The NFA alleged that IVG Energy Ltd. ("IVG"), an introducing broker, failed to (i) "keep full, complete and systematic records of all transactions relating to IVG's business of dealing in commodity interests," and (ii) supervise employees' recordkeeping activities. According to the NFA complaint, IVG violated NFA Compliance Rule 2-10(a) by failing to maintain pre-trade communications and trade confirmations, and NFA Compliance Rule 2-9(a) by failing to supervise employees' written communications. NFA Compliance Rule 2-10(a) incorporates CFTC Rules 1.31 and 1.35. The NFA ordered IVG to submit a

As part of an ongoing initiative to expand regulatory materials available to subscribers, the Cabinet added several Banking-related topic pages: Truth in Lending, Truth in Savings, Consumer Leasing, Bank Capital Requirements, and Bank Enforcement Procedures. Questions about bank-related regulatory issues? Contact Mark Chorazak or Scott Cammarn. For a trial of these topic pages or to find out more about Cabinet Premium, please contact William Sadd at (212) 993-2818 or at [email protected].

FINRA suspended and fined a broker-dealer, and barred from associating with any FINRA member firm the CEO of the broker-dealer's parent corporation, for engaging in fraudulent activity in the sales of securities to prospective investors. FINRA found that CSSC Brokerage Services, Inc. ("CSSC") and Eric S. Smith (collectively, the "Respondents") made material misstatements and omissions in connection with an offering of securities. FINRA also found that Mr. Smith, the majority owner of the firm and the CEO of the firm's parent company, engaged in the direct management of CSSC's securities

President Trump nominated Mark Anthony Calabria to serve as Director of the Federal Housing Finance Agency ("FHFA") for a five-year term. Mr. Calabria is currently Chief Economist to Vice President Mike Pence. Before this role, he served as a senior aide on the U.S. Senate Banking Committee and helped draft the Housing and Economic Recovery Act of 2008. Mr. Calabria also served as Deputy Assistant Secretary for Regulatory Affairs at the U.S. Department of Housing and Urban Development under President George W. Bush. If confirmed, Mr. Calabria will succeed outgoing Director Melvin Watt, who

President Trump signed into law the " RBIC Advisers Relief Act of 2018" (the "Act"). The new law amends the Investment Advisers Act to "exempt investment advisers who solely advise[] Rural Business Investment Companies (RBICs) or companies applying for an RBIC license from the requirement to register" with the SEC. Specifically, the Act amends Investment Advisers Act Section 203(b), Section 203(l) and Section 203A(b)(1). U.S. Senator John Kennedy (R-LA), who introduced the Act, stated that it will eliminate unnecessary compliance costs hindering the ability to create jobs and foster economic