The CFTC and SEC (collectively, the "Commissions") are jointly issuing final rules and guidelines to require certain regulated entities to establish programs to address risks of identity theft. These rules and guidelines implement provisions of the Dodd-Frank Act, which amended the Fair Credit Reporting Act and directed the Commissions to adopt rules requiring entities that are subject to the Commissions' respective enforcement authorities to address identity theft. First, the rules require financial institutions and creditors to develop and implement a written identity theft prevention

The Office of the Comptroller of the Currency (OCC) released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. View Press Release in full here (links externally to OCC website).

Heath Abshure, President of the North American Securities Administrators Association (NASAA), stated in a letter that he "applauds" the SEC's decision to charge "user fees" on federally registered investment advisers. Mr. Abshure also stated his belief that investment adviser regulation should be a government, rather than SRO's, responsibility; i.e., NASAA absolutely opposes giving FINRA examination authority over investment advisers. Lofchie Comment: This is the second news item in a very short period arguing for the imposition of user fees on participants in the financial industry. That is

The addendum to the "IOSCO Report on Investigating and Prosecuting Market Manipulation" provides information with regards to current tools and research being utilized to prevent or detect market manipulation. The addendum discusses the problems of finding against market manipulators using high-speed technology, and discusses some of the issues and considerations relating to cross-border cooperation. Some of the regulatory tools, and the "problems" with these tools ( e.g., expense), that the report suggests are listed below: Recordkeeping obligations that require retention of audio tapes, in

In February 2012, pursuant to an SEC order, FINRA established an accounting support fee ("GASB Accounting Support Fee") to adequately fund the annual budget of the Governmental Accounting Standards Board ("GASB"). The GASB Accounting Support Fee is collected on a quarterly basis from member firms that report trades to the Municipal Securities Rulemaking Board ("MSRB"). Each member firm's assessment is based on the member firm's portion of the total par value of municipal securities transactions reported by all FINRA member firms to the MSRB during the previous quarter. FINRA will assess and