| 2020-03-31 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Facilitating Capital Formation and Expanding Investment Opportunities by Improving Access to Capital in Private Markets | The Securities and Exchange Commission is proposing amendments to facilitate capital formation and increase opportunities for investors by expanding access to capital for entrepreneurs across the United States. Specifically, the proposed amendments... | 2020-04799 | "https://www.govinfo.gov/content/pkg/FR-2020-03-31/pdf/2020-04799.pdf | https://www.federalregister.gov/documents/2020/03/31/2020-04799/facilitating-capital-formation-and-expanding-investment-opportunities-by-improving-access-to-capital | The Securities and Exchange Commission is proposing amendments to facilitate capital formation and increase opportunities for investors by expanding access to capital for entrepreneurs across the United States. Specifically, the proposed amendments would simplify, harmonize, and improve certain aspects of the exempt offering framework to promote capital formation while preserving or enhancing important investor protections. Over the years, and particularly since Congress passed the Jumpstart Our Business Startups Act of 2012, the Commission has introduced, expanded, or otherwise revised a number of exemptions from registration. The proposed amendments seek to address gaps and complexities in the exempt offering framework that may impede access to investment opportunities for investors and access to capital for issuers. |
| 2020-03-31 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Relief for Form ID Filers and Regulation Crowdfunding and Regulation A Issuers Related to Coronavirus Disease 2019 (COVID-19) | We are adopting temporary final rules for Form ID filers and for issuers subject to reporting obligations pursuant to Regulation Crowdfunding and Regulation A in order to address the needs of companies directly or indirectly affected by coronavirus... | 2020-06721 | "https://www.govinfo.gov/content/pkg/FR-2020-03-31/pdf/2020-06721.pdf | https://www.federalregister.gov/documents/2020/03/31/2020-06721/relief-for-form-id-filers-and-regulation-crowdfunding-and-regulation-a-issuers-related-to | We are adopting temporary final rules for Form ID filers and for issuers subject to reporting obligations pursuant to Regulation Crowdfunding and Regulation A in order to address the needs of companies directly or indirectly affected by coronavirus disease 2019 (COVID-19). The temporary final rules provide temporary relief from the Form ID notarization process for certain filers and extend the filing deadlines for specified reports and forms due pursuant to Regulation Crowdfunding and Regulation A for certain issuers. |
| 2020-03-26 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Accelerated Filer and Large Accelerated Filer Definitions | The Securities and Exchange Commission (``Commission'') is adopting amendments to the accelerated filer and large accelerated filer definitions to more appropriately tailor the types of issuers that are included in the categories of accelerated and... | 2020-05546 | "https://www.govinfo.gov/content/pkg/FR-2020-03-26/pdf/2020-05546.pdf | https://www.federalregister.gov/documents/2020/03/26/2020-05546/accelerated-filer-and-large-accelerated-filer-definitions | The Securities and Exchange Commission (``Commission'') is adopting amendments to the accelerated filer and large accelerated filer definitions to more appropriately tailor the types of issuers that are included in the categories of accelerated and large accelerated filers and promote capital formation, preserve capital, and reduce unnecessary burdens for certain smaller issuers while maintaining investor protections. The amendments exclude from the accelerated and large accelerated filer definitions an issuer that is eligible to be a smaller reporting company and that had annual revenues of less than $100 million in the most recent fiscal year for which audited financial statements are available. The amendments also include a specific provision excluding business development companies from the accelerated and large accelerated filer definitions in analogous circumstances. In addition, the amendments increase the transition thresholds for accelerated and large accelerated filers becoming non- accelerated filers from $50 million to $60 million, and for exiting large accelerated filer status from $500 million to $560 million. Further, the amendments add a revenue test to the transition thresholds for exiting from both accelerated and large accelerated filer status. Finally, the amendments add a check box to the cover pages of Forms 10- K, 20-F, and 40-F to indicate whether an internal control over financial reporting (``ICFR'') auditor attestation is included in the filing. As a result of the amendments, certain low-revenue issuers will remain obligated, among other things, to establish and maintain ICFR and have management assess the effectiveness of ICFR, but they will not be required to have their management's assessment of the effectiveness of ICFR attested to, and reported on, by an independent auditor. |
| 2020-03-24 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Market Data Infrastructure | The Securities and Exchange Commission (``Commission'' or ``SEC'') is proposing to amend 17 CFR 242, Rules 600 and 603 and to adopt new Rule 614 of Regulation National Market System (``Regulation NMS'') under the Securities Exchange Act of 1934... | 2020-03760 | "https://www.govinfo.gov/content/pkg/FR-2020-03-24/pdf/2020-03760.pdf | https://www.federalregister.gov/documents/2020/03/24/2020-03760/market-data-infrastructure | The Securities and Exchange Commission (``Commission'' or ``SEC'') is proposing to amend 17 CFR 242, Rules 600 and 603 and to adopt new Rule 614 of Regulation National Market System (``Regulation NMS'') under the Securities Exchange Act of 1934 (``Exchange Act'') to update the national market system for the collection, consolidation, and dissemination of information with respect to quotations for and transactions in national market system (``NMS'') stocks (``NMS information''). Specifically, the Commission proposes to expand the content of NMS information that is required to be collected, consolidated, and disseminated as part of the national market system under Regulation NMS and proposes to amend the method by which such NMS information is collected, calculated, and disseminated by introducing a decentralized consolidation model where competing consolidators replace the exclusive securities information processors. |
| 2020-03-18 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Foreign Futures and Options Transactions | The Commodity Futures Trading Commission (Commission) is issuing a final rule that amends its regulations governing the offer and sale of foreign futures and options to customers located in the U.S. The amended regulation codifies the process by which... | 2020-05097 | "https://www.govinfo.gov/content/pkg/FR-2020-03-18/pdf/2020-05097.pdf | https://www.federalregister.gov/documents/2020/03/18/2020-05097/foreign-futures-and-options-transactions | The Commodity Futures Trading Commission (Commission) is issuing a final rule that amends its regulations governing the offer and sale of foreign futures and options to customers located in the U.S. The amended regulation codifies the process by which the Commission may terminate exemptive relief issued pursuant to its regulations. |
| 2020-03-10 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Exemptions From Investment Adviser Registration for Advisers to Certain Rural Business Investment Companies | We are amending the definition of the term ``venture capital fund'' and the private fund adviser exemption under the Investment Advisers Act of 1940 (the ``Advisers Act'') to reflect in our rules exemptions from registration for investment advisers who... | 2020-04571 | "https://www.govinfo.gov/content/pkg/FR-2020-03-10/pdf/2020-04571.pdf | https://www.federalregister.gov/documents/2020/03/10/2020-04571/exemptions-from-investment-adviser-registration-for-advisers-to-certain-rural-business-investment | We are amending the definition of the term ``venture capital fund'' and the private fund adviser exemption under the Investment Advisers Act of 1940 (the ``Advisers Act'') to reflect in our rules exemptions from registration for investment advisers who advise rural business investment companies (``RBICs''). These exemptions were enacted as part of the RBIC Advisers Relief Act of 2018 (the ``RBIC Advisers Relief Act''), which amended Advisers Act sections 203(l) and 203(m), among other provisions. Specifically, the RBIC Advisers Relief Act amended Advisers Act section 203(l), which exempts from investment adviser registration any adviser who solely advises venture capital funds, by stating that RBICs are venture capital funds for purposes of the exemption. Accordingly, we are amending the definition of the term ``venture capital fund'' to include RBICs. The RBIC Advisers Relief Act also amended Advisers Act section 203(m), which exempts from investment adviser registration any adviser who solely advises private funds and has assets under management in the United States of less than $150 million, by excluding RBIC assets from counting towards the $150 million threshold. Accordingly, we are amending the definition of the term ``assets under management'' in the private fund adviser exemption to exclude the assets of RBICs. |
| 2020-03-02 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Delegation of Authority to the General Counsel of the Commission | The Securities and Exchange Commission (``Commission'') is revising regulations with respect to the delegations of authority to the Commission's General Counsel. The revisions are a result of the Commission's experience with its bankruptcy program and... | 2020-03705 | "https://www.govinfo.gov/content/pkg/FR-2020-03-02/pdf/2020-03705.pdf | https://www.federalregister.gov/documents/2020/03/02/2020-03705/delegation-of-authority-to-the-general-counsel-of-the-commission | The Securities and Exchange Commission (``Commission'') is revising regulations with respect to the delegations of authority to the Commission's General Counsel. The revisions are a result of the Commission's experience with its bankruptcy program and they are intended to conserve Commission resources by delegating to staff the discretion to file objections in bankruptcy cases with respect to the frequently recurring issue of non-debtor third-party releases. The revisions will expedite and enhance the effectiveness of the Commission's bankruptcy program by enabling staff to meet bankruptcy court deadlines that affect issues important to the Commission. |
| 2020-02-28 | Proposed Rule | DEPARTMENT OF THE TREASURY | Treasury Department | Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds | The OCC, Board, FDIC, SEC, and CFTC (together, the agencies) are inviting comment on a proposal that would amend the regulations implementing section 13 of the Bank Holding Company Act (BHC Act). Section 13 contains certain restrictions on the ability... | 2020-02707 | "https://www.govinfo.gov/content/pkg/FR-2020-02-28/pdf/2020-02707.pdf | https://www.federalregister.gov/documents/2020/02/28/2020-02707/prohibitions-and-restrictions-on-proprietary-trading-and-certain-interests-in-and-relationships-with | The OCC, Board, FDIC, SEC, and CFTC (together, the agencies) are inviting comment on a proposal that would amend the regulations implementing section 13 of the Bank Holding Company Act (BHC Act). Section 13 contains certain restrictions on the ability of a banking entity or nonbank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. The proposed amendments are intended to continue the agencies' efforts to improve and streamline the regulations implementing section 13 of the BHC Act by modifying and clarifying requirements related to the covered fund provisions. |
| 2020-02-28 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Management's Discussion and Analysis, Selected Financial Data, and Supplementary Financial Information | We are proposing amendments to modernize, simplify, and enhance certain financial disclosure requirements in Regulation S-K. Specifically, we are proposing to eliminate Item 301 of Regulation S-K, Selected Financial Data and Item 302 of Regulation S-K,... | 2020-02313 | "https://www.govinfo.gov/content/pkg/FR-2020-02-28/pdf/2020-02313.pdf | https://www.federalregister.gov/documents/2020/02/28/2020-02313/managements-discussion-and-analysis-selected-financial-data-and-supplementary-financial-information | We are proposing amendments to modernize, simplify, and enhance certain financial disclosure requirements in Regulation S-K. Specifically, we are proposing to eliminate Item 301 of Regulation S-K, Selected Financial Data and Item 302 of Regulation S-K, Supplementary Financial Information because they are largely duplicative of other requirements and to amend Item 303 of Regulation S-K, Management's Discussion & Analysis of Financial Condition and Results of Operations (``MD&A'') to modernize and enhance MD&A disclosures. In combination, the proposed amendments are intended to eliminate duplicative disclosures and modernize and enhance MD&A disclosures for the benefit of investors, while simplifying compliance efforts for registrants. |
| 2020-02-27 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Position Limits for Derivatives | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing amendments to regulations concerning speculative position limits to conform to the Wall Street Transparency and Accountability Act of 2010 (``Dodd-Frank Act'')... | 2020-02320 | "https://www.govinfo.gov/content/pkg/FR-2020-02-27/pdf/2020-02320.pdf | https://www.federalregister.gov/documents/2020/02/27/2020-02320/position-limits-for-derivatives | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing amendments to regulations concerning speculative position limits to conform to the Wall Street Transparency and Accountability Act of 2010 (``Dodd-Frank Act'') amendments to the Commodity Exchange Act (``CEA'' or ``Act''). Among other amendments, the Commission proposes new and amended federal spot month limits for 25 physical commodity derivatives; amended single month and all-months- combined limits for most of the agricultural contracts currently subject to federal limits; new and amended definitions for use throughout the position limits regulations, including a revised definition of ``bona fide hedging transactions or positions'' and a new definition of ``economically equivalent swaps''; amended rules governing exchange-set limit levels and grants of exemptions therefrom; a new streamlined process for bona fide hedging recognitions for purposes of federal limits; new enumerated hedges; and amendments to certain regulatory provisions that would eliminate Form 204, enabling the Commission to leverage cash-market reporting submitted directly to the exchanges. |
| 2020-02-25 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Commission Guidance on Management's Discussion and Analysis of Financial Condition and Results of Operations | We are providing guidance on key performance indicators and metrics in Management's Discussion and Analysis of Financial Condition and Results of Operations (``MD&A''). | 2020-02296 | "https://www.govinfo.gov/content/pkg/FR-2020-02-25/pdf/2020-02296.pdf | https://www.federalregister.gov/documents/2020/02/25/2020-02296/commission-guidance-on-managements-discussion-and-analysis-of-financial-condition-and-results-of | We are providing guidance on key performance indicators and metrics in Management's Discussion and Analysis of Financial Condition and Results of Operations (``MD&A''). |
| 2020-02-19 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Adoption of Updated EDGAR Filer Manual | The Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual (``EDGAR Filer Manual'' or ``Filer Manual'') and related rules. The EDGAR system... | 2020-02083 | "https://www.govinfo.gov/content/pkg/FR-2020-02-19/pdf/2020-02083.pdf | https://www.federalregister.gov/documents/2020/02/19/2020-02083/adoption-of-updated-edgar-filer-manual | The Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual (``EDGAR Filer Manual'' or ``Filer Manual'') and related rules. The EDGAR system was upgraded on January 27, 2020. |
| 2020-02-19 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Swap Execution Facility Requirements and Real-Time Reporting Requirements | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') proposes to amend certain parts of its regulations relating to the execution of package transactions on swap execution facilities (``SEFs''); the execution of block trades on SEFs;... | 2020-02721 | "https://www.govinfo.gov/content/pkg/FR-2020-02-19/pdf/2020-02721.pdf | https://www.federalregister.gov/documents/2020/02/19/2020-02721/swap-execution-facility-requirements-and-real-time-reporting-requirements | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') proposes to amend certain parts of its regulations relating to the execution of package transactions on swap execution facilities (``SEFs''); the execution of block trades on SEFs; and the resolution of error trades on SEFs. These matters are currently the subject of relief in certain no-action letters from Commission staff. |
| 2020-02-04 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Cross-Border Application of Certain Security-Based Swap Requirements | The Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting rule amendments and providing guidance to address the cross-border application of certain security-based swap requirements under the Securities Exchange Act of 1934... | 2019-27760 | "https://www.govinfo.gov/content/pkg/FR-2020-02-04/pdf/2019-27760.pdf | https://www.federalregister.gov/documents/2020/02/04/2019-27760/cross-border-application-of-certain-security-based-swap-requirements | The Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting rule amendments and providing guidance to address the cross-border application of certain security-based swap requirements under the Securities Exchange Act of 1934 (``Exchange Act'') that were added by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''). The Commission also is issuing a statement regarding compliance with rules for security-based swap data repositories and Regulation SBSR. |
| 2020-02-04 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Risk Mitigation Techniques for Uncleared Security-Based Swaps | The Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting final rules requiring the application of specific risk mitigation techniques to portfolios of uncleared security-based swaps. In particular, these final rules establish... | 2019-27762 | "https://www.govinfo.gov/content/pkg/FR-2020-02-04/pdf/2019-27762.pdf | https://www.federalregister.gov/documents/2020/02/04/2019-27762/risk-mitigation-techniques-for-uncleared-security-based-swaps | The Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting final rules requiring the application of specific risk mitigation techniques to portfolios of uncleared security-based swaps. In particular, these final rules establish requirements for each registered security-based swap dealer (``SBS dealer'') and each registered major security-based swap participant (``major SBS participant'') (each SBS dealer and each major SBS participant hereafter referred to as an ``SBS Entity'' and together referred to as ``SBS Entities'') with respect to, among other things, reconciling outstanding security-based swaps with applicable counterparties on a periodic basis, engaging in certain forms of portfolio compression exercises, as appropriate, and executing written security-based swap trading relationship documentation with each of its counterparties prior to, or contemporaneously with, executing a security-based swap transaction. In addition, the Commission is issuing an interpretation addressing the application of the portfolio reconciliation, portfolio compression, and trading relationship documentation requirements to cross-border security-based swap activities and is amending its regulations to address the potential availability of substituted compliance in connection with those requirements. Lastly, the final rules include corresponding amendments to the recordkeeping, reporting, and notification requirements applicable to SBS Entities. |
| 2020-01-27 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Derivatives Clearing Organization General Provisions and Core Principles | The Commodity Futures Trading Commission (Commission) is amending certain regulations applicable to registered derivatives clearing organizations (DCOs). The amendments address certain risk management and reporting obligations, clarify the meaning of... | 2020-01065 | "https://www.govinfo.gov/content/pkg/FR-2020-01-27/pdf/2020-01065.pdf | https://www.federalregister.gov/documents/2020/01/27/2020-01065/derivatives-clearing-organization-general-provisions-and-core-principles | The Commodity Futures Trading Commission (Commission) is amending certain regulations applicable to registered derivatives clearing organizations (DCOs). The amendments address certain risk management and reporting obligations, clarify the meaning of certain provisions, simplify processes for registration and reporting, and codify existing staff relief and guidance, among other things. In addition, the Commission is adopting technical amendments to certain provisions, including certain delegation provisions, in other parts of its regulations. |
| 2020-01-24 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Use of Derivatives by Registered Investment Companies and Business Development Companies; Required Due Diligence by Broker-Dealers and Registered Investment Advisers Regarding Retail Customers' Transactions in Certain Leveraged/Inverse Investment Vehicles | The Securities and Exchange Commission (the ``Commission'') is re-proposing rule 18f-4, a new exemptive rule under the Investment Company Act of 1940 (the ``Investment Company Act'') designed to address the investor protection purposes and concerns... | 2020-00040 | "https://www.govinfo.gov/content/pkg/FR-2020-01-24/pdf/2020-00040.pdf | https://www.federalregister.gov/documents/2020/01/24/2020-00040/use-of-derivatives-by-registered-investment-companies-and-business-development-companies-required | The Securities and Exchange Commission (the ``Commission'') is re-proposing rule 18f-4, a new exemptive rule under the Investment Company Act of 1940 (the ``Investment Company Act'') designed to address the investor protection purposes and concerns underlying section 18 of the Act and to provide an updated and more comprehensive approach to the regulation of funds' use of derivatives and the other transactions addressed in the proposed rule. The Commission is also proposing new rule 15l-2 under the Securities Exchange Act of 1934 (the ``Exchange Act'') and new rule 211(h)-1 under the Investment Advisers Act of 1940 (``Advisers Act'') (collectively, the ``sales practices rules''). In addition, the Commission is proposing new reporting requirements and amendments to Form N-PORT, Form N-LIQUID (which we propose to be re-titled as ``Form N-RN''), and Form N-CEN, which are designed to enhance the Commission's ability to effectively oversee funds' use of and compliance with the proposed rules, and for the Commission and the public to have greater insight into the impact that funds' use of derivatives would have on their portfolios. Finally, the Commission is proposing to amend rule 6c-11 under the Investment Company Act to allow certain leveraged/inverse ETFs that satisfy the rule's conditions to operate without the expense and delay of obtaining an exemptive order. |
| 2020-01-15 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Amendments to Rule 2-01, Qualifications of Accountants | We are proposing amendments to update certain auditor independence requirements as a result of recent feedback received from the public and our experience administering these requirements since their initial adoption nearly two decades ago. The... | 2019-28476 | "https://www.govinfo.gov/content/pkg/FR-2020-01-15/pdf/2019-28476.pdf | https://www.federalregister.gov/documents/2020/01/15/2019-28476/amendments-to-rule-2-01-qualifications-of-accountants | We are proposing amendments to update certain auditor independence requirements as a result of recent feedback received from the public and our experience administering these requirements since their initial adoption nearly two decades ago. The proposed amendments would more effectively focus the independence analysis on those relationships or services that are more likely to pose threats to an auditor's objectivity and impartiality. |
| 2020-01-15 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Amending the Accredited Investor Definition | We are proposing amendments to the definition of ``accredited investor'' in our rules to add new categories of qualifying natural persons and entities and to make certain other modifications to the existing definition. The proposed amendments are... | 2019-28304 | "https://www.govinfo.gov/content/pkg/FR-2020-01-15/pdf/2019-28304.pdf | https://www.federalregister.gov/documents/2020/01/15/2019-28304/amending-the-accredited-investor-definition | We are proposing amendments to the definition of ``accredited investor'' in our rules to add new categories of qualifying natural persons and entities and to make certain other modifications to the existing definition. The proposed amendments are intended to update and improve the definition in order to identify more effectively institutional and individual investors that have the knowledge and expertise to participate in our private capital markets and therefore do not need the additional protections of registration under the Securities Act of 1933. We are also proposing amendments to the qualified institutional buyer definition in Rule 144A under the Securities Act that would expand the list of entities that are eligible to qualify as qualified institutional buyers. |
| 2020-01-15 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Disclosure of Payments by Resource Extraction Issuers | We are proposing Rule 13q-1 and an amendment to Form SD to implement Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'') relating to disclosure of payments by resource extraction issuers. Section 1504... | 2019-28407 | "https://www.govinfo.gov/content/pkg/FR-2020-01-15/pdf/2019-28407.pdf | https://www.federalregister.gov/documents/2020/01/15/2019-28407/disclosure-of-payments-by-resource-extraction-issuers | We are proposing Rule 13q-1 and an amendment to Form SD to implement Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'') relating to disclosure of payments by resource extraction issuers. Section 1504 of the Dodd- Frank Act added Section 13(q) to the Securities Exchange Act of 1934. Section 13(q) directs the Commission to issue rules requiring resource extraction issuers to include in an annual report information relating to payments made to a foreign government or the Federal Government for the purpose of the commercial development of oil, natural gas, or minerals. Section 13(q) requires these issuers to provide information about the type and total amount of payments made for each of their projects related to the commercial development of oil, natural gas, or minerals, and the type and total amount of payments made to each government. In addition, Section 13(q) requires a resource extraction issuer to provide information about those payments in an interactive data format. |
| 2020-01-13 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Annual Adjustment of Civil Monetary Penalties To Reflect Inflation-2020 | The Commodity Futures Trading Commission (Commission) is amending its rule governing the maximum amount of civil monetary penalties to adjust for inflation. This rule sets forth the maximum, inflation-adjusted dollar amount for civil monetary penalties... | 2020-00313 | "https://www.govinfo.gov/content/pkg/FR-2020-01-13/pdf/2020-00313.pdf | https://www.federalregister.gov/documents/2020/01/13/2020-00313/annual-adjustment-of-civil-monetary-penalties-to-reflect-inflation-2020 | The Commodity Futures Trading Commission (Commission) is amending its rule governing the maximum amount of civil monetary penalties to adjust for inflation. This rule sets forth the maximum, inflation-adjusted dollar amount for civil monetary penalties (CMPs) assessable for violations of the Commodity Exchange Act (CEA) and Commission rules, regulations, and orders thereunder. The rule, as amended, implements the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended. |
| 2020-01-08 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Cross-Border Application of the Registration Thresholds and Certain Requirements Applicable to Swap Dealers and Major Swap Participants | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is publishing for public comment a proposed rule (``Proposed Rule'') addressing the cross-border application of certain swap provisions of the Commodity Exchange Act (``CEA or... | 2019-28075 | "https://www.govinfo.gov/content/pkg/FR-2020-01-08/pdf/2019-28075.pdf | https://www.federalregister.gov/documents/2020/01/08/2019-28075/cross-border-application-of-the-registration-thresholds-and-certain-requirements-applicable-to-swap | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is publishing for public comment a proposed rule (``Proposed Rule'') addressing the cross-border application of certain swap provisions of the Commodity Exchange Act (``CEA or ``Act''), as added by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). Specifically, the Proposed Rule addresses the cross-border application of the registration thresholds and certain requirements applicable to swap dealers (``SDs'') and major swap participants (``MSPs''), and establishes a formal process for requesting comparability determinations for such requirements from the Commission. The Commission is proposing a risk-based approach that, consistent with section 2(i) of the CEA, and with due consideration of international comity principles and the Commission's interest in focusing its authority on potential significant risks to the U.S. financial system, would advance the goals of the Dodd-Frank Act's swap reform, while fostering greater liquidity and competitive markets, promoting enhanced regulatory cooperation, and advancing the global harmonization of swap regulation. |
| 2019-12-31 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Post-Trade Name Give-Up on Swap Execution Facilities | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing a rule to prohibit ``post-trade name give-up'' practices related to trading on swap execution facilities. | 2019-27895 | "https://www.govinfo.gov/content/pkg/FR-2019-12-31/pdf/2019-27895.pdf | https://www.federalregister.gov/documents/2019/12/31/2019-27895/post-trade-name-give-up-on-swap-execution-facilities | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing a rule to prohibit ``post-trade name give-up'' practices related to trading on swap execution facilities. |
| 2019-12-27 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Filing Fee Disclosure and Payment Methods Modernization | We are proposing amendments that would modernize filing fee disclosure and payment methods. We are proposing to amend most fee- bearing forms, schedules, statements, and related rules to require each fee table and accompanying disclosure to include all... | 2019-23594 | "https://www.govinfo.gov/content/pkg/FR-2019-12-27/pdf/2019-23594.pdf | https://www.federalregister.gov/documents/2019/12/27/2019-23594/filing-fee-disclosure-and-payment-methods-modernization | We are proposing amendments that would modernize filing fee disclosure and payment methods. We are proposing to amend most fee- bearing forms, schedules, statements, and related rules to require each fee table and accompanying disclosure to include all required information for fee calculation in a structured format. The proposed amendments would add the option for fee payment via Automated Clearing House (``ACH'') and eliminate the option for fee payment via paper checks and money orders. The proposed amendments are intended to improve filing fee preparation and payment processing by facilitating both enhanced validation through fee structuring and lower-cost, easily routable payments through the ACH payment option. Finally, the Commission proposes other amendments to enhance the efficiency of the fee process. |
| 2019-12-23 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Exemption From the Swap Clearing Requirement for Certain Affiliated Entities-Alternative Compliance Frameworks for Anti-Evasionary Measures | The Commodity Futures Trading Commission (Commission or CFTC) is proposing revisions to the Commission regulation that exempts certain affiliated entities within a corporate group from the swap clearing requirement under the applicable provision of the... | 2019-27207 | "https://www.govinfo.gov/content/pkg/FR-2019-12-23/pdf/2019-27207.pdf | https://www.federalregister.gov/documents/2019/12/23/2019-27207/exemption-from-the-swap-clearing-requirement-for-certain-affiliated-entities-alternative-compliance | The Commodity Futures Trading Commission (Commission or CFTC) is proposing revisions to the Commission regulation that exempts certain affiliated entities within a corporate group from the swap clearing requirement under the applicable provision of the Commodity Exchange Act (CEA or Act). The revisions concern the anti-evasionary condition that swaps subject to the clearing requirement entered into with unaffiliated counterparties either be cleared or be eligible for an exception to or exemption from the clearing requirement. Specifically, the revisions would make permanent certain temporary alternative compliance frameworks intended to make this anti-evasionary condition workable for international corporate groups in the absence of foreign clearing regimes determined to be comparable to U.S. requirements. |
| 2019-12-20 | Proposed Rule | DEPARTMENT OF THE TREASURY | Treasury Department | Credit Risk Retention-Notice of Commencement of Review | The OCC, Board, FDIC, Commission, FHFA, and HUD (the agencies) are providing notice of the commencement of the review of the definition of qualified residential mortgage; the community-focused residential mortgage exemption; and the exemption for... | 2019-27490 | "https://www.govinfo.gov/content/pkg/FR-2019-12-20/pdf/2019-27490.pdf | https://www.federalregister.gov/documents/2019/12/20/2019-27490/credit-risk-retention-notice-of-commencement-of-review | The OCC, Board, FDIC, Commission, FHFA, and HUD (the agencies) are providing notice of the commencement of the review of the definition of qualified residential mortgage; the community-focused residential mortgage exemption; and the exemption for qualifying three- to-four unit residential mortgage loans, in each case as currently set forth in the Credit Risk Retention Regulations (as defined below) as adopted by the agencies. |
| 2019-12-19 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Capital Requirements of Swap Dealers and Major Swap Participants | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is re-opening the comment period and requesting additional comment (including potential modifications to proposed rule language) on proposed regulations and amendments to existing... | 2019-27116 | "https://www.govinfo.gov/content/pkg/FR-2019-12-19/pdf/2019-27116.pdf | https://www.federalregister.gov/documents/2019/12/19/2019-27116/capital-requirements-of-swap-dealers-and-major-swap-participants | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is re-opening the comment period and requesting additional comment (including potential modifications to proposed rule language) on proposed regulations and amendments to existing regulations to implement sections 4s(e) and (f) of the Commodity Exchange Act (``CEA''), as added by section 731 of the Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'') previously published in 2011 and re-proposed in 2016. Section 4s(e) requires the Commission to adopt capital requirements for swap dealers (``SDs'') and major swap participants (``MSPs'') that are not subject to capital rules of a prudential regulator. Section 4s(f) requires the Commission to adopt financial reporting and recordkeeping requirements for SDs and MSPs. The Commission is reopening the comment period and soliciting further comment on all aspects of the SD and MSP capital and associated financial reporting proposal from 2016, as well as related proposed amendments to existing capital rules for futures commission merchants (``FCMs'') providing specific market risk and credit risk capital deductions for swaps and security-based swaps (``SBS'') entered into by FCMs. |
| 2019-12-17 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Public Rulemaking Procedures | The Commodity Futures Trading Commission (the ``Commission'') is issuing a final rule that amends the Commission's regulations to eliminate the provisions that set forth the procedures for the formulation, amendment, or repeal of rules or regulations.... | 2019-27103 | "https://www.govinfo.gov/content/pkg/FR-2019-12-17/pdf/2019-27103.pdf | https://www.federalregister.gov/documents/2019/12/17/2019-27103/public-rulemaking-procedures | The Commodity Futures Trading Commission (the ``Commission'') is issuing a final rule that amends the Commission's regulations to eliminate the provisions that set forth the procedures for the formulation, amendment, or repeal of rules or regulations. Because the Administrative Procedure Act (``APA'') governs the Commission's rulemaking process, the Commission believes that it is unnecessary to codify the rulemaking process in a Commission regulation. The amended regulation is comprised solely of the procedure for filing petitions for rulemakings, as the APA does not address this process. |
| 2019-12-16 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Recordkeeping and Reporting Requirements for Security-Based Swap Dealers, Major Security-Based Swap Participants, and Broker-Dealers | In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''), the Securities and Exchange Commission (``Commission''), pursuant to the Securities Exchange Act of 1934 (``Exchange Act''), is adopting... | 2019-20678 | "https://www.govinfo.gov/content/pkg/FR-2019-12-16/pdf/2019-20678.pdf | https://www.federalregister.gov/documents/2019/12/16/2019-20678/recordkeeping-and-reporting-requirements-for-security-based-swap-dealers-major-security-based-swap | In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''), the Securities and Exchange Commission (``Commission''), pursuant to the Securities Exchange Act of 1934 (``Exchange Act''), is adopting recordkeeping, reporting, and notification requirements applicable to security-based swap dealers (``SBSDs'') and major security-based swap participants (``MSBSPs''), securities count requirements applicable to certain SBSDs, and additional recordkeeping requirements applicable to broker- dealers to account for their security-based swap and swap activities. The Commission also is making substituted compliance available with respect to recordkeeping, reporting, and notification requirements under Section 15F of the Exchange Act and the rules thereunder. |
| 2019-12-10 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Registration and Compliance Requirements for Commodity Pool Operators and Commodity Trading Advisors: Registered Investment Companies, Business Development Companies, and Definition of Reporting Person | The Commodity Futures Trading Commission (CFTC or Commission) is adopting certain amendments containing the regulations applicable to commodity pool operators (CPOs) and commodity trading advisors (CTAs). The amendments (Final Rules) are consistent... | 2019-26161 | "https://www.govinfo.gov/content/pkg/FR-2019-12-10/pdf/2019-26161.pdf | https://www.federalregister.gov/documents/2019/12/10/2019-26161/registration-and-compliance-requirements-for-commodity-pool-operators-and-commodity-trading-advisors | The Commodity Futures Trading Commission (CFTC or Commission) is adopting certain amendments containing the regulations applicable to commodity pool operators (CPOs) and commodity trading advisors (CTAs). The amendments (Final Rules) are consistent with and/or expand upon no- action and exemptive letters issued by the Commission's Division of Swap Dealer and Intermediary Oversight (DSIO). In particular, the Commission intends to increase regulatory certainty by amending two regulations. In the first, the Commission is providing clarification that the exclusion from the CPO definition currently provided for a registered investment company (RIC) should be claimed by the entity most commonly understood to solicit for or ``operate'' the RIC, i.e., its investment adviser, and is adding an exclusion for the investment advisers of business development companies (BDCs), which share many operational similarities with RICs. In the second, the Commission is adopting amendments to the ``Reporting Person'' definition that would eliminate the filing requirements for Forms CPO-PQR and CTA-PR for certain classes of CPOs and CTAs. |
| 2019-12-10 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Registration and Compliance Requirements for Commodity Pool Operators (CPOs) and Commodity Trading Advisors: Family Offices and Exempt CPOs | The Commodity Futures Trading Commission (CFTC or Commission) is adopting certain amendments to its regulations applicable to commodity pool operators (CPOs) and commodity trading advisors (CTAs). The amendments (Final Rules) are consistent with... | 2019-26162 | "https://www.govinfo.gov/content/pkg/FR-2019-12-10/pdf/2019-26162.pdf | https://www.federalregister.gov/documents/2019/12/10/2019-26162/registration-and-compliance-requirements-for-commodity-pool-operators-cpos-and-commodity-trading | The Commodity Futures Trading Commission (CFTC or Commission) is adopting certain amendments to its regulations applicable to commodity pool operators (CPOs) and commodity trading advisors (CTAs). The amendments (Final Rules) are consistent with no-action and exemptive letters issued by the Commission's Division of Swap Dealer and Intermediary Oversight (DSIO). The amendments provide an exemption from registration for CPOs and CTAs of family offices; adopt exemptive relief consistent with the Jumpstart Our Business Startups Act of 2012 by permitting general solicitation under applicable Commission regulations; and clarify that non-U.S. persons, regardless of financial sophistication, are permitted participants in pools exempt under the applicable Commission regulation. |
| 2019-12-10 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Investment Adviser Advertisements; Compensation for Solicitations | The Securities and Exchange Commission (the ``Commission'' or the ``SEC'') is proposing amendments under the Investment Advisers Act of 1940 (the ``Advisers Act'' or the ``Act'') to the rules that prohibit certain investment adviser advertisements and... | 2019-24651 | "https://www.govinfo.gov/content/pkg/FR-2019-12-10/pdf/2019-24651.pdf | https://www.federalregister.gov/documents/2019/12/10/2019-24651/investment-adviser-advertisements-compensation-for-solicitations | The Securities and Exchange Commission (the ``Commission'' or the ``SEC'') is proposing amendments under the Investment Advisers Act of 1940 (the ``Advisers Act'' or the ``Act'') to the rules that prohibit certain investment adviser advertisements and payments to solicitors, respectively. The proposed amendments to the advertising rule reflect market developments since the rule's adoption in 1961. The proposed amendments to the solicitation rule update its coverage to reflect regulatory changes and the evolution of industry practices since we adopted the rule in 1979. The Commission is also proposing amendments to Form ADV that are designed to provide the Commission with additional information regarding advisers' advertising practices. Finally, the Commission is proposing amendments under the Advisers Act to the books and records rule, to correspond to the proposed changes to the advertising and solicitation rules. |
| 2019-12-04 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Procedural Requirements and Resubmission Thresholds Under Exchange Act Rule 14a-8 | We are proposing to amend certain procedural requirements and the provision relating to resubmitted proposals under the shareholder- proposal rule. The proposed amendments to the procedural requirements would replace the current ownership requirements... | 2019-24476 | "https://www.govinfo.gov/content/pkg/FR-2019-12-04/pdf/2019-24476.pdf | https://www.federalregister.gov/documents/2019/12/04/2019-24476/procedural-requirements-and-resubmission-thresholds-under-exchange-act-rule-14a-8 | We are proposing to amend certain procedural requirements and the provision relating to resubmitted proposals under the shareholder- proposal rule. The proposed amendments to the procedural requirements would replace the current ownership requirements with a tiered approach that would provide three options for demonstrating an ownership stake through a combination of amount of securities owned and length of time held; require certain documentation to be provided when a proposal is submitted on behalf of a shareholder-proponent; require shareholder- proponents to state when they would be able to meet with the company in person or via teleconference to engage with the company with respect to the proposal; and provide that a person may submit no more than one proposal, directly or indirectly, for the same shareholders' meeting. The proposed amendments to the resubmission thresholds would raise the current resubmission thresholds of 3, 6, and 10 percent to 5, 15, and 25 percent, respectively; and add a new provision that would allow companies to exclude proposals under certain circumstances where shareholder support for the matter has declined. |
| 2019-12-04 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Amendments to Exemptions From the Proxy Rules for Proxy Voting Advice | The Securities and Exchange Commission (``Commission'') is proposing amendments to its rules governing proxy solicitations to help ensure that investors who use proxy voting advice receive more accurate, transparent, and complete information on which... | 2019-24475 | "https://www.govinfo.gov/content/pkg/FR-2019-12-04/pdf/2019-24475.pdf | https://www.federalregister.gov/documents/2019/12/04/2019-24475/amendments-to-exemptions-from-the-proxy-rules-for-proxy-voting-advice | The Securities and Exchange Commission (``Commission'') is proposing amendments to its rules governing proxy solicitations to help ensure that investors who use proxy voting advice receive more accurate, transparent, and complete information on which to make their voting decisions, in a manner that does not impose undue costs or delays that could adversely affect the timely provision of proxy voting advice. The proposed amendments would condition the availability of certain existing exemptions from the information and filing requirements of the federal proxy rules for proxy voting advice businesses upon compliance with additional disclosure and procedural requirements. In addition, the proposed amendments would codify the Commission's interpretation that proxy voting advice generally constitutes a solicitation within the meaning of the Securities Exchange Act of 1934. Finally, the proposed amendments would amend the proxy rules to clarify when the failure to disclose certain information in proxy voting advice may be considered misleading within the meaning of the rule, depending upon the particular facts and circumstances at issue. |
| 2019-11-25 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Staff Accounting Bulletin No. 119 | This staff accounting bulletin updates portions of the interpretive guidance included in the Staff Accounting Bulletin Series in order to align the staff's guidance with Financial Accounting Standards Board (``FASB'') Accounting Standards Codification... | 2019-25450 | "https://www.govinfo.gov/content/pkg/FR-2019-11-25/pdf/2019-25450.pdf | https://www.federalregister.gov/documents/2019/11/25/2019-25450/staff-accounting-bulletin-no-119 | This staff accounting bulletin updates portions of the interpretive guidance included in the Staff Accounting Bulletin Series in order to align the staff's guidance with Financial Accounting Standards Board (``FASB'') Accounting Standards Codification (``ASC'') Topic 326, Financial Instruments--Credit Losses (``Topic 326''). |
