SEC Commissioner Daniel Gallagher issued a statement expressing his concern about the number and aggregate impact of regulations that have been imposed on U.S. financial services firms since the enactment of Dodd-Frank. According to Commissioner Gallagher, a cost-analysis was not performed for many of these regulations and in cases where an analysis was performed, it proved inadequate. He stated that no regulator has considered the overall regulatory burden on financial services firms when determining whether to impose additional costly regulations. In his statement, Commissioner Gallagher

Executive Vice President and General Counsel of SIFMA Ira D. Hammerman spoke at the SIFMA Anti-Money Laundering and Financial Crimes Conference. His remarks highlighted the important and evolving role that compliance plays in maintaining robust market structures. Mr. Hammerman stated that the increased recognition of the importance of the compliance function is "a good thing" and has made the strengthening of compliance functions at firms "a top priority." Increasingly, Mr. Hammerman explained, the compliance function has become more complex as the expectations of compliance departments have

Vice Chair of the Federal Deposit Insurance Corporation ("FDIC") Thomas M. Hoenig spoke at the Institute of International Bankers' Annual Washington Conference about the principles of effective financial supervision. Mr. Hoenig explained that the best ways to judge a firm's risk profile are through a strong supervisory program and an equally strong examination process, which include assessing a firm's "liquidity, operations, balance-sheet strength, asset quality, and management." He noted that although large insured banks are considered too complex for full-scope examinations, sampling

The CFTC issued four separate no-action letters to individual CPOs and CTAs granting relief from reporting requirements. In CFTC Letters 15-06, 15-07 and 15-08, the CFTC granted relief to different CPOs of a commodity pool from the requirement in CFTC Rules 4.7(b)(3) and 4.22(d)(1) that the financial statements in the pool's 2014 annual report be audited. The relief was granted on the condition that the CPOs file an uncertified annual report for the 2014 fiscal year that otherwise complies with the provisions of Rule 4.7(b)(3). In CFTC Letter 15-09, the CFTC granted relief to a CPO of three

The Cayman Islands' Department for International Tax Cooperation ("DITC") announced that it is in the final stages of testing its Automatic Exchange of Information Portal ("Portal"). The Portal will be used by Cayman Islands financial institutions to report FATCA information. The DITC anticipates that the Portal will be opened in early March. Cayman Islands financial institutions are required to register with the DITC through the Portal by March 31, 2015, and report FATCA information with respect to 2014 by May 31, 2015, although the Cayman Islands Cabinet recently approved extending the