The SEC voted to adopt new rules designed to strengthen the technology infrastructure of the U.S. securities markets. The rules, which comprise Regulation Systems Compliance and Integrity ("Regulation SCI"), impose requirements on certain key market participants and are intended to reduce the occurrence of systems issues and improve resiliency when systems problems occur. Under Regulation SCI, SROs and certain alternative trading systems ("ATSs"), plan processors and exempt clearing agencies will be required to have comprehensive policies and procedures in place for their technological systems

The Hong Kong Special Administrative Region of the People's Republic of China ("HKSAR") signed a Model 2 Intergovernmental Agreement to Implement FATCA ("IGA") with the United States on November 13, 2014. Under the terms of the IGA, the HKSAR will direct all Financial Institutions residing in Hong Kong to register with the U.S. IRS and agree to the terms of a Foreign Financial Institution ("FFI") Agreement with respect to due diligence, reporting and withholding. Hong Kong financial institutions must obtain the consent of holders of new accounts that are identified as U.S. account holders to

The Senate Homeland Security and Governmental Affairs Committee's Permanent Subcommittee on Investigations published a majority and minority staff report titled "Wall Street Bank Involvement with Physical Commodities." The report was released in conjunction with hearings, which are scheduled for November 20-21, 2014, regarding the physical commodities activities of bank holding companies. The report focuses on the role of banks and bank holding companies in the physical markets for commodities and related businesses. It presents case studies of the three largest U.S. bank holding company

The NFA issued a Notice to Members regarding the November 12, 2014 FinCEN advisory, which announced that the Financial Action Task Force ("FATF") updated its list of jurisdictions with strategic AML/CFT deficiencies. The NFA recommended that its futures commission merchant and IB members review the advisory, ensuring that their AML programs have the most current information on FATF-identified jurisdictions, and revise their AML programs accordingly. See: NFA Notice I-14-30.

The MSRB filed a proposed rule change with the SEC to create baseline standards of professional qualification for municipal advisors. The proposed rule change would amend MSRB Rule G-3 ("Professional Qualification Requirements") to establish two classifications of municipal advisor professionals – representative and principal – with firms that are required to designate at least one principal to oversee their municipal advisory activities. Additionally, the proposed rule change would require each municipal advisor representative and principal to take and pass a qualification test. The MSRB