The Board of Governors of the Federal Reserve System ("FRB") issued a final rule to modify capital planning and stress testing regulations, and released instructions for the 2015 capital planning cycle. The final rule adjusts the due date for bank holding companies ("BHCs") with total consolidated assets of $50 billion or more to submit their capital plans and stress test results. For the 2015 capital plan cycle, such BHCs are required to submit capital plans on or before January 5, 2015, unchanged from prior years. For subsequent cycles, beginning in 2016, participating BHCs will be required

The Committee on Payments and Market Infrastructures ("CPMI") and IOSCO issued a report titled, "Recovery of Financial Market Infrastructures," which provides guidance to financial market infrastructures, such as central counterparties, on how to develop plans to enable them to recover from threats to their viability and financial strength. The report additionally provides guidance to relevant authorities in carrying out their responsibilities associated with the development and implementation of recovery plans. The report supplements the CPSS and IOSCO "Principles for Financial Market

FINRA issued a Regulatory Notice regarding the SEC's approval of amendments to FINRA Customer and Industry Arbitration Codes to permit arbitrators to make a referral during an arbitration proceeding concerning a situation that the arbitrator has reason to believe poses a serious threat that is likely to harm investors unless immediate action is taken. The text of the amendments is set forth in Attachment A of the Regulatory Notice. The amendments are effective on October 27, 2014, for any arbitration case which has scheduled hearings remaining. See: FINRA Regulatory Notice 14-42; FINRA Notice

The Tax Section of the American Bar Association ("ABA") submitted comments to the IRS and Treasury Department on proposed regulations issued on December 5, 2013 under Section 871(m) of the Internal Revenue Code. The comments advocate that such rules be modified to exclude certain transactions from coverage and to increase the "delta" threshold of 0.70 for imposing withholding on dividend equivalents on derivatives. Generally, Section 871(m) imposes withholding tax on certain actual or implicit payments on certain notional principal contracts and other equity-linked instruments that are

The CFTC's notice of fees charged to designated contract markets ("DCMs") and registered futures associations to recover costs incurred by the CFTC's oversight of SRO rule enforcement programs were published in the Federal Register. The calculation of the fee amounts charged for 2014 by this notice is based upon an average of actual program costs incurred during fiscal years 2011, 2012, and 2013. See: 79 FR 62418.