The SEC proposed rules and form amendments to improve disclosures to investors in variable annuities and variable life insurance contracts ("variable contracts"). Specifically, the SEC proposed a rule that would allow an issuer to satisfy its prospectus delivery requirement for variable contracts by delivering a summary prospectus. According to the SEC, the new summary prospectus - using a "layered disclosure approach" - would be a reader-friendly overview of critical facts, with information about how to find a more in-depth discussion online or in paper format. The SEC said that the proposed

Staff members of the CFTC Office of the Chief Economist concluded that Phase 5 of the initial margin regime implementation will capture a substantial number of entities with a relatively low average aggregate notional amount ("AANA") of swaps, and with a high proportion of physically settled FX swaps. The economists prepared the newly released paper as a guide for regulators as they respond to requests for relief by market participants who had argued that Phase 5 (which goes into effect on September 1, 2020) would bring a substantial number of relatively small market participants into scope

It's been awhile since we drained out a Cabinet playlist. But with the change of seasons, it's time to revisit old terror-tory. Enjoy!

The Comptroller of the Currency, the Federal Reserve Board and the Federal Deposit Insurance Corporation proposed an alternative approach for calculating derivative exposures under regulatory capital rules.