The Board of Governors of the Federal Reserve System, the FDIC and the Office of the Comptroller of the Currency (the "Agencies") finalized a technical correction to the definition of "eligible guarantee" in the Agencies' risk-based capital rules. The final rule removes the requirement that an eligible guarantee be made by an eligible guarantor for purposes of calculating the risk-weighted assets of an exposure under the advanced approaches risk-based capital rule as incorporated into Subpart E of the 2013 Capital Rule. The change to the definition of "eligible guarantee" applies to all banks

FINRA-proposed immediately effective amendments regarding FINRA Rule 7710 relating to fees for the OTC Reporting Facility ("ORF"), as well as the deletion of Rule 7740 relating to historical research and administrative reports, were published in the Federal Register. These amendments concern the migration of the ORF to FINRA's Multi-Product Platform ("MPP"). Prior to migration to the MPP, FINRA's Trade Reporting and Compliance Engine, Alternative Display Facility, and ORF operated on separate technology platforms. The ORF will migrate to the MPP on September 15, 2014, therefore necessitating

In the closely watched cross-border guidance case, SIFMA v. CFTC, the CFTC filed a motion to submit the supplemental declaration of CFTC Assistant General Counsel Martin B. White (the "declaration") and two additional documents that, in the words of the CFTC, contradict "the positions SIFMA and other Plaintiffs have taken on key legal points in this case." Specifically, the two exhibits filed include (i) a document titled "Note Regarding Non-U.S. Affiliate Participation in Swaps Market" ("SIFMA's Note"), and (ii) a copy of an article published by POLITICO Pro titled "Banks Outline Pushback on

In his remarks at the 2014 Delivering Alpha Conference, Secretary of the Treasury Jacob Lew called for legislation to enhance defenses against cybersecurity threats. According to Secretary Lew, the consequences of cyber attacks are more serious than ever, and financial institutions should be proactive to prevent damage. He stated that, despite their hesitancy to reveal information about security breaches, firms should consider disclosing cyber incidents and collaborate with government agencies and other firms in order to strengthen defenses against cyber attacks. Secretary Lew called for

The Senate Homeland Security and Government Affairs Permanent Subcommittee on Investigations announced a hearing titled "Abuse of Structured Financial Products: Misusing Basket Options to Avoid Taxes and Leverage Limits." The hearing will examine a set of transactions that utilize financial engineering and structured financial products to effect attempts to avoid paying U.S. taxes on short-term capital gains. Witnesses will include representatives of major financial institutions, as well as from a nonprofit institution and the U.S. Government Accountability Office. A witness list will be