The Board of Governors of the Federal Reserve System ("FRB") announced its request for comments on proposed amendments to Regulation D ("Reserve Requirements of Depository Institutions"). The amendments concern the calculation of interest payments on certain balances maintained by depository institutions at Federal Reserve Banks. Specifically, the proposal would amend Regulation D to calculate interest payments to depository institutions with excess balances on the daily effective rate of interest paid on excess balances (the "IOER rate") and the daily level of balances, rather than the

SIFMA and fifteen other associations (the "Associations") sent a letter to Senator Mitch McConnell (R-KY) and Senator Harry Reid (D-NV) in support of the Cybersecurity Information Sharing Act of 2015 ( S. 754) (the "Act"). The main purpose of the Act is to facilitate information sharing about cyber threats and developments between (i) different agencies of the U.S. government, (ii) the U.S. government and various private and local government entities and (iii) private entities. In the letter, the Associations urge the Senators to bring the Act, which was approved by the Select Committee on

The CFTC and the Australian Prudential Regulation Authority ("APRA") signed a Memorandum of Understanding ("MOU") to facilitate cross-border cooperation in the supervision and oversight of regulated firms that operate in the United States and Australia. In the MOU, the CFTC and APRA expressed their willingness to cooperate in the interests of fulfilling their respective regulatory mandates, the scope of which includes swap dealers and major swap participants. The MOU is a statement of intent to consult, cooperate and exchange information in connection with the supervision and oversight of the

At a symposium celebrating the 75th anniversary of the Investment Company and Investment Advisers Acts (the "1940 Acts"), SEC Commissioner Daniel Gallagher discussed the "misguided quest" of the U.S. Financial Stability Oversight Council ("FSOC") and the Financial Stability Board ("FSB") to regulate asset managers. Commissioner Gallagher stated that the 1940 Acts have enabled the SEC to successfully oversee the asset management industry, though that success has been overlooked. According to Commissioner Gallagher, the attempts of prudential regulators, particularly the FSOC and the FSB, to

The SEC announced fraud charges against the former controller of a Chicago-area company's Japanese subsidiary, Molex Japan Co. Ltd. According to the SEC, the former senior accounting officer engaged in unauthorized equity trading in Molex's brokerage accounts, and concealed the resulting "massive trading losses" by taking out unauthorized and undisclosed company loans with Japanese banks and brokerage firms. He then used loan proceeds to replenish account balances and engage in additional trading. See: SEC Complaint; SEC Order; SEC Press Release.