The CFTC final rule relating to the swap dealer de minimis threshold for swaps entered into by insured depository institutions ("IDIs") in connection with loans to customers was published in the Federal Register. The final rule became effective on April 1, 2019. As previously covered, the rule adds a new paragraph to the definition of "swap dealer" in CFTC Rule 1.3. The new language would permit IDIs to exclude swaps that satisfy certain criteria from counting towards the $8 billion de minimis dealing threshold (but not the lower "special entity" threshold).

The FDIC proposed to amend two rules to streamline the process for making insurance determinations if a bank is placed into receivership. The FDIC requested feedback on a proposal to make revisions to Part 370 (Recordkeeping for Timely Deposit Insurance Determination) before the compliance date - April 1, 2020. According to the FDIC, the proposal (i) clarifies the rule's mandates, (ii) better aligns the "burdens of the rule with its benefits" and (ii) makes technical corrections. In addition, the FDIC proposed to amend Part 330 (Deposit Insurance Coverage), which requires an account to be

A German medical device and services company agreed to pay $231 million to settle charges of violating the anti-bribery, books and records, and internal accounting controls provisions of the Foreign Corrupt Practices Act ("FCPA"). According to the SEC Order, Fresenius Medical Care AG & Co. KGaA ("Fresenius") made approximately $30 million in illegal payments to government officials in Saudi Arabia, Angola, and eight countries in West Africa between 2009 and 2016, and failed to accurately record such payments in its books and records in Turkey, Spain, China, Serbia, Bosnia and Mexico. These

The SEC and UK Financial Conduct Authority ("FCA") signed two Memoranda of Understanding ("MOU") to ensure continued cooperation with respect to the oversight of regulated entities across borders. The first MOU is a supervisory arrangement covering regulated entities that "operate across the national borders." The MOU, which was originally signed in 2006, was updated to increase the scope of covered firms under the MOU to include firms that carry out derivatives, credit rating, and derivatives trading repository businesses. The second MOU was originally signed in 2013, and provides a framework

The SEC charged the former controller of a New York-based college with defrauding municipal securities investors by unlawfully hiding the college's declining finances. According to the Complaint filed in the U.S. District Court for the Southern District of New York, the college came under financial duress as student enrollment declined and tuition revenues decreased. The SEC alleged that former controller Keith Borge illegally withdrew funds designated for the college's endowment to fund other expenses at the college. The SEC stated that Mr. Borge took steps to produce financial statements