Commentary by Christian Larson
In a joint statement, the Federal Reserve Board, the FDIC and the OCC, in consultation with FinCEN and the National Credit Union Administration, described how the agencies' "Supervisory Guidance on Model Risk Management" relates to Bank Secrecy Act / Anti-Money Laundering systems.
FINRA reminded members of their obligations regarding (i) the performance of due diligence on customers seeking to open trade options, (ii) the supervisory reviews of options accounts and (iii) margin requirements for options.
The SEC published in the Federal Register amendments to Regulation NMS that expand national market system information required to be collected, consolidated and disseminated "with respect to quotations for, and transactions in, national market system stocks."
The CFTC staff granted swap dealers no-action relief from certain "transaction-level" requirements in an effort to maintain the regulatory status quo following the UK's exit from the European Union.
The SEC Office of the Whistleblower Chief Jane Norberg will step down this month after serving in the position since 2016.