SEC Commissioner Luis A. Aguilar delivered remarks at the "Cyber Risks and the Boardroom" Conference in which he focused on steps that companies' boards of directors can take to manage cybersecurity issues effectively. Commissioner Aguilar stated that boards are responsible for making certain that corporations have established and implemented appropriate risk-management programs effectively. To ensure the adequacy of a company's cybersecurity measures, Commissioner Aguilar recommended that boards begin by considering the Framework for Improving Critical Infrastructure Cybersecurity, which was

The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Securities and Exchange Commission issued joint FAQs regarding the implementation of Section 13 of the Bank Holding Company Act, also known as the Volcker Rule. The accompanying release states that the FAQs have been developed jointly by staff members of the five agencies charged with enforcing the Volcker Rule (including the CFTC), and that substantively identical versions will appear on the public websites of each agency. FAQs have not yet

The IRS issued final regulations T.D. 9668 ("final regulations") governing the standards for tax practitioners issuing written tax advice, eliminating the complex rules governing "covered opinions" in Section 10.35 of Circular 230 and adopting a single standard for all written tax advice under Section 10.37 of Circular 230. Adopted as part of the IRS's attack on tax shelters in 2003, Section 10.35 of Circular 230 required practitioners who provided written tax advice on certain tax issues to either follow strict rules in rendering tax opinions that included a full description of all relevant

The Managed Funds Association ("MFA") launched a new webpage outlining issues and offering resources concerning MiFID. See: New MiFID II and MiFIR Webpage; Press Release.

The London Bullion Market Association ("LMBA") concluded its London Silver Price Consultation survey, which indicated the general consensus that an electronic, auction-based benchmark should replace the London silver fix. The 440 participants in the survey also called for a tradable pricing system with an increased number of direct participants. More specifically, responses to the survey included: an average rating of 7.5 out of 10 regarding the usefulness of the current London silver price mechanism; 64 percent of respondents said they use the silver price mechanism daily, 24 percent said