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Washington Report 360 | May 04, 2018

Washington Report 360 | May 04, 2018

In this issue...


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Key Highlights

Changes to agency leadership:

  • Given the expiration of his term, Thomas Hoenig resigned as the Vice Chairman and a Member of the Board of Directors of the FDIC
  • Joseph Simons was sworn in as Chairman of the FTC.

Continuing focus on conduct:

  • FINRA issued guidance and a proposed rule focusing on risks associated with employing brokers with a history of past misconduct
  • The SEC released FAQs related to its Share Class Disclosure Initiative, which seeks to protect advisory clients from undisclosed conflicts of interest.
  • The SEC launched SALI to help investors identify individuals with a disciplinary history.


Financial services policy news

Thomas Hoenig resigned as the Vice Chairman and a Member of the Board of Directors of the FDIC following the expiration of his term. Mr. Hoenig’s departure will leave one vacancy on the FDIC board that must be filled by a Democrat nominee. Chairman Gruenberg will step aside when a new Chairman is confirmed; his term as a board member expires in December.

Joseph Simons was sworn in as Chairman of the Federal Trade Commission on May 1; Noah Joshua Phillips, Rebecca Kelly Slaughter, and Rohit Chopra were sworn in as FTC Commissioners on May 2.

The BIS Financial Stability Institute released a survey of 82 jurisdictions on the post-crisis changes to their financial supervisory architecture, including the areas of micro-prudential supervision, conduct of business supervision, financial stability monitoring, macro-prudential policies, and resolution.

The CPMI and IOSCO published a report on central counterparties’ (CCPs) progress in implementing the Principles for financial market infrastructures (PFMI).

Financial services legislative and regulatory news

FINRA published guidance for firms on implementing effective heightened supervisory procedures for associated persons with a history of past misconduct as well as a proposed rule that would impose additional restrictions on member firms that employ brokers with a history of significant past misconduct.

The SEC's Division of Enforcement issued answers to frequently asked questions on the Share Class Selection Disclosure Initiative announced in February, providing additional information about adviser eligibility, disgorgement, and the distribution of funds to clients.

The SEC launched its SEC Action Lookup for Individuals or SALI, an online search feature to help investors identify registered and unregistered individuals who have had a judgment or order entered against them in an enforcement action.

The OCC issued a new "Recovery Planning" booklet as part of the Comptroller's Handbook; the booklet applies to OCC-supervised entities with total consolidated assets of $50 billion or more.

FINRA extended the effective date of the Rule 4210 margin requirements for Covered Agency Transactions from June 25, 2018 to March 25, 2019.

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