The Office of the Comptroller of the Currency ("OCC") reported on risks facing national banks and federal savings associations, presenting information in five areas: the operating environment, bank performance, topics in emerging risk, trends in key risks and supervisory actions. The report focuses on particular issues that may pose threats to the financial institutions regulated by the OCC. Based on data as of June 30, 2018, the OCC found that: the financial performance of banks comprising the federal banking system improved in the first half of 2018 relative to 2017; system-wide return on

The Office of the Comptroller of the Currency ("OCC") will reduce the total assessments collected on national banks, federal savings associations, and federal branches and agencies of foreign banks for 2019. The OCC stated that it will reduce the marginal rates in its General Assessment Fee Schedule by 10 percent. The OCC anticipates that the change will reduce total assessments collected by over $90 million in 2019. The change will take effect starting with the March 31, 2019 assessment. In addition, the OCC revised the refund policy for institutions that leave the federal banking system

The National Futures Association ("NFA") provided guidance on the annual affirmation requirement for entities that are currently exempt from commodity pool operator ("CPO") and commodity trading advisor ("CTA") registration. In a Notice, the NFA stated that, in accordance with CFTC requirements, any individual that claims an: (i) exemption from CPO registration, (ii) exclusion from CPO registration or (iii) exemption from CTA registration must "annually affirm the applicable notice of exemption within 60 days of the calendar year end, which is March 1, 2019, for this affirmation cycle." The

The SEC adopted new rules and amendments intended to encourage broker-dealers to publish research reports on SEC-registered investment companies and business development companies. New Securities Act Rule 139b extends the current "safe harbor" available under Securities Act Rule 139 to a covered investment fund research report. Under the rule, a covered investment fund research report by a broker-dealer would not be considered an "offer for sale or offer to sell a security that is the subject of an offering," even if the broker-dealer is participating or may participate in a registered

CFTC Chair J. Christopher Giancarlo reviewed the findings of a recent study by the Office of the Chief Economist of the CFTC on the relative liquidity of exchange-traded futures contracts and cash securities in the U.S. Treasury market. In remarks at the Fourth Annual Conference of the Evolving Structure of the U.S. Treasury Market, Mr. Giancarlo stated that the study illustrates a "highly complex and dynamic 'liquidity hierarchy' in the U.S. Treasury market." According to Mr. Giancarlo, the study showed that: overall risk volume is greater in securities transactions than in futures contracts