CFTC Chair J. Christopher Giancarlo highlighted the ways in which the agency is crafting a "modern regulatory approach" to rapidly changing markets and technological developments, including blockchain technology and cryptocurrencies. Mr. Giancarlo identified several characteristics of the current period of innovation: (i) "exponential technological change," (ii) the "disintermediation of traditional actors or business models," and (iii) the need for businesses and regulators to be technologically literate. According to Mr. Giancarlo, the CFTC is responding to technological developments by

Federal Financial Institutions Examination Council ("FFIEC") members agreed to a set of principles that apply to all reports of examinations ("ROEs"). Separately, the Office of the Comptroller of the Currency ("OCC") said it is reviewing and updating its ROE policy in the " Bank Supervision Process" booklet of the Comptroller's Handbook. Until the OCC updates the "Bank Supervision Process" booklet, the FFIEC ROE principles may be used for any OCC-supervised bank. The principles provide guidance as to the presentation of information in order to establish consistency, clarity and "ease of

The Federal Reserve Board voted to affirm the Countercyclical Capital Buffer at the current level of zero percent.

A Russian telecommunications services company Mobile TeleSystems PJSC ("Mobile") agreed to settle SEC charges that it violated the anti-bribery, books and records, and internal accounting controls provisions of the Foreign Corrupt Practices Act ("FCPA"). Mobile was the third international telecommunications company to enter into a settlement with the SEC and DOJ for paying bribes to Ukrainian government officials. Mobile entered into a deferred prosecution agreement with DOJ, in which it agreed to pay a total criminal penalty of $850 million to the United States, including a $500,000 criminal

The U.S. Court of Appeals for the Second Circuit (the "Second Circuit") affirmed a lower court's dismissal of a shareholder's lawsuit alleging that a health insurer and its executives misled investors regarding compliance with Medicare regulations. The plaintiffs alleged that certain statements made by Cigna Corporation ("Cigna") about its regulatory compliance efforts were "materially misleading" and constituted fraud pursuant to the Exchange Act because Cigna was not in compliance with its regulatory requirements at the time the statements were made. The U.S. District Court ruled that the