SIFMA and the Security Traders Association ("STA") raised several concerns about legislative proposals on capital formation and corporate governance currently under consideration by the U.S. Senate Committee on Banking, Housing and Urban Affairs (the "Committee"). SIFMA and the STA submitted separate letters to (i) Committee Chair Senator Mike Crapo (R-IA) and (ii) Senator Sherrod Brown (D-OH). SIFMA stated that it supports the following measures: the Fostering Innovation Act of 2017, which would grant a five-year exemption from the auditor attestation requirements of Sarbanes-Oxley for

The U.S. Treasury Department ("Treasury") Office of Foreign Assets Control ("OFAC") designated six Venezuelan government officials affiliated with the regime of Nicolas Maduro, the Venezuelan leader from whom the U.S. government withdrew recognition earlier this year. OFAC said that the action, pursuant to Executive Order 13692, was in response to efforts undertaken by groups controlled by the six officials that exacerbated the humanitarian crisis and that left millions of Venezuelans starving and without access to medical care. As a result of OFAC's action, all property and interests in

FINRA revised the amounts for monetary sanctions in the Sanction Guidelines in order to reflect the effects of inflation. The revised Sanction Guidelines are immediately effective ( see here).

The U.S. Senate Committee on Banking, Housing and Urban Affairs (the "Senate Banking Committee") considered legislative proposals on capital formation and corporate governance. Chair Senator Mike Crapo (R-IA) stated that the Banking Committee has held three hearings in 2018 on legislative proposals - (i) the Helping Angels Lead Our Startups Act, (ii) the Fair Investment Opportunities for Professional Experts Act and (iii) the JOBS and Investors Confidence Act of 2018 - with respect to capital formation, corporate governance and the proxy process. Mr. Crapo said the purpose of the hearing is to

The SEC named Gabriel Benincasa as Chief Risk Officer ("CRO"). The new position was established by SEC Chair Jay Clayton to enhance the agency's risk management and cybersecurity efforts. As CRO, Mr. Benincasa will coordinate the SEC's efforts to "identify, monitor, and mitigate key risks" facing the agency. He will also serve as a key advisor on issues related to enterprise risks and controls. Julie Erhardt had been serving as Acting CRO while the SEC completed its search process, and will return to her position as the Deputy Chief Accountant for Technology and Innovation in the agency's