The CFTC adopted rule changes allowing exceptions from the requirement that "covered persons" ( i.e., futures commission merchants, retail foreign exchange dealers, CTAs, CPOs, introducing brokers, major swap participants and swap dealers) must send customers annual privacy notices. The new amendments were adopted as originally proposed. Under the adopted amendments, annual privacy notices will no longer be required if a "covered person": (i) does not share nonpublic personal information except as described in certain specified exceptions and (ii) has not changed its policies and practices

SEC Commissioner Elad Roisman highlighted the theme of improved transparency in fixed income markets.

The Federal Reserve Board, the FDIC and the Office of the Comptroller of the Currency proposed to amend a capital requirement for U.S. banking organizations engaged primarily in custodial activities, as mandated by the Economic Growth, Regulatory Relief and Consumer Protection Act (the "Relief Act"). The proposal implements Section 402 of the Relief Act, which directs the federal banking regulators to modify the capital rule to exclude from the supplementary leverage ratio ("SLR") certain custodial banks' central bank deposits. A custodial banking organization would be permitted to exclude

A virtual currency "exchanger" consented to a Financial Crimes Enforcement Network ("FinCEN") penalty for violations of the Bank Secrecy Act and anti-money laundering ("AML") regulations. According to FinCEN, Eric Powers conducted more than 1,700 transactions that involved purchasing and selling bitcoin to and from other persons over a two-year period. Mr. Powers admitted to using online forums to advertise his intent to purchase and sell virtual currency for others, and to settling transactions collectively worth more than $5 million using in-person cash payments, cash sent or received in the

ISDA and SIFMA (collectively, the "Associations") urged the SEC to address disparities between its proposed rules on "risk mitigation techniques" for security-based swaps (the "proposal") and the existing swap rules of the CFTC. The Associations warned that the proposal would result in the "same firms and economically indistinguishable products" being subject to "similar, but not identical regulatory regimes." According to the Associations, discrepancies between SEC and CFTC rules will result in substantial costs. Further, the Associations said, any discrepancy could increase compliance costs