January 13, 2017

An inside look at SIFMA's legislative and regulatory priorities as well as current developments in Washington, D.C.

SIFMA News

SIFMA Announces Market Close Recommendation for Martin Luther King, Jr. Day
SIFMA has confirmed its previous recommendation for a full market close on Monday, January 16 for the trading of U.S. dollar-denominated fixed-income securities in the United States, United Kingdom and Japan in observance of the U.S. Martin Luther King, Jr. Day Holiday.

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Legislative & Regulatory ActiVITY

January 6
The FDIC and the Federal Reserve released the public portions of reduced content resolution plans submitted by institutions with less than $50 billion in total U.S. assets and limited U.S. operations subject to the December 31, 2016 deadline.

The Department of the Treasury published a Treasury Notes blog post entitled "Harnessing the Power of Financial Data."

Federal Reserve Bank of Richmond President and CEO Jeffrey M. Lacker delivered a speech entitled "Economic Outlook, January 2017" at the Maryland Bankers Association First Friday Economic Outlook Forum in Baltimore, Maryland.

The MSRB released its 2016 Annual Report and audited Financial Statements.

The MSRB released a Comment Request on Draft Amendments to MSRB Rule G-26 on Customer Account Transfers. Comments are due by February 17, 2017.

The OCC issued a Dear CEO Letter on the FDIC, Federal Reserve and OCC joint Final Rule on Expanded Examination Cycle.

The SEC released a Final Rule on Adjustments to Civil Monetary Penalty Amounts. The Final Rule is effective upon publication in the Federal Register.

January 9
The Federal Reserve released its Diversity Self-Assessment Template for Federal Reserve Board Regulated Entities, pursuant to Section 342 of the Dodd-Frank Act. The template will expire on February 28, 2019.

The Federal Reserve Bank of New York's Markets Group and Research and Statistics Group published a Liberty Street Economics blog post entitled "Trends in Arbitrage-Based Measures of Bond Liquidity."

Federal Reserve Bank of Atlanta President and CEO Dennis Lockhart delivered a speech entitled "Crisis, Recession and Recovery: 2007–16" at the Rotary Club of Atlanta in Atlanta, Georgia.

Federal Reserve Bank of Boston President and CEO Eric S. Rosengren delivered a speech entitled "Current Economic Conditions and the Implications for Monetary Policy" at the Connecticut Business & Industry Association and the MetroHartford Alliance Economic Summit & Outlook 2017 in Hartford, Connecticut.

The Municipal Securities Rulemaking Board issued a press release announcing that it has added a new issue calendar to its Electronic Municipal Market Access website, which lists municipal bonds scheduled for sale to investors as well as pricing of recently sold issues.

The SEC released a Notice of Filing of a FINRA Proposed Rule Change to Extend the Expiration Date of FINRA Rule 0180, Application of Rules to Security-Based Swaps, to February 12, 2018. Comments are due 21 days after publication in the Federal Register.

The White House published a blog post entitled "In Review: Why President Obama Reformed Wall Street and What Reform Has Accomplished."

January 10
The FDIC, Federal Reserve and OCC issued a joint Dear CEO Letter on Consolidated Reports of Condition and Income for Fourth Quarter 2016.

CFTC Chairman Timothy Massad delivered a speech on post-crisis financial reform and the impact of recent events on the international regulatory framework at the London School of Economics in London, United Kingdom.

January 11
Treasury Secretary Jacob J. Lew presided over an executive session to discuss, among other things, an update on market developments, the quantitative thresholds applied in Stage 1 of the Council's nonbank financial company designation process, the Council's 2017 annual report and recent developments relating to money market mutual funds. The FSOC also released minutes from its meeting held on November 16, 2016, during which the Council discussed, among other things, stress tests of central counterparties conducted by the CFTC and an update on the annual re-evaluation of the designation of a nonbank financial company.

January 12
The House of Representatives passed H.R. 78, the SEC Regulatory Accountability Act, to improve the consideration by the Securities and Exchange Commission of the costs and benefits of its regulations and orders.

