This is an amicus brief filed by SIFMA (and the New York and California bankers associations) on behalf of Bank of America in AIG v. Bank of America, currently on appeal in the 2nd Circuit. AIG had filed suit against Bank of America in state court alleging fraud in connection with sales of residential mortgage-backed securities; Bank of America successfully removed the case to federal court, where AIG's motion to remand was denied. SIFMA argues that the lower court correctly held that the action was removable pursuant to Section 632 of the Edge Act, which provides for federal jurisdiction so

The CFTC has announced an open commission meeting for this Wednesday, September 12, to consider various rulemaking matters, including the issuance of proposed rules and the approval of final rules. No details are provided in the release as to the particular rules to be proposed or approved.

Based on examinations of broker-dealers throughout the U.S., NASAA identified the top compliance violations, which included: failure to follow written supervisory policies and procedures, suitability, correspondence/e-mail, maintenance of customer account information, and internal audits. NASAA further offered a series of recommended best practices for broker-dealers to consider in order to improve their compliance practices and procedures. Best practice recommendations covered the following areas: Suitability; Developing, Updating, and Enforcing Written Supervisory Procedures; Exception

Responding to questions from market participants and other interested parties, the CFTC released this FAQ on the timing of when entities will be required to register as swap dealers. Below is a Frequently Asked Questions document on swap dealer registration timing to help better understand the rule: Q1. Which regulations are relevant to determining when a person comes within the definition of the term “swap dealer”? A1. Two regulations are relevant to this question. First, CFTC regulation § 1.3(ggg)(4)(i) provides that a person comes within the definition of swap dealer when it has entered

The SEC announced that its market technology roundtable, which was scheduled for September 14, will now be held on October 2. The event will begin with a morning discussion on preventing errors, focusing on current best practices and practical constraints for creating, deploying, and operating mission-critical systems, including those used to automatically generate and route orders, match trades, confirm transactions, and disseminate data. The afternoon session will focus on error response, with experts discussing how the market might employ independent filters, objective tests, and other real