An SEC rule change intended to simplify or eliminate redundant, overlapping, outdated or superseded disclosure requirements was published in the Federal Register. The effective date is November 5, 2018. As previously covered, the amendments are part of an SEC effort to align regulations with recent changes in U.S. Generally Accepted Accounting Principles (GAAP), and to implement the Fixing America's Surface Transportation (FAST) Act.

Senator Bernie Sanders (D-VT) introduced legislation that would break up the biggest U.S. banking and financial institutions. The bill is sponsored in the U.S. House of Representatives by Representative Brad Sherman (D-CA). The bill, titled the Too Big to Fail, Too Big to Exist Act, would, among other things, require: the restructuring of certain covered financial institutions (including banking organizations, insurance firms, broker-dealers and investment advisers) with a total exposure greater than three percent of the GDP of the U.S.; insurance companies with more than $50 billion in assets

The CFTC and the Australian Securities and Investments Commission ("ASIC") agreed on an arrangement to share information on FinTech market trends and developments.

In the latest issue of The Risk Desk, CFTC Commissioners Dan Berkovitz and Rostin Behnam shared their perspectives on a number of recent proposals, including amending the rules governing swap execution facilities ("SEFs") and the registration threshold for swap dealers. Mr. Berkovitz, who was sworn in as a Commissioner last month, and who had served as the agency's General Counsel in the previous administration, stated that the Commission should more closely examine SEFs. Conceding that the "trading mandate has not worked totally as the vision," Mr. Berkovitz questioned whether the lack of

The FDIC, the Federal Reserve Board and the Office of the Comptroller of the Currency ("OCC"), with the help of the Federal Financial Institutions Examination Council ("FFIEC"), proposed revisions to the Consolidated Reports of Condition and Income ("Call Report") and other FFIEC reports. The proposed revisions are in response to changes in accounting for credit losses under the Financial Accounting Standards Board's Accounting Standards Update. The proposed revisions - arising from the Economic Growth, Regulatory Relief and Consumer Protection Act - relate to the reporting of high-volatility