The North American Securities Administrators Association ("NASAA") expanded its Electronic Filing Depository System to accommodate the electronic notice filings for unit investment trusts (Form NF-UIT).

Federal Reserve Board ("FRB") Governor Lael Brainard emphasized the need to clarify the current assessment area definition in the Community Reinvestment Act ("CRA"). In remarks at a National Community Reinvestment Coalition conference, Ms. Brainard reported that the FRB is considering "rework[ing] the assessment area definition" so that banks of a certain scale would have separate assessment areas for their retail activities and community development activities. She explained that as part of this approach, a bank would get CRA consideration for community development activities in a more

FDIC Chair Jelena McWilliams discussed the Volcker Rule, the Economic Growth, Regulatory Relief and Consumer Protection Act ("EGRRCPA"), FinTech products and international coordination. In remarks at the Institute of International Bankers Annual Washington Conference, Ms. McWilliams said there is broad consensus on the need to make changes to the Volcker Rule. According to Ms. McWilliams, a revised rule should provide more certainty to regulated entities, and clarify how the FDIC defines the types of trading that are prohibited and the kinds of funds that are within the scope of the rule

The CFTC will revise application Form 7-R, for registration as an entity engaged in specified business in the derivatives market. Form 7-R is generally used by CFTC registrants that also are required to become NFA members. Firms that must file Form 7-R include CPOs, CTAs, introducing brokers, floor traders, retail foreign exchange dealers, FCMs, leverage transaction merchants and swap dealers. Form 7-R will be amended to include: new "functionality," which consists of hyperlinks to the text of the relevant provisions of the law; certain "clarifying" language where appropriate ( e.g., the word

The Federal Reserve Board ("FRB") request for feedback on amending Regulation D ("Reserve Requirements of Depository Institutions") was published in the Federal Register ( see here for previous coverage). Comments must be submitted to the FRB by May 13, 2019.