A virtual currency "exchanger" consented to a Financial Crimes Enforcement Network ("FinCEN") penalty for violations of the Bank Secrecy Act and anti-money laundering ("AML") regulations. According to FinCEN, Eric Powers conducted more than 1,700 transactions that involved purchasing and selling bitcoin to and from other persons over a two-year period. Mr. Powers admitted to using online forums to advertise his intent to purchase and sell virtual currency for others, and to settling transactions collectively worth more than $5 million using in-person cash payments, cash sent or received in the

ISDA and SIFMA (collectively, the "Associations") urged the SEC to address disparities between its proposed rules on "risk mitigation techniques" for security-based swaps (the "proposal") and the existing swap rules of the CFTC. The Associations warned that the proposal would result in the "same firms and economically indistinguishable products" being subject to "similar, but not identical regulatory regimes." According to the Associations, discrepancies between SEC and CFTC rules will result in substantial costs. Further, the Associations said, any discrepancy could increase compliance costs

FINRA proposed to amend FINRA Rule 6730 (Transaction Reporting of TRACE-Eligible Securities) to (i) give members more time to report TRACE transactions that are "executed to hedge a primary market transaction," and (ii) adopt identifiers for these transactions.

The SEC approved amendments to FINRA Rule 4512 to allow the use of electronic signatures for discretionary accounts. The amendments also serve to clarify the scope of the rule. The amendments will become effective on May 6, 2019. As previously covered, FINRA stated that manual signatures, formerly required for identity verification, have become obsolete in light of technological advances in the authentication of electronic signatures.

In an advance notice of proposed rulemaking ("ANPR"), the FDIC requested feedback on improvements to agency rules that require certain insured depository institutions ("IDIs") to submit resolution plans (the "Plan Rule"). The Plan Rule requires an IDI with over $50 billion in total assets to submit a resolution plan that allows the FDIC to resolve the IDI in the event of its insolvency. In particular, the FDIC seeks comments on certain approaches under consideration, including: the creation of "tiered resolution" planning requirements contingent upon size, complexity and other factors