The CFPB published a Small Entity Compliance Guide for the Ability-to-Repay and Qualified Mortgage Rule. The purpose of the guide is to provide a comprehensive, accessible rule summary in FAQ format for a broad array of industry constituents, especially smaller businesses with limited legal and compliance staff. Cross-Reference(s): Dodd-Frank Act Title XIV [Mortgage Reform and Anti-Predatory Lending Act]. View Guide in full here (links externally to CFPB website). Related News Items: "CFPB Issues "Ability-to-Repay" Final Rule Regarding Mortgage Lending" (January 10, 2013); "Ability-to-Repay

The SEC charged the former partner in charge of KPMG's Pacific Southwest audit practice and his friend with insider trading on nonpublic information about firm clients. The SEC alleges that a KPM partner tipped his friend with confidential details about five KPMG audit clients and enabled the tippee to make more than $1.2 million in illicit profits by trading ahead of earnings and merger announcements. See: SEC Press Release and SEC Complaint. Related News: "SEC Charges Two KPMG Auditors with Improper Audit of Nebraska Bank Hiding Loan Losses During Financial Crisis" (January 9, 2013).

SEC Commissioner Daniel M. Gallagher delivered remarks at the 2013 National Compliance Outreach Program for Broker-Dealers. Mr. Gallagher underlined the importance of the need to resolve the uncertainties surrounding what makes a compliance professional a "supervisor" and subject to liability as such. Commissioner Gallagher said he believes that the regulators should be focusing on the business-line supervisors and not on the compliance official that steps in and takes action in good faith. Commissioner Gallagher said he is worried that the SEC's current position on supervisory liability skews

ISDA released a press release reminding market participants that there are only 13 days remaining until the May 1 External Business Conduct Rules Compliance Deadline. According to ISDA, market participants must: (a) get a CICI from DTCC ( www.ciciutility.org); (b) submit an Adherence Letter to ISDA (click here for a step-by-step guide to adherence to the ISDA August 2012 DF Protocol); and (c) deliver a completed Questionnaire to swap dealer counterparties. This can be done by ISDA Amend by Markit or by other means (including email).Cadwalader serves as ISDA's attorney on the Protocols and

The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) have published for public comment a consultative report entitled Authorities' access to trade repository data. The purpose of the report is to provide guidance to trade repositories (TR) and authorities on access to TR-held over-the-counter derivatives (OTCD) transaction data for typical and non-typical data requests, as well as possible approaches to addressing confidentiality concerns and access constraints. The report considers that a broad range of authorities (i.e