| 2019-11-14 | Rule | DEPARTMENT OF TREASURY | Treasury Department | Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds | The OCC, Board, FDIC, SEC, and CFTC are adopting amendments to the regulations implementing section 13 of the Bank Holding Company Act. Section 13 contains certain restrictions on the ability of a banking entity and nonbank financial company supervised... | 2019-22695 | "https://www.govinfo.gov/content/pkg/FR-2019-11-14/pdf/2019-22695.pdf | https://www.federalregister.gov/documents/2019/11/14/2019-22695/prohibitions-and-restrictions-on-proprietary-trading-and-certain-interests-in-and-relationships-with | The OCC, Board, FDIC, SEC, and CFTC are adopting amendments to the regulations implementing section 13 of the Bank Holding Company Act. Section 13 contains certain restrictions on the ability of a banking entity and nonbank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. These final amendments are intended to provide banking entities with clarity about what activities are prohibited and to improve supervision and implementation of section 13. |
| 2019-11-12 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Privacy of Consumer Financial Information | The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing to make a correction to one of the Commission's regulations to restore text that was inadvertently deleted in a 2011 amendment to that regulation. | 2019-24581 | "https://www.govinfo.gov/content/pkg/FR-2019-11-12/pdf/2019-24581.pdf | https://www.federalregister.gov/documents/2019/11/12/2019-24581/privacy-of-consumer-financial-information | The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing to make a correction to one of the Commission's regulations to restore text that was inadvertently deleted in a 2011 amendment to that regulation. |
| 2019-10-30 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Publication or Submission of Quotations Without Specified Information | The Securities and Exchange Commission (the ``SEC'' or the ``Commission'') is proposing amendments to 17 CFR 240.15c2-11 (the ``Rule'') under the Securities Exchange Act of 1934 (the ``Exchange Act''). The Rule governs the publication of quotations for... | 2019-21260 | "https://www.govinfo.gov/content/pkg/FR-2019-10-30/pdf/2019-21260.pdf | https://www.federalregister.gov/documents/2019/10/30/2019-21260/publication-or-submission-of-quotations-without-specified-information | The Securities and Exchange Commission (the ``SEC'' or the ``Commission'') is proposing amendments to 17 CFR 240.15c2-11 (the ``Rule'') under the Securities Exchange Act of 1934 (the ``Exchange Act''). The Rule governs the publication of quotations for securities in a quotation medium other than a national securities exchange, i.e., over-the-counter (``OTC'') securities. The Commission is proposing to provide greater transparency to investors and other market participants by requiring that information about the issuer and the security be current and publicly available; limit certain existing exceptions to the Rule, including the ``piggyback exception,'' to provide greater protections to retail investors; reduce regulatory burdens on broker- dealers for the publication of quotations of certain OTC securities that may be less susceptible to potential fraud and manipulation, such as securities of certain issuers with higher capitalization and securities that were issued in underwritten offerings; and streamline the Rule, remove obsolete provisions without undermining the important investor protections of the Rule, and make technical, non-substantive changes. The Commission is also seeking comment about information repositories. |
| 2019-10-30 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Amendments to Procedures With Respect to Applications Under the Investment Company Act of 1940 | The Securities and Exchange Commission (the ``Commission'') is proposing amending rule 0-5 under the Investment Company Act of 1940 (``Act'') to establish an expedited review procedure for applications that are substantially identical to recent... | 2019-23082 | "https://www.govinfo.gov/content/pkg/FR-2019-10-30/pdf/2019-23082.pdf | https://www.federalregister.gov/documents/2019/10/30/2019-23082/amendments-to-procedures-with-respect-to-applications-under-the-investment-company-act-of-1940 | The Securities and Exchange Commission (the ``Commission'') is proposing amending rule 0-5 under the Investment Company Act of 1940 (``Act'') to establish an expedited review procedure for applications that are substantially identical to recent precedent as well as a new rule to establish an internal timeframe for review of applications outside of such expedited procedure. In addition, the Commission is proposing amending rule 0-5 under the Act to deem an application outside of expedited review withdrawn when the applicant does not respond in writing to comments within 120 days. |
| 2019-10-29 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Certain Swap Data Repository and Data Reporting Requirements | On May 13, 2019, the Commodity Futures Trading Commission (Commission) published in the Federal Register a notice of proposed rulemaking (NPRM) titled Certain Swap Data Repository and Data Reporting Requirements. The comment period for the NPRM was... | 2019-23595 | "https://www.govinfo.gov/content/pkg/FR-2019-10-29/pdf/2019-23595.pdf | https://www.federalregister.gov/documents/2019/10/29/2019-23595/certain-swap-data-repository-and-data-reporting-requirements | On May 13, 2019, the Commodity Futures Trading Commission (Commission) published in the Federal Register a notice of proposed rulemaking (NPRM) titled Certain Swap Data Repository and Data Reporting Requirements. The comment period for the NPRM was originally scheduled to close on July 29, 2019. The Commission subsequently extended the comment period for 90 days to October 28, 2019. The Commission is further extending the comment period for this NPRM by an additional 90 days to January 27, 2020. |
| 2019-10-24 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is seeking comment on a proposed amendment to the margin requirements for uncleared swaps for swap dealers (``SD'') and major swap participants (``MSP'') for which there is no... | 2019-22954 | "https://www.govinfo.gov/content/pkg/FR-2019-10-24/pdf/2019-22954.pdf | https://www.federalregister.gov/documents/2019/10/24/2019-22954/margin-requirements-for-uncleared-swaps-for-swap-dealers-and-major-swap-participants | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is seeking comment on a proposed amendment to the margin requirements for uncleared swaps for swap dealers (``SD'') and major swap participants (``MSP'') for which there is no prudential regulator (the ``CFTC Margin Rule''). As adopted in 2016, the CFTC Margin Rule, which mandates the collection and posting of variation margin and initial margin (``IM''), takes effect under a phased compliance schedule extending from September 1, 2016 to September 1, 2020. The proposed amendment would extend the compliance schedule to September 1, 2021, for entities with smaller average daily aggregate notional amounts of swaps and certain other financial products. By extending the compliance schedule, the proposed amendment would mitigate the potential market disruption that could result from such a large number of entities coming into the scope of the IM requirements on September 1, 2020. |
| 2019-10-24 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Commission Statement on Market Structure Innovation for Thinly Traded Securities | This Securities and Exchange Commission (``Commission'') statement (``Statement'') is intended to facilitate the development of proposals that will improve secondary market trading for equity securities that trade in lower volume (``thinly traded... | 2019-22994 | "https://www.govinfo.gov/content/pkg/FR-2019-10-24/pdf/2019-22994.pdf | https://www.federalregister.gov/documents/2019/10/24/2019-22994/commission-statement-on-market-structure-innovation-for-thinly-traded-securities | This Securities and Exchange Commission (``Commission'') statement (``Statement'') is intended to facilitate the development of proposals that will improve secondary market trading for equity securities that trade in lower volume (``thinly traded securities''). The Commission's interest in considering proposals for improvement in this segment of the secondary market extends to proposals that could include the suspension or termination of unlisted trading privileges (``UTP'') and/or exemptive relief from Regulation NMS and other rules under the Securities Exchange Act of 1934 (``Exchange Act''). |
| 2019-10-24 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Adoption of Updated EDGAR Filer Manual | The Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual (``EDGAR Filer Manual'' or ``Filer Manual'') and related rules. The EDGAR system... | 2019-23211 | "https://www.govinfo.gov/content/pkg/FR-2019-10-24/pdf/2019-23211.pdf | https://www.federalregister.gov/documents/2019/10/24/2019-23211/adoption-of-updated-edgar-filer-manual | The Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual (``EDGAR Filer Manual'' or ``Filer Manual'') and related rules. The EDGAR system was upgraded on September 30, 2019. |
| 2019-10-24 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Exchange-Traded Funds | The Securities and Exchange Commission (the ``Commission'') is adopting a new rule under the Investment Company Act of 1940 (the ``Investment Company Act'' or the ``Act'') that will permit exchange- traded funds (``ETFs'') that satisfy certain... | 2019-21250 | "https://www.govinfo.gov/content/pkg/FR-2019-10-24/pdf/2019-21250.pdf | https://www.federalregister.gov/documents/2019/10/24/2019-21250/exchange-traded-funds | The Securities and Exchange Commission (the ``Commission'') is adopting a new rule under the Investment Company Act of 1940 (the ``Investment Company Act'' or the ``Act'') that will permit exchange- traded funds (``ETFs'') that satisfy certain conditions to operate without the expense and delay of obtaining an exemptive order. In connection with the final rule, the Commission will rescind certain exemptive relief that has been granted to ETFs and their sponsors. The Commission also is adopting certain disclosure amendments to Form N-1A and Form N-8B-2 to provide investors who purchase and sell ETF shares on the secondary market with additional information regarding ETF trading and associated costs, regardless of whether such ETFs are structured as registered open-end management investment companies (``open-end funds'') or unit investment trusts (``UITs''). Finally, the Commission is adopting related amendments to Form N-CEN. The final rule and form amendments are designed to create a consistent, transparent, and efficient regulatory framework for ETFs that are organized as open- end funds and to facilitate greater competition and innovation among ETFs. The Commission also is adopting technical amendments to Form N- CSR, Form N-1A, Form N-8B-2, Form N-PORT, and Regulation S-X. |
| 2019-10-22 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is seeking comment on proposed amendments to the margin requirements for uncleared swaps for swap dealers (``SD'') and major swap participants (``MSP'') for which there is no... | 2019-22955 | "https://www.govinfo.gov/content/pkg/FR-2019-10-22/pdf/2019-22955.pdf | https://www.federalregister.gov/documents/2019/10/22/2019-22955/margin-requirements-for-uncleared-swaps-for-swap-dealers-and-major-swap-participants | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is seeking comment on proposed amendments to the margin requirements for uncleared swaps for swap dealers (``SD'') and major swap participants (``MSP'') for which there is no prudential regulator. The proposed amendments would add the European Stability Mechanism (``ESM'') to the list of entities that are expressly excluded from the definition of financial end user and correct an erroneous cross- reference in the Commission's regulations. |
| 2019-10-15 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Capital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Major Security-Based Swap Participants and Capital and Segregation Requirements for Broker-Dealers; Correction | The Commission is correcting a final rule that appeared in the Federal Register on August 22, 2019. In the document, the Commission adopted capital and margin requirements for security-based swap dealers (``SBSDs'') and major security-based swap... | 2019-22053 | "https://www.govinfo.gov/content/pkg/FR-2019-10-15/pdf/2019-22053.pdf | https://www.federalregister.gov/documents/2019/10/15/2019-22053/capital-margin-and-segregation-requirements-for-security-based-swap-dealers-and-major-security-based | The Commission is correcting a final rule that appeared in the Federal Register on August 22, 2019. In the document, the Commission adopted capital and margin requirements for security-based swap dealers (``SBSDs'') and major security-based swap participants (``MSBSPs''), segregation requirements for SBSDs, and notification requirements with respect to segregation for SBSDs and MSBSPs in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act. |
| 2019-10-11 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Rescission of Effective-Upon-Filing Procedure for NMS Plan Fee Amendments | The Securities and Exchange Commission (``Commission'' or ``SEC'') is proposing to amend Regulation NMS under the Securities Exchange Act of 1934 (``Exchange Act'') to rescind a provision that allows a proposed amendment to a national market system... | 2019-21770 | "https://www.govinfo.gov/content/pkg/FR-2019-10-11/pdf/2019-21770.pdf | https://www.federalregister.gov/documents/2019/10/11/2019-21770/rescission-of-effective-upon-filing-procedure-for-nms-plan-fee-amendments | The Securities and Exchange Commission (``Commission'' or ``SEC'') is proposing to amend Regulation NMS under the Securities Exchange Act of 1934 (``Exchange Act'') to rescind a provision that allows a proposed amendment to a national market system plan (``NMS plan'') to become effective upon filing if the proposed amendment establishes or changes a fee or other charge. As a result of rescinding the provision, such a proposed amendment instead would be subject to the procedures set forth in Rule 608(b)(1) and (2) that require the Commission to publish the proposed amendment, provide an opportunity for public comment, and preclude a proposed amendment from becoming effective unless approved by the Commission (the ``standard procedure''). |
| 2019-10-09 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Proposed Exemptive Order Granting a Conditional Exemption From the Broker Registration Requirements of Section 15(a) of the Securities Exchange Act of 1934 for Certain Activities of Registered Municipal Advisors | Pursuant to Section 15(a)(2) of the Securities Exchange Act of 1934 (``Exchange Act'') and Section 36(a)(1) of the Exchange Act, the Securities and Exchange Commission (``SEC'' or ``Commission'') is proposing to grant exemptive relief, subject to... | 2019-21882 | "https://www.govinfo.gov/content/pkg/FR-2019-10-09/pdf/2019-21882.pdf | https://www.federalregister.gov/documents/2019/10/09/2019-21882/proposed-exemptive-order-granting-a-conditional-exemption-from-the-broker-registration-requirements | Pursuant to Section 15(a)(2) of the Securities Exchange Act of 1934 (``Exchange Act'') and Section 36(a)(1) of the Exchange Act, the Securities and Exchange Commission (``SEC'' or ``Commission'') is proposing to grant exemptive relief, subject to certain conditions, to permit municipal advisors registered with the Commission under Section 15B of the Exchange Act to engage in certain limited activities in connection with the direct placement of municipal securities without registering as a broker under Section 15 of the Exchange Act. |
| 2019-10-04 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Solicitations of Interest Prior to a Registered Public Offering | We are adopting a new communications rule under the Securities Act of 1933 that permits issuers to engage in oral or written communications with certain potential investors, either prior to or following the filing of a registration statement, to... | 2019-21304 | "https://www.govinfo.gov/content/pkg/FR-2019-10-04/pdf/2019-21304.pdf | https://www.federalregister.gov/documents/2019/10/04/2019-21304/solicitations-of-interest-prior-to-a-registered-public-offering | We are adopting a new communications rule under the Securities Act of 1933 that permits issuers to engage in oral or written communications with certain potential investors, either prior to or following the filing of a registration statement, to determine whether such investors might have an interest in a contemplated registered securities offering. |
| 2019-10-03 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Update of Statistical Disclosures for Bank and Savings and Loan Registrants | We are proposing rules to update our statistical disclosures for banking registrants. These registrants currently provide many disclosures in response to the items set forth in Industry Guide 3 (``Guide 3''), Statistical Disclosure by Bank Holding... | 2019-20491 | "https://www.govinfo.gov/content/pkg/FR-2019-10-03/pdf/2019-20491.pdf | https://www.federalregister.gov/documents/2019/10/03/2019-20491/update-of-statistical-disclosures-for-bank-and-savings-and-loan-registrants | We are proposing rules to update our statistical disclosures for banking registrants. These registrants currently provide many disclosures in response to the items set forth in Industry Guide 3 (``Guide 3''), Statistical Disclosure by Bank Holding Companies, which are not Commission rules. The proposed rules would update the disclosures that investors receive, codify certain Guide 3 disclosures and eliminate other Guide 3 disclosures that overlap with Commission rules, U.S. Generally Accepted Accounting Principles (``U.S. GAAP''), or International Financial Reporting Standards (``IFRS''). In addition, we propose to relocate the codified disclosures to a new subpart of Regulation S-K and to rescind Guide 3. |
| 2019-09-27 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Position Limits and Position Accountability for Security Futures Products | The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is issuing a final rule to amend the position limit rules applicable to security futures products (``SFP'') by increasing the default maximum level of equity SFP position limits that... | 2019-20476 | "https://www.govinfo.gov/content/pkg/FR-2019-09-27/pdf/2019-20476.pdf | https://www.federalregister.gov/documents/2019/09/27/2019-20476/position-limits-and-position-accountability-for-security-futures-products | The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is issuing a final rule to amend the position limit rules applicable to security futures products (``SFP'') by increasing the default maximum level of equity SFP position limits that designated contract markets (``DCMs'') may set; modifying the criteria for setting a higher position limit and position accountability level by relying primarily on estimated deliverable supply; and adjusting the time during which position limits or position accountability must be in effect. In addition, the final rule will provide DCMs discretion to apply limits to either a person's net position or a person's position on the same side of the market. The rule also includes position limit requirements and related guidance and acceptable practices for DCMs to apply in adopting position limits for SFPs based on products other than an equity security. |
| 2019-09-26 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Technical Amendments To Update Cross-References to Commission's FOIA Regulations | The Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting technical amendments to update cross- references to reflect amendments to the Commission's Freedom of Information Act (``FOIA'') regulations published as a final rule on... | 2019-20369 | "https://www.govinfo.gov/content/pkg/FR-2019-09-26/pdf/2019-20369.pdf | https://www.federalregister.gov/documents/2019/09/26/2019-20369/technical-amendments-to-update-cross-references-to-commissions-foia-regulations | The Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting technical amendments to update cross- references to reflect amendments to the Commission's Freedom of Information Act (``FOIA'') regulations published as a final rule on June 28, 2018. |
| 2019-09-20 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Public Rulemaking Procedures | The Commodity Futures Trading Commission (the ``Commission'') is proposing to amend part 13 of its regulations to eliminate the provisions that set forth the procedure for the formulation, amendment, or repeal of rules or regulations. Because the... | 2019-20361 | "https://www.govinfo.gov/content/pkg/FR-2019-09-20/pdf/2019-20361.pdf | https://www.federalregister.gov/documents/2019/09/20/2019-20361/public-rulemaking-procedures | The Commodity Futures Trading Commission (the ``Commission'') is proposing to amend part 13 of its regulations to eliminate the provisions that set forth the procedure for the formulation, amendment, or repeal of rules or regulations. Because the Administrative Procedure Act (``APA'') governs the Commission's rulemaking process, the Commission believes that it is unnecessary to codify the rulemaking process in a Commission regulation. Part 13, as amended, will be comprised solely of the procedure for filing petitions for rulemakings as the APA does not address this process. |
| 2019-09-18 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Exemption From Derivatives Clearing Organization Registration | On July 23, 2019, the Commodity Futures Trading Commission (Commission) published in the Federal Register a supplemental notice of proposed rulemaking (NPRM) titled Exemption from Derivatives Clearing Organization Registration. The comment period for... | 2019-20189 | "https://www.govinfo.gov/content/pkg/FR-2019-09-18/pdf/2019-20189.pdf | https://www.federalregister.gov/documents/2019/09/18/2019-20189/exemption-from-derivatives-clearing-organization-registration | On July 23, 2019, the Commodity Futures Trading Commission (Commission) published in the Federal Register a supplemental notice of proposed rulemaking (NPRM) titled Exemption from Derivatives Clearing Organization Registration. The comment period for the supplemental NPRM closes on September 23, 2019. The Commission is extending the comment period for this supplemental NPRM by an additional 60 days. |
| 2019-09-18 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Registration With Alternative Compliance for Non-U.S. Derivatives Clearing Organizations | On July 19, 2019, the Commodity Futures Trading Commission (Commission) published in the Federal Register a notice of proposed rulemaking (NPRM) titled Registration With Alternative Compliance for Non-U.S. Derivatives Clearing Organizations. The... | 2019-20188 | "https://www.govinfo.gov/content/pkg/FR-2019-09-18/pdf/2019-20188.pdf | https://www.federalregister.gov/documents/2019/09/18/2019-20188/registration-with-alternative-compliance-for-non-us-derivatives-clearing-organizations | On July 19, 2019, the Commodity Futures Trading Commission (Commission) published in the Federal Register a notice of proposed rulemaking (NPRM) titled Registration With Alternative Compliance for Non-U.S. Derivatives Clearing Organizations. The comment period for the NPRM closes on September 17, 2019. The Commission is extending the comment period for this NPRM by an additional 60 days. |
| 2019-09-10 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Commission Guidance Regarding Proxy Voting Responsibilities of Investment Advisers | The Securities and Exchange Commission (the ``SEC'' or the ``Commission'') is publishing guidance regarding the proxy voting responsibilities of investment advisers under its regulations issued under the Investment Advisers Act of 1940 (the ``Advisers... | 2019-18342 | "https://www.govinfo.gov/content/pkg/FR-2019-09-10/pdf/2019-18342.pdf | https://www.federalregister.gov/documents/2019/09/10/2019-18342/commission-guidance-regarding-proxy-voting-responsibilities-of-investment-advisers | The Securities and Exchange Commission (the ``SEC'' or the ``Commission'') is publishing guidance regarding the proxy voting responsibilities of investment advisers under its regulations issued under the Investment Advisers Act of 1940 (the ``Advisers Act''), and Form N-1A, Form N-2, Form N-3, and Form N-CSR under the Investment Company Act of 1940 (the ``Investment Company Act''). |
| 2019-09-10 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Commission Interpretation and Guidance Regarding the Applicability of the Proxy Rules to Proxy Voting Advice | The Securities and Exchange Commission (the ``SEC'' or the ``Commission'') is providing an interpretation and related guidance regarding the applicability of certain rules, which the Commission has promulgated under Section 14 of the Securities... | 2019-18355 | "https://www.govinfo.gov/content/pkg/FR-2019-09-10/pdf/2019-18355.pdf | https://www.federalregister.gov/documents/2019/09/10/2019-18355/commission-interpretation-and-guidance-regarding-the-applicability-of-the-proxy-rules-to-proxy | The Securities and Exchange Commission (the ``SEC'' or the ``Commission'') is providing an interpretation and related guidance regarding the applicability of certain rules, which the Commission has promulgated under Section 14 of the Securities Exchange Act of 1934 (the ``Exchange Act'' and such rules the ``federal proxy rules''), to proxy voting advice. |
| 2019-08-23 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Modernization of Regulation S-K Items 101, 103, and 105 | The Securities and Exchange Commission (``Commission'') is proposing for public comment amendments to modernize the description of business, legal proceedings, and risk factor disclosures that registrants are required to make pursuant to Regulation... | 2019-17410 | "https://www.govinfo.gov/content/pkg/FR-2019-08-23/pdf/2019-17410.pdf | https://www.federalregister.gov/documents/2019/08/23/2019-17410/modernization-of-regulation-s-k-items-101-103-and-105 | The Securities and Exchange Commission (``Commission'') is proposing for public comment amendments to modernize the description of business, legal proceedings, and risk factor disclosures that registrants are required to make pursuant to Regulation S-K. These disclosure items have not undergone significant revisions in over 30 years. The proposed amendments are intended to update our rules to account for developments since their adoption or last amendment, to improve these disclosures for investors, and to simplify compliance efforts for registrants. Specifically, the proposed amendments are intended to improve the readability of disclosure documents, as well as discourage repetition and disclosure of information that is not material. |
| 2019-08-22 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Capital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Major Security-Based Swap Participants and Capital and Segregation Requirements for Broker-Dealers | In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''), the Securities and Exchange Commission (``Commission''), pursuant to the Securities Exchange Act of 1934 (``Exchange Act''), is adopting capital and... | 2019-13609 | "https://www.govinfo.gov/content/pkg/FR-2019-08-22/pdf/2019-13609.pdf | https://www.federalregister.gov/documents/2019/08/22/2019-13609/capital-margin-and-segregation-requirements-for-security-based-swap-dealers-and-major-security-based | In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''), the Securities and Exchange Commission (``Commission''), pursuant to the Securities Exchange Act of 1934 (``Exchange Act''), is adopting capital and margin requirements for security-based swap dealers (``SBSDs'') and major security-based swap participants (``MSBSPs''), segregation requirements for SBSDs, and notification requirements with respect to segregation for SBSDs and MSBSPs. The Commission also is increasing the minimum net capital requirements for broker-dealers authorized to use internal models to compute net capital (``ANC broker-dealers''), and prescribing certain capital and segregation requirements for broker-dealers that are not SBSDs to the extent they engage in security-based swap and swap activity. The Commission also is making substituted compliance available with respect to capital and margin requirements under Section 15F of the Exchange Act and the rules thereunder and adopting a rule that specifies when a foreign SBSD or foreign MSBSP need not comply with the segregation requirements of Section 3E of the Exchange Act and the rules thereunder. |
| 2019-08-14 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Amendments to Rules for Nationally Recognized Statistical Rating Organizations | The Securities and Exchange Commission (``Commission'') is adopting amendments to rules for nationally recognized statistical rating organizations (``NRSROs'') under the Securities Exchange Act of 1934 (``Exchange Act''). The amendments provide an... | 2019-17218 | "https://www.govinfo.gov/content/pkg/FR-2019-08-14/pdf/2019-17218.pdf | https://www.federalregister.gov/documents/2019/08/14/2019-17218/amendments-to-rules-for-nationally-recognized-statistical-rating-organizations | The Securities and Exchange Commission (``Commission'') is adopting amendments to rules for nationally recognized statistical rating organizations (``NRSROs'') under the Securities Exchange Act of 1934 (``Exchange Act''). The amendments provide an exemption from a rule for NRSROs with respect to credit ratings if the issuer of the security or money market instrument referred to in the rule is not a U.S. person, and the NRSRO has a reasonable basis to conclude that all offers and sales of such security or money market instrument by any issuer, sponsor, or underwriter linked to such security or money market instrument will occur outside the United States. In addition, the amendments make conforming changes to similar exemptions in two other Exchange Act rules and technical corrections with respect to one of these rules. |
| 2019-08-13 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | FAST Act Modernization and Simplification of Regulation S-K; Correction | This document makes technical corrections to certain amendments to the Commission's disclosure rules and forms adopted in Release No. 33-10618 (March 20, 2019), which was published in the Federal Register on April 2, 2019. Specifically, this document... | 2019-17138 | "https://www.govinfo.gov/content/pkg/FR-2019-08-13/pdf/2019-17138.pdf | https://www.federalregister.gov/documents/2019/08/13/2019-17138/fast-act-modernization-and-simplification-of-regulation-s-k-correction | This document makes technical corrections to certain amendments to the Commission's disclosure rules and forms adopted in Release No. 33-10618 (March 20, 2019), which was published in the Federal Register on April 2, 2019. Specifically, this document reinstates certain item headings in registration statement forms under the Securities Act of 1933 that were inadvertently changed; relocates certain amendments to the correct item numbers in these forms and reinstates text that was inadvertently removed; corrects a portion of the exhibit table in Item 601(a) of Regulation S-K to make it consistent with the regulatory text of the amendments; and corrects certain typographical errors and a cross-reference in the regulatory text of the amendments. |
| 2019-08-09 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Regulation Best Interest: The Broker-Dealer Standard of Conduct | | C1-2019-12164 | "https://www.govinfo.gov/content/pkg/FR-2019-08-09/pdf/C1-2019-12164.pdf | https://www.federalregister.gov/documents/2019/08/09/C1-2019-12164/regulation-best-interest-the-broker-dealer-standard-of-conduct | |
| 2019-08-06 | Rule | FEDERAL RESERVE SYSTEM | Federal Reserve System | Revisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds | The Agencies published a final rule in the Federal Register on July 22, 2019, that adopted final rules to amend regulations implementing Section 13 of the Bank Holding Company Act (the Volcker Rule) in a manner consistent with the statutory amendments... | 2019-16634 | "https://www.govinfo.gov/content/pkg/FR-2019-08-06/pdf/2019-16634.pdf | https://www.federalregister.gov/documents/2019/08/06/2019-16634/revisions-to-prohibitions-and-restrictions-on-proprietary-trading-and-certain-interests-in-and | The Agencies published a final rule in the Federal Register on July 22, 2019, that adopted final rules to amend regulations implementing Section 13 of the Bank Holding Company Act (the Volcker Rule) in a manner consistent with the statutory amendments made pursuant to certain sections of the Economic Growth, Regulatory Relief, and Consumer Protection Act. This document corrects errors in amendatory instructions in the rule. |
| 2019-07-26 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Customer Margin Rules Relating to Security Futures | The Commodity Futures Trading Commission (``CFTC'') and the Securities and Exchange Commission (``SEC'') (collectively, the ``Commissions'') are proposing amendments to regulations that establish minimum customer margin requirements for security... | 2019-15400 | "https://www.govinfo.gov/content/pkg/FR-2019-07-26/pdf/2019-15400.pdf | https://www.federalregister.gov/documents/2019/07/26/2019-15400/customer-margin-rules-relating-to-security-futures | The Commodity Futures Trading Commission (``CFTC'') and the Securities and Exchange Commission (``SEC'') (collectively, the ``Commissions'') are proposing amendments to regulations that establish minimum customer margin requirements for security futures. More specifically, the proposed amendments would lower the margin requirement for an unhedged security futures position from 20% to 15%, as well as propose certain revisions to the margin offset table consistent with the proposed reduction in margin. |
| 2019-07-25 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Certain Swap Data Repository and Data Reporting Requirements; Extension of Comment Period | On May 13, 2019, the Commodity Futures Trading Commission (Commission) published in the Federal Register a notice of proposed rulemaking (NPRM) titled Certain Swap Data Repository and Data Reporting Requirements. The comment period for the NPRM closes... | 2019-15810 | "https://www.govinfo.gov/content/pkg/FR-2019-07-25/pdf/2019-15810.pdf | https://www.federalregister.gov/documents/2019/07/25/2019-15810/certain-swap-data-repository-and-data-reporting-requirements-extension-of-comment-period | On May 13, 2019, the Commodity Futures Trading Commission (Commission) published in the Federal Register a notice of proposed rulemaking (NPRM) titled Certain Swap Data Repository and Data Reporting Requirements. The comment period for the NPRM closes on July 29, 2019. The Commission is extending the comment period for this NPRM by an additional 90 days. |
| 2019-07-23 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Exemption From Derivatives Clearing Organization Registration | In August 2018, the Commodity Futures Trading Commission (Commission) proposed regulations that would codify the policies and procedures that the Commission is currently following with respect to granting exemptions from registration as a derivatives... | 2019-15258 | "https://www.govinfo.gov/content/pkg/FR-2019-07-23/pdf/2019-15258.pdf | https://www.federalregister.gov/documents/2019/07/23/2019-15258/exemption-from-derivatives-clearing-organization-registration | In August 2018, the Commodity Futures Trading Commission (Commission) proposed regulations that would codify the policies and procedures that the Commission is currently following with respect to granting exemptions from registration as a derivatives clearing organization (registered DCO) (2018 Proposal). The Commission is issuing this supplemental notice of proposed rulemaking to further propose to permit DCOs that are exempt from registration (exempt DCOs) to clear swaps for U.S. customers under certain circumstances. To facilitate this, the Commission also is proposing to allow persons located outside of the United States to accept funds from U.S. persons to margin swaps cleared at an exempt DCO, without registering as futures commission merchants (FCMs). In addition, the Commission is proposing certain amendments to the delegation provisions in part 140 of its regulations. |
| 2019-07-22 | Rule | DEPARTMENT OF THE TREASURY | Treasury Department | Revisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests In, and Relationships With, Hedge Funds and Private Equity Funds | The OCC, Board, FDIC, SEC, and CFTC are adopting final rules to amend the regulations implementing the Bank Holding Company Act's prohibitions and restrictions on proprietary trading and certain interests in, and relationships with, hedge funds and... | 2019-15019 | "https://www.govinfo.gov/content/pkg/FR-2019-07-22/pdf/2019-15019.pdf | https://www.federalregister.gov/documents/2019/07/22/2019-15019/revisions-to-prohibitions-and-restrictions-on-proprietary-trading-and-certain-interests-in-and | The OCC, Board, FDIC, SEC, and CFTC are adopting final rules to amend the regulations implementing the Bank Holding Company Act's prohibitions and restrictions on proprietary trading and certain interests in, and relationships with, hedge funds and private equity funds (commonly known as the Volcker Rule) in a manner consistent with the statutory amendments made pursuant to certain sections of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The EGRRCPA amendments and the final rules exclude from these prohibitions and restrictions certain firms that have total consolidated assets equal to $10 billion or less and total trading assets and liabilities equal to five percent or less of total consolidated assets. The EGRRCPA amendments and the final rules also revise the restrictions applicable to the naming of a hedge fund or private equity fund to permit an investment adviser that is a banking entity to share a name with the fund under certain circumstances. |
| 2019-07-19 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Registration With Alternative Compliance for Non-U.S. Derivatives Clearing Organizations | The Commodity Futures Trading Commission (Commission) is proposing amendments to its regulations that would permit derivatives clearing organizations (DCOs) organized outside of the United States (hereinafter referred to as ``non-U.S. clearing... | 2019-15262 | "https://www.govinfo.gov/content/pkg/FR-2019-07-19/pdf/2019-15262.pdf | https://www.federalregister.gov/documents/2019/07/19/2019-15262/registration-with-alternative-compliance-for-non-us-derivatives-clearing-organizations | The Commodity Futures Trading Commission (Commission) is proposing amendments to its regulations that would permit derivatives clearing organizations (DCOs) organized outside of the United States (hereinafter referred to as ``non-U.S. clearing organizations'') that do not pose substantial risk to the U.S. financial system to register with the Commission yet comply with the core principles applicable to DCOs set forth in the Commodity Exchange Act (CEA) through compliance with their home country regulatory regime, subject to certain conditions and limitations. The Commission is also proposing certain related amendments to the delegation provisions in its regulations. |
| 2019-07-12 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Commission Interpretation Regarding the Solely Incidental Prong of the Broker-Dealer Exclusion From the Definition of Investment Adviser | The Securities and Exchange Commission (the ``SEC'' or the ``Commission'') is publishing an interpretation of a section of the Investment Advisers Act of 1940 (the ``Advisers Act'' or the ``Act''), which excludes from the definition of ``investment... | 2019-12209 | "https://www.govinfo.gov/content/pkg/FR-2019-07-12/pdf/2019-12209.pdf | https://www.federalregister.gov/documents/2019/07/12/2019-12209/commission-interpretation-regarding-the-solely-incidental-prong-of-the-broker-dealer-exclusion-from | The Securities and Exchange Commission (the ``SEC'' or the ``Commission'') is publishing an interpretation of a section of the Investment Advisers Act of 1940 (the ``Advisers Act'' or the ``Act''), which excludes from the definition of ``investment adviser'' any broker or dealer that provides advisory services when such services are ``solely incidental'' to the conduct of the broker or dealer's business and when such incidental advisory services are provided for no special compensation. |
| 2019-07-12 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Commission Interpretation Regarding Standard of Conduct for Investment Advisers | The Securities and Exchange Commission (the ``SEC'' or the ``Commission'') is publishing an interpretation of the standard of conduct for investment advisers under the Investment Advisers Act of 1940 (the ``Advisers Act'' or the ``Act''). | 2019-12208 | "https://www.govinfo.gov/content/pkg/FR-2019-07-12/pdf/2019-12208.pdf | https://www.federalregister.gov/documents/2019/07/12/2019-12208/commission-interpretation-regarding-standard-of-conduct-for-investment-advisers | The Securities and Exchange Commission (the ``SEC'' or the ``Commission'') is publishing an interpretation of the standard of conduct for investment advisers under the Investment Advisers Act of 1940 (the ``Advisers Act'' or the ``Act''). |
| 2019-07-12 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Form CRS Relationship Summary; Amendments to Form ADV | The Securities and Exchange Commission (the ``Commission'' or the ``SEC'') is adopting new rules and forms as well as amendments to its rules and forms, under both the Investment Advisers Act of 1940 (``Advisers Act'') and the Securities Exchange Act... | 2019-12376 | "https://www.govinfo.gov/content/pkg/FR-2019-07-12/pdf/2019-12376.pdf | https://www.federalregister.gov/documents/2019/07/12/2019-12376/form-crs-relationship-summary-amendments-to-form-adv | The Securities and Exchange Commission (the ``Commission'' or the ``SEC'') is adopting new rules and forms as well as amendments to its rules and forms, under both the Investment Advisers Act of 1940 (``Advisers Act'') and the Securities Exchange Act of 1934 (``Exchange Act'') to require registered investment advisers and registered broker- dealers (together, ``firms'') to provide a brief relationship summary to retail investors. The relationship summary is intended to inform retail investors about: The types of client and customer relationships and services the firm offers; the fees, costs, conflicts of interest, and required standard of conduct associated with those relationships and services; whether the firm and its financial professionals currently have reportable legal or disciplinary history; and how to obtain additional information about the firm. The relationship summary will also reference Investor.gov/CRS, a page on the Commission's investor education website, Investor.gov, which offers educational information to investors about investment advisers, broker-dealers, and individual financial professionals and other materials. Retail investors will receive a relationship summary at the beginning of a relationship with a firm, communications of updated information following a material change to the relationship summary, and an updated relationship summary upon certain events. The relationship summary is subject to Commission filing and recordkeeping requirements. |
| 2019-07-12 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Regulation Best Interest: The Broker-Dealer Standard of Conduct | The Securities and Exchange Commission (the ``Commission'') is adopting a new rule under the Securities Exchange Act of 1934 (``Exchange Act''), establishing a standard of conduct for broker- dealers and natural persons who are associated persons of a... | 2019-12164 | "https://www.govinfo.gov/content/pkg/FR-2019-07-12/pdf/2019-12164.pdf | https://www.federalregister.gov/documents/2019/07/12/2019-12164/regulation-best-interest-the-broker-dealer-standard-of-conduct | The Securities and Exchange Commission (the ``Commission'') is adopting a new rule under the Securities Exchange Act of 1934 (``Exchange Act''), establishing a standard of conduct for broker- dealers and natural persons who are associated persons of a broker- dealer (unless otherwise indicated, together referred to as ``broker- dealer'') when they make a recommendation to a retail customer of any securities transaction or investment strategy involving securities (``Regulation Best Interest''). Regulation Best Interest enhances the broker-dealer standard of conduct beyond existing suitability obligations, and aligns the standard of conduct with retail customers' reasonable expectations by requiring broker-dealers, among other things, to: Act in the best interest of the retail customer at the time the recommendation is made, without placing the financial or other interest of the broker-dealer ahead of the interests of the retail customer; and address conflicts of interest by establishing, maintaining, and enforcing policies and procedures reasonably designed to identify and fully and fairly disclose material facts about conflicts of interest, and in instances where we have determined that disclosure is insufficient to reasonably address the conflict, to mitigate or, in certain instances, eliminate the conflict. The standard of conduct established by Regulation Best Interest cannot be satisfied through disclosure alone. The standard of conduct draws from key principles underlying fiduciary obligations, including those that apply to investment advisers under the Investment Advisers Act of 1940 (``Advisers Act''). Importantly, regardless of whether a retail investor chooses a broker-dealer or an investment adviser (or both), the retail investor will be entitled to a recommendation (from a broker-dealer) or advice (from an investment adviser) that is in the best interest of the retail investor and that does not place the interests of the firm or the financial professional ahead of the interests of the retail investor. |
| 2019-07-05 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Auditor Independence With Respect to Certain Loans or Debtor-Creditor Relationships | The Securities and Exchange Commission (``Commission'') is adopting amendments to its auditor independence rules to refocus the analysis that must be conducted to determine whether an auditor is independent when the auditor has a lending relationship... | 2019-13429 | "https://www.govinfo.gov/content/pkg/FR-2019-07-05/pdf/2019-13429.pdf | https://www.federalregister.gov/documents/2019/07/05/2019-13429/auditor-independence-with-respect-to-certain-loans-or-debtor-creditor-relationships | The Securities and Exchange Commission (``Commission'') is adopting amendments to its auditor independence rules to refocus the analysis that must be conducted to determine whether an auditor is independent when the auditor has a lending relationship with certain shareholders of an audit client at any time during an audit or professional engagement period. The amendments focus the analysis on beneficial ownership rather than on both record and beneficial ownership; replace the existing 10 percent bright-line shareholder ownership test with a ``significant influence'' test; add a ``known through reasonable inquiry'' standard with respect to identifying beneficial owners of the audit client's equity securities; and exclude from the definition of ``audit client,'' for a fund under audit, any other funds, that otherwise would be considered affiliates of the audit client under the rules for certain lending relationships. The amendments will more effectively identify debtor-creditor relationships that could impair an auditor's objectivity and impartiality, as opposed to certain more attenuated relationships that are unlikely to pose such threats, and thus will focus the analysis on those borrowing relationships that are important to investors. |
| 2019-07-05 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Derivatives Clearing Organization General Provisions and Core Principles | On May 16, 2019, the Commodity Futures Trading Commission (Commission) published in the Federal Register a notice of proposed rulemaking (NPRM) titled Derivatives Clearing Organization General Provisions and Core Principles. The comment period for the... | 2019-14294 | "https://www.govinfo.gov/content/pkg/FR-2019-07-05/pdf/2019-14294.pdf | https://www.federalregister.gov/documents/2019/07/05/2019-14294/derivatives-clearing-organization-general-provisions-and-core-principles | On May 16, 2019, the Commodity Futures Trading Commission (Commission) published in the Federal Register a notice of proposed rulemaking (NPRM) titled Derivatives Clearing Organization General Provisions and Core Principles. The comment period for the NPRM closes on July 15, 2019. The Commission is extending the comment period for this NPRM by an additional 60 days. |
