Regulatory Policy

Federal Reserve

Fed rule tailors bank regulations to link requirements to risk


The Federal Reserve Board of Governors approved final rules that tailor its regulations for domestic and foreign banks to more closely link regulatory requirements to the institutions’ risk profiles.


SEC’s ‘test-the-waters’ rule could be boon for future IPOs


The SEC has adopted a rule that allows companies interested in potentially going public to gauge interests in IPOs, instead of just emerging growth companies covered under the current rule.


Agencies finalize changes to Volcker rule


Recently proposed amendments to the Volcker rule designed to simplify compliance requirements were finalized this week.


More foreign investments to be scrutinized under Treasury proposals


The Committee on Foreign Investment in the United States (CFIUS) will have a bigger role in assessing a deal’s impact on national security after two recent proposals by the Treasury Department.


OCC eases stress-testing requirements for banks


New OCC requirements mean national banks and federal savings associations with assets under $250 billion will no longer have to self-administer stress tests annually.


Upcoming regulatory events: SEC, DOJ, FASB, and more

2019-10-03T16:58:00+01:00By DeAnn Orie

Fall is a busy time for regulators across the compliance landscape. Take note of upcoming events, plus some early conference registration news.


Bill requiring shell companies to disclose ownership introduced in Senate


Aimed at fighting money laundering, newly proposed legislation looks to mandate full transparency from shell companies on ownership and also fosters greater communication between financial institutions and law enforcement agencies.


SEC modernizes rules on exchange-traded funds


Despite an effective date about a year out, regulated entities still need to make some decisions now about policies and procedures if they are relying on a new regulation applying to exchange-traded funds.


Understanding Canada’s new diversity disclosure requirements


Starting next year, Canadian companies will be required to disclose much more about their diversity efforts, including many who will have to do so for the very first time.


Proposed bill targets FASB rulemaking procedures


Rep. Blaine Luetkemeyer (R-Mo.) on Friday introduced a bill that would subject the Financial Accounting Standards Board to the rulemaking guidelines of federal financial regulators.


DOJ launches new process for filing documents under FARA


The Department of Justice recently announced a new online system for filing, storing, and searching registrations under the Foreign Agents Registration Act.

Boris Johnson

Parliament suspension ‘unlawful’ says U.K. Supreme Court


The U.K. Supreme Court unanimously ruled Boris Johnson’s decision to suspend Parliament unlawful, but it stopped short of suggesting the Prime Minister’s motive was to stymie further debate over the government’s Brexit plans.


House approves PCAOB whistleblower program


The U.S. House of Representatives has passed a bill to move the creation of a whistleblower program at the PCAOB forward. While some praised the development, others cautioned it’s a redundant and flawed measure.


FDIC paves way for rollback of initial swap margin requirements


The move to ditch the requirement that insured depository institutions collect initial margin from affiliates is being praised by regulators for bringing the U.S. into alignment with other countries and freeing up $39.4 billion in collateral.


SEC revisiting decades-old bank disclosure guide


The SEC is seeking public comment on proposed updates to statistical disclosures for bank and savings and loan registrants.


Last-minute CCPA changes strike business-friendly tone


Recently approved tweaks to California’s upcoming privacy law don’t change the fact compliance prep should already be well underway, experts say.


If feds find fraud using analytics, corporations better have found it first


Deputy Assistant Attorney General Matthew Miner put corporate compliance officers on notice with remarks about the feds’ increasing use of data analytics.


FTC prioritizes guidance on application of antitrust laws to Big Tech


The Federal Trade Commission’s Office of Policy Planning is making the identification of Big Tech companies’ anticompetitive behavior and how to remedy it a top priority.


What banking CCOs need to know about new terrorist funding order


Impacted financial institutions, including cryptocurrency exchangers, may want to review know-your-customer policies and anti-money laundering compliance in light of President Trump’s executive order.


Uber, Lyft among companies trying to stymie California employment bill


As legislation that would classify many freelance workers as employees instead of contractors nears passage in California, a few companies that would be most impacted are trying to preserve the gig economy.


States sue SEC over Reg BI


Seven states and the District of Columbia have filed a lawsuit against the SEC in an effort to block the regulator’s recently approved Regulation Best Interest rule package.

Jay Clayton

SEC’s Clayton calls out dearth of global assistance in battling corruption


Is the SEC tired of being a global cop? In a speech Monday, SEC Chair Jay Clayton rallied against a “continuing lack of global commitment” to combatting offshore corruption.


White paper: 2019 CCO Playbook

2019-09-10T18:44:00+01:00Provided by

Understanding the regulatory environment, both past and current, can help shape your compliance strategies. ComplySci’s CCO Playbook will ensure you keep up with regulatory changes and provide you with a game plan to meet many of the top challenges CCOs face today.


Risk alert: CCOs should examine policies around advisers’ adherence to disclosure rules


The SEC’s Office of Compliance Inspections and Examinations suggests a policy and procedure review for investment advisers for certain “principal trades” involving clients.

United States Cuba

OFAC amends Cuban Assets Control Regulations


The Treasury Department’s Office of Foreign Assets Control announced amendments to the Cuban Assets Control Regulations to further implement President Trump’s June 2017 National Security Presidential Memorandum.


