Washington Report 360 | December 16, 2022

Retail investor market structure, Insider trading, Nonbank financial firms, Financial Crimes, DOJ Landmark Agreement"

The Washington Report 360 will not be published for the next two weeks but will return January 6, 2023. Best wishes to everyone for Happy Holidays and a Wonderful New Year!

Key Highlights

Retail investor market structure. SEC proposes new rules and amendments that would significantly impact the retail investor market structure, including a Best Execution regulatory framework and changes to Regulation NMS for order execution, tick sizes, and order competition.
Insider trading. SEC finalizes amendments to insider trading Rule 10b5-1, including new disclosure requirements.
Nonbank financial firms. CFPB proposes rule to require nonbank financial firms to report agency and court orders to the CFPB.
Financial Crimes. FinCEN proposes rule on access to and protection of beneficial ownership information (second in a series of three rulemakings).
FSOC. Annual Report, highlighting recommendations to mitigate threats and vulnerabilities to financial stability in areas such as nonbank financial intermediation, digital assets, climate-related financial risk, treasury market resilience, cybersecurity, and transition from LIBOR.
DOJ. “Landmark agreement” with a city and Police Department settles a discrimination lawsuit and ends a “Crime-Free” rental housing program.

Financial services regulatory news
SEC	Final amendments to Insider Trading arrangements and related disclosures Proposed rules and amendments: Disclosure of Order Execution Information Minimum Pricing Increments and Access Fee Caps Order Competition Rule Best Execution Rule Enforcement actions addressing: Multinational FS company for AML compliance failures Four Individuals in crypto pyramid scheme
CFTC	Enforcement action against individual and associated digital commodities asset platforms citing fraud and material misrepresentations
FINRA	Adopted amendments requiring reporting of TRACE transactions in U.S. dollar-denominated foreign sovereign debt securities Notice on increased ransomware risks Regulatory notice of practices for obtaining customers’ trusted contacts
Interagency	Extended comment period on large bank resolvability ANPR (FRB and FDIC) FFIEC exam procedures for the Fair Debt Collection Practices Act FFIEC 2021 data on small business, small farm, and community development loans
FRB	Final rule implementing the Adjustable Interest Rate (LIBOR) Act, including safe harbor provisions
FDIC	Proposed rule to modernize use of the FDIC logo and clarify regulations on false advertising Guidelines for Appeals of Material Supervisory Determinations
CFPB	Proposed rule to require nonbank financial firms to report agency and court orders to the CFPB Published data from National Survey on Mortgage Originations
Treasury	FinCen NPRM on access to and protection of beneficial ownership information FSOC Annual Report, highlighting recommendations to mitigate threats and vulnerabilities to financial stability
NY DFS	Guidance for banking organizations on virtual currency
DOJ	“Landmark agreement” to end “Crime-Free” rental housing program, resolving a discrimination lawsuit
FTC	Request for comment on potential updates and changes to the ‘Green Guides’ for the Use of Environmental Marketing Claims
FHFA	Final 2023-2024 multifamily housing goals for Fannie Mae and Freddie Mac
FSB	Report: Progress on transition from LIBOR Report: Assessment of the Effectiveness of the FSB’s 2017 Recommendations on Liquidity Mismatch in Open-Ended Funds
BIS	BCBS evaluation of the impact of Basel III reforms on bank resilience FSI paper: Suptech in insurance supervision

Financial services policy news
Senate	Banking Committee Hearing: Crypto Crash: Why the Digital Commodities Asset Platform Bubble Burst and the Harm to Consumers Securities Subcommittee hearing: Examining How Capital Markets Serve Diverse Entrepreneurs and Investors
House	Financial Services Committee hearings: Investigating the collapse of a digital commodities asset platform, Part I Consumers First: Semi-Annual Report of the CFPB; CFPB testimony