In a 2018 annual report, the CFTC Division of Enforcement (the "Division") outlined guiding priorities and key initiatives regarding the agency's enforcement program. CFTC Enforcement Director James McDonald highlighted the priorities contained in the report at a speech delivered at NYU Law School. The priorities include preserving market integrity, protecting customers, encouraging individual accountability, and improving coordination with other regulators as well as criminal authorities. In the report, staff underscored several key initiatives that the Division began during fiscal year 2018

FTC Commissioner Dan Berkovitz named Erik Remmler and Lucy Hynes to serve as his Chief of Staff and Special Counsel, respectively. Prior to joining Mr. Berkovitz's office, Mr. Remmler served as Deputy Director in the CFTC Division of Swap Dealer and Intermediary Oversight. In that capacity, he led the implementation of swap dealer regulation. Ms. Hynes will join Mr. Berkovitz's office from the CFTC Division of Enforcement where she served as a Senior Trial Attorney.

In its 2018 annual report to Congress, the SEC reported that it received the largest number of whistleblower tips and paid the most in rewards in program history. According to the report, the SEC Office of the Whistleblower (the "Office") received 5,282 tips during fiscal year 2018, an 18 percent increase over 2017. California, New York, Florida, Texas and New Jersey had the highest number of whistleblowers. The SEC also received whistleblower submissions from individuals in 72 foreign countries. The Office reported that it awarded more than $168 million in fiscal year 2018 - more than in all

In a Final Report, the Financial Stability Board ("FSB"), along with a group of other international financial regulatory bodies, evaluated how post-financial crisis reforms affect incentives for the central clearing of derivatives. The findings follow a consultative document published in August 2018 ( see previous coverage) and initial findings published in 2014. The authors found that: changes in OTC derivatives markets are consistent with the G20 objectives to promote central clearing; post-crisis reforms - particularly in capital, margin and clearing - have incentivized "dealers and larger

The proposal by the Federal Reserve Board, the FDIC and the Office of the Comptroller of the Currency to reduce regulatory reporting requirements for eligible small depository institutions was published in the Federal Register. Comments on the proposal must be submitted by January 18, 2019. As previously covered, the rule proposals would implement Section 205 ("Financial Reporting Requirements for Small Banks") of the Economic Growth, Regulatory Relief and Consumer Protection Act.