As a part of its comprehensive review of swap data reporting regulations, the CFTC approved a proposal intended to improve "the quality of swap data" and the swap data repository operations and governance.

The Alternative Reference Rates Committee ("ARRC") provided recommended contractual fallback language for U.S. dollar LIBOR-denominated floating rate notes and syndicated loans. The recommendation, according to the ARRC, addresses risks in contracts that reference LIBOR and builds on the " Paced Transition Plan," which sets forth steps for an efficient shift to the Secured Overnight Financing Rate ("SOFR"). The ARRC's recommended fallback language for floating rate notes "defines the trigger events that start the transition away from LIBOR" and lays out a "waterfall" approach to determine the

A broker-dealer agreed to settle FINRA charges for failing to conduct an independent test of its anti-money laundering ("AML") compliance program, in violation rules. FINRA Rule 3310(c) and Rule 2010 require independent testing of an AML program on an annual basis. According to the Letter of Acceptance, Waiver and Consent, Gelband & Co., Inc. ("Gelband") testing carried out for calendar years 2014, 2015, 2016 and 2017 was conducted by the firm's compliance officer or persons who reported to him. As a result, the testing was not "independent." To settle the charges, Gelband agreed to pay a fine

The SEC named the inaugural members of the newly formed Small Business Capital Formation Advisory Committee. The committee was created to establish a formal mechanism for the SEC to “receive advice and recommendations” on SEC rules and other policy matters affecting small businesses.

The Consumer Financial Protection Bureau ("CFPB") modified its policies concerning civil investigative demands ("CIDs"). The updated policy requires that CIDs provide more information about "potentially wrongful conduct under investigation" and applicable law that may have been violated. Going forward, CIDs will also specify the business activities that are subject to the CFPB's authority. The new policy takes into consideration recent court rulings relating to "notifications of purpose" and is consistent with comments that the CFPB received on several aspects of its operations.