In this issue...
The SEC denied a request by the national securities exchanges and FINRA for a one-year extension to the initial phase of reporting to the CAT, which commenced November 15. Members of Congress and industry participants have similarly solicited the SEC to delay the CAT launch citing data security concerns.
The Republican chairman of the Senate Banking Committee and nine Democratic senators agreed to a tentative deal to raise the SIFI threshold for bank holding companies from $50 billion to $250 billion and exempt firms below the threshold from the Enhanced Prudential Standards requirements.
The House of Representatives passed the Market Data Protection Act of 2017, which requires the SEC, FINRA, and the CAT operator to safeguard and govern the storage of market data, market data sharing agreements, and academic research using market data.
The House of Representatives passed the 21st Century Flood Reform Act (H.R. 2874), which would reauthorize the National Flood Insurance Program for five years and implement several reforms, including private market competition.
The OCC issued a revised “Background Investigations” booklet of the Comptroller’s Licensing Manual, which outlines requirements to notify the OCC about changes in directors or senior executive officers.
The CFTC extended until November 15, 2020 no-action relief to swap execution facilities (SEFs) from the "occurs away" requirement in the definition of a "block trade" in CFTC regulation 43.2.