NFA barred a former CPO and its principal from NFA membership for one year for using misleading promotional materials concerning the CPO's performance. According to the Decision, the Hearing Panel found that the Respondents, Quants Capital Management, Inc. ("Quants") and Gokhan Kisacikoglu, used deceptive promotional material that included "unsubstantiated positive performance information" and presented "hypothetical information" as if it were about the actual performance. The Hearing Panel also found that Quants neglected to prepare and distribute required monthly account statements.

U.S. Treasury Terrorism and Financial Intelligence ("TFI") Undersecretary Sigal Mandelker detailed the Division's efforts to administer U.S. economic sanctions authorities, and to combat money laundering and terrorist financing ("AML/CFT"). In a statement before the U.S. House Appropriations Subcommittee on Financial Services and General Government, Ms. Mandelker highlighted the following activities undertaken by the TFI (which comprises the Office of Foreign Assets Control ("OFAC"), the Financial Crimes Enforcement Network ("FinCEN"), the Office of Intelligence and Analysis, and the Office of

The North American Securities Administrators Association ("NASAA") expanded its Electronic Filing Depository System to accommodate the electronic notice filings for unit investment trusts (Form NF-UIT).

Federal Reserve Board ("FRB") Governor Lael Brainard emphasized the need to clarify the current assessment area definition in the Community Reinvestment Act ("CRA"). In remarks at a National Community Reinvestment Coalition conference, Ms. Brainard reported that the FRB is considering "rework[ing] the assessment area definition" so that banks of a certain scale would have separate assessment areas for their retail activities and community development activities. She explained that as part of this approach, a bank would get CRA consideration for community development activities in a more

FDIC Chair Jelena McWilliams discussed the Volcker Rule, the Economic Growth, Regulatory Relief and Consumer Protection Act ("EGRRCPA"), FinTech products and international coordination. In remarks at the Institute of International Bankers Annual Washington Conference, Ms. McWilliams said there is broad consensus on the need to make changes to the Volcker Rule. According to Ms. McWilliams, a revised rule should provide more certainty to regulated entities, and clarify how the FDIC defines the types of trading that are prohibited and the kinds of funds that are within the scope of the rule