The Board of Governors of the Federal Reserve System ("FRB") proposed a rule requiring large banking organizations to disclose their liquidity metrics. The proposed rule would comprise the first required public disclosure of quantitative liquidity risk measures for large banking organizations. Under the Liquidity Coverage Ratio ("LCR") rule adopted by the federal banking agencies last September, large banking organizations (with consolidated assets of $50 billion or more) and certain depository institution subsidiaries are required to hold a minimum amount of high-quality liquid assets ("HQLA"

The CFTC approved proposed rules known collectively as "Regulation Automated Trading," or "Regulation AT." Regulation AT is intended to mitigate the risks of degradation in a person's algorithmic trading or of such trading's disruption of another person's ability to trade. The vote was unanimous. The proposal will remain open for a 90-day public comment period. The following requirements are contained in Regulation AT: Requirements for trading firms that fall within the proposed definition of "AT Person." Risk controls. Commission registrants, including a new class of persons who must be

The Committee on Payments and Market Infrastructures ("CPMI") and IOSCO released a consultative paper titled Guidance on Cyber Resilience for Financial Market Infrastructures. The paper provides authorities with a set of internationally approved guidelines in order to support the consistent and effective oversight and supervision of financial market infrastructures ("FMIs”) in the area of cyber risk. The authors of the paper set out preparations and measures for FMIs to undertake in order to enhance their cyber resilience capabilities. The goal of the enhancement is to limit the escalating

A political intelligence firm agreed to admit wrongdoing and pay a $375,000 penalty for compliance failures regarding the collection and use of material nonpublic information. The firm also agreed to retain an independent compliance consultant after an SEC investigation found that the firm's analysts had failed to inform the firm's compliance officers properly of instances in which the analysts obtained potential material nonpublic information from government employees, rendering the compliance officers unable to control the usage of such information. According to the SEC's order: The

The CFTC staff provided conditional no-action relief to a provisionally registered swap dealer bank with respect to activities outside of its London branch. The no-action letter provides relief from the CFTC's "transaction-level" requirements applicable to swaps, for transactions entered into by the bank out of its London branch with non-U.S. persons who are not "conduit affiliates" or guaranteed by U.S. persons. The relief only applies to swaps with counterparties located in a foreign jurisdiction for which the CFTC has not issued a substituted compliance determination. Among other conditions