FINRA proposed new Rule 7640B ("Data Products Offered by NYSE"). The proposed Rule 7640B would: describe FINRA's practices with respect to the distribution of market data for OTC transactions in National Market System stocks; and identify NYSE products that distribute FINRA/NYSE Trade Reporting Facility ("TRF") data to third parties. According to FINRA, Rule 7640B is "substantively identical" to Rule 7640A ("Data Products Offered by NASDAQ"), which concerns the distribution of FINRA/Nasdaq TRF data in market data products developed by Nasdaq, Inc. In addition, FINRA stated, the new rule would

The SEC named Jeffrey Dinwoodie as Senior Counsel and Policy Advisor for Market and Activities-Based Risk. SEC Chair Jay Clayton established this position to "manage and coordinate the agency's efforts to identify, monitor and respond to market risks" impacting the U.S. capital markets. According to the SEC, Mr. Dinwoodie will be Mr. Clayton's Deputy Representative to the Financial Stability Oversight Council and the "primary liaison" to other federal regulatory agencies and international organizations on the subject of addressing market risk. Since 2017, Mr. Dinwoodie has been the lead

The House Financial Services Committee considered an amendment to the Secure and Fair Enforcement Banking Act of 2019 (the "SAFE Banking Act"), which would provide a "safe harbor" for financial institutions and banks that supply financial services to cannabis-related businesses. According to a staff memorandum, the amendment would prohibit federal banking regulators from engaging in legal actions against financial institutions and banks that serve state-authorized cannabis businesses. The amendment adds protections for "ancillary businesses," and requires the Federal Financial Institution

The SEC awarded $50 million to two whistleblowers for providing information that helped the agency to bring a successful enforcement action. According to the SEC Order Determining Whistleblower Award Claims, which redacted many key case facts, one whistleblower received $37 million, while the other received $13 million. The SEC noted that $37 million is the agency's third-highest award to date. Two other whistleblowers were denied awards because their original information, the SEC noted, did not cause the staff to do any of the following: commence an investigation; open or reopen an

The FDIC named Nick Podsiadly as General Counsel, Harrel Pettway as Senior Deputy General Counsel, and Leonard Chanin as Deputy to the Chair. Mr. Podsiadly - currently Deputy General Counsel and Senior VP for Fifth Third Bancorp - will replace Charles Yi as FDIC General Counsel on April 8, 2019. (Mr. Yi previously announced he was planning to step down by the end of March.) Before being promoted to Senior Deputy General Counsel, Mr. Pettway served as Deputy General Counsel in the FDIC's legal division. Mr. Chanin, who joined the FDIC on March 18, 2019 as Deputy to the Chair, will advise on