The House of Representatives passed H.R. 238, the Commodity End-User Relief Act, to reauthorize the CFTC and make changes to the way the agency oversees the derivatives market.

The CFTC released a Proposed Rule on Recordkeeping. Comments are due 60 days after publication in the Federal Register.

The Department of the Treasury released the Financial Report of the U.S. Government for Fiscal Year 2016.

Federal Reserve Chair Janet L. Yellen delivered a speech on the Federal Reserve’s community outreach and education initiatives at the Conversation with the Chair: A Teacher Town Hall Meeting in Washington, D.C.

The FSOC released its 2016 Annual Report.

The SEC's Office of Compliance Inspections and Examinations released its Examination Priorities for 2017, which include electronic investment advice, money market funds and financial exploitation of senior investors.

The SEC published in the Federal Register a Notice of Filing of a FINRA Proposed Rule Change to Extend the Expiration Date of FINRA Rule 0180, Application of Rules to Security-Based Swaps, to February 12, 2018. Comments are due by February 2, 2017.

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INTRODUCED LEGISLATION

Senate
S. 81: A bill to establish an advisory office within the Bureau of Consumer Protection of the Federal Trade Commission to prevent fraud targeting seniors, and for other purposes.
Introduced: 1/10/2017
Sponsor: Amy Klobuchar (D-MN)
Action: Referred to the Committee on Commerce, Science and Transportation

S. 65: A bill to address financial conflicts of interest of the President and Vice President.
Introduced: 1/9/17
Sponsor: Elizabeth Warren (D-MA)
Action: Referred to the Committee on Homeland Security and Governmental Affairs

House of Representatives
H.R. 444: A bill to establish an advisory office within the Bureau of Consumer Protection of the Federal Trade Commission to prevent fraud targeting seniors, and for other purposes.
Introduced: 1/11/2017
Sponsor: Theodore Deutch (D-FL)
Action: Referred to the Committee on Energy and Commerce

H.R. 371: To address financial conflicts of interest of the President and Vice President.
Introduced: 1/9/17
Sponsor: Katherine Clark (D-MA)
Action: Referred to the House Committee on Judiciary

H.R. 355: To provide for a 2-year delay in the effective date of a rule of the Department of Labor relating to the "Definition of the Term 'Fiduciary'; Conflict of Interest Rule-Retirement Investment Advice".
Introduced: 1/6/17
Sponsor: Joe Wilson (R-SC)
Action: Referred to the House Committee on Ways and Means

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IN CASE YOU MISSED IT

Securities and Exchange Commission (SEC)
The SEC issued a press release announcing that Chief of the Enforcement Division’s Complex Financial Instruments Unit Michael J. Osnato Jr. will leave the agency later this month.

Federal Reserve
The Federal Reserve Bank of Richmond issued a press release announcing that President and CEO Jeffrey Lacker will retire on October 1, 2017.

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A Look Ahead

House 2017 Calendar
Senate 2017 Calendar

House and Senate in Session

Tuesday, January 17, 2016
10:00am – 11:15am - Brookings Institution
The impact of fiscal policy on monetary policy: A conversation with Fed Governor Lael Brainard
Fed Governor Brainard will discuss the implications of changes in fiscal policy for monetary policy

Thursday, January 19, 2016
10:00am - Senate Homeland Security & Governmental Affairs Subcommittee on Regulatory Affairs and Federal Management
Improving Small Business Input on Federal Regulations: Ideas for Congress and a New Administration
How agencies consider the impact of regulations on small businesses

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EVENTS

Anti-Money Laundering & Financial Crimes
February 8-9, NYC

Insurance and Risk Linked Securities Conference
February 26-28, Miami

Securities Industry Institute (SII) 2017
March 5-10, 2017

CL Annual Seminar
March 19-22, San Diego

Operations Conference & Exhibition
May 8-11, Boca Raton  

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INTERNATIONAL UPDATE

Please see:GFMA Weekly Update

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