| 2019-07-05 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Foreign Futures and Options Transactions | The Commodity Futures Trading Commission (Commission) is proposing amendments to certain provisions of its regulations governing the offer and sale of foreign futures and options to customers located in the United States of America (U.S.). The proposed... | 2019-13828 | "https://www.govinfo.gov/content/pkg/FR-2019-07-05/pdf/2019-13828.pdf | https://www.federalregister.gov/documents/2019/07/05/2019-13828/foreign-futures-and-options-transactions | The Commodity Futures Trading Commission (Commission) is proposing amendments to certain provisions of its regulations governing the offer and sale of foreign futures and options to customers located in the United States of America (U.S.). The proposed amendments would codify the process by which the Commission may terminate exemptive relief issued pursuant to those regulations. |
| 2019-07-01 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Adoption of Updated EDGAR Filer Manual | The Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual (``EDGAR Filer Manual'' or ``Filer Manual'') and related rules. The EDGAR system... | 2019-13922 | "https://www.govinfo.gov/content/pkg/FR-2019-07-01/pdf/2019-13922.pdf | https://www.federalregister.gov/documents/2019/07/01/2019-13922/adoption-of-updated-edgar-filer-manual | The Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual (``EDGAR Filer Manual'' or ``Filer Manual'') and related rules. The EDGAR system was upgraded on June 10, 2019. |
| 2019-06-26 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Concept Release on Harmonization of Securities Offering Exemptions | The Securities and Exchange Commission is publishing this release to solicit comment on several exemptions from registration under the Securities Act of 1933 that facilitate capital raising. Over the years, and particularly since the Jumpstart Our... | 2019-13255 | "https://www.govinfo.gov/content/pkg/FR-2019-06-26/pdf/2019-13255.pdf | https://www.federalregister.gov/documents/2019/06/26/2019-13255/concept-release-on-harmonization-of-securities-offering-exemptions | The Securities and Exchange Commission is publishing this release to solicit comment on several exemptions from registration under the Securities Act of 1933 that facilitate capital raising. Over the years, and particularly since the Jumpstart Our Business Startups Act of 2012, several exemptions from registration have been introduced, expanded, or otherwise revised. As a result, the overall framework for exempt offerings has changed significantly. We believe our capital markets would benefit from a comprehensive review of the design and scope of our framework for offerings that are exempt from registration. More specifically, we also believe that issuers and investors could benefit from a framework that is more consistent and addresses gaps and complexities. Therefore, we seek comment on possible ways to simplify, harmonize, and improve the exempt offering framework to promote capital formation and expand investment opportunities while maintaining appropriate investor protections. |
| 2019-06-14 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Amendment to Single Issuer Exemption for Broker-Dealers | The Commission is adopting an amendment to an exemptive provision in the broker-dealer annual reporting rule under the Securities Exchange Act of 1934 (``Exchange Act''). The exemption provides that a broker-dealer is not required to engage an... | 2019-12563 | "https://www.govinfo.gov/content/pkg/FR-2019-06-14/pdf/2019-12563.pdf | https://www.federalregister.gov/documents/2019/06/14/2019-12563/amendment-to-single-issuer-exemption-for-broker-dealers | The Commission is adopting an amendment to an exemptive provision in the broker-dealer annual reporting rule under the Securities Exchange Act of 1934 (``Exchange Act''). The exemption provides that a broker-dealer is not required to engage an independent public accountant to certify the broker-dealer's annual reports filed with the Commission if, among other things, the securities business of the broker-dealer has been limited to acting as broker (agent) for a single issuer in soliciting subscriptions for securities of that issuer. |
| 2019-05-29 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Amendments to the Accelerated Filer and Large Accelerated Filer Definitions | We are proposing amendments to the accelerated filer and large accelerated filer definitions to promote capital formation for smaller reporting issuers, by more appropriately tailoring the types of issuers that are included in the categories of... | 2019-09932 | "https://www.govinfo.gov/content/pkg/FR-2019-05-29/pdf/2019-09932.pdf | https://www.federalregister.gov/documents/2019/05/29/2019-09932/amendments-to-the-accelerated-filer-and-large-accelerated-filer-definitions | We are proposing amendments to the accelerated filer and large accelerated filer definitions to promote capital formation for smaller reporting issuers, by more appropriately tailoring the types of issuers that are included in the categories of accelerated and large accelerated filers and revising the transition thresholds for accelerated and large accelerated filers. The proposed amendments would exclude from the accelerated and large accelerated filer definitions an issuer that is eligible to be a smaller reporting company and had annual revenues of less than $100 million in the most recent fiscal year for which audited financial statements are available. In addition, the proposed amendments would increase the transition thresholds for accelerated and large accelerated filers becoming non-accelerated filers from $50 million to $60 million and for exiting large accelerated filer status from $500 million to $560 million. Finally, the proposed amendments would add a revenue test to the transition thresholds for exiting both accelerated and large accelerated filer status. As a result of the amendments, certain low-revenue issuers would not be required to have their assessment of the effectiveness of internal control over financial reporting attested to, and reported on, by an independent auditor, although they would continue to be required to make such assessments and to establish and maintain the effectiveness of their internal control over financial reporting. |
| 2019-05-28 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Amendments to Financial Disclosures About Acquired and Disposed Businesses | We are proposing amendments to our rules and forms to improve the disclosure requirements for financial statements relating to acquisitions and dispositions of businesses, including real estate operations and investment companies. The proposed changes... | 2019-09472 | "https://www.govinfo.gov/content/pkg/FR-2019-05-28/pdf/2019-09472.pdf | https://www.federalregister.gov/documents/2019/05/28/2019-09472/amendments-to-financial-disclosures-about-acquired-and-disposed-businesses | We are proposing amendments to our rules and forms to improve the disclosure requirements for financial statements relating to acquisitions and dispositions of businesses, including real estate operations and investment companies. The proposed changes are intended to improve for investors the financial information about acquired or disposed businesses, facilitate more timely access to capital, and reduce the complexity and costs to prepare the disclosure. |
| 2019-05-24 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Proposed Rule Amendments and Guidance Addressing Cross-Border Application of Certain Security-Based Swap Requirements | The Securities and Exchange Commission (``SEC'' or ``Commission'') is proposing a number of actions to address the cross- border application of certain security-based swap requirements under the Securities Exchange Act of 1934 (``Exchange Act'') that... | 2019-10016 | "https://www.govinfo.gov/content/pkg/FR-2019-05-24/pdf/2019-10016.pdf | https://www.federalregister.gov/documents/2019/05/24/2019-10016/proposed-rule-amendments-and-guidance-addressing-cross-border-application-of-certain-security-based | The Securities and Exchange Commission (``SEC'' or ``Commission'') is proposing a number of actions to address the cross- border application of certain security-based swap requirements under the Securities Exchange Act of 1934 (``Exchange Act'') that were added by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''). |
| 2019-05-16 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Derivatives Clearing Organization General Provisions and Core Principles | The Commodity Futures Trading Commission (Commission) is proposing amendments to certain regulations applicable to registered derivatives clearing organizations (DCOs). These proposed amendments would, among other things, address certain risk... | 2019-09025 | "https://www.govinfo.gov/content/pkg/FR-2019-05-16/pdf/2019-09025.pdf | https://www.federalregister.gov/documents/2019/05/16/2019-09025/derivatives-clearing-organization-general-provisions-and-core-principles | The Commodity Futures Trading Commission (Commission) is proposing amendments to certain regulations applicable to registered derivatives clearing organizations (DCOs). These proposed amendments would, among other things, address certain risk management and reporting obligations, clarify the meaning of certain provisions, simplify processes for registration and reporting, and codify existing staff relief and guidance. In addition, the Commission is proposing technical amendments to certain provisions, including certain delegation provisions, in other parts of its regulations. |
| 2019-05-13 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Certain Swap Data Repository and Data Reporting Requirements | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing amendments to parts 23, 43, 45, and 49 of the Commission's regulations to improve the accuracy of data reported to, and maintained by, swap data repositories (``SDRs'').... | 2019-08788 | "https://www.govinfo.gov/content/pkg/FR-2019-05-13/pdf/2019-08788.pdf | https://www.federalregister.gov/documents/2019/05/13/2019-08788/certain-swap-data-repository-and-data-reporting-requirements | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing amendments to parts 23, 43, 45, and 49 of the Commission's regulations to improve the accuracy of data reported to, and maintained by, swap data repositories (``SDRs''). Among other changes, the proposed amendments would modify existing requirements for SDRs to establish policies and procedures to confirm the accuracy of swap data with both counterparties to a swap. The proposed amendments would further require reporting counterparties to verify the accuracy of swap data pursuant to those SDR procedures. The Commission is also proposing certain amendments to parts 23, 43, 45, and 49 to provide enhanced and streamlined oversight over SDRs and data reporting generally. |
| 2019-04-30 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Disclosure of Order Handling Information | The Commission is extending the compliance date for the recently adopted amendments to Rule 606 of Regulation National Market System (``Regulation NMS'') under the Securities Exchange Act of 1934 (``Exchange Act''), which require additional disclosures... | 2019-08675 | "https://www.govinfo.gov/content/pkg/FR-2019-04-30/pdf/2019-08675.pdf | https://www.federalregister.gov/documents/2019/04/30/2019-08675/disclosure-of-order-handling-information | The Commission is extending the compliance date for the recently adopted amendments to Rule 606 of Regulation National Market System (``Regulation NMS'') under the Securities Exchange Act of 1934 (``Exchange Act''), which require additional disclosures by broker- dealers to customers concerning the handling of customer orders. Specifically, the Commission is extending the compliance date for the recently adopted amendments to Rule 606. Following September 30, 2019, broker-dealers must begin to collect the information required by Rules 606(a) and 606(b) as amended. The compliance date remains May 20, 2019 for the amendments to Rule 605. The Commission is extending the compliance date for the recently adopted amendments to Rule 606 in order to give broker-dealers additional time to develop, program, and test for compliance with the new and amended requirements of the rule. |
| 2019-04-25 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Privacy of Consumer Financial Information-Amendment To Conform Regulations to the Fixing America's Surface Transportation Act | The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is adopting amendments to revise its regulations requiring covered persons to provide annual privacy notices to customers. The revisions implement the Fixing America's Surface... | 2019-08253 | "https://www.govinfo.gov/content/pkg/FR-2019-04-25/pdf/2019-08253.pdf | https://www.federalregister.gov/documents/2019/04/25/2019-08253/privacy-of-consumer-financial-information-amendment-to-conform-regulations-to-the-fixing-americas | The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is adopting amendments to revise its regulations requiring covered persons to provide annual privacy notices to customers. The revisions implement the Fixing America's Surface Transportation Act's (``FAST Act'') December 2015 statutory amendment to the Gramm-Leach-Bliley Act (``GLB Act'') by providing an exception to the annual notice requirement under certain conditions. |
| 2019-04-10 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Securities Offering Reform for Closed-End Investment Companies | The Securities and Exchange Commission (the ``Commission'') is proposing rules that would modify the registration, communications, and offering processes for business development companies (``BDCs'') and other closed-end investment companies under the... | 2019-05776 | "https://www.govinfo.gov/content/pkg/FR-2019-04-10/pdf/2019-05776.pdf | https://www.federalregister.gov/documents/2019/04/10/2019-05776/securities-offering-reform-for-closed-end-investment-companies | The Securities and Exchange Commission (the ``Commission'') is proposing rules that would modify the registration, communications, and offering processes for business development companies (``BDCs'') and other closed-end investment companies under the Securities Act of 1933. As directed by Congress, we are proposing rules that would allow these investment companies to use the securities offering rules that are already available to operating companies. The proposed rules would extend to closed-end investment companies offering reforms currently available to operating company issuers by expanding the definition of ``well-known seasoned issuer'' to allow these investment companies to qualify; streamlining the registration process for these investment companies, including the process for shelf registration; permitting these investment companies to satisfy their final prospectus delivery requirements by filing the prospectus with the Commission; and permitting additional communications by and about these investment companies during a registered public offering. In addition, the proposed rules would include amendments to our rules and forms intended to tailor the disclosure and regulatory framework to these investment companies. The proposed rules also include a modernized approach to securities registration fee payment that would require closed-end investment companies that operate as ``interval funds'' to pay securities registration fees using the same method that mutual funds use today. Lastly, we are proposing certain structured data reporting requirements, including the use of structured data format for filings on the form providing annual notice of securities sold pursuant to the rule under the Investment Company Act of 1940 that prescribes the method by which certain investment companies (including mutual funds) calculate and pay registration fees. |
| 2019-04-08 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | FAST Act Modernization and Simplification of Regulation S-K | | C1-2019-05695 | "https://www.govinfo.gov/content/pkg/FR-2019-04-08/pdf/C1-2019-05695.pdf | https://www.federalregister.gov/documents/2019/04/08/C1-2019-05695/fast-act-modernization-and-simplification-of-regulation-s-k | |
| 2019-04-03 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Public Company Accounting Oversight Board Hearing Officers | The Securities and Exchange Commission (``Commission'') is revising its regulations with respect to the method by which hearing officers of the Public Company Accounting Oversight Board (``Board'' or ``PCAOB'') are appointed and removed from office.... | 2019-06427 | "https://www.govinfo.gov/content/pkg/FR-2019-04-03/pdf/2019-06427.pdf | https://www.federalregister.gov/documents/2019/04/03/2019-06427/public-company-accounting-oversight-board-hearing-officers | The Securities and Exchange Commission (``Commission'') is revising its regulations with respect to the method by which hearing officers of the Public Company Accounting Oversight Board (``Board'' or ``PCAOB'') are appointed and removed from office. Specifically, the Commission is adopting a rule expressly requiring that the appointment or removal of a PCAOB hearing officer be subject to Commission approval. |
| 2019-04-03 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Segregation of Assets Held as Collateral in Uncleared Swap Transactions | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending selected provisions of its regulations to simplify certain requirements for swap dealers (``SDs'') and major swap participants (``MSPs'') concerning notification of... | 2019-06424 | "https://www.govinfo.gov/content/pkg/FR-2019-04-03/pdf/2019-06424.pdf | https://www.federalregister.gov/documents/2019/04/03/2019-06424/segregation-of-assets-held-as-collateral-in-uncleared-swap-transactions | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending selected provisions of its regulations to simplify certain requirements for swap dealers (``SDs'') and major swap participants (``MSPs'') concerning notification of counterparties of their right to segregate initial margin for uncleared swaps, and to modify requirements for the handling of segregated initial margin. |
| 2019-04-03 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Financial Surveillance Examination Program Requirements for Self-Regulatory Organizations | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending its regulations governing the minimum standards for a self-regulatory organization's (``SRO'') financial surveillance examination program of futures commission merchants... | 2019-06443 | "https://www.govinfo.gov/content/pkg/FR-2019-04-03/pdf/2019-06443.pdf | https://www.federalregister.gov/documents/2019/04/03/2019-06443/financial-surveillance-examination-program-requirements-for-self-regulatory-organizations | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending its regulations governing the minimum standards for a self-regulatory organization's (``SRO'') financial surveillance examination program of futures commission merchants (``FCMs''). The amendments revise the scope of a third-party expert's evaluation of the SRO's financial surveillance program to cover only the examination standards used by SRO staff in conducting FCM examinations. The amendments also extend the minimum timeframes from three years to five years between when an SRO must engage a third-party expert to evaluate its FCM examination standards for consistency with applicable auditing standards. The amendments should reduce the costs associated with the operation of a financial surveillance program, while also providing effective third-party evaluation of the FCM examination standards. |
| 2019-04-02 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | FAST Act Modernization and Simplification of Regulation S-K | We are adopting amendments to modernize and simplify certain disclosure requirements in Regulation S-K, and related rules and forms, in a manner that reduces the costs and burdens on registrants while continuing to provide all material information to... | 2019-05695 | "https://www.govinfo.gov/content/pkg/FR-2019-04-02/pdf/2019-05695.pdf | https://www.federalregister.gov/documents/2019/04/02/2019-05695/fast-act-modernization-and-simplification-of-regulation-s-k | We are adopting amendments to modernize and simplify certain disclosure requirements in Regulation S-K, and related rules and forms, in a manner that reduces the costs and burdens on registrants while continuing to provide all material information to investors. The amendments are also intended to improve the readability and navigability of disclosure documents and discourage repetition and disclosure of immaterial information. To provide for a consistent set of rules to govern incorporating information by reference and hyperlinking, we are also adopting parallel amendments to several rules and forms applicable to investment companies and investment advisers, including amendments that would require certain investment company filings to be submitted in HyperText Markup Language format. |
| 2019-04-01 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | De Minimis Exception to the Swap Dealer Definition-Swaps Entered Into by Insured Depository Institutions in Connection With Loans to Customers | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending the de minimis exception within the ``swap dealer'' definition in the Commission's regulations by establishing as a factor in the de minimis threshold determination... | 2019-06109 | "https://www.govinfo.gov/content/pkg/FR-2019-04-01/pdf/2019-06109.pdf | https://www.federalregister.gov/documents/2019/04/01/2019-06109/de-minimis-exception-to-the-swap-dealer-definition-swaps-entered-into-by-insured-depository | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending the de minimis exception within the ``swap dealer'' definition in the Commission's regulations by establishing as a factor in the de minimis threshold determination whether a given swap has specified characteristics of swaps entered into by insured depository institutions in connection with loans to customers. |
| 2019-04-01 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants | The United Kingdom (``UK'') has provided formal notice of its intention to withdraw from the European Union (``EU''). The withdrawal may happen as soon as April 12, 2019 and may transpire without a negotiated agreement between the UK and EU (``No-deal... | 2019-06103 | "https://www.govinfo.gov/content/pkg/FR-2019-04-01/pdf/2019-06103.pdf | https://www.federalregister.gov/documents/2019/04/01/2019-06103/margin-requirements-for-uncleared-swaps-for-swap-dealers-and-major-swap-participants | The United Kingdom (``UK'') has provided formal notice of its intention to withdraw from the European Union (``EU''). The withdrawal may happen as soon as April 12, 2019 and may transpire without a negotiated agreement between the UK and EU (``No-deal Brexit''). To the extent there is a No-deal Brexit, affected swap dealers (``SDs'') and major swap participants (``MSPs'') may need to effect legal transfers of uncleared swaps that were entered into before the relevant compliance dates under the CFTC Margin Rule or Prudential Margin Rule (each, as defined herein) and that are not now subject to such rules, in whole or in part. The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting, and invites comments on, an interim final rule amending its margin requirements for uncleared swaps for SDs and MSPs for which there is no prudential regulator (``CFTC Margin Rule'') such that the date used for purposes of determining whether an uncleared swap was entered into prior to an applicable compliance date will not change under the CFTC Margin Rule if the swap is transferred, and thereby amended, in accordance with the terms of the interim final rule in respect of any such transfer, including that the transfer be made solely in connection with a party to the swap's planning for or response to a No-deal Brexit. The interim final rule is designed to allow an uncleared swap to retain its legacy status under the CFTC Margin Rule or Prudential Margin Rule when so transferred. |
| 2019-04-01 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Adoption of Updated EDGAR Filer Manual | The Securities and Exchange Commission (the ``Commission'') adopted revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual (``EDGAR Filer Manual'' or ``Filer Manual'') and related rules. The EDGAR system is... | 2019-06261 | "https://www.govinfo.gov/content/pkg/FR-2019-04-01/pdf/2019-06261.pdf | https://www.federalregister.gov/documents/2019/04/01/2019-06261/adoption-of-updated-edgar-filer-manual | The Securities and Exchange Commission (the ``Commission'') adopted revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual (``EDGAR Filer Manual'' or ``Filer Manual'') and related rules. The EDGAR system is scheduled to be upgraded on March 11, 2019. |
| 2019-03-06 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Amendments to the Timing Requirements for Filing Reports on Form N-Port | The Securities and Exchange Commission (the ``Commission'') is adopting an interim final rule that will require reports on Form N-PORT for each month in a fiscal quarter to be filed with the Commission not later than 60 days after the end of that... | 2019-03958 | "https://www.govinfo.gov/content/pkg/FR-2019-03-06/pdf/2019-03958.pdf | https://www.federalregister.gov/documents/2019/03/06/2019-03958/amendments-to-the-timing-requirements-for-filing-reports-on-form-n-port | The Securities and Exchange Commission (the ``Commission'') is adopting an interim final rule that will require reports on Form N-PORT for each month in a fiscal quarter to be filed with the Commission not later than 60 days after the end of that fiscal quarter (as opposed to filing each monthly report no later than 30 days after the end of each month). The monthly report on Form N-PORT for the third month of the quarter (the ``quarter-end report'') will continue to become publicly available (i.e., all portions of the quarter-end report, with the exception of the items identified in General Instruction F of Form N- PORT, will be made public upon filing). The monthly reports on Form N- PORT for the first and second months of the fiscal quarter will remain non-public. We are also amending our regulations and Form N-PORT to require that funds, no later than 30 days after the end of each month, maintain in their records the information that is required to be included in Form N-PORT. Registrants will promptly make such records available to the Commission upon request. Finally, we are amending Form N-LIQUID to provide for a voluntary explanatory notes section. Importantly, these amendments in no way affect the amount or timing of the information that will be made available to the public. |
| 2019-02-28 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Solicitations of Interest Prior to a Registered Public Offering | We are proposing a new rule under the Securities Act of 1933 that would permit issuers to engage in oral or written communications with potential investors that are, or are reasonably believed to be, qualified institutional buyers or institutional... | 2019-03098 | "https://www.govinfo.gov/content/pkg/FR-2019-02-28/pdf/2019-03098.pdf | https://www.federalregister.gov/documents/2019/02/28/2019-03098/solicitations-of-interest-prior-to-a-registered-public-offering | We are proposing a new rule under the Securities Act of 1933 that would permit issuers to engage in oral or written communications with potential investors that are, or are reasonably believed to be, qualified institutional buyers or institutional accredited investors, either prior to or following the filing of a registration statement, to determine whether such investors might have an interest in a contemplated registered securities offering. If adopted the rule would extend such accommodation currently available to emerging growth companies to all issuers. |
| 2019-02-21 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Reopening of Comment Period for Updated Disclosure Requirements and Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts | The Securities and Exchange Commission is reopening the comment period for a proposal to amend rules and forms to help investors make informed investment decisions regarding variable annuity and variable life insurance contracts. The proposal would... | 2019-02906 | "https://www.govinfo.gov/content/pkg/FR-2019-02-21/pdf/2019-02906.pdf | https://www.federalregister.gov/documents/2019/02/21/2019-02906/reopening-of-comment-period-for-updated-disclosure-requirements-and-summary-prospectus-for-variable | The Securities and Exchange Commission is reopening the comment period for a proposal to amend rules and forms to help investors make informed investment decisions regarding variable annuity and variable life insurance contracts. The proposal would permit persons to satisfy their prospectus delivery obligations under the Securities Act of 1933 for a variable annuity or variable life insurance contract and any associated portfolio companies by sending or giving a summary contract prospectus to investors and making the statutory and portfolio company prospectuses available online. In addition, the proposal would amend the registration forms for variable annuity and variable life insurance contracts to update and enhance the disclosures to investors in these contracts, and would require the Inline eXtensible Business Reporting Language (``Inline XBRL'') format for certain required disclosures in the variable contract statutory prospectus. The proposal would also make certain technical and conforming amendments to our rules and forms, as well as rescission of certain related rules and forms, and seek comments regarding parallel amendments to rules governing mutual fund summary prospectuses and registration forms applicable to other types of registered investment companies. The original comment period ended on February 15, 2019. The Commission is reopening the time period in which to provide the Commission with comments until March 15, 2019. This action will allow interested persons additional time to analyze the issues and prepare their comments. |
| 2019-02-20 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Transaction Fee Pilot for NMS Stocks | The Securities and Exchange Commission (``Commission'' or ``SEC'') is adopting a new rule of Regulation National Market System (``Regulation NMS'') under the Securities and Exchange Act of 1934 (``Exchange Act'') to conduct a Transaction Fee Pilot... | 2018-27982 | "https://www.govinfo.gov/content/pkg/FR-2019-02-20/pdf/2018-27982.pdf | https://www.federalregister.gov/documents/2019/02/20/2018-27982/transaction-fee-pilot-for-nms-stocks | The Securities and Exchange Commission (``Commission'' or ``SEC'') is adopting a new rule of Regulation National Market System (``Regulation NMS'') under the Securities and Exchange Act of 1934 (``Exchange Act'') to conduct a Transaction Fee Pilot (``Pilot'') for National Market System (``NMS'') stocks to study the effects that exchange transaction fee-and-rebate pricing models may have on order routing behavior, execution quality, and market quality. We expect the data generated by the pilot, combined with data from existing sources, will facilitate an empirical evaluation of whether the existing exchange transaction-based fee and rebate structure is operating effectively to further statutory goals. |
| 2019-02-19 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Applications by Security-Based Swap Dealers or Major Security-Based Swap Participants for Statutorily Disqualified Associated Persons To Effect or Be Involved in Effecting Security-Based Swaps | Pursuant to Section 15F(b)(6) of the Securities Exchange Act of 1934 (``Exchange Act''), as added by Section 764(a) of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd- Frank Act''), the Securities and Exchange... | 2019-02347 | "https://www.govinfo.gov/content/pkg/FR-2019-02-19/pdf/2019-02347.pdf | https://www.federalregister.gov/documents/2019/02/19/2019-02347/applications-by-security-based-swap-dealers-or-major-security-based-swap-participants-for | Pursuant to Section 15F(b)(6) of the Securities Exchange Act of 1934 (``Exchange Act''), as added by Section 764(a) of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd- Frank Act''), the Securities and Exchange Commission (``Commission'') is adopting Rule of Practice 194. Rule of Practice 194 provides a process for a registered security-based swap dealer or major security- based swap participant (collectively, ``SBS Entity'') to make an application to the Commission for an order permitting an associated person that is a natural person who is subject to a statutory disqualification to effect or be involved in effecting security-based swaps on behalf of the SBS Entity. Rule of Practice 194 also provides an exclusion for an SBS Entity from the prohibition in Exchange Act Section 15F(b)(6) with respect to associated persons that are not natural persons. Finally, Rule of Practice 194 provides that, subject to certain conditions, an SBS Entity may permit an associated person that is a natural person who is subject to a statutory disqualification to effect or be involved in effecting security-based swaps on its behalf, without making an application pursuant to the rule, where the Commission, the Commodity Futures Trading Commission (``CFTC''), a self-regulatory organization (``SRO''), or a registered futures association has granted a prior application or otherwise granted relief from the statutory disqualification with respect to that associated person. |
| 2019-02-15 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Risk Mitigation Techniques for Uncleared Security-Based Swaps | The Securities and Exchange Commission (``SEC'' or ``Commission'') is proposing rules that would require the application of specific risk mitigation techniques to portfolios of security-based swaps not submitted for clearing. In particular, the... | 2018-27979 | "https://www.govinfo.gov/content/pkg/FR-2019-02-15/pdf/2018-27979.pdf | https://www.federalregister.gov/documents/2019/02/15/2018-27979/risk-mitigation-techniques-for-uncleared-security-based-swaps | The Securities and Exchange Commission (``SEC'' or ``Commission'') is proposing rules that would require the application of specific risk mitigation techniques to portfolios of security-based swaps not submitted for clearing. In particular, the proposal would establish requirements for each registered security-based swap dealer (``SBS dealer'') and each registered major security-based swap participant (``major SBS participant'') (each SBS dealer and each major SBS participant hereafter referred to as an ``SBS Entity'' and together referred to as ``SBS Entities'') with respect to, among other things, reconciling outstanding security-based swaps with applicable counterparties on a periodic basis, engaging in certain forms of portfolio compression exercises, as appropriate, and executing written security-based swap trading relationship documentation with each of its counterparties prior to, or contemporaneously with, executing a security-based swap transaction. In addition, the Commission is proposing an interpretation to address the application of the portfolio reconciliation, portfolio compression, and trading relationship documentation requirements to cross-border security-based swap activities and is proposing to amend Rule 3a71-6 to address the potential availability of substituted compliance in connection with those requirements. Moreover, the proposed rules would make corresponding changes to the recordkeeping, reporting, and notification requirements applicable to SBS Entities. Finally, the Commission is requesting comment on how certain aspects of the proposed rules address how a security-based swap data repository (``SDR'') could potentially satisfy its obligation to verify the terms of each security-based swap with both counterparties to the transaction. |
| 2019-02-12 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Swap Execution Facilities and Trade Execution Requirement | The Commodity Futures Trading Commission (``Commission'') is extending the comment period for a proposed rule regarding swap execution facilities and the trade execution requirement (the ``SEF NPRM'') that published November 30, 2018 in the Federal... | 2019-01668 | "https://www.govinfo.gov/content/pkg/FR-2019-02-12/pdf/2019-01668.pdf | https://www.federalregister.gov/documents/2019/02/12/2019-01668/swap-execution-facilities-and-trade-execution-requirement | The Commodity Futures Trading Commission (``Commission'') is extending the comment period for a proposed rule regarding swap execution facilities and the trade execution requirement (the ``SEF NPRM'') that published November 30, 2018 in the Federal Register. |
| 2019-02-11 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Annual Adjustment of Civil Monetary Penalties To Reflect Inflation-2019 | The Commodity Futures Trading Commission (Commission) is amending its rules governing the maximum amount of civil monetary penalties to adjust for inflation. This rule sets forth the maximum, inflation-adjusted dollar amount for civil monetary... | 2019-01852 | "https://www.govinfo.gov/content/pkg/FR-2019-02-11/pdf/2019-01852.pdf | https://www.federalregister.gov/documents/2019/02/11/2019-01852/annual-adjustment-of-civil-monetary-penalties-to-reflect-inflation-2019 | The Commodity Futures Trading Commission (Commission) is amending its rules governing the maximum amount of civil monetary penalties to adjust for inflation. This rule sets forth the maximum, inflation-adjusted dollar amount for civil monetary penalties (CMPs) assessable for violations of the Commodity Exchange Act (CEA) and Commission rules, regulations and orders thereunder. The rule, as amended, implements the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended. |
| 2019-02-08 | Proposed Rule | DEPARTMENT OF TREASURY | Treasury Department | Proposed Revisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests In, and Relationships With, Hedge Funds and Private Equity Funds | The OCC, Board, FDIC, SEC, and CFTC (individually, an Agency, and collectively, the Agencies) are inviting comment on a proposal to amend the regulations implementing the Bank Holding Company Act's (BHC Act) prohibitions and restrictions on proprietary... | 2019-00797 | "https://www.govinfo.gov/content/pkg/FR-2019-02-08/pdf/2019-00797.pdf | https://www.federalregister.gov/documents/2019/02/08/2019-00797/proposed-revisions-to-prohibitions-and-restrictions-on-proprietary-trading-and-certain-interests-in | The OCC, Board, FDIC, SEC, and CFTC (individually, an Agency, and collectively, the Agencies) are inviting comment on a proposal to amend the regulations implementing the Bank Holding Company Act's (BHC Act) prohibitions and restrictions on proprietary trading and certain interests in, and relationships with, hedge funds and private equity funds in a manner consistent with the statutory amendments made pursuant to certain sections of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The statutory amendments exclude from these restrictions certain firms that have total consolidated assets equal to $10 billion or less and total trading assets and liabilities equal to five percent or less of total consolidated assets and amend the restrictions applicable to the naming of a hedge fund or private equity fund to permit an investment adviser that is a banking entity to share a name with the fund under certain circumstances. |
| 2019-02-06 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Disclosure of Hedging by Employees, Officers and Directors | We are adopting a rule to implement a provision of the Dodd- Frank Wall Street Reform and Consumer Protection Act. The new rule requires a company to describe any practices or policies it has adopted regarding the ability of its employees (including... | 2018-28123 | "https://www.govinfo.gov/content/pkg/FR-2019-02-06/pdf/2018-28123.pdf | https://www.federalregister.gov/documents/2019/02/06/2018-28123/disclosure-of-hedging-by-employees-officers-and-directors | We are adopting a rule to implement a provision of the Dodd- Frank Wall Street Reform and Consumer Protection Act. The new rule requires a company to describe any practices or policies it has adopted regarding the ability of its employees (including officers) or directors to purchase financial instruments, or otherwise engage in transactions, that hedge or offset, or are designed to hedge or offset, any decrease in the market value of equity securities granted as compensation, or held directly or indirectly by the employee or director. The new rule requires a company to describe the practices or policies and the categories of persons they affect. If a company does not have any such practices or policies, the company must disclose that fact or state that hedging transactions are generally permitted. The new disclosure is required in a proxy statement or information statement relating to an election of directors. |
| 2019-02-01 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Fund of Funds Arrangements | The Securities and Exchange Commission (the ``Commission'') is proposing a new rule under the Investment Company Act of 1940 (``Investment Company Act'' or ``Act'') to streamline and enhance the regulatory framework applicable to funds that invest in... | 2018-27924 | "https://www.govinfo.gov/content/pkg/FR-2019-02-01/pdf/2018-27924.pdf | https://www.federalregister.gov/documents/2019/02/01/2018-27924/fund-of-funds-arrangements | The Securities and Exchange Commission (the ``Commission'') is proposing a new rule under the Investment Company Act of 1940 (``Investment Company Act'' or ``Act'') to streamline and enhance the regulatory framework applicable to funds that invest in other funds (``fund of funds'' arrangements). In connection with the proposed rule, the Commission proposes to rescind rule 12d1-2 under the Act and most exemptive orders granting relief from sections 12(d)(1)(A), (B), (C), and (G) of the Act. Finally, the Commission is proposing related amendments to rule 12d1-1 under the Act and Form N-CEN. |
| 2019-01-31 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Conditional Small Issues Exemption Under the Securities Act of 1933 (Regulation A) | The Securities and Exchange Commission is adopting amendments to Regulation A under the Securities Act of 1933 (the ``Securities Act''). Regulation A provides an exemption from registration under the Securities Act for offerings of securities up to $50... | 2018-27980 | "https://www.govinfo.gov/content/pkg/FR-2019-01-31/pdf/2018-27980.pdf | https://www.federalregister.gov/documents/2019/01/31/2018-27980/conditional-small-issues-exemption-under-the-securities-act-of-1933-regulation-a | The Securities and Exchange Commission is adopting amendments to Regulation A under the Securities Act of 1933 (the ``Securities Act''). Regulation A provides an exemption from registration under the Securities Act for offerings of securities up to $50 million. As mandated by the Economic Growth, Regulatory Relief, and Consumer Protection Act (the ``Economic Growth Act''), the amendments revise Regulation A to permit entities subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934 (the ``Exchange Act'') to use the exemption and provide that entities meeting the reporting requirements of the Exchange Act will be deemed to have met the reporting requirements of Regulation A. The amendments also make conforming changes to Form 1-A. |
| 2018-12-27 | Rule | DEPARTMENT OF THE TREASURY | Treasury Department | Disclosure Update | The Department of the Treasury (Treasury) is issuing this final rule to amend certain regulations issued under the Government Securities Act of 1986 (GSA). Treasury's recordkeeping and reporting requirements for registered government securities brokers... | 2018-28051 | "https://www.govinfo.gov/content/pkg/FR-2018-12-27/pdf/2018-28051.pdf | https://www.federalregister.gov/documents/2018/12/27/2018-28051/disclosure-update | The Department of the Treasury (Treasury) is issuing this final rule to amend certain regulations issued under the Government Securities Act of 1986 (GSA). Treasury's recordkeeping and reporting requirements for registered government securities brokers and dealers cross-reference existing Securities and Exchange Commission (SEC) regulations, with modifications. The SEC recently amended certain of its disclosure requirements that may have become redundant, duplicative, overlapping, outdated, or superseded as a result of changes to U.S. Generally Accepted Accounting Principles (U.S. GAAP). The technical amendments to the Treasury recordkeeping rules and Form G-405, referenced in the regulations, conform to SEC amendments regarding the reporting of extraordinary gains and losses, the cumulative effect of changes in accounting principles, and comprehensive income on the annual reports and Form X-17A-5 (Financial and Operational Combined Uniform Single Report or ``FOCUS Report''). |
| 2018-12-26 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Modernization of Property Disclosures for Mining Registrants | We are adopting amendments to modernize the property disclosure requirements for mining registrants, and related guidance, currently set forth in Item 102 of Regulation S-K under the Securities Act of 1933 and the Securities Exchange Act of 1934 and in... | 2018-26337 | "https://www.govinfo.gov/content/pkg/FR-2018-12-26/pdf/2018-26337.pdf | https://www.federalregister.gov/documents/2018/12/26/2018-26337/modernization-of-property-disclosures-for-mining-registrants | We are adopting amendments to modernize the property disclosure requirements for mining registrants, and related guidance, currently set forth in Item 102 of Regulation S-K under the Securities Act of 1933 and the Securities Exchange Act of 1934 and in Industry Guide 7. The amendments are intended to provide investors with a more comprehensive understanding of a registrant's mining properties, which should help them make more informed investment decisions. The amendments also will more closely align the Commission's disclosure requirements and policies for mining properties with current industry and global regulatory practices and standards. In addition, we are rescinding Industry Guide 7 and relocating the Commission's mining property disclosure requirements to a new subpart of Regulation S-K. |
| 2018-12-26 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Adoption of Updated EDGAR Filer Manual | The Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules. The EDGAR system is scheduled to be upgraded on December 17,... | 2018-27827 | "https://www.govinfo.gov/content/pkg/FR-2018-12-26/pdf/2018-27827.pdf | https://www.federalregister.gov/documents/2018/12/26/2018-27827/adoption-of-updated-edgar-filer-manual | The Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules. The EDGAR system is scheduled to be upgraded on December 17, 2018 and January 28, 2019. |
| 2018-12-21 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Request for Comment on Earnings Releases and Quarterly Reports | The Commission is requesting public comment on how we can enhance, or at a minimum maintain, the investor protection attributes of periodic disclosures while reducing administrative and other burdens on reporting companies associated with quarterly... | 2018-27663 | "https://www.govinfo.gov/content/pkg/FR-2018-12-21/pdf/2018-27663.pdf | https://www.federalregister.gov/documents/2018/12/21/2018-27663/request-for-comment-on-earnings-releases-and-quarterly-reports | The Commission is requesting public comment on how we can enhance, or at a minimum maintain, the investor protection attributes of periodic disclosures while reducing administrative and other burdens on reporting companies associated with quarterly reporting. We are specifically requesting public comment on the nature and timing of the disclosures that reporting companies are required to provide in their quarterly reports filed on Form 10-Q, including when the disclosure requirements overlap with disclosures these companies voluntarily provide to the public in the form of an earnings release furnished on Form 8-K. We are interested in exploring ways to promote efficiency in periodic reporting by reducing unnecessary duplication in the information that reporting companies disclose and how such changes could affect capital formation, while enhancing, or at a minimum maintaining, appropriate investor protection. We also are requesting public comment on whether our rules should provide reporting companies, or certain classes of reporting companies, with flexibility as to the frequency of their periodic reporting. In addition, we are seeking comment on how the existing periodic reporting system, earnings releases, and earnings guidance, standing alone or in combination with other factors, may affect corporate decision making and strategic thinking--positively or negatively--including whether these factors foster an inefficient outlook among registrants and market participants by focusing on short-term results, sometimes referred to as ``short- termism.'' |
