The Financial Conduct Authority published its Policy Statement and final rules on the restrictions on the retail distribution of contingent convertible securities, known as CoCos, and mutual society shares. The FCA announced a temporary ban on the retail distribution of CoCos, which entered into force on October 1, 2014. The final permanent rules restricting distribution of CoCos to retail clients will come into effect on October 1, 2015 and the rules on mutual society shares will come into effect on July 1, 2015.

View the FCA's Policy Statement.

The US Securities and Exchange Commission announced that it is seeking public comment on the listing and trading of new, novel or complex exchange-traded products (“ETPs”). Specifically, the request deals with key issues that arise when market participants seek an exemption in order to trade a new ETP or when a securities exchange is looking to establish standards for the listing of new ETPs. ETPs have become an important investment vehicle to market participants. Given the significant increase in the number and complexity of new products, the SEC has determined that broad public input is necessary regarding certain issues, including arbitrage mechanisms and market pricing for ETPs, legal exemptions and other regulatory positions related to the trading of ETPs and securities exchange listing standards for ETPs. The request also solicits comment on how market professionals sell ETPs, especially to retail investors, and on investors’ understanding of the nature and use of ETPs. The public comment period will remain open for 60 days following publication of the comment request in the Federal Register.

View the press release.

View the request for comment.

The Bank of England announced an Open Forum, that will take place in autumn this year, to assess the financial regulatory reforms affecting the Fixed Income, Currency and Commodities markets that are already implemented or in train. Alongside the announcement, the Bank published a paper detailing its analysis of the short fallings of the FICC market, issues with its own frameworks and operating procedures, measures to rectify those failings and the difficulties that remain. Further details of the Open Forum will be published in due course. In the meantime, stakeholders are invited to register their interest in attending the event through the Bank of England’s website.

View the announcement.

View the related document.

The final report of the UK Fair and Effective Markets Review was published. The report includes an analysis of the causes of recent misconduct in the Fixed Income, Currency and Commodities markets, an evaluation of the impact of related reforms that have been implemented or are otherwise in progress and recommendations to enhance the fairness of the FICC markets. The recommendations will need to be implemented by public authorities and market participants domestically although several will require international discussions and coordination to implement. The recommendations to be implemented domestically include: (i) extending the UK criminal sanctions regime for market abuse by including a wider range of FICC markets, lengthening the maximum sentence from seven to ten year’s imprisonment and creating a regime for spot FX (the latter would be a civil and criminal regime for market abuse); (ii) extending certain elements of the Senior Managers and Certification regimes to a wider range of regulated firms that participate in the FICC markets; (iii) establishing a new FICC Market Standards Board; (iv) improving awareness of the application of competition law to the FICC markets; (v) developing new training and qualification standards; (vi) and requiring regulatory references for individuals. Recommendations requiring international coordination include:
(i) developing globally agreed common standards for trading practices in FICC markets; (ii) agreeing a single global FX code; (iii) considering how to ensure benchmark administrators publish consistent self-assessments; and (iv) examining means to improve the alignment of remuneration and conduct risk. A report on implementation progress will be published by June 2016.

View the final report.

The Financial Conduct Authority published a Policy Statement and final rules on changes to the pension transfer rules. The amendments, which were consulted on in March this year, are needed to ensure that the rules reflect the change to legislation that made it a regulated activity to advise on the conversion or transfer of safeguarded pension benefits into flexible benefits. The FCA has also made changes to the Conduct of Business rules so that pension transfer requirements apply to all pension transfers, regardless of when the transferred benefits are accessed. The new rules came into force on June 8, 2015.

View the Policy Statement.

The revised EU Directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (the “4th Anti-money Laundering Directive” or “4MLD”) and the Regulation on information accompanying transfers of funds were published in the Official Journal of the European Union. Together, the legislation represents the revised EU framework on anti-money laundering and terrorist financing. Member States have until June 26, 2017 to transpose the requirements of the 4th Anti-money Laundering Directive into national law. The 4th Anti-money Laundering Directive will repeal, from June 26, 2017, the current anti-money laundering Directive and its related Implementing Directive. The Regulation will apply directly in all Member States from June 26, 2017 and will repeal the 2006 Regulation on information on the payer accompanying transfers of funds from that date.

View the 4th Anti-Money Laundering Directive.

View the Regulation.

