The subject matter of the Closed Meeting scheduled for Thursday, September 20, 2012 will be: and settlement of injunctive actions; institution and settlement of administrative proceedings; an adjudicatory matter; and other matters relating to enforcement proceedings. View notice here (links externally to GPO website).

In the American Banker Regulatory Symposium, Martin J. Gruenberg (Acting Chairman, FDIC) made remarks on three topics: the conditions of the banking industry, an overview of the progress being made by the FDIC and the Federal Reserve on the resolution plans or so-called "living wills," and the FDIC's community banking initiatives. The FDIC is also taking a closer look at the examination process for risk management and compliance supervision. Lofchie Comment: Chairman Gruenberg's speech overlaps in content to some extent with the GAO report on community banking. He mentions both regulatory

The NFA has announced changes to NFA's BASIC system in order to comply with NFA Financial Requirement Section 16 (which became effective on September 1) and provisions set by NFA's August Board Meeting. Section 16 requires FCMs to submit certain financial related information to NFA on a monthly, semi-monthly and daily basis. At its August meeting, NFA's Board of Directors determined that in order to assist customers in their due diligence review of an FCM, certain FCM financial data should be made publicly available on NFA's website. NFA's Board determined that the best way to display this

The NFA announced that effective October 1, 2012, FCMs which are currently regulated by a U.S. prudential regulator or that are also in some capacity registrants of the SEC (meaning, as a practical matter, FCMs that are also SEC-registered broker-dealers) must have a designated CCO under CFTC Rule 3.3, and that person must also be a listed principal of the firm. Further, those FCMs will be required to file the CCO Annual Report as of the date of the firm's first fiscal year end after October 1. View notice in full here (links externally to NFA website).

ICE Clear U.S. announced the following deadlines: November 8 - ICE Clear U.S. will be required by the CFTC to collect gross customer margins (GCM) from its clearing members. November 3 - ICE Clear U.S. will implement system upgrades to accommodate the submission of GCM files. To ensure that clearing members can comply with this new CFTC requirement, ICE Clear U.S. will support a production parallel test of GCM file submissions. Testing will being on on September 24 and continue until November 2. View notice in full here (links externally to ICE website).