SEC Chair Jay Clayton, Division of Investment Management Director Dalia Blass, Division of Corporation Finance William Hinman and Division of Trading and Markets Brett Redfearn directed staff "to review the effectiveness of the existing regulatory requirements in protecting investors ... who invest in leveraged/inverse products and other complex products."
The OCC adopted a rule that makes explicit the circumstances in which a national bank or federal savings association is considered to be the "true lender" in the "context of a partnership between a bank and a third party, such as a marketplace lender. "
The Acting Director of the CFTC Division of Enforcement issued guidance to staff on when to recommend that a respondent's self-reporting, cooperation or remediation be recognized in Commission enforcement orders.
The SEC proposed replacing an exemption for certain clearing agencies and dual registrant broker-dealers concerning the portfolio margining of swaps and security-based swaps that are cleared credit default swaps.
A FinCEN and Federal Reserve Board rule proposal to reduce the dollar-value threshold at which the Bank Secrecy Act requires financial institutions to obtain, retain and transmit information on certain fund transfers and transmittals was published in the Federal Register.
Several trade groups expressed support for CFTC-proposed amendments to uncleared swap margin requirements. The groups offered additional recommendations to enhance the proposals or further their intended impact.
CFTC Chair Heath Tarbert and SEC Chair Jay Clayton established a one-year pilot program to enhance coordination among agency staff on CFTC enforcement actions that may trigger "bad actor disqualification" provisions under SEC rules.
The SEC adopted amendments that impose additional conditions on the ability of a broker-dealer to publish a quotation for securities that are not listed on a national securities exchange. The amendments were published in the Federal Register.
A school for day trading securities settled SEC charges for (i) offering security-based swaps to non-eligible contract participants and (ii) failing to effect the transactions on a registered national securities exchange.
The Federal Reserve Board and FinCEN proposed to significantly reduce the dollar-value threshold at which the Bank Secrecy Act requires financial institutions to obtain, retain and transmit information on certain fund transfers and transmittals.
In a "Dear CFO Letter," SEC Division of Investment Management Chief Accountant Alison Staloch highlighted staff guidance on "certain accounting, auditing, financial reporting, or other related disclosure matters."