In response to a request by the Utility designated by the CFTC to issue legal entity identifiers or LEIs (currently known as "CFTC interim compliant identifiers" or "CICIs"), the CFTC provided operational guidance regarding the maintenance of CICIs issued through assisted registration with explicit permission from the entity registered. The CICI Utility now creates CICIs only on the basis of self-registration, which includes assisted registration with explicit permission. The CFTC stated that its rules have the same effect and apply the same principles described in its Q A on Start of Swap

Comptroller of the Currency, Thomas J. Curry, spoke before the Committee on Banking, Housing Urban Affairs regarding actions which the OCC is taking to ensure that federal banks have sufficient controls in place to deny money launderers and others access to the banking system. The speech's highlights: The importance of the Bank Secrecy Act as an effective tool against financial crimes and the war against terrorism; Various recent enforcement actions against institutions that fail to meet the requirements of the BSA compliance program; The OCC's enforcement against smaller institutions intended

The CFTC recently approved amendments to NFA Bylaw 1301(f) to adopt an annual membership dues structure for SDs and MSPs. Large financial institutions may be required to pay dues of $1 million a year. View Notice in full here (links externally to NFA website).

The SEC published in the Federal Register a request for assistance in determining whether to make new rules for broker-dealers and investment advisers when they provide personalized investment advice about securities to retail customers. Click here to view our original story and commentary. See: 78 FR 14848. See also: SEC Request for Data on the Duties of Broker-Dealers and Investment Advisers and Investor and Industry Perspective on Broker-Dealers and Investment Advisers (2006). See generally: Lofchie's Guide to Broker-Dealer Regulation: Customers Chapter.

SEC Chairman Elisse Walter delivered an opening speech in which she discussed how rules for market-wide circuit breakers, and a new limit-up/limit-down mechanism to pause trading when markets move too far too fast, are already in place. Furthermore, the SEC clarified when erroneous trades are to be broken and prohibited stub quotes and naked access to the market. However, Walter stated that she believes that improved quality assurance is needed through more careful design, testing and monitoring. See: Chairman Walter's Opening Statement. See also: Commissioner Daniel M. Gallagher's Opening