FINRA provided the filing dates for broker-dealer annual audit, FOCUS, and custody reports for 2019 and the first quarter of 2020.

FINRA proposed to amend FINRA Rule 4570, which requires a broker-dealer that withdraws from SEC registration to designate a person to act as custodian of the firm's books and records. Currently, the custodian must be an individual associated with the firm at the time the broker-dealer withdraws from registration. FINRA proposed to amend Rule 4570 to: give the withdrawing firm the option to designate another FINRA member broker-dealer ( e.g., an introducing firm's clearing broker) to act as custodian of its books and records after the firm withdraws from registration; and clarify the

The Federal Reserve Board ("FRB") approved final amendments to simplify the electronic collection of checks and funds. The final amendments make changes to Regulation J, which will (i) simplify provisions concerning electronic check collection, (ii) remove redundant or obsolete terminology and provisions, and (iii) accommodate recent changes to Regulation CC concerning electronic check collection and return provisions. The final amendments also amend Regulation J, Subpart B to "clarify that terms utilized in financial messaging standards do not signify legal status or responsibilities." The

In its Annual Report to Congress, the Office of Financial Research ("OFR") found that risks to U.S. financial stability are "in the medium range overall." OFR said market risk is due to historically high stock prices, but stated that current solvency and leverage risks are low. Cybersecurity was also identified as a high risk. The OFR report addressed these regulatory issues: proposed changes to large bank holding company capital regulation (p. 23); effects of a failed financial firm's derivatives exposures (p. 32); bond market liquidity based on TRACE data and the effects of "all-to-all"

The FIA, Deutsches Aktieninstitut, AFME, EDMA, ICMA, Swiss Finance Council and ISDA (collectively, the "Associations") contended that imposing further conditions to the European Union ("EU") equivalence approach and making it more restrictive would be harmful to EU financial and non-financial counterparties and to EU venues. In a letter to EU policymakers, the Associations underscored the importance of a robust equivalence framework, which is intended to "preserve the integrity of and access to EU capital markets, facilitating European financing and growth." According to the Associations, EU