Samara Cohen, the Managing Director in the Securities Division of Goldman, Sachs Co., gave her views on the House of Financial Services Committee's ongoing implementation of the Dodd-Frank Act, especially on extraterritoriality concerns with respect to Title VII regulation and implementation. In her introductory remarks, she said: [The CFTC's current] guidance fails to provide a clear implementation sequencing scheme that accords with the work being done to implement the G-20 commitments by regulators and legislators in other jurisdictions. These problems will discourage customers from

On December 11th 2012, the Senate passed H.R. 4014, clearing its way for approval by the President. H.R. 4014 amends the Federal Deposit Insurance Act with respect to information provided to the Bureau of Consumer Financial Protection (CFPB). Specifically, the bill amends the Federal Deposit Insurance Act to make the CFPB a "covered agency" that may share information with another covered agency or any other federal agency without waiving any privilege applicable to the information. In addition, the bill prohibits information submitted to the CFPB in the course of its supervisory or regulatory

The FINRA Investor Education Foundation and Better Business Bureau launched a new consumer website, which was designed to "help investors make smarter investing decisions while avoiding fraud, risky investments and unlicensed brokers." Click hereto view press release (links externally to FINRA website).

The Federal Reserve announced administrative actions involving Standard Chartered Bank relating to anti-money laundering and Bank Secrecy Act compliance. In addition, the U.S. Department of Justice, the District Attorney for New York County, and the Treasury Department's Office of Foreign Assets Control announced separate agreements with Standard Chartered relating to the same matter. See: Federal Reserve Press Release; Treasury Press Release. See also: Cease and Desist Order.

The SEC announced that Danforth Townley has been appointed an Attorney Fellow in its Division of Investment Management. Mr. Townley will provide counsel on rulemaking issues and other policy initiatives beginning in January 2013. View Release in full here (links externally to SEC website).