| 2018-12-13 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Covered Investment Fund Research Reports | The Commission is adopting a new rule under the Securities Act of 1933 to establish a safe harbor for an unaffiliated broker or dealer participating in a securities offering of a covered investment fund to publish or distribute a covered investment... | 2018-26613 | "https://www.govinfo.gov/content/pkg/FR-2018-12-13/pdf/2018-26613.pdf | https://www.federalregister.gov/documents/2018/12/13/2018-26613/covered-investment-fund-research-reports | The Commission is adopting a new rule under the Securities Act of 1933 to establish a safe harbor for an unaffiliated broker or dealer participating in a securities offering of a covered investment fund to publish or distribute a covered investment fund research report. If the conditions in the rule are satisfied, the publication or distribution of a covered investment fund research report would be deemed not to be an offer for sale or offer to sell the covered investment fund's securities for purposes of sections 2(a)(10) and 5(c) of the Securities Act of 1933. The Commission is also adopting a new rule under the Investment Company Act of 1940 to exclude a covered investment fund research report from the coverage of section 24(b) of the Investment Company Act, except to the extent the research report is otherwise not subject to the content standards in self-regulatory organization rules related to research reports. We are also adopting a conforming amendment to rule 101 of Regulation M, and a technical amendment to Form 12b-25. |
| 2018-12-10 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Privacy of Consumer Financial Information-Amendment To Conform Regulations to the Fixing America's Surface Transportation Act | The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing to revise its regulations requiring covered persons to provide annual privacy notices to customers. The proposed revisions implement the Fixing America's Surface... | 2018-26523 | "https://www.govinfo.gov/content/pkg/FR-2018-12-10/pdf/2018-26523.pdf | https://www.federalregister.gov/documents/2018/12/10/2018-26523/privacy-of-consumer-financial-information-amendment-to-conform-regulations-to-the-fixing-americas | The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing to revise its regulations requiring covered persons to provide annual privacy notices to customers. The proposed revisions implement the Fixing America's Surface Transportation Act's (``FAST Act'') December 2015 statutory amendment to the Gramm-Leach-Bliley Act (``GLB Act'') by providing an exception to the annual notice requirement under certain conditions. |
| 2018-12-04 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Form N-1A; Correction | This document makes technical corrections to several amendments to Form N-1A, which the Commission adopted as part of three rulemakings: Investment Company Reporting Modernization, which was published in the Federal Register on November 18, 2016;... | 2018-26335 | "https://www.govinfo.gov/content/pkg/FR-2018-12-04/pdf/2018-26335.pdf | https://www.federalregister.gov/documents/2018/12/04/2018-26335/form-n-1a-correction | This document makes technical corrections to several amendments to Form N-1A, which the Commission adopted as part of three rulemakings: Investment Company Reporting Modernization, which was published in the Federal Register on November 18, 2016; Optional Internet Availability of Investment Company Shareholder Reports, which was published in the Federal Register on June 22, 2018; and Investment Company Liquidity Disclosure, which was published in the Federal Register on July 10, 2018. This document is being published to correct the paragraph designations that appeared in the amendatory instructions preceding certain of the form amendments that the Commission adopted as part of each of these rulemakings. This document makes technical corrections only to the paragraph designations that appear in the amendatory instructions preceding these form amendments. This document does not make any substantive changes (i.e., changes except corrections to typographical errors) to the text of the form amendments themselves. |
| 2018-11-30 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Swap Execution Facilities and Trade Execution Requirement | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing amendments to regulations relating to the trade execution requirement under the Commodity Exchange Act (``CEA'' or ``Act'') and amendments to existing regulations... | 2018-24642 | "https://www.govinfo.gov/content/pkg/FR-2018-11-30/pdf/2018-24642.pdf | https://www.federalregister.gov/documents/2018/11/30/2018-24642/swap-execution-facilities-and-trade-execution-requirement | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing amendments to regulations relating to the trade execution requirement under the Commodity Exchange Act (``CEA'' or ``Act'') and amendments to existing regulations relating to swap execution facilities (``SEFs'') and designated contract markets (``DCMs''). Among other amendments, the proposed rules apply the SEF registration requirement to certain swaps broking entities and aggregators of single-dealer platforms; broaden the scope of the trade execution requirement to include all swaps subject to the clearing requirement under the Act that a SEF or a DCM lists for trading; allow SEFs to offer flexible execution methods for all swaps that they list for trading; amend straight-through processing requirements; and amend the block trade definition. The proposed rules, which also include non- substantive amendments and various conforming changes to other Commission regulations, reflect the Commission's enhanced knowledge and experience with swaps trading characteristics and would further the Dodd-Frank Act's statutory goals for SEFs, i.e., promote more SEF trading and pre-trade price transparency in the swaps market. Further, the proposed rules are intended to strengthen the existing swaps regulatory framework by reducing unnecessary complexity, costs, and other burdens that impede SEF development, innovation, and growth. |
| 2018-11-30 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Updated Disclosure Requirements and Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts | The Securities and Exchange Commission is proposing rule and form amendments that are intended to help investors make informed investment decisions regarding variable annuity and variable life insurance contracts. The proposal would modernize... | 2018-24376 | "https://www.govinfo.gov/content/pkg/FR-2018-11-30/pdf/2018-24376.pdf | https://www.federalregister.gov/documents/2018/11/30/2018-24376/updated-disclosure-requirements-and-summary-prospectus-for-variable-annuity-and-variable-life | The Securities and Exchange Commission is proposing rule and form amendments that are intended to help investors make informed investment decisions regarding variable annuity and variable life insurance contracts. The proposal would modernize disclosures by using a layered disclosure approach designed to provide investors with key information relating to the contract's terms, benefits, and risks in a concise and more reader-friendly presentation, with access to more detailed information available online and electronically or in paper format on request. The proposed new rule would permit a person to satisfy its prospectus delivery obligations under the Securities Act of 1933 for a variable annuity or variable life insurance contract by sending or giving a summary prospectus to investors and making the statutory prospectus available online. The proposed rule also would consider a person to have met its prospectus delivery obligations for any portfolio companies associated with a variable annuity or variable life insurance contract if the portfolio company prospectuses are posted online. In addition, we are proposing amendments to the registration forms for variable annuity and variable life insurance contracts to update and enhance the disclosures to investors in these contracts, and to implement the proposed summary prospectus framework. We are further proposing to require variable contracts to use the Inline eXtensible Business Reporting Language (``Inline XBRL'') format for the submission of certain required disclosures in the variable contract statutory prospectus. We are also proposing certain technical and conforming amendments to our rules and forms, including amendments to rules relating to variable life insurance contracts, as well as rescission of certain related rules and forms. Lastly, we are seeking comments regarding parallel amendments to rules governing mutual fund summary prospectuses and registration forms applicable to other types of registered investment companies. |
| 2018-11-26 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting amendments (``Final Rule'') to its margin requirements for uncleared swaps for swap dealers (``SD'') and major swap participants (``MSP'') for which there is no... | 2018-25602 | "https://www.govinfo.gov/content/pkg/FR-2018-11-26/pdf/2018-25602.pdf | https://www.federalregister.gov/documents/2018/11/26/2018-25602/margin-requirements-for-uncleared-swaps-for-swap-dealers-and-major-swap-participants | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting amendments (``Final Rule'') to its margin requirements for uncleared swaps for swap dealers (``SD'') and major swap participants (``MSP'') for which there is no prudential regulator (``CFTC Margin Rule''). The Commission is adopting these amendments in light of the rules recently adopted by the Board of Governors of the Federal Reserve System (``Board''), the Federal Deposit Insurance Corporation (``FDIC''), and the Office of the Comptroller of the Currency (``OCC'') (collectively, the ``QFC Rules'') that impose restrictions on certain uncleared swaps and uncleared security-based swaps and other financial contracts. Specifically, the Commission is amending the definition of ``eligible master netting agreement'' in the CFTC Margin Rule to ensure that master netting agreements of firms subject to the CFTC Margin Rule are not excluded from the definition of ``eligible master netting agreement'' based solely on such agreements' compliance with the QFC Rules. The Commission also is amending the CFTC Margin Rule such that any legacy uncleared swap (i.e., an uncleared swap entered into before the applicable compliance date of the CFTC Margin Rule) that is not now subject to the margin requirements of the CFTC Margin Rule will not become so subject if it is amended solely to comply with the QFC Rules. These amendments are consistent with amendments that the Board, FDIC, OCC, the Farm Credit Administration (``FCA''), and the Federal Housing Finance Agency (``FHFA'' and, together with the Board, FDIC, OCC, and FCA, the ``Prudential Regulators''), jointly published in the Federal Register on October 10, 2018. |
| 2018-11-19 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Disclosure of Order Handling Information | The Securities and Exchange Commission (``Commission'' or ``SEC'') is adopting amendments to Regulation National Market System (``Regulation NMS'') under the Securities Exchange Act of 1934 (``Exchange Act'') to require additional disclosures by... | 2018-24423 | "https://www.govinfo.gov/content/pkg/FR-2018-11-19/pdf/2018-24423.pdf | https://www.federalregister.gov/documents/2018/11/19/2018-24423/disclosure-of-order-handling-information | The Securities and Exchange Commission (``Commission'' or ``SEC'') is adopting amendments to Regulation National Market System (``Regulation NMS'') under the Securities Exchange Act of 1934 (``Exchange Act'') to require additional disclosures by broker-dealers to customers regarding the handling of their orders. The Commission is adding a new disclosure requirement which requires a broker-dealer, upon request of its customer, to provide specific disclosures related to the routing and execution of the customer's NMS stock orders submitted on a not held basis for the prior six months, subject to two de minimis exceptions. The Commission also is amending the current order routing disclosures that broker-dealers must make publicly available on a quarterly basis to pertain to NMS stock orders submitted on a held basis, and the Commission is making targeted enhancements to these public disclosures. In connection with these new requirements, the Commission is amending Regulation NMS to include certain newly defined and redefined terms that are used in the amendments. The Commission also is amending Regulation NMS to require that the public order execution report be kept publicly available for a period of three years. Finally, the Commission is adopting conforming amendments and updating cross-references as a result of the rule amendments being adopted in this rule. |
| 2018-11-16 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Adoption of Updated EDGAR Filer Manual; Correction | The Securities and Exchange Commission published a document in the Federal Register of November 5, 2018 adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules. There was a mistake... | 2018-25005 | "https://www.govinfo.gov/content/pkg/FR-2018-11-16/pdf/2018-25005.pdf | https://www.federalregister.gov/documents/2018/11/16/2018-25005/adoption-of-updated-edgar-filer-manual-correction | The Securities and Exchange Commission published a document in the Federal Register of November 5, 2018 adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules. There was a mistake in the SUPPLEMENTARY INFORMATION section. |
| 2018-11-13 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | De Minimis Exception to the Swap Dealer Definition | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending the de minimis exception within the ``swap dealer'' definition in the Commission's regulations by setting the aggregate gross notional amount threshold for the de minimis... | 2018-24579 | "https://www.govinfo.gov/content/pkg/FR-2018-11-13/pdf/2018-24579.pdf | https://www.federalregister.gov/documents/2018/11/13/2018-24579/de-minimis-exception-to-the-swap-dealer-definition | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending the de minimis exception within the ``swap dealer'' definition in the Commission's regulations by setting the aggregate gross notional amount threshold for the de minimis exception at $8 billion in swap dealing activity entered into by a person over the preceding 12 months. |
| 2018-11-13 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Regulation of NMS Stock Alternative Trading Systems | This document makes technical corrections to a rule that was published in the Federal Register on August 7, 2018. The Commission adopted amendments to the regulatory requirements in Regulation ATS under the Securities Exchange Act of 1934 applicable to... | 2018-24549 | "https://www.govinfo.gov/content/pkg/FR-2018-11-13/pdf/2018-24549.pdf | https://www.federalregister.gov/documents/2018/11/13/2018-24549/regulation-of-nms-stock-alternative-trading-systems | This document makes technical corrections to a rule that was published in the Federal Register on August 7, 2018. The Commission adopted amendments to the regulatory requirements in Regulation ATS under the Securities Exchange Act of 1934 applicable to alternative trading systems (``ATSs'') that trade National Market System (``NMS'') stocks (hereinafter referred to as ``NMS Stock ATSs''), which included, among other items, Form ATS-N. This document is being published to correct a citation contained in the adopted language of Part III, Item 15.a of Form ATS-N. |
| 2018-11-06 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Commission Statement on Certain Provisions of Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants | The Commission is issuing a statement regarding certain provisions of its Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants. The statement sets forth the Commission's position, for five years after... | 2018-24213 | "https://www.govinfo.gov/content/pkg/FR-2018-11-06/pdf/2018-24213.pdf | https://www.federalregister.gov/documents/2018/11/06/2018-24213/commission-statement-on-certain-provisions-of-business-conduct-standards-for-security-based-swap | The Commission is issuing a statement regarding certain provisions of its Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants. The statement sets forth the Commission's position, for five years after the compliance date for the security-based swap dealer and major security-based swap participant registration rules, that certain actions with respect to provisions of the Commission's business conduct standards will not provide a basis for a Commission enforcement action. |
| 2018-11-05 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Adoption of Updated EDGAR Filer Manual | The Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules. The EDGAR system is scheduled to be upgraded on October 1, 2018. | 2018-24128 | "https://www.govinfo.gov/content/pkg/FR-2018-11-05/pdf/2018-24128.pdf | https://www.federalregister.gov/documents/2018/11/05/2018-24128/adoption-of-updated-edgar-filer-manual | The Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules. The EDGAR system is scheduled to be upgraded on October 1, 2018. |
| 2018-10-19 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Regulation Crowdfunding and Regulation A Relief and Assistance for Victims of Hurricane Michael | We are adopting interim final temporary rules for issuers subject to reporting obligations pursuant to Regulation Crowdfunding and Regulation A in order to address the needs of companies directly or indirectly affected by Hurricane Michael. The... | 2018-22930 | "https://www.govinfo.gov/content/pkg/FR-2018-10-19/pdf/2018-22930.pdf | https://www.federalregister.gov/documents/2018/10/19/2018-22930/regulation-crowdfunding-and-regulation-a-relief-and-assistance-for-victims-of-hurricane-michael | We are adopting interim final temporary rules for issuers subject to reporting obligations pursuant to Regulation Crowdfunding and Regulation A in order to address the needs of companies directly or indirectly affected by Hurricane Michael. The temporary rules extend the filing deadlines for specified reports and forms due pursuant to Regulation Crowdfunding and Regulation A for certain issuers. |
| 2018-10-19 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Capital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Major Security-Based Swap Participants and Capital Requirements for Broker-Dealers | The Securities and Exchange Commission (``Commission'') is reopening the comment period and requesting additional comment (including potential modifications to proposed rule language) on the following: Proposed amendments and new rules that would... | 2018-22531 | "https://www.govinfo.gov/content/pkg/FR-2018-10-19/pdf/2018-22531.pdf | https://www.federalregister.gov/documents/2018/10/19/2018-22531/capital-margin-and-segregation-requirements-for-security-based-swap-dealers-and-major-security-based | The Securities and Exchange Commission (``Commission'') is reopening the comment period and requesting additional comment (including potential modifications to proposed rule language) on the following: Proposed amendments and new rules that would establish capital and margin requirements for security-based swap dealers (``SBSDs'') and major security-based swap participants (``MSBSPs'') that do not have a prudential regulator, establish segregation requirements for SBSDs, establish notification requirements for SBSDs and MSBSPs relating to segregation, and raise minimum net capital requirements and establish liquidity requirements for broker-dealers permitted to use internal models when computing net capital (``ANC broker-dealers''). The Commission also is reopening the comment period and requesting additional comment on proposed amendments that would establish the cross-border treatment of security-based swap capital, margin, and segregation requirements; and a proposed amendment that would establish an additional capital requirement for SBSDs that do not have a prudential regulator. |
| 2018-10-18 | Rule | DEPARTMENT OF THE TREASURY | Treasury Department | Government Securities Act Regulations: Large Position Reporting Rules | The Department of the Treasury (Treasury) is issuing a final | 2018-22732 | "https://www.govinfo.gov/content/pkg/FR-2018-10-18/pdf/2018-22732.pdf | https://www.federalregister.gov/documents/2018/10/18/2018-22732/government-securities-act-regulations-large-position-reporting-rules | The Department of the Treasury (Treasury) is issuing a final |
| 2018-10-18 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Registration and Compliance Requirements for Commodity Pool Operators and Commodity Trading Advisors | The Commodity Futures Trading Commission (CFTC or Commission) | 2018-22324 | "https://www.govinfo.gov/content/pkg/FR-2018-10-18/pdf/2018-22324.pdf | https://www.federalregister.gov/documents/2018/10/18/2018-22324/registration-and-compliance-requirements-for-commodity-pool-operators-and-commodity-trading-advisors | The Commodity Futures Trading Commission (CFTC or Commission) |
| 2018-10-05 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Amendments to Rules for Nationally Recognized Statistical Rating Organizations | The Securities and Exchange Commission (``Commission'') is proposing amendments to rules for nationally recognized statistical rating organizations (``NRSROs'') under the Securities Exchange Act of 1934 (``Exchange Act''). The amendments would provide... | 2018-21295 | "https://www.govinfo.gov/content/pkg/FR-2018-10-05/pdf/2018-21295.pdf | https://www.federalregister.gov/documents/2018/10/05/2018-21295/amendments-to-rules-for-nationally-recognized-statistical-rating-organizations | The Securities and Exchange Commission (``Commission'') is proposing amendments to rules for nationally recognized statistical rating organizations (``NRSROs'') under the Securities Exchange Act of 1934 (``Exchange Act''). The amendments would provide an exemption from a rule for NRSROs with respect to credit ratings if the issuer of the security or money market instrument referred to in the rule is not a U.S. person, and the NRSRO has a reasonable basis to conclude that all offers and sales of such security or money market instrument by any issuer, sponsor, or underwriter linked to such security or money market instrument will occur outside the United States. In addition, the amendments would make conforming changes to similar exemptions in two other Exchange Act rules. The Commission is requesting comment on the proposed rule amendments. |
| 2018-10-04 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Disclosure Update and Simplification | We are adopting amendments to certain of our disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements, U.S. Generally Accepted Accounting Principles... | 2018-18142 | "https://www.govinfo.gov/content/pkg/FR-2018-10-04/pdf/2018-18142.pdf | https://www.federalregister.gov/documents/2018/10/04/2018-18142/disclosure-update-and-simplification | We are adopting amendments to certain of our disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements, U.S. Generally Accepted Accounting Principles (``U.S. GAAP''), or changes in the information environment. We are also referring certain Commission disclosure requirements that overlap with, but require information incremental to, U.S. GAAP to the Financial Accounting Standards Board (``FASB'') for potential incorporation into U.S. GAAP. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. These amendments are part of an initiative by the Division of Corporation Finance to review disclosure requirements applicable to issuers to consider ways to improve the requirements for the benefit of investors and issuers. We are also adopting these amendments as part of our efforts to implement title LXXII of the Fixing America's Surface Transportation Act. |
| 2018-10-02 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant's Securities | We are proposing amendments to the financial disclosure requirements for guarantors and issuers of guaranteed securities registered or being registered, and issuers' affiliates whose securities collateralize securities registered or being registered in... | 2018-19456 | "https://www.govinfo.gov/content/pkg/FR-2018-10-02/pdf/2018-19456.pdf | https://www.federalregister.gov/documents/2018/10/02/2018-19456/financial-disclosures-about-guarantors-and-issuers-of-guaranteed-securities-and-affiliates-whose | We are proposing amendments to the financial disclosure requirements for guarantors and issuers of guaranteed securities registered or being registered, and issuers' affiliates whose securities collateralize securities registered or being registered in Regulation S-X to improve those requirements for both investors and registrants. The proposed changes are intended to provide investors with material information given the specific facts and circumstances, make the disclosures easier to understand, and reduce the costs and burdens to registrants. In addition, by reducing the costs and burdens of compliance, issuers may be encouraged to offer guaranteed or collateralized securities on a registered basis, thereby affording investors protection they may not be provided in offerings conducted on an unregistered basis. Finally, by making it less burdensome and less costly for issuers to include guarantees or pledges of affiliate securities as collateral when they structure debt offerings, the proposed revisions may increase the number of registered offerings that include these credit enhancements, which could result in a lower cost of capital and an increased level of investor protection. |
| 2018-09-27 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Amendment to Single Issuer Exemption for Broker-Dealers | The Commission is proposing an amendment to the exemption provisions in the broker-dealer annual reporting rule under the Securities Exchange Act of 1934 (``Exchange Act''). The amendment would provide that a broker-dealer is not required to engage an... | 2018-20880 | "https://www.govinfo.gov/content/pkg/FR-2018-09-27/pdf/2018-20880.pdf | https://www.federalregister.gov/documents/2018/09/27/2018-20880/amendment-to-single-issuer-exemption-for-broker-dealers | The Commission is proposing an amendment to the exemption provisions in the broker-dealer annual reporting rule under the Securities Exchange Act of 1934 (``Exchange Act''). The amendment would provide that a broker-dealer is not required to engage an independent public accountant to certify the broker-dealer's annual reports if, among other things, the securities business of the broker-dealer has been limited to acting as broker (agent) for a single issuer in soliciting subscriptions for securities of that issuer. |
| 2018-09-21 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Regulation Crowdfunding and Regulation A Relief and Assistance for Victims of Hurricane Florence | We are adopting interim final temporary rules for issuers subject to reporting obligations pursuant to Regulation Crowdfunding and Regulation A in order to address the needs of companies directly or indirectly affected by Hurricane Florence. The... | 2018-20740 | "https://www.govinfo.gov/content/pkg/FR-2018-09-21/pdf/2018-20740.pdf | https://www.federalregister.gov/documents/2018/09/21/2018-20740/regulation-crowdfunding-and-regulation-a-relief-and-assistance-for-victims-of-hurricane-florence | We are adopting interim final temporary rules for issuers subject to reporting obligations pursuant to Regulation Crowdfunding and Regulation A in order to address the needs of companies directly or indirectly affected by Hurricane Florence. The temporary rules extend the filing deadlines for specified reports and forms due pursuant to Regulation Crowdfunding and Regulation A for certain issuers. |
| 2018-09-11 | Proposed Rule | DEPARTMENT OF TREASURY | Treasury Department | Extension of Comment Period for Proposed Revisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds | On July 17, 2018, the Agencies published in the Federal Register a notice of proposed rulemaking (proposal) that would amend the regulations implementing section 13 of the Bank Holding Company Act. Section 13 contains certain restrictions on the... | 2018-19649 | "https://www.govinfo.gov/content/pkg/FR-2018-09-11/pdf/2018-19649.pdf | https://www.federalregister.gov/documents/2018/09/11/2018-19649/extension-of-comment-period-for-proposed-revisions-to-prohibitions-and-restrictions-on-proprietary | On July 17, 2018, the Agencies published in the Federal Register a notice of proposed rulemaking (proposal) that would amend the regulations implementing section 13 of the Bank Holding Company Act. Section 13 contains certain restrictions on the ability of a banking entity and nonbank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. The proposed amendments are intended to provide banking entities with clarity about what activities are prohibited and to improve supervision and implementation of section 13. In response to requests from commenters regarding issues addressed in the proposal, the public comment period has been extended for 30 days until October 17, 2018. This action will allow interested persons additional time to analyze the proposal and prepare their comments. |
| 2018-08-31 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Amendments to Municipal Securities Disclosure | The Securities and Exchange Commission (``Commission'' or ``SEC'') is adopting amendments to the Municipal Securities Disclosure Rule under the Securities Exchange Act of 1934 (``Exchange Act''). The amendments add transparency to the municipal... | 2018-18279 | "https://www.govinfo.gov/content/pkg/FR-2018-08-31/pdf/2018-18279.pdf | https://www.federalregister.gov/documents/2018/08/31/2018-18279/amendments-to-municipal-securities-disclosure | The Securities and Exchange Commission (``Commission'' or ``SEC'') is adopting amendments to the Municipal Securities Disclosure Rule under the Securities Exchange Act of 1934 (``Exchange Act''). The amendments add transparency to the municipal securities market by increasing the amount of information that is publicly disclosed about material financial obligations incurred by issuers and obligated persons. Specifically, the amendments revise the list of event notices that a broker, dealer, or municipal securities dealer (each a ``dealer,'' and collectively, ``dealers'') acting as an underwriter (``Participating Underwriter'') in a primary offering of municipal securities with an aggregate principal amount of $1,000,000 or more (subject to certain exemptions set forth in the Rule) (an ``Offering'') must reasonably determine that an issuer or an obligated person has undertaken, in a written agreement or contract for the benefit of holders of the municipal securities, to provide to the Municipal Securities Rulemaking Board (``MSRB''). |
| 2018-08-31 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Delegation of Authority to General Counsel of the Commission | The Securities and Exchange Commission (``Commission'') is revising regulations with respect to the delegations of authority to the Commission's General Counsel. The revisions are a result of the Commission's experience with its existing rules and... | 2018-18585 | "https://www.govinfo.gov/content/pkg/FR-2018-08-31/pdf/2018-18585.pdf | https://www.federalregister.gov/documents/2018/08/31/2018-18585/delegation-of-authority-to-general-counsel-of-the-commission | The Securities and Exchange Commission (``Commission'') is revising regulations with respect to the delegations of authority to the Commission's General Counsel. The revisions are a result of the Commission's experience with its existing rules and increase the efficiency of the adjudicatory process. |
| 2018-08-29 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Amendments to Clearing Exemption for Swaps Entered Into by Certain Bank Holding Companies, Savings and Loan Holding Companies, and Community Development Financial Institutions | The Commodity Futures Trading Commission (Commission or CFTC) is proposing rule amendments pursuant to its authority under section 4(c) of the Commodity Exchange Act (CEA) to exempt from the clearing requirement set forth in section 2(h)(1) of the CEA... | 2018-18618 | "https://www.govinfo.gov/content/pkg/FR-2018-08-29/pdf/2018-18618.pdf | https://www.federalregister.gov/documents/2018/08/29/2018-18618/amendments-to-clearing-exemption-for-swaps-entered-into-by-certain-bank-holding-companies-savings | The Commodity Futures Trading Commission (Commission or CFTC) is proposing rule amendments pursuant to its authority under section 4(c) of the Commodity Exchange Act (CEA) to exempt from the clearing requirement set forth in section 2(h)(1) of the CEA certain swaps entered into by certain bank holding companies, savings and loan holding companies, and community development financial institutions. |
| 2018-08-27 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Chief Compliance Officer Duties and Annual Report Requirements for Futures Commission Merchants, Swap Dealers, and Major Swap Participants | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending its regulations regarding certain duties of chief compliance officers (``CCOs'') of swap dealers (``SDs''), major swap participants (``MSPs''), and futures commission... | 2018-18432 | "https://www.govinfo.gov/content/pkg/FR-2018-08-27/pdf/2018-18432.pdf | https://www.federalregister.gov/documents/2018/08/27/2018-18432/chief-compliance-officer-duties-and-annual-report-requirements-for-futures-commission-merchants-swap | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending its regulations regarding certain duties of chief compliance officers (``CCOs'') of swap dealers (``SDs''), major swap participants (``MSPs''), and futures commission merchants (``FCMs'') (collectively, ``Registrants''); and certain requirements for preparing, certifying, and furnishing to the Commission an annual report containing an assessment of the Registrant's compliance activities. |
| 2018-08-16 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Inline XBRL Filing of Tagged Data | We are adopting amendments to require the use of the Inline eXtensible Business Reporting Language (``XBRL'') format for the submission of operating company financial statement information and fund risk/return summary information. We also are adopting... | 2018-14365 | "https://www.govinfo.gov/content/pkg/FR-2018-08-16/pdf/2018-14365.pdf | https://www.federalregister.gov/documents/2018/08/16/2018-14365/inline-xbrl-filing-of-tagged-data | We are adopting amendments to require the use of the Inline eXtensible Business Reporting Language (``XBRL'') format for the submission of operating company financial statement information and fund risk/return summary information. We also are adopting the elimination of the 15 business day XBRL filing period for fund risk/ return summaries. The amendments are intended to improve the data's usefulness, timeliness, and quality, benefiting investors, other market participants, and other data users and to decrease, over time, the cost of preparing the data for submission to the Commission. The amendments will also eliminate the requirement for operating companies and funds to post ``Interactive Data Files'' (i.e., machine-readable computer code that presents information in XBRL format) on their websites and terminate the Commission's voluntary program for the submission of financial statement information interactive data that is currently available only to investment companies and certain other entities. |
| 2018-08-13 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Exemption From Derivatives Clearing Organization Registration | The Commodity Futures Trading Commission (Commission) is proposing amendments to its regulations to establish a regulatory framework within which the Commission may exempt a clearing organization that is organized outside of the United States... | 2018-17335 | "https://www.govinfo.gov/content/pkg/FR-2018-08-13/pdf/2018-17335.pdf | https://www.federalregister.gov/documents/2018/08/13/2018-17335/exemption-from-derivatives-clearing-organization-registration | The Commodity Futures Trading Commission (Commission) is proposing amendments to its regulations to establish a regulatory framework within which the Commission may exempt a clearing organization that is organized outside of the United States (hereinafter referred to as ``non-U.S. clearing organization'') from registration as a derivatives clearing organization (DCO) in connection with the clearing organization's clearing of swaps. In addition, the Commission is proposing certain amendments to its delegation provisions in its regulations. |
| 2018-08-07 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Regulation of NMS Stock Alternative Trading Systems | The Securities and Exchange Commission is adopting amendments to regulatory requirements in Regulation ATS under the Securities Exchange Act of 1934 (``Exchange Act'') applicable to alternative trading systems (``ATSs'') that trade National Market... | 2018-15896 | "https://www.govinfo.gov/content/pkg/FR-2018-08-07/pdf/2018-15896.pdf | https://www.federalregister.gov/documents/2018/08/07/2018-15896/regulation-of-nms-stock-alternative-trading-systems | The Securities and Exchange Commission is adopting amendments to regulatory requirements in Regulation ATS under the Securities Exchange Act of 1934 (``Exchange Act'') applicable to alternative trading systems (``ATSs'') that trade National Market System (``NMS'') stocks (hereinafter referred to as ``NMS Stock ATSs''), including so called ``dark pools.'' First, we are adopting new Form ATS-N, which will require NMS Stock ATSs to disclose information about their manner of operations, the broker-dealer that operates the ATS (``broker-dealer operator''), and the ATS-related activities of the broker-dealer operator and its affiliates. Second, as amended, the regulations will require public posting of certain Form ATS-N filings on the Commission's website, which will be accomplished through the Commission's Electronic Data Gathering, Analysis, and Retrieval system (``EDGAR'') and require each NMS Stock ATS that has a website to post on its website a direct URL hyperlink to the Commission's website. Third, the amendments that we are adopting today provide a process for the Commission to review Form ATS-N filings and, after notice and opportunity for hearing, declare an NMS Stock ATS's Form ATS-N ineffective. Fourth, the regulations, as amended, will require all ATSs subject to the regulations to place in writing its safeguards and procedures to protect subscribers' confidential trading information. We are also adopting conforming amendments. |
| 2018-07-31 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Exchange-Traded Funds | The Securities and Exchange Commission (the ``Commission'') is proposing a new rule under the Investment Company Act of 1940 (the ``Investment Company Act'' or the ``Act'') that would permit exchange- traded funds (``ETFs'') that satisfy certain... | 2018-14370 | "https://www.govinfo.gov/content/pkg/FR-2018-07-31/pdf/2018-14370.pdf | https://www.federalregister.gov/documents/2018/07/31/2018-14370/exchange-traded-funds | The Securities and Exchange Commission (the ``Commission'') is proposing a new rule under the Investment Company Act of 1940 (the ``Investment Company Act'' or the ``Act'') that would permit exchange- traded funds (``ETFs'') that satisfy certain conditions to operate without the expense and delay of obtaining an exemptive order. In connection with the proposed exemptive rule, the Commission proposes to rescind certain exemptive orders that have been granted to ETFs and their sponsors. The Commission also is proposing certain disclosure amendments to Form N-1A and Form N-8B-2 to provide investors who purchase and sell ETF shares on the secondary market with additional information regarding ETF trading costs, regardless of whether such ETFs are structured as registered open-end management investment companies (``open-end funds'') or unit investment trusts (``UITs''). Finally, the Commission is proposing related amendments to Form N-CEN. The proposed rule and form amendments are designed to create a consistent, transparent, and efficient regulatory framework for ETFs and to facilitate greater competition and innovation among ETFs. |
| 2018-07-31 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Position Limits and Position Accountability for Security Futures Products | The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing to amend its position limits rules for security futures products (``SFPs'') by: Increasing the default level of equity SFP position limits, and modifying the criteria... | 2018-16079 | "https://www.govinfo.gov/content/pkg/FR-2018-07-31/pdf/2018-16079.pdf | https://www.federalregister.gov/documents/2018/07/31/2018-16079/position-limits-and-position-accountability-for-security-futures-products | The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing to amend its position limits rules for security futures products (``SFPs'') by: Increasing the default level of equity SFP position limits, and modifying the criteria for setting a higher level of position limits and position accountability levels. In addition, the proposed amended position limit regulation would provide discretion to a designated contract market (``DCM'') to apply limits to either a person's net position or a person's position on the same side of the market. The Commission also proposes criteria for setting position limits on an SFP on other than an equity security, generally based on an estimate of deliverable supply. |
| 2018-07-30 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Segregation of Assets Held as Collateral in Uncleared Swap Transactions | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend selected provisions of its regulations in order to simplify certain requirements for swap dealers (``SDs'') and major swap participants (``MSPs'') concerning... | 2018-16176 | "https://www.govinfo.gov/content/pkg/FR-2018-07-30/pdf/2018-16176.pdf | https://www.federalregister.gov/documents/2018/07/30/2018-16176/segregation-of-assets-held-as-collateral-in-uncleared-swap-transactions | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend selected provisions of its regulations in order to simplify certain requirements for swap dealers (``SDs'') and major swap participants (``MSPs'') concerning notification of counterparties of their right to segregate initial margin for uncleared swaps, and to modify requirements for the handling of segregated initial margin (the ``Proposal''). |
| 2018-07-24 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Concept Release on Compensatory Securities Offerings and Sales | The Securities and Exchange Commission (``Commission'') is publishing this release to solicit comment on the exemption from registration under the Securities Act of 1933 (the ``Securities Act'') for securities issued by non-reporting companies pursuant... | 2018-15731 | "https://www.govinfo.gov/content/pkg/FR-2018-07-24/pdf/2018-15731.pdf | https://www.federalregister.gov/documents/2018/07/24/2018-15731/concept-release-on-compensatory-securities-offerings-and-sales | The Securities and Exchange Commission (``Commission'') is publishing this release to solicit comment on the exemption from registration under the Securities Act of 1933 (the ``Securities Act'') for securities issued by non-reporting companies pursuant to compensatory arrangements, and Form S-8, the registration statement for compensatory offerings by reporting companies. Significant evolution has taken place both in the types of compensatory offerings issuers make and the composition of the workforce since the Commission last substantively amended these regulations. Therefore, as we amend the exemption as mandated by the Economic Growth, Regulatory Relief, and Consumer Protection Act (the ``Act''), we seek comment on possible ways to modernize the exemption and the relationship between it and Form S- 8, consistent with investor protection. |
| 2018-07-24 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Exempt Offerings Pursuant to Compensatory Arrangements | The Securities and Exchange Commission is adopting an amendment to its regulations under the Securities Act of 1933 (the ``Securities Act''), which provide an exemption from registration for securities issued by non-reporting companies pursuant to... | 2018-15730 | "https://www.govinfo.gov/content/pkg/FR-2018-07-24/pdf/2018-15730.pdf | https://www.federalregister.gov/documents/2018/07/24/2018-15730/exempt-offerings-pursuant-to-compensatory-arrangements | The Securities and Exchange Commission is adopting an amendment to its regulations under the Securities Act of 1933 (the ``Securities Act''), which provide an exemption from registration for securities issued by non-reporting companies pursuant to compensatory arrangements. As mandated by the Economic Growth, Regulatory Relief, and Consumer Protection Act (the ``Act''), the amendment revises a rule to increase from $5 million to $10 million the aggregate sales price or amount of securities sold during any consecutive 12-month period in excess of which the issuer is required to deliver additional disclosures to investors. |
| 2018-07-20 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Whistleblower Program Rules | The Securities and Exchange Commission (``Commission'') is proposing for public comment several amendments to the Commission's rules implementing its whistleblower program. Section 21F of the Securities Exchange Act of 1934 (``Exchange Act'') provides,... | 2018-14411 | "https://www.govinfo.gov/content/pkg/FR-2018-07-20/pdf/2018-14411.pdf | https://www.federalregister.gov/documents/2018/07/20/2018-14411/whistleblower-program-rules | The Securities and Exchange Commission (``Commission'') is proposing for public comment several amendments to the Commission's rules implementing its whistleblower program. Section 21F of the Securities Exchange Act of 1934 (``Exchange Act'') provides, among other things, that the Commission shall pay an award--under regulations prescribed by the Commission and subject to certain limitations--to eligible whistleblowers who voluntarily provide the Commission with original information about a violation of the federal securities laws that leads to the successful enforcement of a covered judicial or administrative action, or a related action. On May 25, 2011, the Commission adopted a comprehensive set of rules to implement the whistleblower program. The proposed rules would make certain changes and clarifications to the existing rules, as well as several technical amendments. The Commission is also including interpretive guidance concerning the terms ``unreasonable delay'' and ``independent analysis.'' |
| 2018-07-17 | Proposed Rule | DEPARTMENT OF TREASURY | Treasury Department | Proposed Revisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds | The OCC, Board, FDIC, SEC, and CFTC (individually, an ``Agency,'' and collectively, the ``Agencies'') are requesting comment on a proposal that would amend the regulations implementing section 13 of the Bank Holding Company Act (BHC Act). Section 13... | 2018-13502 | "https://www.govinfo.gov/content/pkg/FR-2018-07-17/pdf/2018-13502.pdf | https://www.federalregister.gov/documents/2018/07/17/2018-13502/proposed-revisions-to-prohibitions-and-restrictions-on-proprietary-trading-and-certain-interests-in | The OCC, Board, FDIC, SEC, and CFTC (individually, an ``Agency,'' and collectively, the ``Agencies'') are requesting comment on a proposal that would amend the regulations implementing section 13 of the Bank Holding Company Act (BHC Act). Section 13 contains certain restrictions on the ability of a banking entity and nonbank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. The proposed amendments are intended to provide banking entities with clarity about what activities are prohibited and to improve supervision and implementation of section 13. |
