FINRA fined a broker-dealer $2.75 million for anti-money laundering ("AML") program and supervisory deficiencies. According to the Letter of Acceptance, Waiver, and Consent, the firm failed to properly investigate certain third-party attempts to gain unauthorized access to its electronic systems, which should have led to the filing of Suspicious Activity Reports. FINRA stated that this failure was largely the result of the firm's use of a "fraud case chart," which provided inaccurate guidance to employees about reporting requirements related to incidents when third parties attempted to

The Council of the European Union updated a proposal to require systemically significant foreign central counterparties to adopt the EMIR and adhere to regulation by the European Securities and Markets Authority and the European Central Bank.

In a report to Congress, the Consumer Financial Protection Bureau ("CFPB") evaluated a 2013 rule requiring remittance transfer providers to make certain disclosures to consumers regarding costs, fees and other information prior to purchase. Remittance transfer providers generally are stand-alone licensed money services businesses (which conducted 95.6 percent of all remittance transfers in 2017), as well as banks and other insured depository institutions. Dodd-Frank Act Section 919 amended the Electronic Fund Transfer Act to establish a comprehensive system of consumer protection for

SEC Commissioner Hester M. Peirce offered recommendations to regulators on implementing G20 swaps reforms. Ms. Peirce said that the G20 reforms were not foolproof and encouraged regulators to exercise "healthy skepticism" when implementing them. In remarks before the International Regulators Conference, Ms. Peirce said that "poorly designed regulations" played a role in the 2007-2009 financial crisis. She cited the "favorable regulatory treatment given to highly rated securitization tranches." She stated that, among other things: "central clearing is not a panacea" and brings its own risks

The SEC Division of Corporation Finance agreed that common stock issued by a mutual water company organized pursuant to the California General Corporation Law is not a "security" for purposes of the Securities Act. As a result, shares issued by the company may be sold without registration under the Securities Act.