The CFTC charged Kering Capital Ltd. ("Kering Capital") and a citizen of the People's Republic of China (the "Citizen") with fraud by engaging in fictitious transactions and noncompetitive trading. According to the CFTC's complaint (the "Complaint"), the Citizen and Kering Capital engaged in a series of unlawful "money passes" (a kind of noncompetitive trading in which one trader loses money to another intentionally) involving the Eurodollar contract traded on the CME's electronic Globex Platform. As alleged in the Complaint, the Citizen structured the transactions so that her employer's

The SEC's corrections to Form ADV and Investment Advisers Act Rules were published in the Federal Register. The corrections amend the proposed definition of "Legal Entity Identifier" and remove outdated text referring to the "Legal Entity Identifier," which were previously published in the Federal Register on June 12, 2015. The corrections are effective on July 2, 2015. See: 80 FR 38050; 80 FR 33718. Related News: SEC Proposes to Amend Reporting and Disclosure Requirements for Investment Companies and Advisers (Fed. Reg.) (June 12, 2015); SEC Proposes Amended Reporting and Disclosure

SEC Commissioner Kara M. Stein issued a statement supporting the proposed rule that would require "the majority of listed issuers to adopt a recoupment, or clawback, policy for when an executive's incentive-based pay is based on erroneous financial reports." Commissioner Stein declared that this proposed rule would further develop the Dodd-Frank Act's original attempts to increase executive accountability and refocus executives on long-term results by mandating that "the issuer clawback erroneously or incorrectly awarded compensation." She stated that the rule would also discourage

The SEC announced that Lewis H. Ferguson has been reappointed for a second term on the Public Company Accounting Oversight Board ("PCAOB"). Mr. Ferguson's term runs until October 2019. He was first appointed to the PCAOB in January 2011 and served as its first General Counsel from 2004 to 2007. See: SEC Press Release.

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued a joint release reiterating the annual public disclosure requirements for medium-sized company stress tests. Under the stress test rules required by Dodd-Frank, bank holding companies with between $10 billion and $50 billion in total consolidated assets must assess the potential impact of a minimum of three macroeconomic scenarios - baseline, adverse, and severely adverse - on their consolidated losses, revenues, balance sheet and capital. As