| 2018-07-17 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Adoption of Updated EDGAR Filer Manual | The Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules. The EDGAR system is scheduled to be upgraded on July 9, 2018. | 2018-15247 | "https://www.govinfo.gov/content/pkg/FR-2018-07-17/pdf/2018-15247.pdf | https://www.federalregister.gov/documents/2018/07/17/2018-15247/adoption-of-updated-edgar-filer-manual | The Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules. The EDGAR system is scheduled to be upgraded on July 9, 2018. |
| 2018-07-10 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Investment Company Liquidity Disclosure | The Securities and Exchange Commission (``Commission'') is adopting amendments to its forms designed to improve the reporting and disclosure of liquidity information by registered open-end investment companies. The Commission is adopting a new... | 2018-14366 | "https://www.govinfo.gov/content/pkg/FR-2018-07-10/pdf/2018-14366.pdf | https://www.federalregister.gov/documents/2018/07/10/2018-14366/investment-company-liquidity-disclosure | The Securities and Exchange Commission (``Commission'') is adopting amendments to its forms designed to improve the reporting and disclosure of liquidity information by registered open-end investment companies. The Commission is adopting a new requirement that funds disclose information about the operation and effectiveness of their liquidity risk management program in their reports to shareholders. The Commission in turn is rescinding the requirement in Form N-PORT under the Investment Company Act of 1940 that funds publicly disclose aggregate liquidity classification information about their portfolios. In addition, the Commission is adopting amendments to Form N-PORT that will allow funds classifying the liquidity of their investments pursuant to their liquidity risk management programs to report multiple liquidity classification categories for a single position under specified circumstances. The Commission also is adding a new requirement to Form N-PORT that funds and other registrants report their holdings of cash and cash equivalents. |
| 2018-07-10 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Smaller Reporting Company Definition | We are adopting amendments to the definition of ``smaller reporting company'' as used in our rules and regulations. The amendments expand the number of registrants that qualify as smaller reporting companies and are intended to reduce compliance costs... | 2018-14306 | "https://www.govinfo.gov/content/pkg/FR-2018-07-10/pdf/2018-14306.pdf | https://www.federalregister.gov/documents/2018/07/10/2018-14306/smaller-reporting-company-definition | We are adopting amendments to the definition of ``smaller reporting company'' as used in our rules and regulations. The amendments expand the number of registrants that qualify as smaller reporting companies and are intended to reduce compliance costs for these registrants and promote capital formation, while maintaining appropriate investor protections. We are amending the definition of ``smaller reporting company'' to include registrants with a public float of less than $250 million, as well as registrants with annual revenues of less than $100 million for the previous year and either no public float or a public float of less than $700 million. We also are amending other rules and forms in light of the new definition of ``smaller reporting company,'' including amendments to the definitions of ``accelerated filer'' and ``large accelerated filer'' to preserve the existing thresholds in those definitions. Qualifying as a ``smaller reporting company'' will no longer automatically make a registrant a non-accelerated filer. The Chairman, however, has directed the staff to formulate recommendations to the Commission for possible additional changes to the ``accelerated filer'' definition that, if adopted, would have the effect of reducing the number of registrants that qualify as accelerated filers. |
| 2018-07-03 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Financial Surveillance Examination Program Requirements for Self-Regulatory Organizations | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend its regulations governing the minimum standards for a self-regulatory organization's (``SRO'') financial surveillance examination program of futures commission... | 2018-14272 | "https://www.govinfo.gov/content/pkg/FR-2018-07-03/pdf/2018-14272.pdf | https://www.federalregister.gov/documents/2018/07/03/2018-14272/financial-surveillance-examination-program-requirements-for-self-regulatory-organizations | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend its regulations governing the minimum standards for a self-regulatory organization's (``SRO'') financial surveillance examination program of futures commission merchants (``FCMs''). The proposed amendments would revise the scope of a third- party expert's evaluation of the SRO's financial surveillance program to cover only the examination standards used by SRO staff in conducting FCM examinations. The proposed amendments also would revise the minimum timeframes between when an SRO must engage a third-party expert to evaluate its FCM examination standards. |
| 2018-06-29 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Adaptation of Regulations to Incorporate Swaps; Correction | On November 2, 2012, the Commodity Futures Trading Commission revised its rules. That document inadvertently failed to remove several obsolete provisions in the regulation. This document corrects the final regulations. | 2018-13256 | "https://www.govinfo.gov/content/pkg/FR-2018-06-29/pdf/2018-13256.pdf | https://www.federalregister.gov/documents/2018/06/29/2018-13256/adaptation-of-regulations-to-incorporate-swaps-correction | On November 2, 2012, the Commodity Futures Trading Commission revised its rules. That document inadvertently failed to remove several obsolete provisions in the regulation. This document corrects the final regulations. |
| 2018-06-28 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Amendments to the Commission's Freedom of Information Act Regulations | The Securities and Exchange Commission (``Commission'' or ``SEC'') is adopting amendments to the Commission's regulations under the Freedom of Information Act (``FOIA''). The Commission is amending the FOIA regulations to reflect changes required by... | 2018-13943 | "https://www.govinfo.gov/content/pkg/FR-2018-06-28/pdf/2018-13943.pdf | https://www.federalregister.gov/documents/2018/06/28/2018-13943/amendments-to-the-commissions-freedom-of-information-act-regulations | The Securities and Exchange Commission (``Commission'' or ``SEC'') is adopting amendments to the Commission's regulations under the Freedom of Information Act (``FOIA''). The Commission is amending the FOIA regulations to reflect changes required by the FOIA Improvement Act of 2016 (``Improvement Act'') and to clarify, update, and streamline the regulations. |
| 2018-06-22 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Optional Internet Availability of Investment Company Shareholder Reports | The Securities and Exchange Commission is adopting new rule 30e-3 under the Investment Company Act of 1940. Subject to conditions, new rule 30e-3 will provide certain registered investment companies with an optional method to satisfy their obligations... | 2018-12423 | "https://www.govinfo.gov/content/pkg/FR-2018-06-22/pdf/2018-12423.pdf | https://www.federalregister.gov/documents/2018/06/22/2018-12423/optional-internet-availability-of-investment-company-shareholder-reports | The Securities and Exchange Commission is adopting new rule 30e-3 under the Investment Company Act of 1940. Subject to conditions, new rule 30e-3 will provide certain registered investment companies with an optional method to satisfy their obligations to transmit shareholder reports by making such reports and other materials accessible at a website address specified in a notice to investors. We are also adopting amendments to rule 498 under the Securities Act of 1933 and our fund registration forms to require that during a certain transition period funds that choose to implement the new delivery method for shareholder reports provide prominent disclosures in prospectuses and certain other shareholder documents that will notify investors of the upcoming change in transmission format for a period of two years. New rule 30e-3 and the amendments to rule 498 and our registration forms address the fact that some investors may wish to receive shareholder reports in paper. As such, the new rule incorporates a set of protections so that investors who prefer to receive reports in paper will continue to receive them in that format. These protections include, among others, a minimum length phase-in period that ends no earlier than December 31, 2020 and notice requirements that must be implemented and followed beginning January 1, 2019, or the date shares are first publicly offered, if a registered investment company would want to use new rule 30e-3 as of January 1, 2021. The rule requires that a paper notice be sent to an investor each time a current shareholder report is accessible online. The notice must include instructions for how an investor can elect--at any time--to receive all future reports in paper, or request to receive particular reports in paper on an ad hoc basis. We are also adopting related amendments to certain other rules and forms. This optional method is intended to modernize the manner in which periodic information is made available to investors, which we believe will improve investors' experience while reducing expenses associated with printing and mailing shareholder reports that are borne by investment companies and ultimately their investors. |
| 2018-06-12 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | De Minimis Exception to the Swap Dealer Definition | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend the de minimis exception within the ``swap dealer'' definition in the Commission's regulations by: Setting the aggregate gross notional amount threshold for the... | 2018-12362 | "https://www.govinfo.gov/content/pkg/FR-2018-06-12/pdf/2018-12362.pdf | https://www.federalregister.gov/documents/2018/06/12/2018-12362/de-minimis-exception-to-the-swap-dealer-definition | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend the de minimis exception within the ``swap dealer'' definition in the Commission's regulations by: Setting the aggregate gross notional amount threshold for the de minimis exception at $8 billion in swap dealing activity entered into by a person over the preceding 12 months; excepting from consideration when calculating the aggregate gross notional amount of a person's swap dealing activity for purposes of the de minimis threshold: Swaps entered into with a customer by an insured depository institution in connection with originating a loan to that customer; swaps entered into to hedge financial or physical positions; and swaps resulting from multilateral portfolio compression exercises; and providing that the Commission may determine the methodology to be used to calculate the notional amount for any group, category, type, or class of swaps, and delegating to the Director of the Division of Swap Dealer and Intermediary Oversight (``DSIO'') the authority to make such determinations (collectively, the ``Proposal''). In addition, the Commission is seeking comment on the following additional potential changes to the de minimis exception: Adding a minimum dealing counterparty count threshold and a minimum dealing transaction count threshold; excepting from consideration when calculating the aggregate gross notional amount for purposes of the de minimis threshold swaps that are exchange-traded and/or cleared; and excepting from consideration when calculating the aggregate gross notional amount for purposes of the de minimis threshold swaps that are categorized as non- deliverable forward transactions. |
| 2018-06-12 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Amendments to the Swap Data Access Provisions of Part 49 and Certain Other Matters | Pursuant to Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''), as amended by the Fixing America's Surface Transportation Act of 2015 (``FAST Act''), the Commodity Futures Trading Commission... | 2018-12377 | "https://www.govinfo.gov/content/pkg/FR-2018-06-12/pdf/2018-12377.pdf | https://www.federalregister.gov/documents/2018/06/12/2018-12377/amendments-to-the-swap-data-access-provisions-of-part-49-and-certain-other-matters | Pursuant to Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''), as amended by the Fixing America's Surface Transportation Act of 2015 (``FAST Act''), the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending the Commission's regulations relating to access to swap data held by swap data repositories (``SDRs''). The amendments implement pertinent provisions of the FAST Act and make associated changes to the Commission's regulations governing the grant of access to swap data to certain foreign and domestic authorities by SDRs, as well as changes to certain other regulations unrelated to such access. |
| 2018-06-11 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Request for Comment on Fund Retail Investor Experience and Disclosure | The Securities and Exchange Commission (``Commission'') is seeking public comment from individual investors and other interested parties on enhancing disclosures by mutual funds, exchange-traded funds (``ETFs''), and other types of investment funds to... | 2018-12408 | "https://www.govinfo.gov/content/pkg/FR-2018-06-11/pdf/2018-12408.pdf | https://www.federalregister.gov/documents/2018/06/11/2018-12408/request-for-comment-on-fund-retail-investor-experience-and-disclosure | The Securities and Exchange Commission (``Commission'') is seeking public comment from individual investors and other interested parties on enhancing disclosures by mutual funds, exchange-traded funds (``ETFs''), and other types of investment funds to improve the investor experience and to help investors make more informed investment decisions. Specifically, we are seeking comment to learn how investors, like you, use these disclosures and how you believe funds can improve disclosures to help you make investment decisions. We are particularly interested in your input on the delivery, design, and content of fund disclosures. In addition to or in place of responses to questions in this release, investors seeking to comment on the investor experience and improving fund disclosure may want to submit a short Feedback Flier on Improving Fund Disclosure. |
| 2018-06-08 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Covered Investment Fund Research Reports | As directed by Congress pursuant to the Fair Access to Investment Research Act of 2017, the Commission is proposing a new rule under the Securities Act of 1933. If adopted, the proposal would establish a safe harbor for an unaffiliated broker or dealer... | 2018-11497 | "https://www.govinfo.gov/content/pkg/FR-2018-06-08/pdf/2018-11497.pdf | https://www.federalregister.gov/documents/2018/06/08/2018-11497/covered-investment-fund-research-reports | As directed by Congress pursuant to the Fair Access to Investment Research Act of 2017, the Commission is proposing a new rule under the Securities Act of 1933. If adopted, the proposal would establish a safe harbor for an unaffiliated broker or dealer participating in a securities offering of a ``covered investment fund'' to publish or distribute a ``covered investment fund research report.'' If the conditions for the safe harbor are satisfied, this publication or distribution would be deemed not to be an offer for sale or offer to sell the covered investment fund's securities for purposes of sections 2(a)(10) and 5(c) of the Securities Act of 1933. The Commission is also proposing a new rule under the Investment Company Act of 1940. This proposal would exclude a covered investment fund research report from the coverage of section 24(b) of the Investment Company Act (or the rules and regulations thereunder), except to the extent the research report is otherwise not subject to the content standards in self- regulatory organization rules related to research reports, including those contained in the rules governing communications with the public regarding investment companies or substantially similar standards. We are also proposing a conforming amendment. |
| 2018-06-01 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Technical Amendments to Rules of Practice and Rules of Organization; Conduct and Ethics; and Information and Requests | The Securities and Exchange Commission (``SEC'' or ``Commission'') is making technical amendments to certain rules of organization and rules of practice to indicate that Commission materials will no longer be compiled and published as the ``SEC... | 2018-11618 | "https://www.govinfo.gov/content/pkg/FR-2018-06-01/pdf/2018-11618.pdf | https://www.federalregister.gov/documents/2018/06/01/2018-11618/technical-amendments-to-rules-of-practice-and-rules-of-organization-conduct-and-ethics-and | The Securities and Exchange Commission (``SEC'' or ``Commission'') is making technical amendments to certain rules of organization and rules of practice to indicate that Commission materials will no longer be compiled and published as the ``SEC Docket'' (``SEC Docket'' or ``Docket''), but will continue to be available on the SEC public website. |
| 2018-05-23 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is seeking comment on proposed amendments to the margin requirements for uncleared swaps for swap dealers (``SD'') and major swap participants (``MSP'') for which there is no... | 2018-10995 | "https://www.govinfo.gov/content/pkg/FR-2018-05-23/pdf/2018-10995.pdf | https://www.federalregister.gov/documents/2018/05/23/2018-10995/margin-requirements-for-uncleared-swaps-for-swap-dealers-and-major-swap-participants | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is seeking comment on proposed amendments to the margin requirements for uncleared swaps for swap dealers (``SD'') and major swap participants (``MSP'') for which there is no prudential regulator (``CFTC Margin Rule''). The Commission is proposing these amendments in light of the rules recently adopted by the Board of Governors of the Federal Reserve System (``Board''), the Federal Deposit Insurance Corporation (``FDIC''), and the Office of the Comptroller of the Currency (``OCC'') (collectively, the ``QFC Rules'') that impose restrictions on certain uncleared swaps and uncleared security-based swaps and other financial contracts. Specifically, the Commission proposes to amend the definition of ``eligible master netting agreement'' in the CFTC Margin Rule to ensure that master netting agreements of firms subject to the CFTC Margin Rule are not excluded from the definition of ``eligible master netting agreement'' based solely on such agreements' compliance with the QFC Rules. The Commission also proposes that any legacy uncleared swap (i.e., an uncleared swap entered into before the applicable compliance date of the CFTC Margin Rule) that is not now subject to the margin requirements of the CFTC Margin Rule would not become so subject if it is amended solely to comply with the QFC Rules. These proposed amendments are consistent with proposed amendments that the Board, FDIC, OCC, the Farm Credit Administration (``FCA''), and the Federal Housing Finance Agency (``FHFA'' and, together with the Board, FDIC, OCC, and FCA, the ``Prudential Regulators''), jointly published in the Federal Register on February 21, 2018. |
| 2018-05-23 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Form CRS Relationship Summary; Amendments to Form ADV; Required Disclosures in Retail Communications and Restrictions on the Use of Certain Names or Titles | | C1-2018-08583 | "https://www.govinfo.gov/content/pkg/FR-2018-05-23/pdf/C1-2018-08583.pdf | https://www.federalregister.gov/documents/2018/05/23/C1-2018-08583/form-crs-relationship-summary-amendments-to-form-adv-required-disclosures-in-retail-communications | |
| 2018-05-22 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Foreign Futures and Options Transactions | The Commodity Futures Trading Commission (Commission or CFTC) is granting an exemption to certain member firms designated by the National Stock Exchange of India Ltd. (NSE) from the application of certain of the Commission's foreign futures and option... | 2018-10902 | "https://www.govinfo.gov/content/pkg/FR-2018-05-22/pdf/2018-10902.pdf | https://www.federalregister.gov/documents/2018/05/22/2018-10902/foreign-futures-and-options-transactions | The Commodity Futures Trading Commission (Commission or CFTC) is granting an exemption to certain member firms designated by the National Stock Exchange of India Ltd. (NSE) from the application of certain of the Commission's foreign futures and option regulations based upon substituted compliance with certain comparable regulatory and self-regulatory requirements of a foreign regulatory authority consistent with conditions specified by the Commission, as set forth herein. This Order is issued pursuant to Commission Regulation 30.10, which permit persons to file a petition with the Commission for exemption from the application of certain of the Regulations set forth in part 30 and authorizes the Commission to grant such an exemption if such action would not be otherwise contrary to the public interest or to the purposes of the provision from which exemption is sought. The Commission notes that this Order does not pertain to any transaction in swaps, as defined in Section 1a(47) of the Commodity Exchange Act (Act). |
| 2018-05-17 | Proposed Rule | LIBRARY OF CONGRESS | Library of Congress | Determination of Royalty Rates and Terms for Making Ephemeral Copies of Sound Recordings for Transmission to Business Establishments (Business Establishments III) | The Copyright Royalty Judges (Judges) publish for comment proposed regulations that set rates and terms for the making of an ephemeral recording of a sound recording by a business establishment service for the period January 1, 2019, through December... | 2018-10509 | "https://www.govinfo.gov/content/pkg/FR-2018-05-17/pdf/2018-10509.pdf | https://www.federalregister.gov/documents/2018/05/17/2018-10509/determination-of-royalty-rates-and-terms-for-making-ephemeral-copies-of-sound-recordings-for | The Copyright Royalty Judges (Judges) publish for comment proposed regulations that set rates and terms for the making of an ephemeral recording of a sound recording by a business establishment service for the period January 1, 2019, through December 31, 2023. |
| 2018-05-14 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Amendments to Forms and Schedules To Remove Provision of Certain Personally Identifiable Information | We are adopting revisions to forms filed under the Securities Exchange Act of 1934 (``Exchange Act'') to eliminate the portion of those forms that requests filers to furnish certain personally identifiable information (``PII'') of natural persons,... | 2018-10227 | "https://www.govinfo.gov/content/pkg/FR-2018-05-14/pdf/2018-10227.pdf | https://www.federalregister.gov/documents/2018/05/14/2018-10227/amendments-to-forms-and-schedules-to-remove-provision-of-certain-personally-identifiable-information | We are adopting revisions to forms filed under the Securities Exchange Act of 1934 (``Exchange Act'') to eliminate the portion of those forms that requests filers to furnish certain personally identifiable information (``PII'') of natural persons, including Social Security numbers. |
| 2018-05-09 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Form CRS Relationship Summary; Amendments to Form ADV; Required Disclosures in Retail Communications and Restrictions on the Use of Certain Names or Titles | The Securities and Exchange Commission (``Commission'') is proposing new and amended rules and forms under both the Investment Advisers Act of 1940 (``Advisers Act'') and the Securities Exchange Act of 1934 (``Exchange Act'') to require registered... | 2018-08583 | "https://www.govinfo.gov/content/pkg/FR-2018-05-09/pdf/2018-08583.pdf | https://www.federalregister.gov/documents/2018/05/09/2018-08583/form-crs-relationship-summary-amendments-to-form-adv-required-disclosures-in-retail-communications | The Securities and Exchange Commission (``Commission'') is proposing new and amended rules and forms under both the Investment Advisers Act of 1940 (``Advisers Act'') and the Securities Exchange Act of 1934 (``Exchange Act'') to require registered investment advisers and registered broker-dealers (together, ``firms'') to provide a brief relationship summary to retail investors to inform them about the relationships and services the firm offers, the standard of conduct and the fees and costs associated with those services, specified conflicts of interest, and whether the firm and its financial professionals currently have reportable legal or disciplinary events. Retail investors would receive a relationship summary at the beginning of a relationship with a firm, and would receive updated information following a material change. The relationship summary would be subject to Commission filing and recordkeeping requirements. The Commission also is proposing two rules to reduce investor confusion in the marketplace for firm services, a new rule under the Exchange Act that would restrict broker-dealers and associated natural persons of broker- dealers, when communicating with a retail investor, from using the term ``adviser'' or ``advisor'' in specified circumstances; and new rules under the Exchange Act and Advisers Act that would require broker- dealers and investment advisers, and their associated natural persons and supervised persons, respectively, to disclose, in retail investor communications, the firm's registration status with the Commission and an associated natural person's and/or supervised person's relationship with the firm. |
| 2018-05-09 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Proposed Commission Interpretation Regarding Standard of Conduct for Investment Advisers; Request for Comment on Enhancing Investment Adviser Regulation | The Securities and Exchange Commission (the ``SEC'' or the ``Commission'') is publishing for comment a proposed interpretation of the standard of conduct for investment advisers under the Investment Advisers Act of 1940 (the ``Advisers Act'' or the... | 2018-08679 | "https://www.govinfo.gov/content/pkg/FR-2018-05-09/pdf/2018-08679.pdf | https://www.federalregister.gov/documents/2018/05/09/2018-08679/proposed-commission-interpretation-regarding-standard-of-conduct-for-investment-advisers-request-for | The Securities and Exchange Commission (the ``SEC'' or the ``Commission'') is publishing for comment a proposed interpretation of the standard of conduct for investment advisers under the Investment Advisers Act of 1940 (the ``Advisers Act'' or the ``Act''). The Commission also is requesting comment on: Licensing and continuing education requirements for personnel of SEC- registered investment advisers; delivery of account statements to clients with investment advisory accounts; and financial responsibility requirements for SEC-registered investment advisers, including fidelity bonds. |
| 2018-05-09 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Regulation Best Interest | We are proposing a new rule under the Securities Exchange Act of 1934 (``Exchange Act'') establishing a standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when making a recommendation of any... | 2018-08582 | "https://www.govinfo.gov/content/pkg/FR-2018-05-09/pdf/2018-08582.pdf | https://www.federalregister.gov/documents/2018/05/09/2018-08582/regulation-best-interest | We are proposing a new rule under the Securities Exchange Act of 1934 (``Exchange Act'') establishing a standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when making a recommendation of any securities transaction or investment strategy involving securities to a retail customer. |
| 2018-05-08 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Auditor Independence With Respect to Certain Loans or Debtor-Creditor Relationships | The Securities and Exchange Commission (``Commission'') is proposing to amend its auditor independence rules to refocus the analysis that must be conducted to determine whether an auditor is independent when the auditor has a lending relationship with... | 2018-09721 | "https://www.govinfo.gov/content/pkg/FR-2018-05-08/pdf/2018-09721.pdf | https://www.federalregister.gov/documents/2018/05/08/2018-09721/auditor-independence-with-respect-to-certain-loans-or-debtor-creditor-relationships | The Securities and Exchange Commission (``Commission'') is proposing to amend its auditor independence rules to refocus the analysis that must be conducted to determine whether an auditor is independent when the auditor has a lending relationship with certain shareholders of an audit client at any time during an audit or professional engagement period. The proposed amendments would focus the analysis solely on beneficial ownership rather than on both record and beneficial ownership; replace the existing 10 percent bright-line shareholder ownership test with a ``significant influence'' test; add a ``known through reasonable inquiry'' standard with respect to identifying beneficial owners of the audit client's equity securities; and amend the definition of ``audit client'' for a fund under audit to exclude funds that otherwise would be considered affiliates of the audit client. The Commission is also requesting comment on certain other potential amendments to its auditor independence rules. |
| 2018-03-26 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Transaction Fee Pilot for NMS Stocks | The Securities and Exchange Commission (``Commission'' or ``SEC'') is proposing to conduct a Transaction Fee Pilot for National Market System (``NMS'') stocks to study the effects that transaction- based fees and rebates may have on, and the effects... | 2018-05545 | "https://www.govinfo.gov/content/pkg/FR-2018-03-26/pdf/2018-05545.pdf | https://www.federalregister.gov/documents/2018/03/26/2018-05545/transaction-fee-pilot-for-nms-stocks | The Securities and Exchange Commission (``Commission'' or ``SEC'') is proposing to conduct a Transaction Fee Pilot for National Market System (``NMS'') stocks to study the effects that transaction- based fees and rebates may have on, and the effects that changes to those fees and rebates may have on, order routing behavior, execution quality, and market quality more generally. The data generated by the proposed pilot should help inform the Commission, as well as market participants and the public, about any such effects and thereby facilitate a data-driven evaluation of the need for regulatory action in this area. |
| 2018-03-19 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Investment Company Liquidity Disclosure | The Securities and Exchange Commission is proposing amendments to its forms designed to improve the reporting and disclosure of liquidity information by registered open-end investment companies. The Commission is proposing a new requirement that funds... | 2018-05511 | "https://www.govinfo.gov/content/pkg/FR-2018-03-19/pdf/2018-05511.pdf | https://www.federalregister.gov/documents/2018/03/19/2018-05511/investment-company-liquidity-disclosure | The Securities and Exchange Commission is proposing amendments to its forms designed to improve the reporting and disclosure of liquidity information by registered open-end investment companies. The Commission is proposing a new requirement that funds disclose information about the operation and effectiveness of their liquidity risk management program in their annual reports to shareholders. The Commission in turn is proposing to rescind the current requirement in Form N-PORT under the Investment Company Act of 1940 that funds publicly disclose aggregate liquidity classification information about their portfolios, in light of concerns about the usefulness of that information for investors. In addition, the Commission is proposing amendments to Form N-PORT that would allow funds classifying the liquidity of their investments pursuant to their liquidity risk management programs required by rule 22e-4 under the Investment Company Act of 1940 to report on Form N-PORT multiple liquidity classification categories for a single position under certain specified circumstances. Finally, the Commission is proposing to add to Form N-PORT a new requirement that funds and other registrants report their holdings of cash and cash equivalents. |
| 2018-03-16 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Adoption of Updated EDGAR Filer Manual | The Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules. The EDGAR system is scheduled to be upgraded on March 12, 2018. | 2018-05238 | "https://www.govinfo.gov/content/pkg/FR-2018-03-16/pdf/2018-05238.pdf | https://www.federalregister.gov/documents/2018/03/16/2018-05238/adoption-of-updated-edgar-filer-manual | The Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules. The EDGAR system is scheduled to be upgraded on March 12, 2018. |
| 2018-03-06 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Annual Adjustment of Civil Monetary Penalties to Reflect Inflation-2018 | The Commodity Futures Trading Commission (Commission) is amending Rule 143.8, its rule that governs the maximum amount of civil monetary penalties, to adjust for inflation. This rule sets forth the maximum, inflation-adjusted dollar amount for civil... | 2018-04480 | "https://www.govinfo.gov/content/pkg/FR-2018-03-06/pdf/2018-04480.pdf | https://www.federalregister.gov/documents/2018/03/06/2018-04480/annual-adjustment-of-civil-monetary-penalties-to-reflect-inflation-2018 | The Commodity Futures Trading Commission (Commission) is amending Rule 143.8, its rule that governs the maximum amount of civil monetary penalties, to adjust for inflation. This rule sets forth the maximum, inflation-adjusted dollar amount for civil monetary penalties (CMPs) assessable for violations of the Commodity Exchange Act (CEA) and Commission rules, regulations and orders thereunder. The rule, as amended, implements the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended. |
| 2018-02-27 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Investment Company Liquidity Risk Management Programs; Commission Guidance for In-Kind ETFs | The Securities and Exchange Commission is adopting an interim final rule that revises the compliance date for the requirements of rule 22e-4 for classification, highly liquid investment minimum, and board approval, as well as related reporting... | 2018-03917 | "https://www.govinfo.gov/content/pkg/FR-2018-02-27/pdf/2018-03917.pdf | https://www.federalregister.gov/documents/2018/02/27/2018-03917/investment-company-liquidity-risk-management-programs-commission-guidance-for-in-kind-etfs | The Securities and Exchange Commission is adopting an interim final rule that revises the compliance date for the requirements of rule 22e-4 for classification, highly liquid investment minimum, and board approval, as well as related reporting requirements of Part D on Form N-LIQUID and liquidity disclosures on Form N-PORT under the Investment Company Act of 1940. The revised compliance date will be June 1, 2019, for larger entities (revised from December 1, 2018) and December 1, 2019, for smaller entities (revised from June 1, 2019). The Commission is not extending the compliance date for the other provisions of rule 22e-4 and Form N-LIQUID, and liquidity-related changes to Form N-CEN--which remain December 1, 2018 for larger entities and June 1, 2019 for smaller entities. The Commission also is not extending the compliance date for the liquidity-related provisions of Form N-1A, which has already passed. Finally, the Commission is providing guidance to assist funds that will not be engaging in full portfolio classification before the revised compliance date, and In- Kind ETFs, which are not required to engage in full portfolio classification, in identifying illiquid investments for purposes of complying with the 15% illiquid investment limit. |
| 2018-02-26 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Commission Statement and Guidance on Public Company Cybersecurity Disclosures | The Securities and Exchange Commission (the ``Commission'') is publishing interpretive guidance to assist public companies in preparing disclosures about cybersecurity risks and incidents. | 2018-03858 | "https://www.govinfo.gov/content/pkg/FR-2018-02-26/pdf/2018-03858.pdf | https://www.federalregister.gov/documents/2018/02/26/2018-03858/commission-statement-and-guidance-on-public-company-cybersecurity-disclosures | The Securities and Exchange Commission (the ``Commission'') is publishing interpretive guidance to assist public companies in preparing disclosures about cybersecurity risks and incidents. |
| 2018-02-23 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Definitions | The Commodity Futures Trading Commission (the ``Commission'') is amending its primary definitions regulation to make it more user- friendly both to industry and the public. Specifically, the Commission is amending the primary definitions regulation to... | 2018-03590 | "https://www.govinfo.gov/content/pkg/FR-2018-02-23/pdf/2018-03590.pdf | https://www.federalregister.gov/documents/2018/02/23/2018-03590/definitions | The Commodity Futures Trading Commission (the ``Commission'') is amending its primary definitions regulation to make it more user- friendly both to industry and the public. Specifically, the Commission is amending the primary definitions regulation to replace the complex and confusing lettering system with a simple alphabetical list; and replacing all existing cross references to any definition within the primary definitions regulation with a general reference to the revised alphabetical list, rather than to a specific lettered paragraph. |
| 2018-01-30 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Amendments to Forms and Schedules To Remove Voluntary Provision of Social Security Numbers | This document makes a technical correction to a form amendment that was published in the Federal Register on July 1, 1997. The Commission adopted revisions to forms and schedules filed under the Securities Act of 1933, the Securities Exchange Act of... | 2018-01681 | "https://www.govinfo.gov/content/pkg/FR-2018-01-30/pdf/2018-01681.pdf | https://www.federalregister.gov/documents/2018/01/30/2018-01681/amendments-to-forms-and-schedules-to-remove-voluntary-provision-of-social-security-numbers | This document makes a technical correction to a form amendment that was published in the Federal Register on July 1, 1997. The Commission adopted revisions to forms and schedules filed under the Securities Act of 1933, the Securities Exchange Act of 1934, related provisions of the Investment Company Act of 1940 and the Public Utility Holding Company Act of 1935, and the Trust Indenture Act of 1939, to eliminate the portion of those forms that requests filers who are natural persons to furnish their Social Security numbers. The 1997 amendment to Form MSD inadvertently omitted the removal of the second of two references to Social Security numbers in the instructions to the form. |
| 2018-01-17 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Adoption of Updated EDGAR Filer Manual | The Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules to reflect updates to the EDGAR system. The EDGAR system is... | 2018-00625 | "https://www.govinfo.gov/content/pkg/FR-2018-01-17/pdf/2018-00625.pdf | https://www.federalregister.gov/documents/2018/01/17/2018-00625/adoption-of-updated-edgar-filer-manual | The Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules to reflect updates to the EDGAR system. The EDGAR system is scheduled to be upgraded on December 11, 2017. |
| 2018-01-16 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Treatment of Certain Communications Involving Security-Based Swaps That May Be Purchased Only by Eligible Contract Participants | We are adopting a rule under the Securities Act of 1933 (``Securities Act'') to provide that certain communications involving security-based swaps will not be deemed to constitute ``offers'' of such security-based swaps for purposes of Section 5 of the... | 2018-00347 | "https://www.govinfo.gov/content/pkg/FR-2018-01-16/pdf/2018-00347.pdf | https://www.federalregister.gov/documents/2018/01/16/2018-00347/treatment-of-certain-communications-involving-security-based-swaps-that-may-be-purchased-only-by | We are adopting a rule under the Securities Act of 1933 (``Securities Act'') to provide that certain communications involving security-based swaps will not be deemed to constitute ``offers'' of such security-based swaps for purposes of Section 5 of the Securities Act. The final rule covers the publication or distribution of price quotes that relate to security-based swaps that may be purchased only by persons who are eligible contract participants (``covered SBS'') and are traded or processed on or through certain trading platforms. The final rule also covers a broker, dealer, or security-based swap dealer's publication or distribution of written communications that discuss covered SBS and that meet the definition of ``research report'' in Rule 139(d) under the Securities Act and certain other conditions. |
| 2018-01-12 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Performance of Certain Functions by the National Futures Association With Respect to the Receipt and Processing of Exchange Disciplinary and Access Denial Action Information | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is updating the delegation it issued in 1999 to the National Futures Association (``NFA'') regarding the duty to receive and to process exchange disciplinary and access denial action... | 2018-00468 | "https://www.govinfo.gov/content/pkg/FR-2018-01-12/pdf/2018-00468.pdf | https://www.federalregister.gov/documents/2018/01/12/2018-00468/performance-of-certain-functions-by-the-national-futures-association-with-respect-to-the-receipt-and | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is updating the delegation it issued in 1999 to the National Futures Association (``NFA'') regarding the duty to receive and to process exchange disciplinary and access denial action information. The delegation is being updated to clarify, among other things, that designated contract market (``DCM'') and swap execution facility (``SEF'') disciplinary and access denial notices must be filed with the NFA instead of the Commission. The NFA will continue to serve as the official custodian of records for exchange disciplinary filings. |
| 2018-01-12 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Technical Amendments to Rules on Registration and Review of Exchange Disciplinary, Access Denial, or Other Adverse Actions | The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is adopting certain amendments to its rules that, respectively, govern registration of intermediaries and relate to the Commission's review of exchange disciplinary, access denial,... | 2018-00467 | "https://www.govinfo.gov/content/pkg/FR-2018-01-12/pdf/2018-00467.pdf | https://www.federalregister.gov/documents/2018/01/12/2018-00467/technical-amendments-to-rules-on-registration-and-review-of-exchange-disciplinary-access-denial-or | The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is adopting certain amendments to its rules that, respectively, govern registration of intermediaries and relate to the Commission's review of exchange disciplinary, access denial, or other adverse actions. Generally speaking, these amendments are technical in nature. The amendments to both areas of the rules integrate existing advisory guidance. The amendments to the rules on review of exchange disciplinary, access denial, or other adverse actions also incorporate swap execution facilities (``SEFs'') and update provisions currently applicable to designated contract markets (``DCMs''). These final rules also remove numerous outdated cross-references, and add citations to applicable parallel provisions contained in other Commission regulations pertaining to SEFs and DCMs. Additionally, the final rules address the publication of final disciplinary and access denial actions taken by the SEFs and DCMs on their exchange websites. |
| 2018-01-11 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Exemptions From Investment Adviser Registration for Advisers to Small Business Investment Companies | We are adopting amendments to the rule that defines a venture capital fund (rule 203(l)-1) and the rule that implements the private fund adviser exemption (rule 203(m)-1) under the Investment Advisers Act of 1940 (the ``Advisers Act'') in order to... | 2018-00299 | "https://www.govinfo.gov/content/pkg/FR-2018-01-11/pdf/2018-00299.pdf | https://www.federalregister.gov/documents/2018/01/11/2018-00299/exemptions-from-investment-adviser-registration-for-advisers-to-small-business-investment-companies | We are adopting amendments to the rule that defines a venture capital fund (rule 203(l)-1) and the rule that implements the private fund adviser exemption (rule 203(m)-1) under the Investment Advisers Act of 1940 (the ``Advisers Act'') in order to reflect changes made by title LXXIV, sections 74001 and 74002 of the Fixing America's Surface Transportation Act of 2015 (the ``FAST Act''), which amended sections 203(l) and 203(m) of the Advisers Act. Title LXXIV, section 74001 of the FAST Act amended the exemption from investment adviser registration for any adviser solely to one or more ``venture capital funds'' in Advisers Act section 203(l) by deeming ``small business investment companies'' to be ``venture capital funds'' for purposes of the exemption. Accordingly, we are amending the definition of a venture capital fund to include ``small business investment companies.'' Title LXXIV, section 74002 of the FAST Act amended the exemption from investment adviser registration for any adviser solely to ``private funds'' with less than $150 million in assets under management in Advisers Act section 203(m) by excluding the assets of ``small business investment companies'' when calculating ``private fund assets'' towards the registration threshold of $150 million. Accordingly, we are amending the definition of ``assets under management'' in the rule that implements the private fund adviser exemption to exclude the assets of ``small business investment companies.'' |
| 2018-01-11 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Staff Accounting Bulletin No. 117 | This staff accounting bulletin modifies portions of the interpretive guidance included in the Staff Accounting Bulletin Series in order to make the relevant interpretive guidance consistent with authoritative accounting guidance and Securities and... | 2018-00352 | "https://www.govinfo.gov/content/pkg/FR-2018-01-11/pdf/2018-00352.pdf | https://www.federalregister.gov/documents/2018/01/11/2018-00352/staff-accounting-bulletin-no-117 | This staff accounting bulletin modifies portions of the interpretive guidance included in the Staff Accounting Bulletin Series in order to make the relevant interpretive guidance consistent with authoritative accounting guidance and Securities and Exchange Commission rules and regulations. Specifically, the staff is updating the Series in order to bring existing guidance into conformity with the Financial Accounting Standards Board Accounting Standards Codification Topic 321, Investments--Equity Securities. |
| 2018-01-03 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Freedom of Information Act Regulations | The Securities and Exchange Commission (``Commission'' or ``SEC'') is publishing for comment proposed amendments to the Commission's regulations under the Freedom of Information Act (``FOIA''). This rule proposes revisions to the Commission's... | 2017-27967 | "https://www.govinfo.gov/content/pkg/FR-2018-01-03/pdf/2017-27967.pdf | https://www.federalregister.gov/documents/2018/01/03/2017-27967/freedom-of-information-act-regulations | The Securities and Exchange Commission (``Commission'' or ``SEC'') is publishing for comment proposed amendments to the Commission's regulations under the Freedom of Information Act (``FOIA''). This rule proposes revisions to the Commission's regulations under the FOIA to reflect changes required by the FOIA Improvement Act of 2016 (``Improvement Act''); and clarify, update, and streamline the language of several procedural provisions. |
