The New York Department of Financial Services ("NY DFS") released the revised proposal for its first-ever license for virtual currency operators, which includes a conditional version of a license for startups, as well as state-level anti-money laundering requirements and enhanced consumer protections. The revised proposal states, among other things, that the NY DFS has the option to renew a conditional BitLicense if a firm continues to meet the operating criteria, and that the firm may be subject to heightened review by New York examiners. Additionally, the revised proposal requires that firms

IOSCO approved a project by its Committee 6 on Credit Rating Agencies ("C6") to gain a better understanding of credit rating agencies ("CRA") and other CRA products and services. The project will consist of two parts. C6 will undertake (i) a series of information-gathering exercises, which include surveying the issuers of CRA products and services, and (ii) the gathering of information on how CRA issuers, investors and users understand and utilize CRA products. See: Press Release; C6 CRA Survey.

The CFTC announced that it is extending the comment period on related applications submitted by LedgerX, LLC ("LedgerX") for registration as a derivatives clearing organization ("DCO") and a swap execution facility ("SEF"). The CFTC is extending the deadline for comments from January 30, 2015 to February 20, 2015. According to the CFTC, LedgerX plans to list and clear fully collateralized, physically settled options on bitcoins. S ee: LedgerX Application for DCO; LedgerX Application for SEF; Submit Comments to the CFTC. Related news: CFTC Requests Public Comment on Applications Regarding DCO

The SEC approved the 2015 budget and the related annual accounting support fee of the Public Company Accounting Oversight Board ("PCAOB"). The PCAOB budget totals $250.9 million and will be funded primarily by the collection of an accounting support fee totaling $226.6 million. The PCAOB's 2015 budget represents a decrease of approximately three percent from its 2014 budget, and an increase of approximately eight percent over its estimated $232.4 million in spending last year. See: Press Release; Meeting Notice; Meeting Agenda; SEC Chair White's Opening Remarks; Commissioner Stein's Statement

The Futures Industry Association ("FIA") and FIA Europe issued the third in a series of special reports that cover technical requirements on MiFID II regulations by the European Securities Markets Authorities ("ESMA"). The third special report provides an overview of ESMA's proposals in its December 19, 2014 Consultation Paper and the draft Regulatory Technical Standards on (i) post-trading issues for derivatives, (ii) indirect clearing and (iii) post-trade transparency requirements. The MiFID II regulations will become effective on January 3, 2017. See: Third Special Report: Derivatives under