On November 17, the Financial Industry Regulatory Authority (FINRA) and the Municipal Securities Rulemaking Board (MSRB) released companion proposals that would require disclosure of pricing reference information on customer confirmations for transactions in fixed income securities. The proposals are substantially similar, but seek input on factors unique to the corporate and municipal bond markets.
Under the two proposals, bond dealers in retail-sized fixed income transactions would be required to disclose on the customer’s confirmation the price of certain same-day principal trades in the same security, as well as the difference between this reference price and the customer’s price. News Release.
On November 19, the Securities and Exchange Commission voted to adopt new rules designed to strengthen the technology infrastructure of the U.S. securities markets. The rules – together comprising Regulation Systems Compliance and Integrity (Regulation SCI) – impose requirements on certain key market participants intended to reduce the occurrence of systems issues and improve resiliency when systems problems do occur. Release. Rule. SEC Staff Guidance.
On November 18, the SEC released a Staff Accounting Bulletin (SAB) to rescind portions of the interpretive guidance included in its SAB Series for what is known as pushdown accounting. The new bulletin brings existing guidance into conformity with Accounting Standards Update No. 2014-17 – Business Combinations (Topic 805). Release. Bulletin.
On November 18, the Federal Reserve Board, the FDIC and the OCC proposed clarifications to the revised regulatory capital rules adopted by the agencies in July 2013. The proposal applies to large internationally active banking organizations that currently determine their regulatory capital ratios under the advanced approaches rule. Release.
On November 19, the CFTC launched CFTC SmartCheck, a new national campaign to help investors identify and protect themselves against financial fraud. The comprehensive campaign includes a new website, a national advertising campaign and interactive videos that will help investors spot investment offers that are potentially fraudulent. Release. Website.
On November 19, the Federal Reserve Board announced the designation of the chairs and deputy chairs of the 12 Federal Reserve Banks for 2015. Release.
November 19, the FDIC announced the release of the first in a series of three new technical assistance videos developed to assist bank employees in meeting regulatory requirements. The new videos will address compliance with certain mortgage rules issued by the Consumer Financial Protection Bureau. Release. Video Series.
On November 12, Comptroller of the Currency Thomas J. Curry spoke at the 25th Special Seminar on International Finance in Tokyo, Japan. The comptroller identified cybercriminals as possibly the biggest threat to the global economy today. Remarks.
On November 3, Fannie Mae and Freddie Mac jointly announced the first CEO of Common Securitization Solutions, LLC (CSS), which was established by the companies to design, develop, build and operate the Common Securitization Platform, a new secondary mortgage market infrastructure. Additionally, Fannie Mae and Freddie Mac entered into governance and operating agreements for CSS. Release.
On November 5, the Federal Reserve Board issued a final rule implementing Section 622 of the Dodd-Frank Act, which generally prohibits a financial company from combining with another company if the ratio of the resulting company’s liabilities exceeds 10% of the aggregate consolidated liabilities of all financial companies. Press Release. Final Rule.