| 2017-12-20 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Retail Commodity Transactions Involving Virtual Currency | The Commodity Futures Trading Commission (the ``Commission'' or ``CFTC'') is issuing this proposed interpretation of the term ``actual delivery'' as set forth in a certain provision of the Commodity Exchange Act (``CEA'') pursuant to the Dodd-Frank... | 2017-27421 | "https://www.govinfo.gov/content/pkg/FR-2017-12-20/pdf/2017-27421.pdf | https://www.federalregister.gov/documents/2017/12/20/2017-27421/retail-commodity-transactions-involving-virtual-currency | The Commodity Futures Trading Commission (the ``Commission'' or ``CFTC'') is issuing this proposed interpretation of the term ``actual delivery'' as set forth in a certain provision of the Commodity Exchange Act (``CEA'') pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''). Specifically, this proposed interpretation is being issued to inform the public of the Commission's views as to the meaning of actual delivery within the specific context of retail commodity transactions in virtual currency. The Commission requests comment on this proposed interpretation and further invites comment on specific questions related to the Commission's treatment of virtual currency transactions. |
| 2017-12-14 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Compliance Date for Form 10-D Hyperlink Requirements | The Securities and Exchange Commission (``Commission'') is publishing this document to inform the public that it has set a compliance date for its previously-adopted exhibit hyperlinking requirements for Form 10-Ds that require hyperlinks to any... | 2017-26982 | "https://www.govinfo.gov/content/pkg/FR-2017-12-14/pdf/2017-26982.pdf | https://www.federalregister.gov/documents/2017/12/14/2017-26982/compliance-date-for-form-10-d-hyperlink-requirements | The Securities and Exchange Commission (``Commission'') is publishing this document to inform the public that it has set a compliance date for its previously-adopted exhibit hyperlinking requirements for Form 10-Ds that require hyperlinks to any exhibits filed with Form ABS-EE. The Commission on March 1, 2017 required registrants that file registration statements and reports subject to the exhibit requirements under Item 601 of Regulation S-K, or that file Forms F-10 or 20-F, to include a hyperlink to each exhibit listed in the exhibit index of these filings, but deferred setting a compliance date with respect to any Form 10-D that will require hyperlinks to any exhibits filed with Form ABS-EE until the Commission announced that technical programming changes to allow issuers to include Form 10-D and Form ABS-EE in a single submission had been completed, and published a notification of the compliance date for Form 10-D in the Federal Register. |
| 2017-12-14 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Investment Company Reporting Modernization | The Securities and Exchange Commission (the ``Commission'') is adopting a temporary final rule that requires funds in larger fund groups to maintain in their records the information that is required to be included in Form N-PORT, in lieu of filing... | 2017-26922 | "https://www.govinfo.gov/content/pkg/FR-2017-12-14/pdf/2017-26922.pdf | https://www.federalregister.gov/documents/2017/12/14/2017-26922/investment-company-reporting-modernization | The Securities and Exchange Commission (the ``Commission'') is adopting a temporary final rule that requires funds in larger fund groups to maintain in their records the information that is required to be included in Form N-PORT, in lieu of filing reports with the Commission, until April 2019. As a result, larger funds groups will be required to begin submitting reports on Form N-PORT on the Electronic Data Gathering, Analysis, and Retrieval (``EDGAR'') system by April 30, 2019, and smaller fund groups will be required to begin submitting reports on Form N-PORT by April 30, 2020. The information that funds in larger fund groups maintain in their records will be subject to examination by the Commission. In addition, the Commission is delaying the rescission of current Form N-Q and delaying the effectiveness of certain amendments to other rules and forms. |
| 2017-11-28 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants; Correction | The Commodity Futures Trading Commission (CFTC or Commission) is correcting a final rule published in the Federal Register on January 6, 2016. The rule, concerning margin requirements for uncleared swaps for swap dealers and major swap participants,... | 2017-25627 | "https://www.govinfo.gov/content/pkg/FR-2017-11-28/pdf/2017-25627.pdf | https://www.federalregister.gov/documents/2017/11/28/2017-25627/margin-requirements-for-uncleared-swaps-for-swap-dealers-and-major-swap-participants-correction | The Commodity Futures Trading Commission (CFTC or Commission) is correcting a final rule published in the Federal Register on January 6, 2016. The rule, concerning margin requirements for uncleared swaps for swap dealers and major swap participants, took effect on April 1, 2016. This correction rectifies errors in cross-references in a particular section of the final rule. |
| 2017-11-02 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | FAST Act Modernization and Simplification of Regulation S-K | We are proposing amendments based on the recommendations made in the staff's Report on Modernization and Simplification of Regulation S-K, as required by Section 72003 of the Fixing America's Surface Transportation Act. The proposed amendments are... | 2017-22374 | "https://www.govinfo.gov/content/pkg/FR-2017-11-02/pdf/2017-22374.pdf | https://www.federalregister.gov/documents/2017/11/02/2017-22374/fast-act-modernization-and-simplification-of-regulation-s-k | We are proposing amendments based on the recommendations made in the staff's Report on Modernization and Simplification of Regulation S-K, as required by Section 72003 of the Fixing America's Surface Transportation Act. The proposed amendments are intended to modernize and simplify certain disclosure requirements in Regulation S-K, and related rules and forms, in a manner that reduces the costs and burdens on registrants while continuing to provide all material information to investors. The amendments are also intended to improve the readability and navigability of disclosure documents and discourage repetition and disclosure of immaterial information. To provide for a consistent set of rules to govern incorporation by reference and hyperlinking, we are also proposing parallel amendments to several rules and forms applicable to investment companies and investment advisers, including proposed amendments that would require certain investment company filings to be submitted in HyperText Markup Language (``HTML'') format. |
| 2017-10-31 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Order Establishing a New De Minimis Threshold Phase-In Termination Date | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is issuing an order (``Order''), pursuant to the Commission regulation establishing the de minimis exception to the swap dealer definition, to establish December 31, 2019 as the new... | 2017-23660 | "https://www.govinfo.gov/content/pkg/FR-2017-10-31/pdf/2017-23660.pdf | https://www.federalregister.gov/documents/2017/10/31/2017-23660/order-establishing-a-new-de-minimis-threshold-phase-in-termination-date | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is issuing an order (``Order''), pursuant to the Commission regulation establishing the de minimis exception to the swap dealer definition, to establish December 31, 2019 as the new de minimis threshold phase-in termination date. |
| 2017-10-30 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Covered Securities Pursuant to Section 18 of the Securities Act of 1933 | The Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting an amendment to Rule 146 under Section 18 of the Securities Act of 1933, as amended (``Securities Act''), to designate certain securities listed, or authorized for listing,... | 2017-23507 | "https://www.govinfo.gov/content/pkg/FR-2017-10-30/pdf/2017-23507.pdf | https://www.federalregister.gov/documents/2017/10/30/2017-23507/covered-securities-pursuant-to-section-18-of-the-securities-act-of-1933 | The Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting an amendment to Rule 146 under Section 18 of the Securities Act of 1933, as amended (``Securities Act''), to designate certain securities listed, or authorized for listing, on Investors Exchange LLC (``IEX'' or ``Exchange'') as covered securities for purposes of Section 18(b) of the Securities Act. Covered securities under Section 18(b) of the Securities Act are exempt from state law registration requirements. The Commission also is amending Rule 146 to reflect name changes of certain exchanges referenced in the Rule. |
| 2017-10-02 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Regulation Crowdfunding and Regulation A Relief and Assistance for Victims of Hurricane Harvey, Hurricane Irma, and Hurricane Maria | We are adopting interim final temporary rules for issuers subject to reporting obligations pursuant to Regulation Crowdfunding and Regulation A in order to address the needs of companies directly or indirectly affected by Hurricane Harvey, Hurricane... | 2017-21094 | "https://www.govinfo.gov/content/pkg/FR-2017-10-02/pdf/2017-21094.pdf | https://www.federalregister.gov/documents/2017/10/02/2017-21094/regulation-crowdfunding-and-regulation-a-relief-and-assistance-for-victims-of-hurricane-harvey | We are adopting interim final temporary rules for issuers subject to reporting obligations pursuant to Regulation Crowdfunding and Regulation A in order to address the needs of companies directly or indirectly affected by Hurricane Harvey, Hurricane Irma, or Hurricane Maria. The temporary rules extend the filing deadlines for specified reports and forms due pursuant to Regulation Crowdfunding and Regulation A for certain issuers. |
| 2017-09-29 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Commission Delegated Authority Provisions for Designated Contract Markets' System Safeguards Requirements | The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is adopting final rules to establish a new delegation of authority to Commission staff under the Commission's system safeguards rules to notify each designated contract market... | 2017-20924 | "https://www.govinfo.gov/content/pkg/FR-2017-09-29/pdf/2017-20924.pdf | https://www.federalregister.gov/documents/2017/09/29/2017-20924/commission-delegated-authority-provisions-for-designated-contract-markets-system-safeguards | The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is adopting final rules to establish a new delegation of authority to Commission staff under the Commission's system safeguards rules to notify each designated contract market (``DCM'') of its percentage of the total annual trading volume among all DCMs regulated by the Commission for purposes of whether it is a covered DCM under the system safeguards rules. |
| 2017-09-29 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Adoption of Updated EDGAR Filer Manual | The Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules to reflect updates to the EDGAR system. The EDGAR system is... | 2017-20654 | "https://www.govinfo.gov/content/pkg/FR-2017-09-29/pdf/2017-20654.pdf | https://www.federalregister.gov/documents/2017/09/29/2017-20654/adoption-of-updated-edgar-filer-manual | The Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules to reflect updates to the EDGAR system. The EDGAR system is scheduled to be upgraded on September 11, 2017. |
| 2017-09-27 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Commission Guidance on Pay Ratio Disclosure | The Securities and Exchange Commission is publishing interpretive guidance to assist registrants in preparation of their pay ratio disclosures required by Item 402(u) of Regulation S-K. | 2017-20632 | "https://www.govinfo.gov/content/pkg/FR-2017-09-27/pdf/2017-20632.pdf | https://www.federalregister.gov/documents/2017/09/27/2017-20632/commission-guidance-on-pay-ratio-disclosure | The Securities and Exchange Commission is publishing interpretive guidance to assist registrants in preparation of their pay ratio disclosures required by Item 402(u) of Regulation S-K. |
| 2017-08-29 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Commission Guidance Regarding Revenue Recognition for Bill-and-Hold Arrangements | The Commission is publishing this interpretive release in order to bring existing guidance into conformity with Financial Accounting Standards Board Accounting Standards Codification Topic 606, Revenue from Contracts with Customers. Upon adoption of... | 2017-17913 | "https://www.govinfo.gov/content/pkg/FR-2017-08-29/pdf/2017-17913.pdf | https://www.federalregister.gov/documents/2017/08/29/2017-17913/commission-guidance-regarding-revenue-recognition-for-bill-and-hold-arrangements | The Commission is publishing this interpretive release in order to bring existing guidance into conformity with Financial Accounting Standards Board Accounting Standards Codification Topic 606, Revenue from Contracts with Customers. Upon adoption of Accounting Standards Codification Topic 606, registrants should no longer rely on the guidance in Securities Exchange Act Release No. 23507 and Accounting and Auditing Enforcement Release No. 108, In the Matter of Stewart Parness, which set forth the criteria to be met in order to recognize revenue when delivery has not occurred. |
| 2017-08-29 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Updates to Commission Guidance Regarding Accounting for Sales of Vaccines and Bioterror Countermeasures to the Federal Government for Placement Into the Pediatric Vaccine Stockpile or the Strategic National Stockpile | The Securities and Exchange Commission is publishing this interpretive release to update previously issued guidance with respect to accounting for sales of vaccines and bioterror countermeasures to the Federal Government for placement into stockpiles... | 2017-17914 | "https://www.govinfo.gov/content/pkg/FR-2017-08-29/pdf/2017-17914.pdf | https://www.federalregister.gov/documents/2017/08/29/2017-17914/updates-to-commission-guidance-regarding-accounting-for-sales-of-vaccines-and-bioterror | The Securities and Exchange Commission is publishing this interpretive release to update previously issued guidance with respect to accounting for sales of vaccines and bioterror countermeasures to the Federal Government for placement into stockpiles related to the Vaccines for Children Program or the Strategic National Stockpile. This update is being provided to bring existing guidance into conformity with Financial Accounting Standards Board's Accounting Standards Codification Topic 606, Revenue from Contracts with Customers. This guidance is applicable upon a registrant's adoption of Accounting Standards Codification Topic 606 and is applicable to all arrangements for which revenue is recognized in accordance with Accounting Standards Codification Topic 606. |
| 2017-08-29 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Staff Accounting Bulletin No. 116 | This staff accounting bulletin modifies portions of the interpretive guidance included in the Staff Accounting Bulletin Series in order to make the relevant interpretive guidance consistent with authoritative accounting guidance and Securities and... | 2017-17912 | "https://www.govinfo.gov/content/pkg/FR-2017-08-29/pdf/2017-17912.pdf | https://www.federalregister.gov/documents/2017/08/29/2017-17912/staff-accounting-bulletin-no-116 | This staff accounting bulletin modifies portions of the interpretive guidance included in the Staff Accounting Bulletin Series in order to make the relevant interpretive guidance consistent with authoritative accounting guidance and Securities and Exchange Commission rules and regulations. Specifically, the staff is updating the Series in order to bring existing guidance into conformity with the Financial Accounting Standards Board Accounting Standards Codification Topic 606, Revenue from Contracts with Customers. |
| 2017-07-28 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Adoption of Updated EDGAR Filer Manual | The Securities and Exchange Commission (``the Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being... | 2017-15862 | "https://www.govinfo.gov/content/pkg/FR-2017-07-28/pdf/2017-15862.pdf | https://www.federalregister.gov/documents/2017/07/28/2017-15862/adoption-of-updated-edgar-filer-manual | The Securities and Exchange Commission (``the Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made primarily to reflect amendments made to several forms under the Securities Act of 1933 (``Securities Act'') and the Securities Exchange Act of 1934 (``Exchange Act'') to effectuate inflation adjustments and other technical amendments required under Titles I and III of the Jumpstart Our Business Startups (``JOBS'') Act; support recent updates to Form C and Form D; includes instructions for hyperlinking to exhibits included with certain Securities Act and Exchange Act forms and makes certain corrective changes to previously revised sections. The revised EDGAR Filer Manual also announces updates to the technical specifications for the ABS-EE schema and terminates support for US-GAAP-2015, EXCH-2015, CURRENCY-2014, and COUNTRY-2013 taxonomies. The EDGAR system is scheduled to be upgraded on July 17, 2017. |
| 2017-07-21 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Covered Securities Pursuant to Section 18 of the Securities Act of 1933 | The Securities and Exchange Commission (``Commission'') proposes for comment an amendment to Rule 146 under Section 18 of the Securities Act of 1933 (``Securities Act''), as amended, to designate certain securities on Investors Exchange LLC (``IEX'' or... | 2017-15216 | "https://www.govinfo.gov/content/pkg/FR-2017-07-21/pdf/2017-15216.pdf | https://www.federalregister.gov/documents/2017/07/21/2017-15216/covered-securities-pursuant-to-section-18-of-the-securities-act-of-1933 | The Securities and Exchange Commission (``Commission'') proposes for comment an amendment to Rule 146 under Section 18 of the Securities Act of 1933 (``Securities Act''), as amended, to designate certain securities on Investors Exchange LLC (``IEX'' or ``Exchange'') as covered securities for purposes of Section 18(b) of the Securities Act. Covered securities under Section 18(b) of the Securities Act are exempt from state law registration requirements. |
| 2017-06-26 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Commission Delegated Authority Provisions and Technical Amendments | The Commodity Futures Trading Commission (the ``Commission'' or ``CFTC'') is adopting final rules to establish new and amend certain existing delegations of authority to Commission staff. The Commission is also adopting amendments to update statutory... | 2017-13243 | "https://www.govinfo.gov/content/pkg/FR-2017-06-26/pdf/2017-13243.pdf | https://www.federalregister.gov/documents/2017/06/26/2017-13243/commission-delegated-authority-provisions-and-technical-amendments | The Commodity Futures Trading Commission (the ``Commission'' or ``CFTC'') is adopting final rules to establish new and amend certain existing delegations of authority to Commission staff. The Commission is also adopting amendments to update statutory authority citations and correct limited typographical and technical errors in certain rules. |
| 2017-06-20 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Revisions to Freedom of Information Act Regulations | The Commodity Futures Trading Commission (the ``Commission'') is revising certain provisions of its regulations for disclosing records under the Freedom of Information Act (``FOIA'') to comply with the FOIA Improvement Act of 2016. In addition, the... | 2017-12775 | "https://www.govinfo.gov/content/pkg/FR-2017-06-20/pdf/2017-12775.pdf | https://www.federalregister.gov/documents/2017/06/20/2017-12775/revisions-to-freedom-of-information-act-regulations | The Commodity Futures Trading Commission (the ``Commission'') is revising certain provisions of its regulations for disclosing records under the Freedom of Information Act (``FOIA'') to comply with the FOIA Improvement Act of 2016. In addition, the regulations would streamline the language of procedural provisions concerning initial determinations and administrative appeals. The regulations have also been updated to incorporate changes in the Commission's administrative structure, remove superfluous verbiage, and correct inaccurate text. |
| 2017-05-30 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Whistleblower Awards Process | The Commodity Futures Trading Commission (``Commission'') is amending its regulations and forms to enhance the process for reviewing whistleblower claims and to make related changes to clarify staff authority to administer the whistleblower program.... | 2017-10801 | "https://www.govinfo.gov/content/pkg/FR-2017-05-30/pdf/2017-10801.pdf | https://www.federalregister.gov/documents/2017/05/30/2017-10801/whistleblower-awards-process | The Commodity Futures Trading Commission (``Commission'') is amending its regulations and forms to enhance the process for reviewing whistleblower claims and to make related changes to clarify staff authority to administer the whistleblower program. The Commission also is making appropriate rule amendments to implement its reinterpretation of the Commission's anti-retaliation authority. |
| 2017-05-30 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Recordkeeping | The Commodity Futures Trading Commission (the ``Commission'') is amending the recordkeeping obligations set forth in Commission regulations along with corresponding technical changes to certain provisions regarding retention of oral communications and... | 2017-11014 | "https://www.govinfo.gov/content/pkg/FR-2017-05-30/pdf/2017-11014.pdf | https://www.federalregister.gov/documents/2017/05/30/2017-11014/recordkeeping | The Commodity Futures Trading Commission (the ``Commission'') is amending the recordkeeping obligations set forth in Commission regulations along with corresponding technical changes to certain provisions regarding retention of oral communications and record retention requirements applicable to swap dealers and major swap participants, respectively. The amendments modernize and make technology neutral the form and manner in which regulatory records must be kept, as well as rationalize the rule text for ease of understanding for those persons required to keep records pursuant to the Commodity Exchange Act (the ``CEA'' or ``Act'') and regulations promulgated by the Commission thereunder. The amendments do not alter any existing requirements regarding the types of regulatory records to be inspected, produced, and maintained set forth in other Commission regulations. |
| 2017-05-09 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Amendments to Investment Advisers Act Rules To Reflect Changes Made by the FAST Act | We are proposing to amend the definition of a venture capital fund (rule 203(l)-1) and the private fund adviser exemption (rule 203(m)-1) under the Investment Advisers Act of 1940 (the ``Advisers Act'') in order to reflect changes made by title LXXIV,... | 2017-09334 | "https://www.govinfo.gov/content/pkg/FR-2017-05-09/pdf/2017-09334.pdf | https://www.federalregister.gov/documents/2017/05/09/2017-09334/amendments-to-investment-advisers-act-rules-to-reflect-changes-made-by-the-fast-act | We are proposing to amend the definition of a venture capital fund (rule 203(l)-1) and the private fund adviser exemption (rule 203(m)-1) under the Investment Advisers Act of 1940 (the ``Advisers Act'') in order to reflect changes made by title LXXIV, sections 74001 and 74002 of the Fixing America's Surface Transportation Act of 2015 (the ``FAST Act''), which amended sections 203(l) and 203(m) of the Advisers Act. Title LXXIV, section 74001 of the FAST Act amended the exemption from investment adviser registration for any adviser solely to one or more ``venture capital funds'' in Advisers Act section 203(l) by deeming ``small business investment companies'' to be ``venture capital funds'' for purposes of the exemption. Accordingly, we are proposing to amend the definition of a venture capital fund to include ``small business investment companies.'' Title LXXIV, section 74002 of the FAST Act amended the exemption from investment adviser registration for any adviser solely to ``private funds'' with less than $150 million in assets under management in Advisers Act section 203(m) by excluding the assets of ``small business investment companies'' when calculating ``private fund assets'' towards the registration threshold of $150 million. Accordingly, we are proposing to amend the definition of ``assets under management'' in the private fund adviser exemption to exclude the assets of ``small business investment companies.'' |
| 2017-05-09 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Technical Amendments to Form ADV and Form ADV-W | The Securities and Exchange Commission (the ``Commission'' or ``SEC'') is making technical amendments to Form ADV under the Investment Advisers Act of 1940 (``Advisers Act'') to reflect the enactment of a Wyoming state law regulating investment... | 2017-09331 | "https://www.govinfo.gov/content/pkg/FR-2017-05-09/pdf/2017-09331.pdf | https://www.federalregister.gov/documents/2017/05/09/2017-09331/technical-amendments-to-form-adv-and-form-adv-w | The Securities and Exchange Commission (the ``Commission'' or ``SEC'') is making technical amendments to Form ADV under the Investment Advisers Act of 1940 (``Advisers Act'') to reflect the enactment of a Wyoming state law regulating investment advisers. Form ADV is the form advisers use to register with the Commission and the state securities regulatory authorities. The Commission is also making similar amendments to Form ADV-W, the form advisers use to withdraw from registration with the Commission or the states. |
| 2017-05-08 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Chief Compliance Officer Duties and Annual Report Requirements for Futures Commission Merchants, Swap Dealers, and Major Swap Participants; Amendments | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend its regulations regarding certain duties of chief compliance officers (``CCOs'') of swap dealers (``SDs''), major swap participants (``MSPs''), and futures... | 2017-09229 | "https://www.govinfo.gov/content/pkg/FR-2017-05-08/pdf/2017-09229.pdf | https://www.federalregister.gov/documents/2017/05/08/2017-09229/chief-compliance-officer-duties-and-annual-report-requirements-for-futures-commission-merchants-swap | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend its regulations regarding certain duties of chief compliance officers (``CCOs'') of swap dealers (``SDs''), major swap participants (``MSPs''), and futures commission merchants (``FCMs'') (collectively, ``Registrants''); and certain requirements for preparing and furnishing to the Commission an annual report containing an assessment of the Registrant's compliance activities. |
| 2017-04-24 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Request for Comment on Possible Changes to Industry Guide 3 (Statistical Disclosure by Bank Holding Companies); Extension of Comment Period | The Securities and Exchange Commission is extending the comment period for its request for comment seeking public input as to the disclosures called for by Industry Guide 3, Statistical Disclosure by Bank Holding Companies. The original comment period... | 2017-08160 | "https://www.govinfo.gov/content/pkg/FR-2017-04-24/pdf/2017-08160.pdf | https://www.federalregister.gov/documents/2017/04/24/2017-08160/request-for-comment-on-possible-changes-to-industry-guide-3-statistical-disclosure-by-bank-holding | The Securities and Exchange Commission is extending the comment period for its request for comment seeking public input as to the disclosures called for by Industry Guide 3, Statistical Disclosure by Bank Holding Companies. The original comment period is scheduled to end on May 8, 2017. The Commission is extending the time period in which to provide the Commission with comments until July 7, 2017. This action will allow interested persons additional time to analyze the issues and prepare their comments. |
| 2017-04-12 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Inflation Adjustments and Other Technical Amendments Under Titles I and III of the Jobs Act | We are adopting technical amendments to conform several rules and forms to amendments made to the Securities Act of 1933 (``Securities Act'') and the Securities Exchange Act of 1934 (``Exchange Act'') by Title I of the Jumpstart Our Business Startups... | 2017-06797 | "https://www.govinfo.gov/content/pkg/FR-2017-04-12/pdf/2017-06797.pdf | https://www.federalregister.gov/documents/2017/04/12/2017-06797/inflation-adjustments-and-other-technical-amendments-under-titles-i-and-iii-of-the-jobs-act | We are adopting technical amendments to conform several rules and forms to amendments made to the Securities Act of 1933 (``Securities Act'') and the Securities Exchange Act of 1934 (``Exchange Act'') by Title I of the Jumpstart Our Business Startups (``JOBS'') Act. To effectuate inflation adjustments required under Title I and Title III of the JOBS Act, we are also adopting new rules that include an inflation-adjusted threshold in the definition of the term ``emerging growth company'' as well as amendments to adjust the dollar amounts in Regulation Crowdfunding. |
| 2017-03-31 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Adoption of Updated EDGAR Filer Manual | The Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made... | 2017-06290 | "https://www.govinfo.gov/content/pkg/FR-2017-03-31/pdf/2017-06290.pdf | https://www.federalregister.gov/documents/2017/03/31/2017-06290/adoption-of-updated-edgar-filer-manual | The Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made primarily to support the new online version of the Transfer Agent submission form types; provide for the ability for filers to submit duplicate filings for submission form type 10-D; and provide for the ability for filers to upload the notarized authentication document and the power of attorney as separate CORRESP documents when submitting a request to manually update their EDGAR filing passphrase. The EDGAR system was upgraded to support the US GAAP 2017 Taxonomy on March 6, 2016. The EDGAR system is scheduled to be upgraded to support the other functionalities on March 13, 2017. |
| 2017-03-29 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Securities Transaction Settlement Cycle | The Securities and Exchange Commission (``Commission'') is adopting an amendment to the Settlement cycle Rule (Rule 15c6-1(a)) under the Securities Exchange Act of 1934 (``Exchange Act'') to shorten the standard settlement cycle for most broker-dealer... | 2017-06037 | "https://www.govinfo.gov/content/pkg/FR-2017-03-29/pdf/2017-06037.pdf | https://www.federalregister.gov/documents/2017/03/29/2017-06037/securities-transaction-settlement-cycle | The Securities and Exchange Commission (``Commission'') is adopting an amendment to the Settlement cycle Rule (Rule 15c6-1(a)) under the Securities Exchange Act of 1934 (``Exchange Act'') to shorten the standard settlement cycle for most broker-dealer transactions from three business days after the trade date (``T+3'') to two business days after the trade date (``T+2''). |
| 2017-03-17 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Inline XBRL Filing of Tagged Data | We are proposing to require the use of the Inline XBRL format for the submission of operating company financial statement information and mutual fund risk/return summaries. The proposed amendments are intended to improve the data's quality, benefiting... | 2017-04366 | "https://www.govinfo.gov/content/pkg/FR-2017-03-17/pdf/2017-04366.pdf | https://www.federalregister.gov/documents/2017/03/17/2017-04366/inline-xbrl-filing-of-tagged-data | We are proposing to require the use of the Inline XBRL format for the submission of operating company financial statement information and mutual fund risk/return summaries. The proposed amendments are intended to improve the data's quality, benefiting investors, other market participants, and other data users, and to decrease, over time, the cost of preparing the data for submission to the Commission. The proposed amendments would also eliminate the requirement for filers to post Interactive Data Files on their Web sites and terminate the Commission's voluntary program for the submission of financial statement information interactive data that is currently available only to investment companies and certain other entities. |
| 2017-03-17 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Exhibit Hyperlinks and HTML Format | We are adopting amendments that will require registrants that file registration statements and reports subject to the exhibit requirements under Item 601 of Regulation S-K, or that file Forms F-10 or 20-F, to include a hyperlink to each exhibit listed... | 2017-04365 | "https://www.govinfo.gov/content/pkg/FR-2017-03-17/pdf/2017-04365.pdf | https://www.federalregister.gov/documents/2017/03/17/2017-04365/exhibit-hyperlinks-and-html-format | We are adopting amendments that will require registrants that file registration statements and reports subject to the exhibit requirements under Item 601 of Regulation S-K, or that file Forms F-10 or 20-F, to include a hyperlink to each exhibit listed in the exhibit index of these filings. To enable the inclusion of such hyperlinks, the amendments also require that registrants submit all such filings in HyperText Markup Language (``HTML'') format. |
| 2017-03-16 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Capital Requirements of Swap Dealers and Major Swap Participants | On December 16, 2016, the Commodity Futures Trading Commission (Commission or CFTC) published in the Federal Register a notice of proposed rulemaking (Proposal) to adopt new regulations and to amend existing regulations to implement sections 4s(e) and... | 2017-05277 | "https://www.govinfo.gov/content/pkg/FR-2017-03-16/pdf/2017-05277.pdf | https://www.federalregister.gov/documents/2017/03/16/2017-05277/capital-requirements-of-swap-dealers-and-major-swap-participants | On December 16, 2016, the Commodity Futures Trading Commission (Commission or CFTC) published in the Federal Register a notice of proposed rulemaking (Proposal) to adopt new regulations and to amend existing regulations to implement sections 4s(e) and (f) of the Commodity Exchange Act (CEA), as added by section 731 of the Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Section 4s(e) requires the Commission to adopt capital requirements for swap dealers (SDs) and major swap participants (MSPs) that are not subject to capital rules of a prudential regulator. Section 4s(f) requires the Commission to adopt financial reporting and recordkeeping requirements for SDs and MSPs. The Commission also proposed to amend existing capital rules for futures commission merchants (FCMs), providing specific capital deductions for market risk and credit risk for swaps and security-based swaps entered into by an FCM. The Commission further proposed several technical amendments to the regulations. As is explained below, the Commission is extending for 60 days the comment period for the Proposal. |
| 2017-03-15 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Proposed Amendments to Municipal Securities Disclosure | The Securities and Exchange Commission (``Commission'' or ``SEC'') is publishing for comment proposed amendments to the Municipal Securities Disclosure Rule (Rule 15c2-12) under the Securities Exchange Act of 1934 (``Exchange Act'') that would amend... | 2017-04323 | "https://www.govinfo.gov/content/pkg/FR-2017-03-15/pdf/2017-04323.pdf | https://www.federalregister.gov/documents/2017/03/15/2017-04323/proposed-amendments-to-municipal-securities-disclosure | The Securities and Exchange Commission (``Commission'' or ``SEC'') is publishing for comment proposed amendments to the Municipal Securities Disclosure Rule (Rule 15c2-12) under the Securities Exchange Act of 1934 (``Exchange Act'') that would amend the list of event notices that a broker, dealer, or municipal securities dealer (collectively, ``dealers'') acting as an underwriter in a primary offering of municipal securities must reasonably determine that an issuer or an obligated person has undertaken, in a written agreement or contract for the benefit of holders of the municipal securities, to provide to the Municipal Securities Rulemaking Board (``MSRB''). |
| 2017-03-07 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Request for Comment on Possible Changes to Industry Guide 3 (Statistical Disclosure by Bank Holding Companies) | The Commission is publishing this request for comment to seek public input as to the disclosures called for by Industry Guide 3, Statistical Disclosure by Bank Holding Companies. The financial services industry has changed dramatically since Guide 3... | 2017-04329 | "https://www.govinfo.gov/content/pkg/FR-2017-03-07/pdf/2017-04329.pdf | https://www.federalregister.gov/documents/2017/03/07/2017-04329/request-for-comment-on-possible-changes-to-industry-guide-3-statistical-disclosure-by-bank-holding | The Commission is publishing this request for comment to seek public input as to the disclosures called for by Industry Guide 3, Statistical Disclosure by Bank Holding Companies. The financial services industry has changed dramatically since Guide 3 was first published. Consequently, our disclosure guidance may not in all cases reflect recent industry developments or changes in accounting standards related to financial and other reporting requirements. |
| 2017-02-28 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Exemptions To Facilitate Intrastate and Regional Securities Offerings | This document makes a technical correction to one of the final regulations (SEC Rel. No. 33-10238) published in the Federal Register on November 21, 2016 (81 FR 83494). Specifically, the amendments to Rule 504 of Regulation D under the Securities Act... | 2017-03848 | "https://www.govinfo.gov/content/pkg/FR-2017-02-28/pdf/2017-03848.pdf | https://www.federalregister.gov/documents/2017/02/28/2017-03848/exemptions-to-facilitate-intrastate-and-regional-securities-offerings | This document makes a technical correction to one of the final regulations (SEC Rel. No. 33-10238) published in the Federal Register on November 21, 2016 (81 FR 83494). Specifically, the amendments to Rule 504 of Regulation D under the Securities Act of 1933 inadvertently omitted the word ``or'' from the last sentence of the rule; this correction is reflected in the text of the amendments below. |
| 2017-02-15 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Exemptions for Security-Based Swaps | We are adopting amendments to the expiration dates in our interim final rules that provide exemptions under the Securities Act of 1933, the Securities Exchange Act of 1934, and the Trust Indenture Act of 1939 for those security-based swaps that prior... | 2017-03121 | "https://www.govinfo.gov/content/pkg/FR-2017-02-15/pdf/2017-03121.pdf | https://www.federalregister.gov/documents/2017/02/15/2017-03121/exemptions-for-security-based-swaps | We are adopting amendments to the expiration dates in our interim final rules that provide exemptions under the Securities Act of 1933, the Securities Exchange Act of 1934, and the Trust Indenture Act of 1939 for those security-based swaps that prior to July 16, 2011 were security-based swap agreements and are defined as ``securities'' under the Securities Act and the Exchange Act as of July 16, 2011 due solely to the provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under the amendments, the expiration dates in the interim final rules will be February 11, 2018. |
| 2017-02-08 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Adoption of Updated EDGAR Filer Manual | The Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made... | 2017-02455 | "https://www.govinfo.gov/content/pkg/FR-2017-02-08/pdf/2017-02455.pdf | https://www.federalregister.gov/documents/2017/02/08/2017-02455/adoption-of-updated-edgar-filer-manual | The Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made primarily to support an upgrade to the passphrase authentication process; and update the recommended Internet browser language for all EDGAR Web sites. The EDGAR system is scheduled to be upgraded to support the functionalities on January 30, 2017. |
| 2017-01-26 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Regulation Automated Trading | On November 4, 2016, the Commodity Futures Trading Commission (``Commission'') approved a supplemental notice of proposed rulemaking for Regulation AT (``Supplemental NPRM''). The Supplemental NPRM modifies certain rules proposed in the Commission's... | 2017-01801 | "https://www.govinfo.gov/content/pkg/FR-2017-01-26/pdf/2017-01801.pdf | https://www.federalregister.gov/documents/2017/01/26/2017-01801/regulation-automated-trading | On November 4, 2016, the Commodity Futures Trading Commission (``Commission'') approved a supplemental notice of proposed rulemaking for Regulation AT (``Supplemental NPRM''). The Supplemental NPRM modifies certain rules proposed in the Commission's December 2015 notice of proposed rulemaking for Regulation AT. The Supplemental NPRM was published in the Federal Register on November 25, 2016, with a 90- day comment period closing on January 24, 2017. Based on the broad range of topics addressed in the Supplemental NPRM and the number of questions posed, the Commission is extending the comment period for the Supplemental NPRM through May 1, 2017. |
| 2017-01-25 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Proposed Amendments To Swap Data Access Provisions and Certain Other Matters | Pursuant to Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''), as amended by the Fixing America's Surface Transportation Act of 2015 (``FAST Act''), the Commodity Futures Trading Commission... | 2017-01287 | "https://www.govinfo.gov/content/pkg/FR-2017-01-25/pdf/2017-01287.pdf | https://www.federalregister.gov/documents/2017/01/25/2017-01287/proposed-amendments-to-swap-data-access-provisions-and-certain-other-matters | Pursuant to Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''), as amended by the Fixing America's Surface Transportation Act of 2015 (``FAST Act''), the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing amendments the Commission's regulations relating to access to swap data held by Swap Data Repositories. The proposed amendments would implement pertinent provisions of the FAST Act and make associated changes to the Commission's regulations governing the grant of access to swap data to certain foreign and domestic authorities by Swap Data Repositories and to certain other regulations unrelated to such access. |
| 2017-01-23 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Adoption of Updated EDGAR Filer Manual | The Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made... | 2016-32032 | "https://www.govinfo.gov/content/pkg/FR-2017-01-23/pdf/2016-32032.pdf | https://www.federalregister.gov/documents/2017/01/23/2016-32032/adoption-of-updated-edgar-filer-manual | The Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made primarily to support the submission of Municipal Advisor submission form types. The EDGAR system is scheduled to be upgraded to support the other functionalities on December 12, 2016. |
| 2017-01-23 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Annual Adjustment of Civil Monetary Penalties for Inflation-2017 | The Commodity Futures Trading Commission (Commission) is amending its rule that governs the maximum amount of civil monetary penalties, to adjust for inflation. This rule sets forth the maximum, inflation-adjusted dollar amount for civil monetary... | 2017-00488 | "https://www.govinfo.gov/content/pkg/FR-2017-01-23/pdf/2017-00488.pdf | https://www.federalregister.gov/documents/2017/01/23/2017-00488/annual-adjustment-of-civil-monetary-penalties-for-inflation-2017 | The Commodity Futures Trading Commission (Commission) is amending its rule that governs the maximum amount of civil monetary penalties, to adjust for inflation. This rule sets forth the maximum, inflation-adjusted dollar amount for civil monetary penalties (CMPs) assessable for violations of the Commodity Exchange Act (CEA) and Commission rules, regulations and orders thereunder. The rule, as amended, implements the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended. |
| 2017-01-23 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Technical Amendments to Rules on Registration and Review of Exchange Disciplinary, Access Denial or Other Adverse Actions | The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing technical amendments to its regulations that govern registration and review of exchange disciplinary, access denial or other adverse actions. The amendments would... | 2017-01232 | "https://www.govinfo.gov/content/pkg/FR-2017-01-23/pdf/2017-01232.pdf | https://www.federalregister.gov/documents/2017/01/23/2017-01232/technical-amendments-to-rules-on-registration-and-review-of-exchange-disciplinary-access-denial-or | The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing technical amendments to its regulations that govern registration and review of exchange disciplinary, access denial or other adverse actions. The amendments would integrate existing advisory guidance and the amendments to part 9 would also incorporate swap execution facilities (``SEFs'') and update provisions currently applicable to designated contract markets (``DCMs''). The proposal revises existing rules to delete numerous cross-references to previously deleted regulations and adds citations to applicable parallel provisions for SEFs and DCMs. Additionally, the proposal addresses the publication of final disciplinary and access denial actions taken by the SEFs and DCMs on their exchange Web sites. |
| 2017-01-19 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Recordkeeping | The Commodity Futures Trading Commission (the ``Commission'') is proposing to amend the recordkeeping obligations set forth in certain provisions of the Commission's regulations. The proposed amendments would permit recordkeepers to leverage advances... | 2017-01148 | "https://www.govinfo.gov/content/pkg/FR-2017-01-19/pdf/2017-01148.pdf | https://www.federalregister.gov/documents/2017/01/19/2017-01148/recordkeeping | The Commodity Futures Trading Commission (the ``Commission'') is proposing to amend the recordkeeping obligations set forth in certain provisions of the Commission's regulations. The proposed amendments would permit recordkeepers to leverage advances in information technology as a means to reduce costs associated with the retention and production of paper and electronic records and to decrease the risks of cybersecurity threats, while maintaining necessary safeguards to ensure the integrity, availability, and accessibility of records required to be kept pursuant to the Commodity Exchange Act (the ``CEA'') or Commission regulations. In addition to providing recordkeepers with greater flexibility regarding the retention and production of regulatory records, the proposed amendments would remove the requirements for electronic records to be kept in their native file format and for recordkeepers to enter into an arrangement with a third-party technical consultant with respect to electronically stored information. |
| 2017-01-18 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Adjustments to Civil Monetary Penalty Amounts | The Securities and Exchange Commission (the ``Commission'') is adopting a final rule to implement the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (the ``2015 Act''), which amended the Federal Civil Penalties Inflation... | 2017-00421 | "https://www.govinfo.gov/content/pkg/FR-2017-01-18/pdf/2017-00421.pdf | https://www.federalregister.gov/documents/2017/01/18/2017-00421/adjustments-to-civil-monetary-penalty-amounts | The Securities and Exchange Commission (the ``Commission'') is adopting a final rule to implement the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (the ``2015 Act''), which amended the Federal Civil Penalties Inflation Adjustment Act of 1990 (the ``Inflation Adjustment Act''), as previously amended by the Debt Collection Improvement Act of 1996 (the ``DCIA''). The 2015 Act requires all agencies to annually adjust for inflation the civil monetary penalties that can be imposed under the statutes administered by the agency. Pursuant to this requirement, this final rule performs the first annual adjustment for inflation of the maximum amount of civil monetary penalties administered by the Commission under the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, the Investment Advisers Act of 1940, and certain penalties under the Sarbanes-Oxley Act of 2002. This adjustment will apply to all penalties imposed after the effective date of this final rule for violations after November 2, 2015. For violations that occurred on or before November 2, 2015, the Commission is reinstating the penalty amounts in the Commission's prior penalty adjustments performed under the DCIA. |
