SIFMA and the Financial Services Roundtable ("FSR") submitted comments to the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the FDIC (collectively referred to as "the Agencies") regarding the Agencies' decennial review of existing regulations pursuant to the Economic Growth and Regulatory Paperwork Reduction Act. In the letter, SIFMA and the FSR recommended that the scope of the review be expanded to include Consumer Financial Protection Bureau regulations. Additionally, the letter outlined "guiding principles" for the Agencies to apply

The SEC settled charges against an investment advisory firm for recommending that clients invest in particular mutual funds without disclosing a key conflict of interest; i.e., that the adviser received a percentage of every dollar that its client invested in the mutual fund through an undisclosed agreement with a brokerage firm. Lofchie Comment: The adviser was fortunate not to be charged with acting as an unregistered broker-dealer in light of its receipt of transaction-related compensation. Se e: SEC Order.

The Financial Stability Oversight Council ("FSOC") will hold a closed meeting on September 4, 2014, to discuss, among other things, nonbank financial company designations, the FSOC fiscal year 2015 budget, and an update on the Board of Governors of the Federal Reserve System and the FDIC's recent review of resolution plans submitted by large, complex banking organizations. S ee: Press Release.

On September 1, 2014, Australia imposed additional targeted financial sanctions and travel bans on select individuals and entities, as well as sectoral sanctions against Russia's defense, financial and energy sectors. The measures specifically include "restrictions on arms exports; restrictions on the access of Russian state-owned banks to Australian capital markets; preventing the export of goods and services for use in Russia's oil exploration or production; and restrictions on Australian trade and investment in Crimea." Australia's latest round of sanctions brings it in line with measures

The Office of the Comptroller of the Currency ("OCC") published final guidelines for large financial institutions, which provide that covered institutions should establish and adhere to a written risk governance framework to manage and control its risk-taking activities. Additionally, the guidelines provide minimum standards for the institutions' board of directors to oversee the risk governance framework. The guidelines apply to insured national banks, insured federal savings associations, and insured federal branches of foreign banks with $50 billion or more in average total consolidated