SIFMA Asset Management Group and the National Futures Association urged the CFTC to amend its proposal to simplify regulatory obligations for commodity pool operators and commodity trading advisors.
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The SEC requested comments on the "nature, content and timing" of quarterly reports submitted by reporting companies. In particular, the SEC seeks feedback on the relationship between the quarterly reports that Exchange Act reporting companies are required to provide on Form 10-Q and the earnings releases they voluntarily provide on Form 8-K. The SEC stated that it wants to simplify the process by which "investors access, process, and evaluate information" ( e.g., by mitigating any burdens associated with investors' efforts to compare earnings releases and Form 10-Q to identify new information
A New York state-chartered bank agreed to settle SEC charges of improperly handling "pre-released" American Depositary Receipts ("ADRs"). According to the SEC Order, the Bank of New York Mellon (the "Bank") provided ADRs to brokers in thousands of pre-release transactions when neither the brokers nor the customers had the necessary foreign shares needed to support those new ADRs. The SEC stated that as a result of the Bank's conduct, ADRs that were not backed by ordinary shares, as required by the ADR facility, were issued. To settle the charges, the Bank agreed to disgorge over $29.3 million
The FDIC, the Federal Reserve Board, the Office of the Comptroller of the Currency, the SEC and the CFTC (collectively, the "agencies") proposed excluding certain community banks from the Volcker Rule.
The SEC named Daniel Kahl as SEC Office of Compliance Inspection and Examinations ("OCIE") Deputy Director. Mr. Kahl has been serving as OCIE's Chief Counsel since February 2016. He will continue in that role. Along with current Deputy Director Kristin Snyder, Mr. Kahl will supervise OCIE's strategic initiatives, as well as counsel OCIE leadership on various policy matters regarding the agency's National Exam Program. Mr. Kahl joined the SEC in 2001. Prior to joining the SEC, Mr. Kahl had been an attorney with the Investment Adviser Association, FINRA and the North American Securities