| 2016-12-30 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Position Limits for Derivatives | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is reproposing rules to amend part 150 of the Commission's regulations concerning speculative position limits to conform to the Wall Street Transparency and Accountability Act of... | 2016-29483 | "https://www.govinfo.gov/content/pkg/FR-2016-12-30/pdf/2016-29483.pdf | https://www.federalregister.gov/documents/2016/12/30/2016-29483/position-limits-for-derivatives | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is reproposing rules to amend part 150 of the Commission's regulations concerning speculative position limits to conform to the Wall Street Transparency and Accountability Act of 2010 (``Dodd-Frank Act'') amendments to the Commodity Exchange Act (``CEA'' or ``Act''). The reproposal would establish speculative position limits for 25 exempt and agricultural commodity futures and option contracts, and physical commodity swaps that are ``economically equivalent'' to such contracts (as such term is used in section 4a(a)(5) of the CEA). In connection with establishing these limits, the Commission is reproposing to update some relevant definitions; revise the exemptions from speculative position limits, including for bona fide hedging; and extend and update reporting requirements for persons claiming exemption from these limits. The Commission is also reproposing appendices to part 150 that would provide guidance on risk management exemptions for commodity derivative contracts in excluded commodities permitted under the revised definition of bona fide hedging position; list core referenced futures contracts and commodities that would be substantially the same as a commodity underlying a core referenced futures contract for purposes of the definition of location basis contract; describe and analyze fourteen fact patterns that would satisfy the reproposed definition of bona fide hedging position; and present the reproposed speculative position limit levels in tabular form. In addition, the Commission proposes to update certain of its rules, guidance and acceptable practices for compliance with Designated Contract Market (``DCM'') core principle 5 and Swap Execution Facility (``SEF'') core principle 6 in respect of exchange-set speculative position limits and position accountability levels. Furthermore, the Commission is reproposing processes for DCMs and SEFs to recognize certain positions in commodity derivative contracts as non-enumerated bona fide hedges or enumerated anticipatory bona fide hedges, as well as to exempt from position limits certain spread positions, in each case subject to Commission review. Separately, the Commission is reproposing to delay for DCMs and SEFs that lack access to sufficient swap position information the requirement to establish and monitor position limits on swaps. |
| 2016-12-28 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Changes to Exchange Act Registration Requirements To Implement Title V and Title VI of the JOBS Act; Correction | This document makes technical corrections to a rule that was published in the Federal Register on May 10, 2016 (81 FR 28689). The Commission adopted revisions to Rule 12g-1 under the Securities Exchange Act of 1934 (``Exchange Act'') in light of the... | 2016-31286 | "https://www.govinfo.gov/content/pkg/FR-2016-12-28/pdf/2016-31286.pdf | https://www.federalregister.gov/documents/2016/12/28/2016-31286/changes-to-exchange-act-registration-requirements-to-implement-title-v-and-title-vi-of-the-jobs-act | This document makes technical corrections to a rule that was published in the Federal Register on May 10, 2016 (81 FR 28689). The Commission adopted revisions to Rule 12g-1 under the Securities Exchange Act of 1934 (``Exchange Act'') in light of the statutory changes made by Title V and Title VI of the Jumpstart Our Business Startups Act and Title LXXXV of the Fixing America's Surface Transportation Act. This document is being published to correct language in that rule to more precisely reflect the holder of record threshold established by Exchange Act Section 12(g)(1). |
| 2016-12-23 | Rule | SECURITES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Consolidated Audit Trail | The Commission is providing notice regarding temporary Rule 608T under the Securities Exchange Act of 1934. The Commission designated 12:01 a.m. on November 16, 2016, as the expiration time for Rule 608T, because after that time the rule would no... | 2016-30883 | "https://www.govinfo.gov/content/pkg/FR-2016-12-23/pdf/2016-30883.pdf | https://www.federalregister.gov/documents/2016/12/23/2016-30883/consolidated-audit-trail | The Commission is providing notice regarding temporary Rule 608T under the Securities Exchange Act of 1934. The Commission designated 12:01 a.m. on November 16, 2016, as the expiration time for Rule 608T, because after that time the rule would no longer be necessary. |
| 2016-12-16 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Capital Requirements of Swap Dealers and Major Swap Participants | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to adopt new regulations and to amend existing regulations to implement sections 4s(e) and (f) of the Commodity Exchange Act (``CEA''), as added by section 731 of the... | 2016-29368 | "https://www.govinfo.gov/content/pkg/FR-2016-12-16/pdf/2016-29368.pdf | https://www.federalregister.gov/documents/2016/12/16/2016-29368/capital-requirements-of-swap-dealers-and-major-swap-participants | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to adopt new regulations and to amend existing regulations to implement sections 4s(e) and (f) of the Commodity Exchange Act (``CEA''), as added by section 731 of the Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). Section 4s(e) requires the Commission to adopt capital requirements for swap dealers (``SDs'') and major swap participants (``MSPs'') that are not subject to capital rules of a prudential regulator. Section 4s(f) requires the Commission to adopt financial reporting and recordkeeping requirements for SDs and MSPs. The Commission also is proposing to amend existing capital rules for futures commission merchants (``FCMs''), providing specific capital deductions for market risk and credit risk for swaps and security-based swaps entered into by an FCM. The Commission is further proposing several technical amendments to the regulations. |
| 2016-12-16 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Aggregation of Positions | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is issuing a final rule to amend part 150 of the Commission's regulations with respect to the policy for aggregation under the Commission's position limits regime for futures and... | 2016-29582 | "https://www.govinfo.gov/content/pkg/FR-2016-12-16/pdf/2016-29582.pdf | https://www.federalregister.gov/documents/2016/12/16/2016-29582/aggregation-of-positions | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is issuing a final rule to amend part 150 of the Commission's regulations with respect to the policy for aggregation under the Commission's position limits regime for futures and option contracts on nine agricultural commodities. The Commission notes that if its proposed position limits regime for other exempt and agricultural commodity futures and options contracts and the physical commodity swaps that are economically equivalent to such contracts are finalized, these amended regulations would also apply to the position limits regime for those contracts and swaps. |
| 2016-11-25 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Commodity Pool Operator Financial Reports | The Commodity Futures Trading Commission (Commission or CFTC) is amending certain of its regulations applicable to the financial reports that each person registered or required to be registered as a commodity pool operator (CPO) must provide for each... | 2016-28388 | "https://www.govinfo.gov/content/pkg/FR-2016-11-25/pdf/2016-28388.pdf | https://www.federalregister.gov/documents/2016/11/25/2016-28388/commodity-pool-operator-financial-reports | The Commodity Futures Trading Commission (Commission or CFTC) is amending certain of its regulations applicable to the financial reports that each person registered or required to be registered as a commodity pool operator (CPO) must provide for each commodity pool that it operates. These amendments: Permit the use of additional alternative generally accepted accounting principles, standards or practices; provide relief from the Annual Report audit requirement under certain circumstances; and make clear that an audited Annual Report must be distributed and submitted at least once during the life of a pool. |
| 2016-11-25 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Regulation Automated Trading | On December 17, 2015, the Commodity Futures Trading Commission (``CFTC'' or ``Commission'') published in the Federal Register a notice of proposed rulemaking (``NPRM'') proposing a series of risk controls, transparency measures, and other safeguards to... | 2016-27250 | "https://www.govinfo.gov/content/pkg/FR-2016-11-25/pdf/2016-27250.pdf | https://www.federalregister.gov/documents/2016/11/25/2016-27250/regulation-automated-trading | On December 17, 2015, the Commodity Futures Trading Commission (``CFTC'' or ``Commission'') published in the Federal Register a notice of proposed rulemaking (``NPRM'') proposing a series of risk controls, transparency measures, and other safeguards to enhance the safety and soundness of automated trading on all designated contract markets (``DCMs'') (collectively, ``Regulation Automated Trading'' or ``Regulation AT''). Through this supplemental notice of proposed rulemaking for Regulation AT (``Supplemental NPRM''), the Commission is proposing to modify certain rules set forth in the NPRM. Any new or amended rules proposed in this Supplemental NPRM reflect only those areas where the Commission believes that additional notice and comment may be appropriate before enacting final rules. Procedurally, this Supplemental NPRM is not a replacement or withdrawal of rules proposed in the NPRM. Unless specifically amended herein, all regulatory text proposed in the NPRM remains under active consideration for adoption as final rules. The Commission welcomes public comment on all aspects of the Supplemental NPRM. |
| 2016-11-21 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Exemptions To Facilitate Intrastate and Regional Securities Offerings | We are adopting amendments to modernize Rule 147 under the Securities Act of 1933, which provides a safe harbor for compliance with the Section 3(a)(11) exemption from registration for intrastate securities offerings. We are also establishing a new... | 2016-26348 | "https://www.govinfo.gov/content/pkg/FR-2016-11-21/pdf/2016-26348.pdf | https://www.federalregister.gov/documents/2016/11/21/2016-26348/exemptions-to-facilitate-intrastate-and-regional-securities-offerings | We are adopting amendments to modernize Rule 147 under the Securities Act of 1933, which provides a safe harbor for compliance with the Section 3(a)(11) exemption from registration for intrastate securities offerings. We are also establishing a new intrastate offering exemption under the Securities Act, designated Rule 147A, which will be similar to amended Rule 147, but will have no restriction on offers and will allow issuers to be incorporated or organized outside of the state in which the intrastate offering is conducted provided certain conditions are met. The amendments to Rule 147 and new Rule 147A are designed to facilitate capital formation, including through offerings relying upon intrastate crowdfunding provisions under state securities laws, while maintaining appropriate investor protections and providing state securities regulators with the flexibility to add additional investor protections they deem appropriate for offerings within their state. We also are adopting amendments to Rule 504 of Regulation D under the Securities Act to facilitate issuers' capital raising efforts and provide additional investor protections. The amendments to Rule 504 will increase the aggregate amount of securities that may be offered and sold in any twelve-month period from $1 million to $5 million and disqualify certain bad actors from participation in Rule 504 offerings. In light of these amendments to Rule 504, we are also repealing Rule 505. |
| 2016-11-18 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Investment Company Reporting Modernization | The Securities and Exchange Commission is adopting new rules and forms as well as amendments to its rules and forms to modernize the reporting and disclosure of information by registered investment companies. The Commission is adopting new Form N-PORT,... | 2016-25349 | "https://www.govinfo.gov/content/pkg/FR-2016-11-18/pdf/2016-25349.pdf | https://www.federalregister.gov/documents/2016/11/18/2016-25349/investment-company-reporting-modernization | The Securities and Exchange Commission is adopting new rules and forms as well as amendments to its rules and forms to modernize the reporting and disclosure of information by registered investment companies. The Commission is adopting new Form N-PORT, which will require certain registered investment companies to report information about their monthly portfolio holdings to the Commission in a structured data format. In addition, the Commission is adopting amendments to Regulation S-X, which will require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The Commission is adopting new Form N-CEN, which will require registered investment companies, other than face-amount certificate companies, to annually report certain census-type information to the Commission in a structured data format. The Commission is adopting amendments to Forms N-1A, N-3, and N-CSR to require certain disclosures regarding securities lending activities. Finally, the Commission is rescinding current Forms N-Q and N-SAR and amending certain other rules and forms. Collectively, these amendments will, among other things, improve the information that the Commission receives from investment companies and assist the Commission, in its role as primary regulator of investment companies, to better fulfill its mission of protecting investors, maintaining fair, orderly and efficient markets, and facilitating capital formation. Investors and other potential users can also utilize this information to help investors make more informed investment decisions. |
| 2016-11-18 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Investment Company Swing Pricing | The Securities and Exchange Commission is adopting amendments to rule 22c-1 under the Investment Company Act to permit a registered open-end management investment company (``open-end fund'' or ``fund'') (except a money market fund or exchange-traded... | 2016-25347 | "https://www.govinfo.gov/content/pkg/FR-2016-11-18/pdf/2016-25347.pdf | https://www.federalregister.gov/documents/2016/11/18/2016-25347/investment-company-swing-pricing | The Securities and Exchange Commission is adopting amendments to rule 22c-1 under the Investment Company Act to permit a registered open-end management investment company (``open-end fund'' or ``fund'') (except a money market fund or exchange-traded fund), under certain circumstances, to use ``swing pricing,'' the process of adjusting the fund's net asset value (``NAV'') per share to effectively pass on the costs stemming from shareholder purchase or redemption activity to the shareholders associated with that activity, and amendments to rule 31a- 2 to require funds to preserve certain records related to swing pricing. The Commission is also adopting amendments to Form N-1A and Regulation S-X and a new item in Form N-CEN, all of which address a fund's use of swing pricing. |
| 2016-11-18 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Investment Company Liquidity Risk Management Programs | The Securities and Exchange Commission is adopting new rules, a new form and amendments to a rule and forms designed to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that... | 2016-25348 | "https://www.govinfo.gov/content/pkg/FR-2016-11-18/pdf/2016-25348.pdf | https://www.federalregister.gov/documents/2016/11/18/2016-25348/investment-company-liquidity-risk-management-programs | The Securities and Exchange Commission is adopting new rules, a new form and amendments to a rule and forms designed to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The amendments also seek to enhance disclosure regarding fund liquidity and redemption practices. The Commission is adopting new rule 22e-4, which requires each registered open-end management investment company, including open-end exchange- traded funds (``ETFs'') but not including money market funds, to establish a liquidity risk management program. Rule 22e-4 also requires principal underwriters and depositors of unit investment trusts (``UITs'') to engage in a limited liquidity review. The Commission is also adopting amendments to Form N-1A regarding the disclosure of fund policies concerning the redemption of fund shares. The Commission also is adopting new rule 30b1-10 and Form N-LIQUID that generally will require a fund to confidentially notify the Commission when the fund's level of illiquid investments that are assets exceeds 15% of its net assets or when its highly liquid investments that are assets fall below its minimum for more than a specified period of time. The Commission also is adopting certain sections of Forms N-PORT and N-CEN that will require disclosure of certain information regarding the liquidity of a fund's holdings and the fund's liquidity risk management practices. |
| 2016-11-16 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Chief Compliance Officer Annual Report Requirements for Futures Commission Merchants, Swap Dealers, and Major Swap Participants; Amendments to Filing Dates | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending its regulations regarding the timing for furnishing to the Commission the chief compliance officer (``CCO'') annual reports of futures commission merchants (``FCMs''),... | 2016-27525 | "https://www.govinfo.gov/content/pkg/FR-2016-11-16/pdf/2016-27525.pdf | https://www.federalregister.gov/documents/2016/11/16/2016-27525/chief-compliance-officer-annual-report-requirements-for-futures-commission-merchants-swap-dealers | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending its regulations regarding the timing for furnishing to the Commission the chief compliance officer (``CCO'') annual reports of futures commission merchants (``FCMs''), swap dealers (``SDs''), and major swap participants (``MSPs'') (collectively, ``Registrants''). The Commission is also amending its regulations by delegating to the Director of the Division of Swap Dealer and Intermediary Oversight (``DSIO'') authority to grant extensions to the CCO annual report filing deadline. |
| 2016-11-10 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Universal Proxy | We are proposing amendments to the federal proxy rules to require the use of universal proxies in all non-exempt solicitations in connection with contested elections of directors other than those involving registered investment companies and business... | 2016-26349 | "https://www.govinfo.gov/content/pkg/FR-2016-11-10/pdf/2016-26349.pdf | https://www.federalregister.gov/documents/2016/11/10/2016-26349/universal-proxy | We are proposing amendments to the federal proxy rules to require the use of universal proxies in all non-exempt solicitations in connection with contested elections of directors other than those involving registered investment companies and business development companies. Our proposal would require the use of universal proxies that include the names of both registrant and dissident nominees and thus allow shareholders to vote by proxy in a manner that more closely resembles how they can vote in person at a shareholder meeting. We further propose amendments to the form of proxy and proxy statement disclosure requirements to specify clearly the applicable voting options and voting standards in all director elections. |
| 2016-10-18 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Order Establishing De Minimis Threshold Phase-In Termination Date | With respect to the de minimis exception to the swap dealer definition, the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is issuing an order (``Order''), pursuant to the applicable Commission regulation, to establish December 31,... | 2016-25143 | "https://www.govinfo.gov/content/pkg/FR-2016-10-18/pdf/2016-25143.pdf | https://www.federalregister.gov/documents/2016/10/18/2016-25143/order-establishing-de-minimis-threshold-phase-in-termination-date | With respect to the de minimis exception to the swap dealer definition, the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is issuing an order (``Order''), pursuant to the applicable Commission regulation, to establish December 31, 2018 as the de minimis threshold phase-in termination date. |
| 2016-10-18 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Cross-Border Application of the Registration Thresholds and External Business Conduct Standards Applicable to Swap Dealers and Major Swap Participants | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is publishing for public comment proposed rules and interpretations (``Proposed Rule'') addressing the cross-border application of certain swap provisions of the Commodity Exchange... | 2016-24905 | "https://www.govinfo.gov/content/pkg/FR-2016-10-18/pdf/2016-24905.pdf | https://www.federalregister.gov/documents/2016/10/18/2016-24905/cross-border-application-of-the-registration-thresholds-and-external-business-conduct-standards | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is publishing for public comment proposed rules and interpretations (``Proposed Rule'') addressing the cross-border application of certain swap provisions of the Commodity Exchange Act (``CEA''). Specifically, the proposed rule defines key terms for purposes of applying the CEA's swap provisions to cross-border transactions and addresses the cross-border application of the registration thresholds and external business conduct standards for swap dealers and major swap participants, including the extent to which they would apply to swap transactions that are arranged, negotiated, or executed using personnel located in the United States. |
| 2016-10-14 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Clearing Requirement Determination Under Section 2(h) of the Commodity Exchange Act for Interest Rate Swaps | The Commodity Futures Trading Commission (Commission or CFTC) is adopting an amendment to the Commission's regulations to expand the existing clearing requirement for interest rate swaps pursuant to the pertinent section of the Commodity Exchange Act... | 2016-23983 | "https://www.govinfo.gov/content/pkg/FR-2016-10-14/pdf/2016-23983.pdf | https://www.federalregister.gov/documents/2016/10/14/2016-23983/clearing-requirement-determination-under-section-2h-of-the-commodity-exchange-act-for-interest-rate | The Commodity Futures Trading Commission (Commission or CFTC) is adopting an amendment to the Commission's regulations to expand the existing clearing requirement for interest rate swaps pursuant to the pertinent section of the Commodity Exchange Act (CEA). The amended regulation requires that interest rate swaps denominated in certain currencies and having certain termination dates, as described herein, be submitted for clearing to a derivatives clearing organization (DCO) that is registered under the CEA (registered DCO) or a DCO that has been exempted from registration under the CEA (exempt DCO). |
| 2016-10-13 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Standards for Covered Clearing Agencies | The Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting amendments to Rule 17Ad-22 and adding new Rule 17Ab2-2 pursuant to Section 17A of the Securities Exchange Act of 1934 (``Exchange Act'') and the Payment, Clearing, and... | 2016-23891 | "https://www.govinfo.gov/content/pkg/FR-2016-10-13/pdf/2016-23891.pdf | https://www.federalregister.gov/documents/2016/10/13/2016-23891/standards-for-covered-clearing-agencies | The Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting amendments to Rule 17Ad-22 and adding new Rule 17Ab2-2 pursuant to Section 17A of the Securities Exchange Act of 1934 (``Exchange Act'') and the Payment, Clearing, and Settlement Supervision Act of 2010 (``Clearing Supervision Act''), enacted in Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''). Among other things, the rules establish enhanced standards for the operation and governance of those clearing agencies registered with the Commission (``registered clearing agencies'') that meet the definition of ``covered clearing agency.'' |
| 2016-10-13 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Definition of Covered Clearing Agency | The Securities and Exchange Commission (``SEC'' or ``Commission'') proposes to amend the definition of ``covered clearing agency'' under Rule 17Ad-22 to mean a registered clearing agency that provides the services of a central counterparty (``CCP''),... | 2016-23892 | "https://www.govinfo.gov/content/pkg/FR-2016-10-13/pdf/2016-23892.pdf | https://www.federalregister.gov/documents/2016/10/13/2016-23892/definition-of-covered-clearing-agency | The Securities and Exchange Commission (``SEC'' or ``Commission'') proposes to amend the definition of ``covered clearing agency'' under Rule 17Ad-22 to mean a registered clearing agency that provides the services of a central counterparty (``CCP''), central securities depository (``CSD''), or a securities settlement system (``SSS''). The Commission also proposes a definition of ``securities settlement system'' and proposes to amend the definitions of ``central securities depository services'' to facilitate the proposed amendment to ``covered clearing agency.'' In addition, the Commission proposes to amend the definition of ``sensitivity analysis'' under Rule 17Ad-22 to expand the scope of covered clearing agencies subject to requirements thereunder. These amendments are proposed pursuant to Section 17A of the Securities Exchange Act of 1934 (``Exchange Act'') and the Payment, Clearing, and Settlement Supervision Act of 2010 (``Clearing Supervision Act''), enacted in Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''). |
| 2016-10-05 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Amendment to Securities Transaction Settlement Cycle | The Securities and Exchange Commission (``Commission'') proposes to amend Rule 15c6-1(a) under the Securities Exchange Act of 1934 (``Exchange Act'') to shorten the standard settlement cycle for most broker-dealer transactions from three business days... | 2016-23890 | "https://www.govinfo.gov/content/pkg/FR-2016-10-05/pdf/2016-23890.pdf | https://www.federalregister.gov/documents/2016/10/05/2016-23890/amendment-to-securities-transaction-settlement-cycle | The Securities and Exchange Commission (``Commission'') proposes to amend Rule 15c6-1(a) under the Securities Exchange Act of 1934 (``Exchange Act'') to shorten the standard settlement cycle for most broker-dealer transactions from three business days after the trade date (``T+3'') to two business days after the trade date (``T+2''). The proposed amendment is designed to reduce a number of risks, including credit risk, market risk, and liquidity risk and, as a result, reduce systemic risk for U.S. market participants. |
| 2016-09-30 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Adoption of Updated EDGAR Filer Manual | The Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made... | 2016-23562 | "https://www.govinfo.gov/content/pkg/FR-2016-09-30/pdf/2016-23562.pdf | https://www.federalregister.gov/documents/2016/09/30/2016-23562/adoption-of-updated-edgar-filer-manual | The Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made primarily to support the new submission form types N-MFP2 and N-MFP2/A for money market mutual funds; allow unregistered money market fund to file a report on submission form types N-CR and N-CR/A; update the date format for ABS-EE Asset Data schemas from MM/YYYY to MM-DD-YYYY for CMBS Asset Class: Item 2(c) (12), and Debt Securities Asset Class: Debt Securities, Item 5(f)(3); update the codes and descriptions referencing CMSA to reference CREFC for CMBS Asset Class Item 2(d)(28)(xii) and CMBS Asset Class Item 2(d)(28)(xiii); allow a Large Trader whose most recent Form 13H submission was a Form 13H-I (Inactive) to submit a Form 13H-T (Termination) regardless of elapsed time; and make documentation updates to Chapter 5 and Chapter 6 of the ``EDGAR Filer Manual, Volume II: EDGAR Filing'' relating to eXtensible Business Reporting Language (XBRL) format. The EDGAR system was upgraded to support the new submission form types N-MFP2 and N-MFP2/A for money market mutual funds on August 29, 2016. The EDGAR system is scheduled to be upgraded to support the other functionalities on September 19, 2016. |
| 2016-09-29 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Extension of Comment Period for Disclosure Update and Simplification | The Securities and Exchange Commission is extending the comment period for a proposal to amend certain of its disclosure requirements that may have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission... | 2016-23489 | "https://www.govinfo.gov/content/pkg/FR-2016-09-29/pdf/2016-23489.pdf | https://www.federalregister.gov/documents/2016/09/29/2016-23489/extension-of-comment-period-for-disclosure-update-and-simplification | The Securities and Exchange Commission is extending the comment period for a proposal to amend certain of its disclosure requirements that may have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements, U.S. Generally Accepted Accounting Principles (``U.S. GAAP''), International Financial Reporting Standards (``IFRS''), or changes in the information environment [Release No. 33-10110; 34-78310; IC-32175; 81 FR 51607 (July 13, 2016)]. The release also solicits comment on certain Commission disclosure requirements that overlap with, but require information incremental to, U.S. GAAP to determine whether to retain, modify, eliminate, or refer them to the Financial Accounting Standards Board for potential incorporation into U.S. GAAP. The original comment period is scheduled to end on October 3, 2016. The Commission is extending the time period in which to provide the Commission with comments until November 2, 2016. This action will allow interested persons additional time to analyze the issues and prepare their comments. |
| 2016-09-28 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Political Contributions by Certain Investment Advisers: Ban on Third-Party Solicitation; Order With Respect to MSRB Rule G-37 | The Securities and Exchange Commission (``Commission'' or ``SEC'') is issuing an order finding that Municipal Securities Rulemaking Board (``MSRB'') rule G-37 (the ``MSRB Pay to Play Rule'') imposes substantially equivalent or more stringent... | 2016-23224 | "https://www.govinfo.gov/content/pkg/FR-2016-09-28/pdf/2016-23224.pdf | https://www.federalregister.gov/documents/2016/09/28/2016-23224/political-contributions-by-certain-investment-advisers-ban-on-third-party-solicitation-order-with | The Securities and Exchange Commission (``Commission'' or ``SEC'') is issuing an order finding that Municipal Securities Rulemaking Board (``MSRB'') rule G-37 (the ``MSRB Pay to Play Rule'') imposes substantially equivalent or more stringent restrictions on municipal advisors than rule 206(4)-5 (the ``SEC Pay to Play Rule) under the Investment Advisers Act of 1940 (the ``Advisers Act'') imposes on investment advisers and is consistent with the objectives of the SEC Pay to Play Rule. |
| 2016-09-28 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Political Contributions by Certain Investment Advisers: Ban on Third-Party Solicitation; Order With Respect to FINRA Rule 2030 | The Securities and Exchange Commission (``Commission'' or ``SEC'') is issuing an order finding that Financial Industry Regulatory Authority (``FINRA'') rule 2030 (the ``FINRA Pay to Play Rule'') imposes substantially equivalent or more stringent... | 2016-23225 | "https://www.govinfo.gov/content/pkg/FR-2016-09-28/pdf/2016-23225.pdf | https://www.federalregister.gov/documents/2016/09/28/2016-23225/political-contributions-by-certain-investment-advisers-ban-on-third-party-solicitation-order-with | The Securities and Exchange Commission (``Commission'' or ``SEC'') is issuing an order finding that Financial Industry Regulatory Authority (``FINRA'') rule 2030 (the ``FINRA Pay to Play Rule'') imposes substantially equivalent or more stringent restrictions on broker-dealers than rule 206(4)-5 (the ``SEC Pay to Play Rule) under the Investment Advisers Act of 1940 (the ``Advisers Act'') imposes on investment advisers and is consistent with the objectives of the SEC Pay to Play Rule. |
| 2016-09-19 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | System Safeguards Testing Requirements | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting final rules amending its current system safeguards rules for designated contract markets, swap execution facilities, and swap data repositories, by enhancing and... | 2016-22174 | "https://www.govinfo.gov/content/pkg/FR-2016-09-19/pdf/2016-22174.pdf | https://www.federalregister.gov/documents/2016/09/19/2016-22174/system-safeguards-testing-requirements | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting final rules amending its current system safeguards rules for designated contract markets, swap execution facilities, and swap data repositories, by enhancing and clarifying current provisions relating to system safeguards risk analysis and oversight and cybersecurity testing, and adding new provisions concerning certain aspects of cybersecurity testing. The final rules clarify the Commission's current system safeguards rules for all designated contract markets, swap execution facilities, and swap data repositories by specifying and defining the types of cybersecurity testing essential to fulfilling system safeguards testing obligations. These testing types are vulnerability testing, penetration testing, controls testing, security incident response plan testing, and enterprise technology risk assessment. The final rules also clarify current rule provisions respecting: The categories of risk analysis and oversight that statutorily-required programs of system safeguards- related risk analysis and oversight must address; system safeguards- related books and records obligations; the scope of system safeguards testing; internal reporting and review of testing results; and remediation of vulnerabilities and deficiencies. In addition, the final rules adopt new provisions set forth in the Commission's Notice of Proposed Rulemaking, applicable to covered designated contract markets (as defined) and all swap data repositories, establishing minimum frequency requirements for conducting certain types of cybersecurity testing, and requiring performance of certain tests by independent contractors. |
| 2016-09-19 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | System Safeguards Testing Requirements for Derivatives Clearing Organizations | The Commodity Futures Trading Commission (``Commission'') is adopting enhanced requirements for testing by a derivatives clearing organization (``DCO'') of its system safeguards, as well as additional amendments to reorder and renumber certain... | 2016-22413 | "https://www.govinfo.gov/content/pkg/FR-2016-09-19/pdf/2016-22413.pdf | https://www.federalregister.gov/documents/2016/09/19/2016-22413/system-safeguards-testing-requirements-for-derivatives-clearing-organizations | The Commodity Futures Trading Commission (``Commission'') is adopting enhanced requirements for testing by a derivatives clearing organization (``DCO'') of its system safeguards, as well as additional amendments to reorder and renumber certain paragraphs within the regulations and make other minor changes to improve the clarity of the rule text. |
| 2016-09-12 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Exhibit Hyperlinks and HTML Format | We are proposing amendments that would require registrants that file registration statements and periodic and current reports that are subject to the exhibit requirements under Item 601 of Regulation S- K, or that file on Forms F-10 or 20-F, to include... | 2016-21313 | "https://www.govinfo.gov/content/pkg/FR-2016-09-12/pdf/2016-21313.pdf | https://www.federalregister.gov/documents/2016/09/12/2016-21313/exhibit-hyperlinks-and-html-format | We are proposing amendments that would require registrants that file registration statements and periodic and current reports that are subject to the exhibit requirements under Item 601 of Regulation S- K, or that file on Forms F-10 or 20-F, to include a hyperlink to each exhibit listed in the exhibit index of these filings. To enable the inclusion of such hyperlinks, the proposed amendments would also require that registrants submit all such filings in HyperText Markup Language (``HTML'') format. |
| 2016-09-06 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Commodity Pool Operator Annual Report | On August 5, 2016, the Commodity Futures Trading Commission (Commission or CFTC) published in the Federal Register a notice of proposed rulemaking (Proposal) to amend certain of its regulations applicable to the Annual Report that each person... | 2016-21153 | "https://www.govinfo.gov/content/pkg/FR-2016-09-06/pdf/2016-21153.pdf | https://www.federalregister.gov/documents/2016/09/06/2016-21153/commodity-pool-operator-annual-report | On August 5, 2016, the Commodity Futures Trading Commission (Commission or CFTC) published in the Federal Register a notice of proposed rulemaking (Proposal) to amend certain of its regulations applicable to the Annual Report that each person registered or required to be registered as a commodity pool operator (CPO) must distribute for each commodity pool that it operates. As is explained below, the Commission is extending for two weeks the comment period for the Proposal. |
| 2016-09-02 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Political Contributions by Certain Investment Advisers: Ban on Third-Party Solicitation; Notice of Order With Respect to FINRA Rule 2030 | The Securities and Exchange Commission (``Commission'' or ``SEC'') intends to issue an order pursuant to section 206 of the Investment Advisers Act of 1940 (the ``Advisers Act'') and rule 206(4)- 5 thereunder (the ``SEC Pay to Play Rule'') finding that... | 2016-20889 | "https://www.govinfo.gov/content/pkg/FR-2016-09-02/pdf/2016-20889.pdf | https://www.federalregister.gov/documents/2016/09/02/2016-20889/political-contributions-by-certain-investment-advisers-ban-on-third-party-solicitation-notice-of | The Securities and Exchange Commission (``Commission'' or ``SEC'') intends to issue an order pursuant to section 206 of the Investment Advisers Act of 1940 (the ``Advisers Act'') and rule 206(4)- 5 thereunder (the ``SEC Pay to Play Rule'') finding that Financial Industry Regulatory Authority (``FINRA'') rule 2030 (the ``FINRA Pay to Play Rule''), which was approved by the Commission on August 25, 2016, imposes substantially equivalent or more stringent restrictions on brokers-dealers than the SEC Pay to Play Rule imposes on investment advisers and is consistent with the objectives of the SEC Pay to Play Rule. |
| 2016-09-02 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Political Contributions by Certain Investment Advisers: Ban on Third-Party Solicitation; Notice of Order With Respect to MSRB Rule G-37 | The Securities and Exchange Commission (``Commission'' or ``SEC'') intends to issue an order pursuant to section 206 of the Investment Advisers Act of 1940 (the ``Advisers Act'') and rule 206(4)- 5 thereunder (the ``SEC Pay to Play Rule'') finding that... | 2016-20890 | "https://www.govinfo.gov/content/pkg/FR-2016-09-02/pdf/2016-20890.pdf | https://www.federalregister.gov/documents/2016/09/02/2016-20890/political-contributions-by-certain-investment-advisers-ban-on-third-party-solicitation-notice-of | The Securities and Exchange Commission (``Commission'' or ``SEC'') intends to issue an order pursuant to section 206 of the Investment Advisers Act of 1940 (the ``Advisers Act'') and rule 206(4)- 5 thereunder (the ``SEC Pay to Play Rule'') finding that the Municipal Securities Rulemaking Board (``MSRB'') rule G-37 (the ``MSRB Pay to Play Rule'') imposes substantially equivalent or more stringent restrictions on municipal advisors than the SEC Pay to Play Rule imposes on investment advisers and is consistent with the objectives of the SEC Pay to Play Rule. |
| 2016-09-02 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Access to Data Obtained by Security-Based Swap Data Repositories | Pursuant to section 763(i) of Title VII (``Title VII'') of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''), the Securities and Exchange Commission (``Commission'') is adopting amendments to rule 13n-4 under... | 2016-21137 | "https://www.govinfo.gov/content/pkg/FR-2016-09-02/pdf/2016-21137.pdf | https://www.federalregister.gov/documents/2016/09/02/2016-21137/access-to-data-obtained-by-security-based-swap-data-repositories | Pursuant to section 763(i) of Title VII (``Title VII'') of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''), the Securities and Exchange Commission (``Commission'') is adopting amendments to rule 13n-4 under the Securities Exchange Act of 1934 (``Exchange Act'') related to regulatory access to security-based swap data held by security-based swap data repositories. The rule amendments would implement the conditional Exchange Act requirement that security-based swap data repositories make data available to certain regulators and other authorities. |
| 2016-09-01 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Form ADV and Investment Advisers Act Rules | The Securities and Exchange Commission (the ``Commission'' or ``SEC'') is adopting amendments to Form ADV that are designed to provide additional information regarding advisers, including information about their separately managed account business,... | 2016-20832 | "https://www.govinfo.gov/content/pkg/FR-2016-09-01/pdf/2016-20832.pdf | https://www.federalregister.gov/documents/2016/09/01/2016-20832/form-adv-and-investment-advisers-act-rules | The Securities and Exchange Commission (the ``Commission'' or ``SEC'') is adopting amendments to Form ADV that are designed to provide additional information regarding advisers, including information about their separately managed account business, incorporate a method for private fund adviser entities operating a single advisory business to register using a single Form ADV, and make clarifying, technical and other amendments to certain Form ADV items and instructions. The Commission also is adopting amendments to the Advisers Act books and records rule and technical amendments to several Advisers Act rules to remove transition provisions that are no longer necessary. |
| 2016-08-31 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Request for Comment on Subpart 400 of Regulation S-K Disclosure Requirements Relating to Management, Certain Security Holders and Corporate Governance Matters | The Commission is requesting public comment on certain disclosure requirements in Regulation S-K relating to management, certain security holders, and corporate governance matters contained in Subpart 400. This request is part of an initiative by the... | 2016-20906 | "https://www.govinfo.gov/content/pkg/FR-2016-08-31/pdf/2016-20906.pdf | https://www.federalregister.gov/documents/2016/08/31/2016-20906/request-for-comment-on-subpart-400-of-regulation-s-k-disclosure-requirements-relating-to-management | The Commission is requesting public comment on certain disclosure requirements in Regulation S-K relating to management, certain security holders, and corporate governance matters contained in Subpart 400. This request is part of an initiative by the Division of Corporation Finance to review the disclosure requirements in Regulation S-K to consider ways to improve them for the benefit of investors and registrants. Comments received in response to this request for comment will also inform the Commission's study on Regulation S-K, which is required by Section 72003 of the Fixing America's Surface Transportation Act (``FAST Act''). |
| 2016-08-30 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Whistleblower Awards Process | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend its regulations to enhance the process for reviewing whistleblower claims and to make related changes to clarify staff authority to administer the whistleblower... | 2016-20745 | "https://www.govinfo.gov/content/pkg/FR-2016-08-30/pdf/2016-20745.pdf | https://www.federalregister.gov/documents/2016/08/30/2016-20745/whistleblower-awards-process | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend its regulations to enhance the process for reviewing whistleblower claims and to make related changes to clarify staff authority to administer the whistleblower program. The Commission also is reinterpreting its anti-retaliation authority and proposing appropriate rule amendments to implement that authority. |
| 2016-08-26 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Extension of Comment Period for Modernization of Property Disclosures for Mining Registrants | The Securities and Exchange Commission is extending the comment period for a release proposing revisions to the property disclosure requirements for mining registrants and related guidance [Release Nos. 33-10098 and 34-78086 (June 16, 2016)], published... | 2016-20548 | "https://www.govinfo.gov/content/pkg/FR-2016-08-26/pdf/2016-20548.pdf | https://www.federalregister.gov/documents/2016/08/26/2016-20548/extension-of-comment-period-for-modernization-of-property-disclosures-for-mining-registrants | The Securities and Exchange Commission is extending the comment period for a release proposing revisions to the property disclosure requirements for mining registrants and related guidance [Release Nos. 33-10098 and 34-78086 (June 16, 2016)], published June 27, 2016. The original comment period is scheduled to end on August 26, 2016. The Commission is extending the time period in which to provide the Commission with comments until September 26, 2016. This action will allow interested persons additional time to analyze the issues and prepare their comments. |
| 2016-08-16 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Final Response to District Court Remand Order in Securities Industry and Financial Markets Association, et al. v. United States Commodity Futures Trading Commission | This release is the Commodity Futures Trading Commission's (``Commission'' or ``CFTC'') final response to the order of the United States District Court for the District of Columbia in Securities Industry and Financial Markets Association, et al. v.... | 2016-18854 | "https://www.govinfo.gov/content/pkg/FR-2016-08-16/pdf/2016-18854.pdf | https://www.federalregister.gov/documents/2016/08/16/2016-18854/final-response-to-district-court-remand-order-in-securities-industry-and-financial-markets | This release is the Commodity Futures Trading Commission's (``Commission'' or ``CFTC'') final response to the order of the United States District Court for the District of Columbia in Securities Industry and Financial Markets Association, et al. v. United States Commodity Futures Trading Commission, (``SIFMA v. CFTC''), remanding eight swaps-related rulemakings to the Commission to resolve what the court held to be inadequacies in the Commission's consideration of costs and benefits, or its explanation of its consideration of costs and benefits, in those rulemakings. In this release the Commission addresses cost-benefit issues raised and suggestions for rule changes made in comments submitted in response to the Commission's Initial Response to the remand order. |
| 2016-08-12 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Chief Compliance Officer Annual Report Requirements for Futures Commission Merchants, Swap Dealers, and Major Swap Participants; Amendments to Filing Dates | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend certain provisions of its regulations concerning Chief Compliance Officers (``Proposal''). The regulation that is the subject of the Proposal addresses chief... | 2016-19231 | "https://www.govinfo.gov/content/pkg/FR-2016-08-12/pdf/2016-19231.pdf | https://www.federalregister.gov/documents/2016/08/12/2016-19231/chief-compliance-officer-annual-report-requirements-for-futures-commission-merchants-swap-dealers | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend certain provisions of its regulations concerning Chief Compliance Officers (``Proposal''). The regulation that is the subject of the Proposal addresses chief compliance officers (``CCOs'') of futures commission merchants (``FCMs''), swap dealers (``SDs''), and major swap participants (``MSPs'') (collectively, ``Registrants''). The proposed amendments would: Codify existing no- action relief regarding the timing of when a Registrant must furnish its CCO annual report to the Commission; clarify filing requirements for Registrants located in a jurisdiction for which the Commission has issued a comparability determination; and delegate to the Director of the Division of Swap Dealer and Intermediary Oversight (``DSIO'') authority to grant extensions to the CCO annual report filing deadline. |
