SEC Commissioner Kara Stein delivered remarks at the Brookings Institution. She spoke about the importance of the Investment Company Act ("ICA"), the evolution of the registered fund industry and future areas of concern for the SEC. Commissioner Stein noted that the 75th anniversary of the ICA coincides with a major rulemaking initiative by the SEC to update and modernize some of its rules for investment companies and advisors. She reported that SEC staff members are also considering potential opportunities to "enhance and improve" SEC rules that govern changes to liquidity management and the

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency (collectively, the "Agencies") finalized revisions to the regulatory capital rules adopted in July 2013. The final rule applies only to large, internationally active banking organizations that determine their regulatory capital ratios under the advanced approaches rule; generally, it applies to those with at least $250 billion in total consolidated assets or at least $10 billion in total on-balance sheet foreign exposures. The Agencies published

In a letter to global regulators, eleven industry associations voiced their support for ISDA's key principles for improving global trade reporting and data harmonization. The signatories include SIFMA, ISDA and MFA et.al. (together, the "Associations"). ISDA's principles consist of an outline of recommendations intended to address challenges that have emerged in the cross-border implementation of derivatives reporting requirements. ISDA recommends that: regulatory reporting requirements for derivatives transactions be harmonized within and across borders; policy-makers embrace and adopt the

On behalf of the Vatican City State, the Holy See entered into a FATCA intergovernmental agreement ("IGA") with the United States. Under the agreement, which is a Model 1 IGA, each partner jurisdiction will share certain tax information with the other automatically with respect to certain financial accounts. See: Model 1 IGA between Vatican City State and United States.

The SEC Office of Investor Education and Advocacy issued an investor alert to help seniors identify signs of potential fraud in what appear to be legitimate investment opportunities. Specifically, the SEC listed five "red flags" that seniors should watch for when making investment decisions. The SEC explained that promises of high returns with little or no risk are classic warning signs of investment fraud, and noted that investors should avoid putting money into "can't miss" investment opportunities or those that are offered by people who promise "guaranteed returns." Additionally, the SEC