact” of an SEC proposal to expand requirements for investment advisers regarding the custody of funds and securities for derivatives markets.
The American Bankers Association with several other trade associations urged the White House's Office of Information and Regulatory Affairs to reject the CFPB's request for approval of its "Junk Fees Timing Study" information collection.
The Global Financial Markets Association recommended developing and aligning a regulatory, supervisory and risk management framework for distributed ledger technology across the financial services ecosystem.
The Managed Funds Association said an SEC proposal to prohibit a "securitization participant" from engaging in any transaction that would involve or result in a material conflict of interest, "could harm the securitization markets and, as a consequence, undermine the credit markets that depend upon securitization."