The SEC Division of Investment Management ("IM") issued an IM Guidance Update that discusses a number of measures to be considered by funds and advisers when addressing cybersecurity risk. The measures recommended by the Guidance Update include: conducting periodic assessments of the information collected by the firm, as well as internal and external cybersecurity threats to the firm's information and technology systems; creating a strategy that is designed to prevent, detect and respond to cybersecurity threats; and implementing that strategy through written policies, procedures and training

FIA Global issued a report titled "CCP Risk Position Paper." The report addresses the risks that central counterparties ("CCPs") "bring to clearing members, their clients, and the market generally". The report refers to this as "CCP Risk," and makes recommendations for managing those risks. Noting that the clearing members of a CCP ("CMs") face "credit, liquidity, operational and legal enforceability risks that they are unable to identify, let alone manage," the report recommends a number of reforms to ensure that such members are "not exposed to unquantifiable and unmanageable risk." These

The American Council of Life Insurers ("ACLI") submitted a statement to the House Financial Services Housing and Insurance Subcommittee regarding a hearing titled "The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers." According to ACLI, the Board of Governors of the Federal Reserve System ("FRB") is developing insurance capital standards that are "likely to have significant impacts on life insurance companies and the families who depend on them for financial and retirement security." ACLI stated that, in order to ensure the best outcome for policyholders

The Alternative Investment Management Association ("AIMA") published an updated Fund Directors' Guide (the "Guide"). The Guide, last published in 2008, takes account of regulatory and tax reforms since the financial crisis. These reforms include the Alternative Investment Fund Managers Directive ("AIFMD") and FATCA which amended the roles and responsibilities of fund directors and boards. According to the AIMA, the Guide is designed to be used by investment managers, fund promoters, and existing and prospective fund directors. The updated Guide includes new sections that cover: the general

The CFTC's issued a notice of intent to renew the collection of certain information about reporting and recordkeeping. The information pertains to the information management requirements for derivatives clearing organizations ("DCOs"). The notice was published in the Federal Register. To determine whether (i) a DCO that wishes to accept a swap for clearing is eligible to clear the swap and (ii) the swap should be required to be cleared, the CFTC requests comments on the following issues: whether the proposed collection of information is necessary for the proper performance of the functions of