The FDIC will rescind and remove FDIC Rules Part 350, which requires the disclosure of financial and other information by FDIC-insured state nonmember banks. The final rule will become effective on April 17, 2019. The FDIC determined that Part 350 was "outdated" and "no longer necessary."

An investment adviser and its former chief operating officer agreed to settle SEC charges for manipulating an auction of a commercial real estate asset. The proceedings concern the actions of investment advisor Talimco, LLC ("Talimco") in connection with the sale of a mortgage loan participation by one of its collateralized debt obligation clients to another of its clients, a commercial real estate investment fund (the "Fund"). According to the SEC Orders ( see here and here), Talimco owed a fiduciary duty to both the seller and buyer, and breached its duty to the seller by neglecting to "seek

The United States House of Representatives approved a resolution ( H.Res. 206) highlighting several known weaknesses in the global financial sector that may be exploited by criminals and terrorist groups. In particular, the resolution referenced (i) the lack of transparency in the arts and antiquities industry and the recent surge in U.S. markets of Middle Eastern artifacts believed to have been plundered by terrorist organizations such as the Islamic State of Iraq and the Levant (ISIL); (ii) the high number of luxury residential real estate purchasers in U.S. markets whose identities were

The heads of the UK Financial Conduct Authority and the Federal Reserve Bank of New York, acting as co-chairs of the Financial Stability Board's ("FSB") Official Sector Steering Group ("OSSG"), encouraged ISDA to seek market feedback on the addition of a third "trigger event" in fallback language that would trigger derivatives referencing IBOR floating rates to move to the adjusted alternative rate. ISDA has indicated that it would seek feedback for IBORs that were the subject of its now-closed July 2018 Consultation, and is considering adding a "pre-cessation" event in its upcoming

The SEC staff will host a forum on distributed ledger technology and digital assets on May 31, 2019. The forum is organized by the SEC's Strategic Hub for Innovation and Financial Technology (FinHub). The upcoming forum, which will be held at the SEC's Washington D.C. headquarters, is designed to encourage communication and understanding on issues pertaining to distributed ledger technology and digital assets.