The NFA reminded members of the annual affirmation obligations for certain exempt or excluded commodity pool operators ("CPOs") / commodity trading advisors ("CTAs"). In its Notice, the NFA stated that the CFTC requires any person that claims an exemption from CPO registration under CFTC Rule 4.13(a)(1), 4.13(a)(2), 4.13(a)(3) or 4.13(a)(5), an exclusion from CPO registration under CFTC Rule 4.5, or an exemption from CTA registration under CFTC Rule 4.14(a)(8) to annually affirm the applicable notice of exemption within 60 days of the calendar year end. A failure to file the affirmation notice

The oversight body of the Basel Committee on Banking Supervision ("BCBS"), and the Group of Central Bank Governors and Heads of Supervision ("GHOS"), approved final revisions to the market risk framework. Separately, GHOS also approved the BCBS's strategic priorities and work program for 2019. The revised Minimum Capital Requirements for Market Risk replaced an earlier version published in January 2016. The January 2016 market risk framework, which was intended to enhance consistency of implementation, as well as lower arbitrage opportunities between capital requirements for market risk and

The MSRB provided additional support to help market participants comply with SEC amendments to Exchange Act Rule 15c2-12 that require municipal securities issuers and obligated persons to disclose material financial obligations to investors. The compliance date of the amendments is February 27, 2019. The MSRB emphasized the importance of fulfilling these obligations through the MSRB Electronic Municipal Market Access ("EMMA") platform. The MSRB explained that: the amendments to Rule 15c2-12 add two additional events for continuing disclosure agreements entered into after February 27, 2019; the

In the latest issue of Supervisory Insights, the FDIC Division of Risk Management Supervision ("DRMS") provided "illustrat[ions]" of "strong credit grading systems that incorporate clearly identifiable processes and a sound governance framework." The article, "Credit Risk Grading Systems: Observations from a Horizontal Assessment," was drawn from examiner observations about the loan risk grading systems at certain state nonmember banks. The DRMS found that: smaller institutions used "expert judgment"-based systems, in which a loan officer or relationship manager gives a grade based on his or

The U.S. Bitcoin and Treasury Investment Trust (the "Trust") filed a registration statement with the SEC for an initial public offering of the Trust's common shares. According to the sponsoring investment management firm, Wilshire Phoenix, LLC, the exact number of common shares to be offered and the price range for the offering has yet to be decided. According to the registration statement, "the purpose of the Trust is to provide investors with exposure to Bitcoin in a manner that is more efficient, convenient and less volatile than purchasing stand-alone Bitcoin."