| 2016-08-12 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Regulation SBSR-Reporting and Dissemination of Security-Based Swap Information | The Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting certain amendments to Regulation SBSR-- Reporting and Dissemination of Security-Based Swap Information (``Regulation SBSR''). Specifically, new Rule 901(a)(1) of Regulation... | 2016-17032 | "https://www.govinfo.gov/content/pkg/FR-2016-08-12/pdf/2016-17032.pdf | https://www.federalregister.gov/documents/2016/08/12/2016-17032/regulation-sbsr-reporting-and-dissemination-of-security-based-swap-information | The Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting certain amendments to Regulation SBSR-- Reporting and Dissemination of Security-Based Swap Information (``Regulation SBSR''). Specifically, new Rule 901(a)(1) of Regulation SBSR requires a platform (i.e., a national securities exchange or security-based swap execution facility (``SB SEF'') that is registered with the Commission or exempt from registration) to report a security- based swap executed on such platform that will be submitted to clearing. New Rule 901(a)(2)(i) of Regulation SBSR requires a registered clearing agency to report any security-based swap to which it is a counterparty. The Commission is adopting certain conforming amendments to other provisions of Regulation SBSR in light of the newly adopted amendments to Rule 901(a), and an amendment that would require registered security-based swap data repositories (``SDRs'') to provide the security-based swap transaction data that they are required to publicly disseminate to the users of the information on a non-fee basis. The Commission also is adopting amendments to Rule 908(a) to extend Regulation SBSR's regulatory reporting and public dissemination requirements to additional types of cross-border security-based swaps. The Commission is offering guidance regarding the application of Regulation SBSR to prime brokerage transactions and to the allocation of cleared security-based swaps. Finally, the Commission is adopting a new compliance schedule for the portions of Regulation SBSR for which the Commission has not previously specified compliance dates. |
| 2016-08-12 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Written Acknowledgment of Customer Funds From Federal Reserve Banks | The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is amending its regulations to revise or repeal certain provisions related to the requirement that a derivatives clearing organization (``DCO'') obtain from a Federal Reserve Bank... | 2016-19211 | "https://www.govinfo.gov/content/pkg/FR-2016-08-12/pdf/2016-19211.pdf | https://www.federalregister.gov/documents/2016/08/12/2016-19211/written-acknowledgment-of-customer-funds-from-federal-reserve-banks | The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is amending its regulations to revise or repeal certain provisions related to the requirement that a derivatives clearing organization (``DCO'') obtain from a Federal Reserve Bank acting as a depository for customer funds a written acknowledgment that the Federal Reserve Bank was informed that the customer funds deposited therein are those of customers and are being held in accordance with Section 4d of the Commodity Exchange Act (``CEA''). |
| 2016-08-05 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Commodity Pool Operator Annual Report | The Commodity Futures Trading Commission (Commission or CFTC) is proposing to amend certain of its regulations applicable to the Annual Report that each person registered or required to be registered as a commodity pool operator (CPO) must distribute... | 2016-18400 | "https://www.govinfo.gov/content/pkg/FR-2016-08-05/pdf/2016-18400.pdf | https://www.federalregister.gov/documents/2016/08/05/2016-18400/commodity-pool-operator-annual-report | The Commodity Futures Trading Commission (Commission or CFTC) is proposing to amend certain of its regulations applicable to the Annual Report that each person registered or required to be registered as a commodity pool operator (CPO) must distribute for each commodity pool that it operates (Proposal). Specifically, the Proposal addresses the use of additional alternative generally accepted accounting principles, standards or practices, and the Annual Report audit requirement where the first fiscal year of a pool consists of a period of three months or less from the date of formation of the pool. |
| 2016-08-05 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Exemption From Registration for Certain Foreign Persons | The Commodity Futures Trading Commission (``Commission'') is proposing to amend one of its regulations. The proposed amendment would amend the conditions under which persons located outside the United States (``U.S.'') acting in the capacity of a... | 2016-18210 | "https://www.govinfo.gov/content/pkg/FR-2016-08-05/pdf/2016-18210.pdf | https://www.federalregister.gov/documents/2016/08/05/2016-18210/exemption-from-registration-for-certain-foreign-persons | The Commodity Futures Trading Commission (``Commission'') is proposing to amend one of its regulations. The proposed amendment would amend the conditions under which persons located outside the United States (``U.S.'') acting in the capacity of a futures commission merchant (``FCM''), an introducing broker (``IB''), commodity trading advisor (``CTA''), or commodity pool operator (``CPO'') in connection with commodity interest transactions solely on behalf of persons located outside the U.S., or on behalf of certain international financial institutions, would qualify for an exemption from registration with the Commission. |
| 2016-08-04 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Disclosure Update and Simplification | We are proposing amendments to certain of our disclosure requirements that may have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements, U.S. Generally Accepted Accounting Principles... | 2016-16964 | "https://www.govinfo.gov/content/pkg/FR-2016-08-04/pdf/2016-16964.pdf | https://www.federalregister.gov/documents/2016/08/04/2016-16964/disclosure-update-and-simplification | We are proposing amendments to certain of our disclosure requirements that may have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements, U.S. Generally Accepted Accounting Principles (``U.S. GAAP''), International Financial Reporting Standards (``IFRS''), or changes in the information environment. We are also soliciting comment on certain Commission disclosure requirements that overlap with, but require information incremental to, U.S. GAAP to determine whether to retain, modify, eliminate, or refer them to the Financial Accounting Standards Board (``FASB'') for potential incorporation into U.S. GAAP. The proposed amendments are intended to facilitate the disclosure of information to investors, while simplifying compliance efforts, without significantly altering the total mix of information provided to investors. These proposals are part of an initiative by the Division of Corporation Finance to review disclosure requirements applicable to issuers to consider ways to improve the requirements for the benefit of investors and issuers. We are also issuing these proposals as part of our efforts to implement title LXXII, section 72002(2) of the Fixing America's Surface Transportation Act. |
| 2016-07-29 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Amendments to the Commission's Rules of Practice | The Securities and Exchange Commission (``Commission'') is adopting amendments to its Rules of Practice. These changes concern, among other things, the timing of hearings in administrative proceedings, depositions, summary disposition, and the contents... | 2016-16987 | "https://www.govinfo.gov/content/pkg/FR-2016-07-29/pdf/2016-16987.pdf | https://www.federalregister.gov/documents/2016/07/29/2016-16987/amendments-to-the-commissions-rules-of-practice | The Securities and Exchange Commission (``Commission'') is adopting amendments to its Rules of Practice. These changes concern, among other things, the timing of hearings in administrative proceedings, depositions, summary disposition, and the contents of an answer. |
| 2016-07-27 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Disclosure of Order Handling Information | The Securities and Exchange Commission (``Commission'' or ``SEC'') is proposing to amend Rules 600 and 606 of Regulation National Market System (``Regulation NMS'') under the Securities Exchange Act of 1934 (``Exchange Act'') to require additional... | 2016-16967 | "https://www.govinfo.gov/content/pkg/FR-2016-07-27/pdf/2016-16967.pdf | https://www.federalregister.gov/documents/2016/07/27/2016-16967/disclosure-of-order-handling-information | The Securities and Exchange Commission (``Commission'' or ``SEC'') is proposing to amend Rules 600 and 606 of Regulation National Market System (``Regulation NMS'') under the Securities Exchange Act of 1934 (``Exchange Act'') to require additional disclosures by broker- dealers to customers about the routing of their orders. Specifically, with respect to institutional orders, the Commission is proposing to amend Rule 606 of Regulation NMS to require a broker-dealer, upon request of its customer, to provide specific disclosures related to the routing and execution of the customer's institutional orders for the prior six months. The Commission also is proposing to amend Rule 606 of Regulation NMS to require a broker-dealer to make publicly available aggregated information with respect to its handling of customers' institutional orders for each calendar quarter. With respect to retail orders, the Commission is proposing to make targeted enhancements to current order routing disclosures under Rule 606 by requiring limit order information to be broken down into marketable and non-marketable categories, requiring the disclosure of the net aggregate amount of any payment for order flow received, payment from any profit-sharing relationship received, transaction fees paid, and transaction rebates received by a broker-dealer from certain venues, requiring broker- dealers to describe any terms of payment for order flow arrangements and profit-sharing relationships with certain venues that may influence their order routing decisions, and eliminating the requirement to divide retail order routing information by listing market. In connection with these new requirements, the Commission is proposing to amend Rule 600 of Regulation NMS to include a number of newly defined terms which are used in the proposed amendments to Rule 606. The Commission is also proposing to amend Rules 605 and 606 of Regulation NMS to require that the public order execution and order routing reports be kept publicly available for a period of three years and to make conforming changes to Rule 607. Finally, the Commission is proposing to amend Rule 3a51-1(a) under the Exchange Act; Rule 13h- 1(a)(5) of Regulation 13D-G; Rule 105(b)(1) of Regulation M; Rules 201(a) and 204(g) of Regulation SHO; Rules 600(b), 602(a)(5), 607(a)(1), and 611(c) of Regulation NMS; and Rule 1000 of Regulation SCI, to update cross-references as a result of this proposed rule. |
| 2016-07-27 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Order Recognizing the Resource Extraction Payment Disclosure Requirements of the European Union, Canada and the U.S. Extractive Industries Transparency Initiative as Substantially Similar to the Requirements of Rule 13q-1 Under the Securities Exchange Act of 1934 | We are issuing an order recognizing the resource extraction payment disclosure requirements of the European Union, Canada and the U.S. Extractive Industries Transparency Initiative as substantially similar to the requirements of Rule 13q-1 under the... | 2016-15677 | "https://www.govinfo.gov/content/pkg/FR-2016-07-27/pdf/2016-15677.pdf | https://www.federalregister.gov/documents/2016/07/27/2016-15677/order-recognizing-the-resource-extraction-payment-disclosure-requirements-of-the-european-union | We are issuing an order recognizing the resource extraction payment disclosure requirements of the European Union, Canada and the U.S. Extractive Industries Transparency Initiative as substantially similar to the requirements of Rule 13q-1 under the Securities Exchange Act of 1934. |
| 2016-07-27 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Disclosure of Payments by Resource Extraction Issuers | We are adopting Rule 13q-1 and an amendment to Form SD to implement Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the disclosure of payments by resource extraction issuers. Rule 13q-1 was initially adopted by... | 2016-15676 | "https://www.govinfo.gov/content/pkg/FR-2016-07-27/pdf/2016-15676.pdf | https://www.federalregister.gov/documents/2016/07/27/2016-15676/disclosure-of-payments-by-resource-extraction-issuers | We are adopting Rule 13q-1 and an amendment to Form SD to implement Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the disclosure of payments by resource extraction issuers. Rule 13q-1 was initially adopted by the Commission on August 22, 2012, but it was subsequently vacated by the U.S. District Court for the District of Columbia. Section 1504 of the Dodd-Frank Act added Section 13(q) to the Securities Exchange Act of 1934, which directs the Commission to issue rules requiring resource extraction issuers to include in an annual report information relating to any payment made by the issuer, a subsidiary of the issuer, or an entity under the control of the issuer, to a foreign government or the Federal Government for the purpose of the commercial development of oil, natural gas, or minerals. Section 13(q) requires a resource extraction issuer to provide information about the type and total amount of such payments made for each project related to the commercial development of oil, natural gas, or minerals, and the type and total amount of payments made to each government. In addition, Section 13(q) requires a resource extraction issuer to provide information about those payments in an interactive data format. |
| 2016-07-05 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Adviser Business Continuity and Transition Plans | The Securities and Exchange Commission (``Commission'' or ``SEC'') is proposing a new rule and rule amendments under the Investment Advisers Act of 1940 (``Advisers Act''). The proposed rule would require SEC-registered investment advisers to adopt and... | 2016-15675 | "https://www.govinfo.gov/content/pkg/FR-2016-07-05/pdf/2016-15675.pdf | https://www.federalregister.gov/documents/2016/07/05/2016-15675/adviser-business-continuity-and-transition-plans | The Securities and Exchange Commission (``Commission'' or ``SEC'') is proposing a new rule and rule amendments under the Investment Advisers Act of 1940 (``Advisers Act''). The proposed rule would require SEC-registered investment advisers to adopt and implement written business continuity and transition plans reasonably designed to address operational and other risks related to a significant disruption in the investment adviser's operations. The proposal would also amend rule 204-2 under the Advisers Act to require SEC-registered investment advisers to make and keep all business continuity and transition plans that are currently in effect or at any time within the past five years were in effect. |
| 2016-07-01 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Amendments to Smaller Reporting Company Definition | We are proposing amendments to the definition of ``smaller reporting company'' as used in our rules and regulations. The proposed amendments, which would expand the number of registrants that qualify as smaller reporting companies, are intended to... | 2016-15674 | "https://www.govinfo.gov/content/pkg/FR-2016-07-01/pdf/2016-15674.pdf | https://www.federalregister.gov/documents/2016/07/01/2016-15674/amendments-to-smaller-reporting-company-definition | We are proposing amendments to the definition of ``smaller reporting company'' as used in our rules and regulations. The proposed amendments, which would expand the number of registrants that qualify as smaller reporting companies, are intended to promote capital formation and reduce compliance costs for smaller registrants, while maintaining investor protections. Registrants with less than $250 million in public float would qualify, as would registrants with zero public float if their revenues were below $100 million in the previous year. |
| 2016-07-01 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Adjustments to Civil Monetary Penalty Amounts | The Securities and Exchange Commission (the ``Commission'') is adopting an interim final rule to implement the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, which amended the Federal Civil Penalties Inflation Adjustment Act... | 2016-15541 | "https://www.govinfo.gov/content/pkg/FR-2016-07-01/pdf/2016-15541.pdf | https://www.federalregister.gov/documents/2016/07/01/2016-15541/adjustments-to-civil-monetary-penalty-amounts | The Securities and Exchange Commission (the ``Commission'') is adopting an interim final rule to implement the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, which amended the Federal Civil Penalties Inflation Adjustment Act of 1990, as previously amended by the Debt Collection Improvement Act of 1996. This interim final rule adjusts for inflation the maximum amount of civil monetary penalties under the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, the Investment Advisers Act of 1940, and certain penalties under the Sarbanes-Oxley Act of 2002. |
| 2016-07-01 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Adoption of Updated EDGAR Filer Manual | The Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made... | 2016-15510 | "https://www.govinfo.gov/content/pkg/FR-2016-07-01/pdf/2016-15510.pdf | https://www.federalregister.gov/documents/2016/07/01/2016-15510/adoption-of-updated-edgar-filer-manual | The Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made primarily to support the submission of asset-backed securities (ABS) related form types by registrants whose Standard Industrial Classification (SIC) code is not 6189; terminate support for the US-GAAP-2014, EXCH-2014, COUNTRY-2012, and CURRENCY-2012 taxonomies; and allow certain filers to use Inline XBRL in their Related Official Filing, provided that the structured information satisfies all other submission requirements. The EDGAR system is scheduled to be upgraded to support these functionalities on June 13, 2016. |
| 2016-06-27 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Amendments to Swap Data Recordkeeping and Reporting Requirements for Cleared Swaps | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting final regulations relating to swap data reporting in connection with cleared swaps for swap data repositories (``SDRs''), derivatives clearing organizations (``DCOs''),... | 2016-14414 | "https://www.govinfo.gov/content/pkg/FR-2016-06-27/pdf/2016-14414.pdf | https://www.federalregister.gov/documents/2016/06/27/2016-14414/amendments-to-swap-data-recordkeeping-and-reporting-requirements-for-cleared-swaps | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting final regulations relating to swap data reporting in connection with cleared swaps for swap data repositories (``SDRs''), derivatives clearing organizations (``DCOs''), designated contract markets (``DCMs''), swap execution facilities (``SEFs''), swap dealers (``SDs''), major swap participants (``MSPs''), and swap counterparties who are neither SDs nor MSPs. Commodity Exchange Act (``CEA'' or ``Act'') provisions relating to swap data recordkeeping and reporting were added by the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). These regulations adopt without change revisions to the Commission regulations as proposed in the Notice of Proposed Rulemaking (``NPRM'') issued August 31, 2015. These revisions clarify regulations to clearly delineate the swap data reporting requirements associated with each of the swaps involved in a cleared swap transaction. Additionally, these revisions leave the choice of SDR for each swap in a cleared swap transaction to the entity submitting the first report on such swap. |
| 2016-06-27 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Modernization of Property Disclosures for Mining Registrants | We are proposing revisions to the property disclosure requirements for mining registrants, and related guidance, currently set forth in Item 102 of Regulation S-K under the Securities Act of 1933 and the Securities Exchange Act of 1934 and in Industry... | 2016-14632 | "https://www.govinfo.gov/content/pkg/FR-2016-06-27/pdf/2016-14632.pdf | https://www.federalregister.gov/documents/2016/06/27/2016-14632/modernization-of-property-disclosures-for-mining-registrants | We are proposing revisions to the property disclosure requirements for mining registrants, and related guidance, currently set forth in Item 102 of Regulation S-K under the Securities Act of 1933 and the Securities Exchange Act of 1934 and in Industry Guide 7. The proposed revisions are intended to provide investors with a more comprehensive understanding of a registrant's mining properties, which should help them make more informed investment decisions. The proposed revisions would also modernize the Commission's disclosure requirements and policies for mining properties by aligning them with current industry and global regulatory practices and standards. In addition, we are proposing to rescind Industry Guide 7 and include the Commission's mining property disclosure requirements in a new subpart of Regulation S-K. |
| 2016-06-27 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Adjustment of Civil Monetary Penalties for Inflation | The Commodity Futures Trading Commission (Commission) is amending its rule that governs the maximum amount of civil monetary penalties, to adjust for inflation. This rule sets forth the maximum, inflation-adjusted dollar amount for civil monetary... | 2016-15078 | "https://www.govinfo.gov/content/pkg/FR-2016-06-27/pdf/2016-15078.pdf | https://www.federalregister.gov/documents/2016/06/27/2016-15078/adjustment-of-civil-monetary-penalties-for-inflation | The Commodity Futures Trading Commission (Commission) is amending its rule that governs the maximum amount of civil monetary penalties, to adjust for inflation. This rule sets forth the maximum, inflation-adjusted dollar amount for civil monetary penalties (CMPs) assessable for violations of the Commodity Exchange Act (CEA) and Commission rules, regulations and orders thereunder. The rule, as amended, implements the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended. |
| 2016-06-23 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Commission Interpretation Regarding Automated Quotations Under Regulation NMS | The Securities and Exchange Commission is issuing a final interpretation with respect to the definition of automated quotation under Rule 600(b)(3) of Regulation NMS. | 2016-14876 | "https://www.govinfo.gov/content/pkg/FR-2016-06-23/pdf/2016-14876.pdf | https://www.federalregister.gov/documents/2016/06/23/2016-14876/commission-interpretation-regarding-automated-quotations-under-regulation-nms | The Securities and Exchange Commission is issuing a final interpretation with respect to the definition of automated quotation under Rule 600(b)(3) of Regulation NMS. |
| 2016-06-22 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Asset-Backed Securities Disclosure and Registration | This release makes technical corrections to rules that were published in the Federal Register on September 24, 2014 (79 FR 57184). The Commission adopted revisions to Regulation AB and other rules governing the offering process, disclosure, and... | 2016-14730 | "https://www.govinfo.gov/content/pkg/FR-2016-06-22/pdf/2016-14730.pdf | https://www.federalregister.gov/documents/2016/06/22/2016-14730/asset-backed-securities-disclosure-and-registration | This release makes technical corrections to rules that were published in the Federal Register on September 24, 2014 (79 FR 57184). The Commission adopted revisions to Regulation AB and other rules governing the offering process, disclosure, and reporting for asset- backed securities. These technical amendments are being published to restore rule text that was inadvertently changed, revise outdated cross-references, and make other technical corrections. |
| 2016-06-17 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Trade Acknowledgment and Verification of Security-Based Swap Transactions | In accordance with Section 764(a) of Title VII of the Dodd- Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd- Frank Act''), the Securities and Exchange Commission (``Commission'') is adopting Rules 15Fi-1 and 15Fi-2 under the... | 2016-13915 | "https://www.govinfo.gov/content/pkg/FR-2016-06-17/pdf/2016-13915.pdf | https://www.federalregister.gov/documents/2016/06/17/2016-13915/trade-acknowledgment-and-verification-of-security-based-swap-transactions | In accordance with Section 764(a) of Title VII of the Dodd- Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd- Frank Act''), the Securities and Exchange Commission (``Commission'') is adopting Rules 15Fi-1 and 15Fi-2 under the Securities Exchange Act of 1934 (``Exchange Act'') requiring security-based swap dealers and major security-based swap participants to provide trade acknowledgments and to verify those trade acknowledgments in security-based swap transactions. The Commission also is amending Rule 3a71-6 under the Exchange Act to address the potential availability of substituted compliance in connection with those trade acknowledgment and verification requirements. |
| 2016-06-16 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Clearing Requirement Determination Under Section 2(h) of the CEA for Interest Rate Swaps | The Commodity Futures Trading Commission (Commission or CFTC) is proposing to amend the Commission's rules to establish a new clearing requirement under the pertinent section of the Commodity Exchange Act (CEA). The amended regulation would require... | 2016-14035 | "https://www.govinfo.gov/content/pkg/FR-2016-06-16/pdf/2016-14035.pdf | https://www.federalregister.gov/documents/2016/06/16/2016-14035/clearing-requirement-determination-under-section-2h-of-the-cea-for-interest-rate-swaps | The Commodity Futures Trading Commission (Commission or CFTC) is proposing to amend the Commission's rules to establish a new clearing requirement under the pertinent section of the Commodity Exchange Act (CEA). The amended regulation would require that interest rate swaps denominated in certain currencies or having certain termination dates, as described herein, be submitted for clearing by persons required to do so under the pertinent section of the CEA to a derivatives clearing organization (DCO) that is registered under the CEA (registered DCO) or a DCO that has been exempted from registration under the CEA (exempt DCO). |
| 2016-06-13 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Position Limits for Derivatives: Certain Exemptions and Guidance | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing revisions and additions to regulations and guidance proposed in 2013 concerning speculative position limits in response to comments received on that proposal. The... | 2016-12964 | "https://www.govinfo.gov/content/pkg/FR-2016-06-13/pdf/2016-12964.pdf | https://www.federalregister.gov/documents/2016/06/13/2016-12964/position-limits-for-derivatives-certain-exemptions-and-guidance | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing revisions and additions to regulations and guidance proposed in 2013 concerning speculative position limits in response to comments received on that proposal. The Commission is proposing new alternative processes for designated contract markets (``DCMs'') and swap execution facilities (``SEFs'') to recognize certain positions in commodity derivative contracts as non-enumerated bona fide hedges or enumerated anticipatory bona fide hedges, as well as to exempt from federal position limits certain spread positions, in each case subject to Commission review. In this regard, the Commission proposes to amend certain of the regulations proposed in 2013 regarding exemptions from federal position limits and exchange-set position limits to take into account these new alternative processes. In connection with these changes, the Commission proposes to further amend certain relevant definitions, including to clearly define the general definition of bona fide hedging for physical commodities under the standards in CEA section 4a(c). Separately, the Commission proposes to delay for DCMs and SEFs that lack access to sufficient swap position information the requirement to establish and monitor position limits on swaps. |
| 2016-06-10 | Proposed Rule | DEPARTMENT OF THE TREASURY | Treasury Department | Incentive-Based Compensation Arrangements | The OCC, Board, FDIC, FHFA, NCUA, and SEC (the Agencies) are seeking comment on a joint proposed rule (the proposed rule) to revise the proposed rule the Agencies published in the Federal Register on April 14, 2011, and to implement section 956 of the... | 2016-11788 | "https://www.govinfo.gov/content/pkg/FR-2016-06-10/pdf/2016-11788.pdf | https://www.federalregister.gov/documents/2016/06/10/2016-11788/incentive-based-compensation-arrangements | The OCC, Board, FDIC, FHFA, NCUA, and SEC (the Agencies) are seeking comment on a joint proposed rule (the proposed rule) to revise the proposed rule the Agencies published in the Federal Register on April 14, 2011, and to implement section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Section 956 generally requires that the Agencies jointly issue regulations or guidelines: (1) Prohibiting incentive-based payment arrangements that the Agencies determine encourage inappropriate risks by certain financial institutions by providing excessive compensation or that could lead to material financial loss; and (2) requiring those financial institutions to disclose information concerning incentive- based compensation arrangements to the appropriate Federal regulator. |
| 2016-06-09 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Form 10-K Summary | We are adopting an interim final amendment to implement Section 72001 of the Fixing America's Surface Transportation (``FAST'') Act. The interim final amendment provides that a registrant may, at its option, include a summary in its Form 10-K provided... | 2016-13328 | "https://www.govinfo.gov/content/pkg/FR-2016-06-09/pdf/2016-13328.pdf | https://www.federalregister.gov/documents/2016/06/09/2016-13328/form-10-k-summary | We are adopting an interim final amendment to implement Section 72001 of the Fixing America's Surface Transportation (``FAST'') Act. The interim final amendment provides that a registrant may, at its option, include a summary in its Form 10-K provided that each item in the summary includes a cross-reference by hyperlink to the material contained in the registrant's Form 10-K to which such item relates. |
| 2016-06-07 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Public Staff Roundtable on Elements of Regulation Automated Trading; Reopening of Comment Period | On June 10, 2016, staff of the Commodity Futures Trading Commission (CFTC or Commission) will hold a public roundtable meeting, at which invited participants will discuss specific elements of the Commission's notice of proposed rulemaking (NPRM)... | 2016-13385 | "https://www.govinfo.gov/content/pkg/FR-2016-06-07/pdf/2016-13385.pdf | https://www.federalregister.gov/documents/2016/06/07/2016-13385/public-staff-roundtable-on-elements-of-regulation-automated-trading-reopening-of-comment-period | On June 10, 2016, staff of the Commodity Futures Trading Commission (CFTC or Commission) will hold a public roundtable meeting, at which invited participants will discuss specific elements of the Commission's notice of proposed rulemaking (NPRM) regarding Regulation Automated Trading (Regulation AT). The staff roundtable, which will be held at the Commission's Washington, DC, office, will commence at 9:00 a.m. and end at 4:00 p.m. Additional information, including the agenda, is available in the ``Press Room'' section of the Commission's Web site at www.cftc.gov. In conjunction with the staff roundtable on June 10, the Commission is reopening the comment period for specific elements of Regulation AT. This additional comment period is intended to accept public comments solely on the specific items in the agenda and that arise during the staff roundtable. |
| 2016-05-31 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants-Cross-Border Application of the Margin Requirements | On January 6, 2016, the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') published final regulations to implement section 4s(e) of the Commodity Exchange Act, which requires the Commission to adopt initial and variation margin... | 2016-12612 | "https://www.govinfo.gov/content/pkg/FR-2016-05-31/pdf/2016-12612.pdf | https://www.federalregister.gov/documents/2016/05/31/2016-12612/margin-requirements-for-uncleared-swaps-for-swap-dealers-and-major-swap-participants-cross-border | On January 6, 2016, the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') published final regulations to implement section 4s(e) of the Commodity Exchange Act, which requires the Commission to adopt initial and variation margin requirements for uncleared swaps of swap dealers and major swap participants that do not have a Prudential Regulator (collectively, ``Covered Swap Entities'' or ``CSEs''). In this release, the Commission is adopting a rule to address the cross-border application of the Commission's margin requirements for CSEs' uncleared swaps. |
| 2016-05-26 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Retail Foreign Exchange Transactions | Rule 15b12-1, by its terms, will expire and no longer be effective on July 31, 2016. Interested persons should be aware that as of that date, any broker or dealer, including a broker or dealer that is also dually registered as a futures commission... | 2016-12390 | "https://www.govinfo.gov/content/pkg/FR-2016-05-26/pdf/2016-12390.pdf | https://www.federalregister.gov/documents/2016/05/26/2016-12390/retail-foreign-exchange-transactions | Rule 15b12-1, by its terms, will expire and no longer be effective on July 31, 2016. Interested persons should be aware that as of that date, any broker or dealer, including a broker or dealer that is also dually registered as a futures commission merchant (``BD/ FCM''), shall be prohibited under the Commodity Exchange Act (``CEA'') from offering or entering into a transaction described in the CEA with a person who is not an eligible contract participant (``retail forex transaction''). |
| 2016-05-24 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Performance-Based Investment Advisory Fees | The Securities and Exchange Commission (``Commission'') intends to issue an order that would adjust for inflation, as appropriate, dollar amount thresholds in the rule under the Investment Advisers Act of 1940 that permits investment advisers to charge... | 2016-12167 | "https://www.govinfo.gov/content/pkg/FR-2016-05-24/pdf/2016-12167.pdf | https://www.federalregister.gov/documents/2016/05/24/2016-12167/performance-based-investment-advisory-fees | The Securities and Exchange Commission (``Commission'') intends to issue an order that would adjust for inflation, as appropriate, dollar amount thresholds in the rule under the Investment Advisers Act of 1940 that permits investment advisers to charge performance-based fees to ``qualified clients.'' Under that rule, an investment adviser may charge performance-based fees if a ``qualified client'' has a certain minimum net worth or minimum dollar amount of assets under the management of the adviser. The Commission's order would increase, to reflect inflation, the minimum net worth that a ``qualified client'' must have under the rule. The order would not increase the minimum dollar amount of assets under management. |
| 2016-05-24 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants; Correction | The Securities and Exchange Commission (``SEC'' or ``Commission'') is making a technical correction to a burden estimate for Paperwork Reduction Act purposes and a corresponding estimate in the Economic Analysis of the business conduct standards for... | 2016-12166 | "https://www.govinfo.gov/content/pkg/FR-2016-05-24/pdf/2016-12166.pdf | https://www.federalregister.gov/documents/2016/05/24/2016-12166/business-conduct-standards-for-security-based-swap-dealers-and-major-security-based-swap | The Securities and Exchange Commission (``SEC'' or ``Commission'') is making a technical correction to a burden estimate for Paperwork Reduction Act purposes and a corresponding estimate in the Economic Analysis of the business conduct standards for security- based swap dealers and major security-based swap participants. |
| 2016-05-19 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Adoption of Updated EDGAR Filer Manual | The Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made... | 2016-11764 | "https://www.govinfo.gov/content/pkg/FR-2016-05-19/pdf/2016-11764.pdf | https://www.federalregister.gov/documents/2016/05/19/2016-11764/adoption-of-updated-edgar-filer-manual | The Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made primarily to support the 2016 XBRL taxonomies; add new submission form types SBSE, SBSE/A, SBSE-A, SBSE-A/A, SBSE-BD, SBSE-BD/A, SBSE-C and SBSE-W pursuant to Section 15F of the Securities Exchange Act of 1934 (the Exchange Act) and Rules 15Fb1-1 through 15Fb6-2 thereunder; add submission form types 17HACON, 17HACON/A, 17HQCON and 17HQCON/A pursuant to Rules 17h-1T and 17h-2T under the Exchange Act; and permit a value of zero in addition to the currently allowable numeric values in the ``Current Number of Employees'' field on the ``Disclosure Requirements'' screen of the Regulation Crowdfunding submission form types C, C/A and C-U. The EDGAR system was upgraded to support the new 2016 XBRL taxonomies on March 7, 2016. The EDGAR system is scheduled to be upgraded to support the other functionalities on April 25, 2016. |
| 2016-05-13 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants | In accordance with Section 764 of Title VII (``Title VII'') of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''), the Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting new rules under the... | 2016-10918 | "https://www.govinfo.gov/content/pkg/FR-2016-05-13/pdf/2016-10918.pdf | https://www.federalregister.gov/documents/2016/05/13/2016-10918/business-conduct-standards-for-security-based-swap-dealers-and-major-security-based-swap | In accordance with Section 764 of Title VII (``Title VII'') of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''), the Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting new rules under the Securities Exchange Act of 1934 (``Exchange Act'') that are intended to implement provisions of Title VII relating to business conduct standards and the designation of a chief compliance officer for security-based swap dealers and major security-based swap participants. The final rules also address the cross-border application of the rules and the availability of substituted compliance. |
| 2016-05-10 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Changes to Exchange Act Registration Requirements To Implement Title V and Title VI of the JOBS Act | We are amending our rules in light of the statutory changes made by Title V and Title VI of the Jumpstart Our Business Startups Act (the ``JOBS Act'') and Title LXXXV of the Fixing America's Surface Transportation Act (the ``FAST Act''). The amendments... | 2016-10746 | "https://www.govinfo.gov/content/pkg/FR-2016-05-10/pdf/2016-10746.pdf | https://www.federalregister.gov/documents/2016/05/10/2016-10746/changes-to-exchange-act-registration-requirements-to-implement-title-v-and-title-vi-of-the-jobs-act | We are amending our rules in light of the statutory changes made by Title V and Title VI of the Jumpstart Our Business Startups Act (the ``JOBS Act'') and Title LXXXV of the Fixing America's Surface Transportation Act (the ``FAST Act''). The amendments revise our rules to reflect the new, higher thresholds for registration, termination of registration and suspension of reporting that were set forth in the JOBS Act and the FAST Act. In addition, the amendments revise the definition of ``held of record'' in Rule 12g5-1 under the Securities Exchange Act of 1934 (the ``Exchange Act''), in accordance with the JOBS Act, to exclude certain securities held by persons who received them pursuant to employee compensation plans and establish a non- exclusive safe harbor for determining whether securities are ``held of record'' for purposes of registration under Exchange Act Section 12(g). |
| 2016-05-06 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Definitions of Portfolio Reconciliation and Material Terms for Purposes of Swap Portfolio Reconciliation | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending its regulations in connection with the terms for which counterparties must exchange and resolve discrepancies when engaging in portfolio reconciliation. | 2016-10565 | "https://www.govinfo.gov/content/pkg/FR-2016-05-06/pdf/2016-10565.pdf | https://www.federalregister.gov/documents/2016/05/06/2016-10565/definitions-of-portfolio-reconciliation-and-material-terms-for-purposes-of-swap-portfolio | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending its regulations in connection with the terms for which counterparties must exchange and resolve discrepancies when engaging in portfolio reconciliation. |
| 2016-04-22 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Business and Financial Disclosure Required by Regulation S-K | The Commission is publishing this concept release to seek public comment on modernizing certain business and financial disclosure requirements in Regulation S-K. These disclosure requirements serve as the foundation for the business and financial... | 2016-09056 | "https://www.govinfo.gov/content/pkg/FR-2016-04-22/pdf/2016-09056.pdf | https://www.federalregister.gov/documents/2016/04/22/2016-09056/business-and-financial-disclosure-required-by-regulation-s-k | The Commission is publishing this concept release to seek public comment on modernizing certain business and financial disclosure requirements in Regulation S-K. These disclosure requirements serve as the foundation for the business and financial disclosure in registrants' periodic reports. This concept release is part of an initiative by the Division of Corporation Finance to review the disclosure requirements applicable to registrants to consider ways to improve the requirements for the benefit of investors and registrants. |
| 2016-04-08 | Proposed Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Certain Natural Gas and Electric Power Contracts | In accordance with section 712(d)(4) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''), the Commodity Futures Trading Commission (the ``CFTC'') and the Securities and Exchange Commission (``SEC''), after... | 2016-08076 | "https://www.govinfo.gov/content/pkg/FR-2016-04-08/pdf/2016-08076.pdf | https://www.federalregister.gov/documents/2016/04/08/2016-08076/certain-natural-gas-and-electric-power-contracts | In accordance with section 712(d)(4) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''), the Commodity Futures Trading Commission (the ``CFTC'') and the Securities and Exchange Commission (``SEC''), after consultation with the Board of Governors of the Federal Reserve System (``Board of Governors''), are jointly issuing the CFTC's proposed guidance on certain contracts that provide for rights and obligations with respect to electric power and natural gas. The CFTC invites public comment on all aspects of its proposed guidance. |
| 2016-04-01 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | General Rules and Regulations, Securities Exchange Act of 1934 | | 2016-07561 | "https://www.govinfo.gov/content/pkg/FR-2016-04-01/pdf/2016-07561.pdf | https://www.federalregister.gov/documents/2016/04/01/2016-07561/general-rules-and-regulations-securities-exchange-act-of-1934 | |
| 2016-04-01 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Alternative to Fingerprinting Requirement for Foreign Natural Persons | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending existing Commission regulations to establish an alternative to fingerprinting to evaluate the fitness of natural persons who are required to submit fingerprints under the... | 2016-07304 | "https://www.govinfo.gov/content/pkg/FR-2016-04-01/pdf/2016-07304.pdf | https://www.federalregister.gov/documents/2016/04/01/2016-07304/alternative-to-fingerprinting-requirement-for-foreign-natural-persons | The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending existing Commission regulations to establish an alternative to fingerprinting to evaluate the fitness of natural persons who are required to submit fingerprints under the Commission's regulations and who have not resided in the United States since reaching 18 years of age (``Final Rule''). |
| 2016-03-28 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Rules of Practice | | 2016-07017 | "https://www.govinfo.gov/content/pkg/FR-2016-03-28/pdf/2016-07017.pdf | https://www.federalregister.gov/documents/2016/03/28/2016-07017/rules-of-practice | |
| 2016-03-24 | Proposed Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Notice of Proposed Commission Interpretation Regarding Automated Quotations Under Regulation NMS | The Securities and Exchange Commission is publishing for comment a proposed interpretation with respect to the definition of automated quotation under Rule 600(b)(3) of Regulation NMS. | 2016-06633 | "https://www.govinfo.gov/content/pkg/FR-2016-03-24/pdf/2016-06633.pdf | https://www.federalregister.gov/documents/2016/03/24/2016-06633/notice-of-proposed-commission-interpretation-regarding-automated-quotations-under-regulation-nms | The Securities and Exchange Commission is publishing for comment a proposed interpretation with respect to the definition of automated quotation under Rule 600(b)(3) of Regulation NMS. |
| 2016-03-21 | Rule | COMMODITY FUTURES TRADING COMMISSION | Commodity Futures Trading Commission | Trade Options | The Commodity Futures Trading Commission (the ``Commission'' or the ``CFTC'') is issuing a final rule to amend the limited trade options exemption in the Commission's regulations, as described herein, with respect to the following subject areas:... | 2016-06260 | "https://www.govinfo.gov/content/pkg/FR-2016-03-21/pdf/2016-06260.pdf | https://www.federalregister.gov/documents/2016/03/21/2016-06260/trade-options | The Commodity Futures Trading Commission (the ``Commission'' or the ``CFTC'') is issuing a final rule to amend the limited trade options exemption in the Commission's regulations, as described herein, with respect to the following subject areas: Reporting requirements for trade option counterparties that are not swap dealers or major swap participants; recordkeeping requirements for trade option counterparties that are not swap dealers or major swap participants; and certain non-substantive amendments. |
| 2016-03-17 | Rule | SECURITIES AND EXCHANGE COMMISSION | Securities and Exchange Commission | Securities Investor Protection Corporation | The Securities and Exchange Commission (``Commission'') is approving a proposed rule change filed by the Securities Investor Protection Corporation (``SIPC''). The rule change adds SIPC Rule 600, entitled ``Rules Relating to Supplemental Report of SIPC... | 2016-06041 | "https://www.govinfo.gov/content/pkg/FR-2016-03-17/pdf/2016-06041.pdf | https://www.federalregister.gov/documents/2016/03/17/2016-06041/securities-investor-protection-corporation | The Securities and Exchange Commission (``Commission'') is approving a proposed rule change filed by the Securities Investor Protection Corporation (``SIPC''). The rule change adds SIPC Rule 600, entitled ``Rules Relating to Supplemental Report of SIPC Membership.'' Because SIPC rules have the force and effect as if promulgated by the Commission, those rules are published in Title 17 of the Code of Federal Regulations, where the rule change will be reflected. |