The SEC adopted a final rule amending the application process for funds seeking exemptive relief under the Investment Company Act.

SIFMA commended the bipartisan introduction of the Lifting Our Communities through Advance Liquidity for Infrastructure Act, which, if passed, would reinstate advance refunding of municipal bonds.

FINRA updated interpretations that address (i) the margin rules applicable to control and restricted securities, and (ii) the consolidation of multiple margin accounts for a single customer.

The CFPB proposed amendments to Truth in Lending Act regulations to provide an exemption from establishing escrow accounts for higher-priced mortgage loans.

FINRA stated that marketing materials should reflect the fact that many private placements are either illiquid or speculative in nature, and should "balance claims of these investments' benefits by disclosing these risks."