The CFTC announced that it will hold a public roundtable discussion titled "Cybersecurity and System Safeguards Testing" on March 18, 2015. The roundtable discussion will address the need for testing in the current cybersecurity environment, as well as certain types of system safeguards testing and associated risk assessment practices, including (i) vulnerability and penetration testing, (ii) key controls testing and (iii) business continuity and disaster recovery testing. The CFTC also will consider the best way to leverage enhanced system safeguards testing requirements, including

Comptroller of the Currency Thomas J. Curry spoke before the Institute of International Bankers about the Bank Secrecy Act ("BSA") and anti-money laundering ("AML") challenges. According to Mr. Curry, the BSA and AML statutes are a source of risk that is a matter of particular growing urgency. He explained that one of his highest priorities has been to strengthen the oversight of the Office of the Comptroller of the Currency ("OCC") of BSA/AML compliance in the banks that it supervises, given the risks to banks that are posed by terrorist and criminal organizations. Mr. Curry noted that the

SIFMA submitted comments to the IRS on the Qualified Intermediary Agreement (the "QI Agreement"), which the IRS revised previously to address changes brought about by the enactment of the Foreign Account Tax Compliance Act ("FATCA"). SIFMA raised concerns and requested clarifications with respect to various parts of the QI Agreement, including the restrictions imposed on the type of entities that would be eligible for joint account treatment, the application of the QI Agreement to qualified securities lenders, the propriety of requiring cost-basis reporting from non-U.S. payors and the

The SEC suspended trading in 128 inactive penny stock companies to ensure that they don't become sources for pump-and-dump schemes. According to the SEC, the trading suspensions are the latest in a microcap fraud-fighting initiative known as "Operation Shell-Expel," which utilizes technology to scour the over-the-counter marketplace and identify dormant companies ripe for abuse. The SEC explained that once a stock has been suspended from trading, it cannot be relisted unless the company provides updated financial information to prove that it's actually operational. Additionally, it is

The Asset Management Group of SIFMA ("SIFMA AMG") provided comments to the European Commission regarding the potential impact of the European Securities Markets Authority December 2014 MiFID II technical advice as it pertains to potential dealing commissions regulation. SIFMA AMG stated that it is concerned with the technical advice's proposed restrictions on the ability of investment managers to use the resources of their clients to pay for research. According to SIFMA AMG, the U.S. dealing commissions process operates under a "system of transparency," with legally required disclosures and