The Director of the CFTC’s Office of International Affairs, Sarah E. Josephson, announced her resignation as director of the OIA and return to her previous position as the CFTC Deputy Director in the Division of Clearing and Risk. Special Counsel, Jeffrey M. Bandman, has been appointed Acting Director of OIA while the CFTC conducts a search for a new director.

The SEC named Andrew J. Donohue the SEC Chief of Staff.Mr. Donohue will replace Lona Nallengara who leaves the SEC in June. As chief of staff, Mr. Donohue will be a senior adviser to SEC Chair Mary Jo White on all policy, management and regulatory issues.

The Bank of England published a report on stress testing the UK banking system, which includes guidance on the traded risk methodology for participating banks and building societies. The document sets out the approach that banks are expected to take in the execution of the stress test of the UK banking system relating to trading positions. The guidance is designed to assist firms to carry out their own analysis for the stress test. The BoE also published a traded risk and structured finance scenario. This is a "tail risk" scenario, designed to assess the resilience of banks to deterioration in global economic conditions.

View the report.

View the scenario.

Benjamin M. Lawsky, the superintendent of the New York Department of Financial Services, New York’s top financial regulator, announced his departure from the NYDFS effective late June 2015. Mr. Lawsky’s successor has not yet been announced.

The European Commission launched its Better Regulation Agenda. Through this package, the Commission aims to: (i) enhance transparency in the EU decision-making process by introducing a new web portal where initiatives can be tracked and by providing more opportunities for stakeholders to comment throughout the policy lifecycle, including allowing for feedback after the Commission has adopted a legislative proposal or, for secondary legislation, before adoption by the Commission or Member States; (ii) improve the quality of new laws through better impact assessments of draft legislation and amendments by: (a) transforming the current Commission Impact Assessment Board into an independent Regulatory Scrutiny Board with an expanded role; and (b) ensuring that impact assessments are carried out throughout the legislative process; and (iii) improve the review of existing EU laws by amending the Regulatory Fitness and Performance Programme (known as REFIT) so that it is more targeted, looks at the most serious sources of inefficiency and quantifies costs and benefits whenever possible. The European Commission also announced that it will enter into negotiations with the European Parliament and Council on a proposed new Interinstitutional Agreement on Better Law-making, endeavoring to reach an agreement by the end of 2015. The US federal bank regulatory agencies are also currently reviewing potential outdated or unnecessary regulations.

View the Better Regulation documents.

The US Office of the Comptroller of the Currency released a final rule integrating policies and procedures for certain corporate activities and transactions by national banks and federal savings associations. The OCC aims to make the regulatory regime for both national banks and federal savings associations more efficient and streamlined, where possible, to promote fair supervision and to promote the safe and sound operation of the institutions it supervises. The final rule makes technical and conforming changes that will allow certain provisions to apply to national banks and federal savings associations and provides clarity on OCC licensing offices’ responsibilities. The rule also updates the description of the OCC supervision structure and contact information.
 

View the published Federal Register notice.

View the OCC press release.

The European Securities and Markets Authority published letters between itself and the European Commission which set out their agreement for the deadline for delivery by ESMA of technical standards due under the Market Abuse Regulation, the Markets in Financial Instruments Directive II and Markets in Financial Instruments Regulation to be postponed to the end of September 2015. The extension is a result of the European Commission conducting an early legal review of draft technical standards. The early legal review will assess the legality and legislative consistency of technical standards under the Undertakings for Collective Investment in Transferable Securities V Directive, the Transparency Directive, the Central Securities Depository Regulation, MAR and MiFID II.

View ESMA’s letter.
 

View the European Commission’s letter

The European Supervisory Authorities published a report setting out the outcome of their review of EU legislative disclosure and due diligence requirements for securitizations and making recommendations for removing inconsistencies across the EU framework. The recommendations constitute the ESA’s response to the European Commission’s consultation on securitization published in February 2015 as part of the Capital Markets Union initiative. The EU framework for structured finance instruments, covering investor due diligence, originator, issuer and sponsor retention and disclosure requirements, is established under a number of EU legislative measures including the Prospectus Directive, the Capital Requirements legislation, the Alternative Investment Fund Managers Directive, the Credit Rating Agency Regulation and Solvency II. The ESAs are recommending: (i) harmonization of due diligence requirements across investor types; (ii) that investor due diligence needs and requirements are met by the disclosure requirements; (iii) a standardized investor report which is available in a centralized public space; (iv) that loan by loan data should be provided to investors; (v) that data providers should be able to fulfill disclosure requirements provided the data owner retains responsibility for the quality of the information; (vi) that all investors should be able to conduct stress tests on all types of structured finance instruments; (vii) a review of the definitions and key terms in the legislation with a comprehensive glossary to support the framework; and (viii) mandatory disclosure requirements for all structured finance instruments admitted to trading on an EU regulated market or offered to the public.
 

