Through an interim final rule, the Federal Reserve Board raised the consolidated asset threshold for bank holding companies seeking relief under the small bank holding company policy statement from $1 billion to $3 billion.
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SEC Division of Trading and Markets Director Brett Redfearn said that the self-regulatory organizations are struggling with deadlines for implementing various aspects of the consolidated audit trail.
On August 24, 2018, the Second Circuit affirmed a lower Court's ruling that the Foreign Corrupt Practices Act does not apply to non-resident foreign nationals unless they were either physically present in the United States or acting as agents of a U.S. entity when they committed their crimes.
The SEC named Matthew S. Jacques as Chief Accountant in the Division of Enforcement. Mr. Jacques will assume his position in October 2018.
On August 22, 2018, the SEC issued an Order that addressed outstanding issues related to its administrative proceedings and recommenced all pending APs scheduled to appear before an administrative law judge.