The SEC Division of Corporation Finance updated its Compliance and Disclosure Interpretations to replace and revise the interpretations published in the Regulation AB Manual of Publicly Available Telephone Interpretations regarding Regulation AB telephone interpretations. Se e: Updated Compliance and Disclosure Interpretations.

FINRA issued two Retrospective Rule Review Reports assessing the effectiveness and efficiency of its rules on (i) communications with the public and (ii) gifts, gratuities, and non-cash compensation. FINRA's Retrospective Rule Review consists of an assessment phase and an action phase. The reports issued today are the culmination of the assessment phase. In the upcoming action phase, FINRA will engage in its usual rulemaking process to propose any amendments to the rules based on the assessments. In the Communications with the Public Report, FINRA staff concluded that the rules have "largely

The Board of Governors of the Federal Reserve System ("FRB") proposed a framework to establish risk-based capital surcharges for the largest, most interconnected U.S.-based bank holding companies. Specifically, the proposed framework would require a U.S. bank holding company with $50 billion or more in total consolidated assets to calculate a measure of its systemic importance to determine whether it is a global systemically important banking organization ("GSIB"). A firm identified as a GSIB would be subject to a risk-based capital surcharge, calibrated based on its systemic risk profile

The CFTC held a meeting of the Agricultural Advisory Committee, where CFTC staff and various witnesses discussed aspects of the positions limits rule proposal, as well as the agricultural economy and how that economy impacts CFTC-regulated markets. Specifically, the discussion regarding position limits focused on how to best calculate deliverable supply for commodities, as well as the definition of bona fide hedging. See: CFTC Agricultural Advisory Committee Meeting Webcast, Agenda, and Discussion Questions. See also: Chair Massad's Opening Statement; Commissioner Giancarlo's Statement

The SEC approved the MSRB's proposal to adopt Rule G-18, which establishes a best-execution rule for transactions in municipal securities. The MSRB also received approval for related amendments to MSRB Rule G-48, on transactions with sophisticated municipal market professionals ("SMMPs"), and MSRB Rule D-15, on the definition of an SMMP. The new rule requires, among other things, municipal securities dealers to use "reasonable diligence" to identify the best potential trading venue for a particular security and then execute transactions in that venue to provide the customer with a price as