The Board of Governors of the Federal Reserve System ("FRB") approved a final rule requiring the largest and most systemically important U.S. bank holding companies to strengthen their capital positions. Under this final rule, a firm that is identified as a global systemically important bank holding company, or "GSIB," must hold additional capital to increase its resiliency in light of the greater threat that it poses to the financial stability of the United States. Estimated surcharges for the eight identified GSIBs range from 1.0 to 4.5 percent of each firm's total risk-weighted assets

FINRA released a podcast outlining the risks and benefits of automated investment tools. The podcast discussed five considerations that investors should bear in mind before using any automated investment tool: Review all disclosures, including any terms and conditions related to fees and expenses for using the tool or costs related to selling or purchasing investments. Consider the tool's key assumptions, and be aware that an automated tool may rely on assumptions that could be incorrect or prove inapplicable to your situation. Be aware that an automated investment tool's output depends

FINRA's proposed rule change, which would require members to report transactions in TRACE-Eligible Securities that are subject to dissemination "as soon as practicable," was filed with the SEC and published in the Federal Register. Comments on the rule proposal must be submitted by August 6, 2015. See: 80 FR 42149. Related news: FINRA Proposes Rule Requiring Members to Report Transactions in TRACE-Eligible Securities "as Soon as Practicable" (July 6, 2015).

FinCEN issued an advisory regarding changes to the lists of jurisdictions with strategic Anti-Money Laundering and Counter-Terrorist Financing ("AML/CFT") deficiencies. The lists were compiled by the Financial Action Task Force ("FATF"). The changes affect the due diligence obligations of U.S. financial institutions. In the advisory, FinCEN announced that Ecuador was removed from the FATF list of jurisdictions subject to countermeasures or enhanced due diligence. FinCEN also reported that Ecuador has "made progress in substantially or largely addressing its FATF action plan." Indonesia also

On July 14, 2015, the United States Court of Appeals for the District of Columbia Circuit affirmed a May 16, 2014 Order of the Securities and Exchange Commission that found that investment advisers violated the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940. The SEC issued the enforcement action against investment advisers Donald L. Koch and Koch Asset Management, LLC (KAM) for "marking the close" and thereby manipulating the closing price of certain stocks held in client portfolios on the last trading date of consecutive quarters. See: SEC Violation of Anti-Fraud