The Federal Reserve Board, the FDIC and the Office of the Comptroller of the Currency (collectively, the "agencies") proposed rules that would reduce regulatory reporting requirements for eligible small depository institutions. The rule proposals would implement Section 205 (Financial Reporting Requirements for Small Banks) of the Economic Growth, Regulatory Relief and Consumer Protection Act. The agencies stated the proposals would permit insured depository institutions with assets of less than $5 billion that (i) have no foreign offices and (ii) do not engage in "certain complex or

CFTC Chair J. Christopher Giancarlo urged the CFTC and other market regulators to adapt to modern digital markets and transform themselves into quantitative-driven agencies. In an address at FinTech Week, Mr. Giancarlo urged the CFTC to improve its response to the increasing centrality of data in market activity with more up-to-date quantitative data analytics capabilities. He highlighted the following key themes: (i) the central role of data, (ii) the importance of automated data analysis and (iii) the use of machine learning to increase effectiveness. He clarified that being a "quantitative

SEC Enforcement Division Asset Management Unit Co-Chief Anthony S. Kelly will leave the agency before December 1, 2018.

The U.S. Treasury Department and the IRS proposed regulations that affect certain U.S. corporations that own, or are treated as owning, stock in foreign corporations. The proposed regulations would limit the circumstances under which a "deemed repatriation" of the earnings of a controlled foreign corporation (a "CFC") under Internal Revenue Code Section 956 ("IRC Section 965") would be taxable to a corporate 10-percent U.S. shareholder. Under IRC Section 956, a CFC's previously untaxed earnings may be taxable to a 10-percent U.S. shareholder if: (i) the CFC guarantees the shareholder's debt,

The SEC Division of Corporation Finance granted exemptive relief to Mphasis Limited, an Indian company, from Exchange Act Rules 14e-1(a) and (c) ("Unlawful Tender Offer Practices"). The exemption will permit Mphasis Limited to (i) keep its tender offer open for a ten-working-day offer period and (ii) pay for tendered shares within seven working days after the closing of the tender offer, in accordance with Indian law.