CFTC Commissioner J. Christopher Giancarlo warned that while "backward-looking debate" around global financial markets is prevalent, the key to preparing for the next financial crisis is facing new challenges head-on. In a lecture at Harvard Law School, Commissioner Giancarlo brought attention to six developments transforming the global and financial environment: Cyber threats: "relentless assault by hostile cyber predators"; Disruptive technology: "rapid habitat transformation by new digital technologies"; Government intervention: "single species overexpansion and dominance by 'Washington

A national audit firm and two of its partners agreed to settle SEC charges that they ignored red flags and fraud risks while conducting deficient audits of two publicly traded companies. The public companies were later subject to SEC enforcement actions for improper accounting and other violations. The firm admitted wrongdoing and agreed to forfeit approximately $1.5 million in audit fees and interest plus pay a $3 million penalty.

The CME Group issued an advisory notice that updates previous guidance on block trades. The updates in the notice include the following: codifying that block trades may not be executed after the expiration of a contract month; updating reporting requirements in response to the adjusted maintenance window for CME ClearPort; and clarifying the handling of block trade errors.

To help its non-U.S. swap dealer members understand the review process and subsequent feedback, the NFA will host a short audio conference held by its senior staff on December 9, 2015 at 9:00 a.m. EST.

The SEC warned investors that exchange-traded notes ("ETNs") "are complex and involve many risks for investors, including in the loss of [one's] entire investment." In its latest investor bulletin, the SEC recommended that, before purchasing an ETN, an investor should consider: whether ETNs are a suitable investment for the investor; what fees are associated with an ETN; whether the investor understands how the ETN's reference index or benchmark is calculated; whether the investor understands how the indicative values and redemption values are calculated and what they measure; and whether the