House Agriculture Committee leadership urged federal banking regulators and the CFTC to work with the European Commission to: (i) adhere to the agreed upon timetable for implementation of rules on margin for uncleared swaps, or if that effort is unsuccessful, (ii) to coordinate a new global implementation timeline.

The IRS and the U.S. Treasury Department examined proposed regulations to the Internal Revenue Code that would recharacterize certain debt instruments issued to related parties as equity for U.S. federal income tax purposes.

The FINRA Board of Governors elected John J. Brennan to be FINRA Chairman. He begins his term on August 15, 2016.

The SEC Division of Corporate Finance updated the Compliance and Disclosure Interpretations for beneficial ownership reporting to clarify on exemption in the Hart-Scott-Rodino Act.

The SEC Office of Investor Education and Advocacy issued an Investor Bulletin to inform investors of the pros and cons of variable annuity buyout offers.