IOSCO issued a report on behavioral insights that could be used to improve retail investor protection. The report looks at, among other things, the (i) design of disclosure to optimize reader comprehension, (ii) use of online interfaces and (iii) timeliness of information. The report found that behavioral factors are limited in their effect, and that, notwithstanding design or delivery, disclosures may be insufficient on their own to "achieve comprehensive retail investor protection."

The SEC adopted a rule expressly mandating that the appointment or removal of a Public Company Accounting Oversight Board ("PCAOB") hearing officer be subject to agency approval. The final rule will be effective upon publication in the Federal Register.

The SEC adopted changes to the Electronic Data Gathering, Analysis, and Retrieval System ("EDGAR") Filer Manual and associated rules. As previously covered, the SEC adopted an updated version of the EDGAR Filer Manual (Volume II). The Filer Manual outlines the technical formatting required for electronic filings submitted through EDGAR. In addition, the SEC amended Regulation S-T Rule 301 to "provide for the incorporation by reference into the Code of Federal Regulations" of the revisions. The modified Filer Manual and the related rule and form amendments became effective on April 1, 2019.

The CFTC interim final rule granting uncleared swaps "legacy status" in the event of a "no-deal" Brexit was published in the Federal Register (see here for previous coverage). The rule became effective on April 1, 2019. Comments may be submitted to the CFTC until May 31, 2019.

The CFTC final rule relating to the swap dealer de minimis threshold for swaps entered into by insured depository institutions ("IDIs") in connection with loans to customers was published in the Federal Register. The final rule became effective on April 1, 2019. As previously covered, the rule adds a new paragraph to the definition of "swap dealer" in CFTC Rule 1.3. The new language would permit IDIs to exclude swaps that satisfy certain criteria from counting towards the $8 billion de minimis dealing threshold (but not the lower "special entity" threshold).