In concurrent actions, OFAC sanctioned the Central Bank of Venezuela and its director, as well as the son of Nicaraguan President Daniel Ortega and a Nicaraguan bank owned by Venezuela's state-owned oil company, Petróleos de Venezuela, S.A. ("PdVSA"). Pursuant to Executive Order 13850, OFAC designated the Central Bank of Venezuela. According to Treasury Secretary Steven T. Mnuchin, the move was designed "to prevent [the bank] from being used as a tool of the illegitimate Maduro regime." OFAC also designated Central Bank of Venezuela Director Iliana Josefa Ruzza Terán, pursuant to Executive

At a CFTC Energy and Environmental Markets Advisory Committee meeting, members debated the impact that the Supplemental Leverage Ratio ("SLR") imposed by prudential regulators may have on the "provision of clearing services for energy derivatives transactions." CFTC Chair J. Christopher Giancarlo criticized application of the SLR (a capital requirement for banks) to swap clearing customer margin, arguing that it "reflects a flawed understanding" of central counterparty clearing. He added that the implementation of the SLR is "biased against derivatives," as it does not take into consideration

The American Bankers Association (the "ABA") expressed support for the Secure and Fair Enforcement Banking Act ("SAFE Banking Act") of 2019. In a letter to Senator Jeff Merkley (D-OR) and Senator Cory Gardner (R-CO), the ABA stated that the SAFE Banking Act takes a critical step toward enabling financial services for cannabis-related businesses by specifying that proceeds from "legitimate cannabis business" would not be illegal pursuant to federal money laundering statutes. The ABA noted that, as the legal state-cannabis industry expands, the "indirect" connections to cannabis revenues will

The New Jersey Bureau of Securities (the "Bureau") proposed a uniform fiduciary standard for broker-dealers and investment advisers doing business with New Jersey residents. Under the proposal, a firm would be obligated to satisfy both a duty of loyalty and a duty of care. Failure to comply with the fiduciary standard would constitute a "dishonest or unethical practice." The proposal would apply to a very broad range of transactions and activities, including "the opening of, or transfer of, assets to any type of account." To satisfy the duty of care, a broker-dealer would be required to make