The Financial Crimes Enforcement Network ("FinCEN") fined the First National Community Bank ("FNCB") for failing to file suspicious activity reports on transactions involving illicit proceeds from a judicial corruption scheme. The judicial corruption scheme involved two judges who were convicted of misusing their positions as judges to profit from, among other things, sending thousands of juveniles to detention facilities in which they had a financial interest. According to FinCEN, despite numerous red flags indicating suspicious activity, FNCB failed to file a single suspicious activity

CME Group Exchanges, including the Chicago Board of Trade ("CBOT"), announced two disciplinary actions involving wash trades and general offenses, respectively. In the first disciplinary action, CME Group found that on six days between June 2013 and January 2014, employees of Cargill de Mexico S.A. de C.V. ("CDM") executed transactions in agricultural products on the Globex platform where there was the same beneficial ownership on both sides of the transactions. The opposing buy and sell orders were placed by CDM employees for the purpose of transferring positions from one CDM account to

The CFTC issued a no-action letter that extends the previous conditional time-limited relief provided to Southwest Power Pool Inc. The letter extends the relief previously granted by the CFTC in prior no-action letters 14-18 and 14-109. Specifically, the letter provides exemptive relief pursuant to CEA Section 4(c)(6) (exemptions from trading on an exchange) from certain CEA provisions and CFTC rules for specified transactions that are offered or entered into pursuant to Southwest Power Pool's FERC-approved tariff. These transactions are offered on Southwest Power Pool's Integrated Marketplace

The CFTC Energy and Environmental Markets Advisory Committee ("EEMAC") reviewed important new developments in the energy and environmental derivatives markets. EEMAC discussed new challenges and potential regulatory responses to ensure market integrity, competition and consumer protection. Key takeaways from the meeting include: Chairman Massad stated that the timing to finalize the position limits rule has not changed and Commissioner Bowen expressed her desire to finish the rule by the end of the year. Participants indicated that the current position accountability regime works and a one

The SEC order instituting proceedings to determine whether to approve or disapprove the FINRA proposal to adopt Rule 2242 was published in the Federal Register. Rule 2242 would address conflicts of interest relating to the publication and distribution of debt research reports. According to FINRA's proposal, the rule would adopt a tiered approach to provide retail debt research recipients with "extensive protections" similar to those provided to recipients of equity research under current and proposed FINRA rules, with modifications to reflect differences in the trading of debt securities. The