How industries are responding to the escalating U.S.-China trade war


While the escalating tit-for-tat trade war and increasing tariff rate hikes between the U.S. and China cannot be controlled, proactive companies are learning to swing with the punches—from diversifying their supply chains to shifting their production lines elsewhere.


Compliance lessons from the Google/Uber trade secrets mess


A federal grand jury’s indictment of Anthony Scott Levandowski for allegedly stealing trade secrets from Google may be a wake-up call to protect intellectual property more aggressively.

Seventh Circuit

Court: Hyperlinked e-mails don’t count as ‘communication’ for debt collectors


A federal appeals court sided with a consumer in deciding hyperlinked e-mails violate debt notice requirements.

SEC building

SEC issues 9 compliance & disclosure interpretations for Inline XBRL


The SEC’s Division of Corporation Finance this month published nine new Compliance and Disclosure Interpretations relating to Inline XBRL rules, particularly concerning common questions around the exhibit index and cover page tagging.

Money laundering

New FinCEN unit to focus on money laundering threats


FinCEN announced the launch of its newly created Global Investigations Division, with responsibility for targeting terrorist financing and money laundering threats, both domestically and internationally.


Commissioners Jackson and Lee: A critical look at Regulation S-K


SEC Commissioners Robert Jackson and Allison Herren Lee have expressed concerns about the move toward principles-based requirements with Regulation S-K and advocated for more requirements to disclose climate risk.

Board table

New SEC guidance addresses proxy voting process


New SEC releases address the applicability of proxy rules to proxy voting advice and provide guidance to investment advisers in fulfilling their proxy voting responsibilities, particularly when they retain the services of a proxy advisory firm.


New Volcker rule eases restrictions on proprietary trading


The latest amendments to the Volcker rule, a regulation aimed at curbing banks from engaging in proprietary trading, seek to eliminate unnecessary complexity without thwarting the rule’s main objective.


Asia Pacific compliance: Five tips for practitioners based outside the region

2019-08-14T18:59:00+01:00By Mary Shirley

Communicating the variances of Asian regulatory policies could mean the difference between progress or failure. One of our former Top Minds offers companies five tips for avoiding a regulatory disaster within a multinational organization.


Regulatory events coming this fall

2019-08-12T20:57:00+01:00By DeAnn Orie

Check out information on upcoming events from such regulators as the PCAOB, FDIC, SEC, DOJ, and more.


A critical review of the SFO’s DPA process


Companies considering entering a deferred prosecution agreement with the U.K. Serious Fraud Office might instead want to take their chances with a trial following the outcomes of a trio of recent high-profile corruption cases.


SEC proposes to modernize Regulation S-K disclosures


The SEC is seeking comment on proposed amendments to modernize the description of business, legal proceedings, and risk factor disclosures that registrants are required to make under Regulation S-K.


SFO cooperation guidance provides clarity on leniency


In recent guidance, the SFO for the first time has formally set out expectations essential to U.S.-type deferred prosecution agreements, but some say the low number of companies accepting criminal responsibility may negate the provision’s worth.


House considers creating PCAOB whistleblower program


The House is considering a bill that would give the PCAOB a whistleblower system under Sarbanes-Oxley like the one operated by the SEC.


CFPB pitches mortgage rule change


The Consumer Financial Protection Bureau has issued a notice seeking information on the expiration of temporary qualified mortgage provisions.


Warren’s next battleground: private equity firms


Under newly filed legislation, The Stop Wall Street Looting Act, firms would share responsibility for the liabilities of companies under their control, including debt, legal judgments, and pension obligations.

Antitrust debate

Congress debates: Are tech giants bullies or saviors?


Amazon, Google, Facebook, and Apple were called before Congress this week to debate what critics perceive as the anti-competitive, entrepreneur-chilling effects they trigger with their size and scope.


Google, Amazon fire back: Rising tide lifts all boats


A common refrain—and effective defense—from tech companies at the House Judiciary hearing this week was that rather than stifling competition, their size and scope is responsible for a tide that raises all boats in their wake.


FINRA issues clarifying guidance on ‘extraordinary cooperation’ credit


The Financial Industry Regulatory Authority has issued supplemental guidance clarifying how companies and individuals that demonstrate “extraordinary cooperation” in investigations can receive enforcement credit.


Congress, Treasury take swings at Facebook’s Libra plan


A plan by Facebook to enter the world of virtual currency is attracting predictable skepticism in Washington. It could also expedite the slow emergence of national data protection laws.


Quality compliance can now earn antitrust leniency


A Justice Department policy change–to evaluate corporate compliance programs as a potential leniency factor on antitrust cases–has come to fruition through announcements made this week.

Facebook crypto

Fed Chair urges caution with Facebook virtual currency venture


Count Federal Reserve Chairman Jerome Powell and several members of Congress as concerned observers of Facebook’s planned foray into the world of virtual currency.


SEC’s Clayton emphatically defends Reg. BI


SEC Chairman Jay Clayton, speaking to an audience of financial professionals in Boston, vigorously defended Regulation Best Interest and came out swinging against critics.


Warren, Dems seek mandatory climate disclosures


Senator Elizabeth Warren (D-Mass.) has reintroduced the Climate Risk Disclosure Act, legislation that would require public companies to disclose their exposure to climate-related risks.


Agencies exclude community banks from the Volcker Rule


Five federal financial regulatory agencies announced this week they have adopted a final rule to exclude community banks from the Volcker Rule.