The Managed Funds Association and the Alternative Investment Management Association (collectively, the "Associations") advocated for IOSCO and global securities regulators to impose standardized environmental, social and governance ("ESG") disclosure requirements on issuers. The Associations also urged IOSCO to adopt a "framework" for investment managers to use to supply clients or prospective clients with general information as to what the composition of a fund or portfolio managed by those investment managers might look like. The Associations were opposed to any requirement that advisers

The Massachusetts Securities Division of the Office of the Secretary of the Commonwealth (the "Division") proposed amendments to existing regulations on the disclosure obligations of investment advisers who are registered in Massachusetts. The Division proposed amendments that would: require each investment adviser registered in Massachusetts to supply clients and prospective clients with a "stand-alone Table of Fees for Services," which would denote the fees charged for services offered by the investment adviser; and revise certain paragraphs of the regulations to eliminate redundancy and

A Federal Reserve Board, the FDIC and the Office of the Comptroller of the Currency proposal requiring U.S. global systemically important banking organizations ("GSIBs") to hold additional capital against the holdings of total loss-absorbing capacity ("TLAC") debt issued by other GSIBs was published in the Federal Register. Comments must be submitted by June 7, 2019 ( see prior coverage).

The Federal Reserve Board, FDIC, and the Office of the Comptroller of the Currency requested feedback on proposed new capital and liquidity requirements affecting the U.S. operations of foreign banking organizations ("FBOs"). The proposal would (i) impose capital and liquidity standards on FBOs that would be intended to align requirements on FBOs that were comparable to those imposed on U.S organizations of a similar risk profile. With respect to capital, the proposal would apply to U.S. intermediate holding companies with assets of over $100 billion and to their depository institution

The Federal Reserve Board ("FRB") proposed to implement the "tailored" application of the prudential requirements to foreign banking organizations ("FBOs"). In addition, the FRB, the Office of the Comptroller of the Currency and the FDIC proposed a joint regulation to apply the capital liquidity requirements to the U.S. operations of foreign banks. Finally, the FRB and the FDIC issued ‎a proposed regulation that would amend the resolution planning (or "living will") requirements as applied to the U.S. operations of FBOs. A full summary will be provided in an upcoming Cabinet newsletter.