In a 3-to-1 vote, the SEC proposed a new rule that would restrict the use of derivatives by registered investment companies, including mutual funds, exchange-traded funds and closed-end funds as well as business development companies that are subject to Investment Company Act Section 18 ("Capital Structure of Investment Companies"). In support of the proposal, SEC Chair Mary Jo White said that funds use derivatives extensively for a variety of purposes, which can raise risks relating to leverage and the fund's ability to meet future obligations. She remarked on the current practice of mark-to

FINRA solicited comments on its proposal to amend FINRA Rule 7620A ("FINRA/Nasdaq Trade Reporting Facility Reporting Fees"). The purpose of the amendments would be to modify certain fees applicable to members that use the FINRA/Nasdaq Trade Reporting Facility ("TRF"). FINRA's request for comments was published in the Federal Register on December 10, 2015. Comments on the proposal must be submitted by December 31, 2015.

The SEC suspended five accountants and two audit firms from practicing or appearing before the SEC because they (i) provided deficient audits of public companies, (ii) jeopardized the independence of other audits and (iii) falsified and backdated audit documents. In addition, they are collectively paying penalties and disgorgement totaling more than $100,000 to settle the SEC's charges.

The Financial Crimes Enforcement Network ("FinCEN") extended the deadline further for filing a Report of Foreign Bank and Financial Accounts ("FBAR"). On December 10, 2014, FinCEN issued Notice 2014-1 to extend the filing date to June 30, 2016 for FinCEN Form 114 - FBAR1 for certain individuals with signature authority over, but no financial interest in, one or more foreign financial accounts. Over the past four years, FinCEN has issued identical extensions that applied to similarly situated individuals. For that reason, FinCEN extended the FBAR filing deadline to April 15, 2017.

The Basel Committee proposed revisions to its standardized approach for credit risk. The revisions are set out in a new consultative paper and would apply to large, internationally active banking organizations. The proposals will be reviewed by the Board of Governors of the Federal Reserve System, the FDIC and the Office of the Comptroller of the Currency.