The Consumer Financial Protection Bureau ("CFPB," now also known as the BCFP) proposed to (i) streamline its no-action letter process and (ii) create a CFPB Product Sandbox. According to the CFPB, the goals of the proposal are as follows: (i) streamline the application process for filing and review of applications for no-action letters; (ii) expand the types of statutory and/or regulatory relief; (iii) "specify[] procedures for an extension where the relief initially provided is of limited duration"; and (iv) "provid[e] for coordination with existing or future programs offered by other

SEC Chair Jay Clayton reviewed progress on the agency's regulatory and policy initiatives. In testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Mr. Clayton discussed the SEC Strategic Plan for 2018-2022. He described the goals of the plan as (i) focusing on the interests of long-term Main Street investors, (ii) being innovative and responsive to the changing nature of the markets, and (iii) elevating the agency’s performance through technology, data analytics and human capital. In reviewing progress made over the past year, Mr. Clayton: lauded the SEC's

ISDA published the ISDA 2018 Benchmarks Supplement Protocol (the "Protocol"), which provides market participants with a multilateral method for applying the terms of the ISDA Benchmarks Supplement (the "Benchmarks Supplement") to certain derivatives transactions, including certain interest rate, foreign exchange, equity and commodity derivatives transactions. The Protocol permits adherents to the Protocol ("Protocol Participants") to incorporate the terms of the Benchmarks Supplement to transactions entered into either with all other counterparties that are Protocol Participants or on a

A broker-dealer agreed to settle FINRA charges for charging its customers prices that were illegal in 71 principal transactions concerning a single corporate bond. According to the Letter of Acceptance, Waiver and Consent, NTB Financial Corporation ("NTB") charged its customers around $43,000 in excessive markups on 71 corporate bond transactions. FINRA stated that the markups ranged from 4.64 percent to 5.07 percent on a corporate bond. NTB agreed to a censure and to pay $45,000 in penalties.

The MSRB proposed a rule change to improve the information facility for the Electronic Municipal Market Access ("EMMA") System. The EMMA System is an online platform for the collection and dissemination of municipal securities disclosure documents and related information. According to the MSRB, the proposal will modernize and consolidate the EMMA information facility, as well as harmonize it with the recently revised Real-Time Transaction Reporting System information facility. The proposed rule change would be made operative on January 10, 2019.