FINRA proposed amending its rule on the collection and distribution of "new issues reference data" for corporate bonds and charge-associated fees. The proposal is intended to create a new issue reference data service for corporate bonds. The proposed amendments to Rule 6760 would specify additional required data elements. Underwriters subject to Rule 6760 would be required to report, among additional data elements: the International Securities Identification Number; the base currency; the issue date; the first settlement date; the interest accrual date; and the day count description. The

At a meeting of the CFTC Technology Advisory Committee ("TAC"), members heard presentations from subcommittees on crypto regulation, virtual currencies and distributed ledger technology ("DLT") adoption. The TAC was established to "advise the Commission on the impact and implications of technological innovations on financial services and the futures markets, and the appropriate legislative and regulatory response to increasing use of technology in the markets." Commissioner Brian Quintenz sponsors the TAC on a rotating basis. Members include representatives of futures exchanges, self

SEC Commissioner Robert Jackson Jr. dissented from the agency's final rules simplifying disclosure requirements. Mr. Jackson Jr. said that the rule reverses the SEC staff's recommendation that firms disclose a "clear identifier of their corporate entities." He also noted that the rule removes the SEC staff's role as "gatekeepers when companies redact information from disclosures." Mr. Jackson Jr. stated that the financial crisis taught regulators that the complexity of firms' structures made it difficult to identify the corporate entities responsible for risktaking. He further said that to

By a 45-15 vote, the House Financial Services Committee approved the Secure and Fair Enforcement Banking Act of 2019 (the "SAFE Banking Act"). The legislation provides a safe harbor from federal money laundering and regulatory prohibitions for financial institutions and banks that supply financial services to cannabis-related legitimate businesses. The SAFE Banking Act, which has 150 sponsors, has yet to be scheduled for consideration by the full U.S. House of Representatives. The Judiciary Committee will likely consider the bill before it is voted upon. As previously covered, the Safe Banking

National Futures Association ("NFA") reminded swap dealers of their obligation to report swap valuation disputes exceeding $20 million in value. In particular, NFA said that all member swap dealers, including those relying on "substituted compliance" regarding CFTC Rule 23.502(c), must satisfy the filing requirements outlined in NFA's Interpretive Notice to Compliance Rule 2-49, which became effective on January 29, 2018.