View the ESA’s report.

The Federal Reserve Bank of New York announced the creation of a new group called the Wholesale Product Office. The WPO, currently a function within the Federal Reserve Bank of New York’s Executive Office, manages the Fedwire Funds, Fedwire Securities, and the National Settlement Service. Richard P. Dzina will serve as the head of the WPO as of July 1, 2015, as well as a member of the Federal Reserve Bank of New York’s Management Committee.

View the press release.

Jeremiah O. Norton submitted his resignation as Director of the US Federal Deposit Insurance Corporation. Mr. Norton has served as Director of the FDIC since April 16, 2012. His resignation will become effective on June 5, 2015.

View the press release.

The SEC announced that David Grim wills serve as the new Director of the Division of Investment Management. Mr. Grim has been the acting director of the Division of Investment Management since February 2015.

View the SEC press release.

The New York State Department of Financial Services announced that it has granted a charter under the New York Banking Law to itBit Trust Company, LLC – a commercial Bitcoin exchange based in New York City. The announcement establishes ItBit as the first virtual currency company to receive a charter from the NYDFS. This announcement caps a series of announcements from the NYDFS, outlining and establishing regulatory guidelines for virtual currencies. Most recently, in December 2014, the NYDFS released a framework for licensing virtual currency firms, known as the "Bitlicense framework." The BitLicense framework included consumer protection, anti-money laundering compliance and cyber security rules tailored for virtual currency firms, including the creation of a two-year transitional BitLicense to assist startups. The additional comment period for the revised BitLicense framework ended in March 2015 and NYDFS expects to put forward its final regulatory framework later this month.

View the press release.

The Federal Reserve Bank of New York announced the resignation of Sarah Dahlgren, executive vice president and head of the New York Fed’s Financial Institution Supervision Group. On October 1, 2015, Ms. Dahlgren will assume the role of senior advisor to the president of the New York Fed, Mr. William C. Dudley. Ms. Dahlgren is expected to remain in her current position as head of FISG until October 1, 2015, to assist with the transition.

View the press release.

The Prudential Regulation Authority published its third consultation paper on the PRA Rulebook, setting out proposals to amend or delete certain modules of the PRA Handbook and create a new PRA Rulebook. The aim of the review is to reshape materials inherited from the Financial Services Authority to create a Rulebook which contains PRA rules only and follows the split of the FSA into the PRA and the Financial Conduct Authority. This is intended to facilitate firms’ compliance with PRA rules and to provide access to more concise rules, resulting in a more comprehensive understanding of the PRA’s requirements. The consultation paper sets out suggested Rulebook parts including on: (i) the exercise of passport rights by UK firms; (ii) reverse stress-testing (which will be moved to the Internal Capital Adequacy Assessment part of the Rulebook); and (iii) integrated regulatory reporting. The consultation paper also includes draft supervisory statements on: (i) guidelines for completing regulatory reports; (ii) internal governance of third country branches; (iii) Internal Capital Adequacy Assessment Process and Supervisory Review and Evaluation Process; and (iv) internal governance. Responses to the consultation are due by June 30, 2015.

View the consultation paper.

Comptroller of the Currency Thomas J. Curry appointed Michael Brickman as Deputy Comptroller for Thrift Supervision. Mr. Brickman will also continue to serve as Deputy Comptroller for Special Supervision.

View the press release.

The European Securities and Markets Authority published a call for evidence on investment using virtual currency or distributed ledger technology. ESMA has been monitoring virtual currency investment to understand market developments, the potential benefits and risks for investors and potential issues for market integrity and financial stability. ESMA sets out its analysis in the paper and requests feedback on three particular topics: (i) virtual currency investment products, such as collective investment schemes or derivatives that have virtual currencies as an underlying or which invest in virtual currency businesses; (ii) virtual currency based assets, securities and asset transfers; and (iii) the application of distributed ledger technology to securities. ESMA is not proposing regulatory action at this stage but will continue to monitor investments using virtual currencies or distributed ledger technology to assist national regulators in keeping up to date with market developments. In July 2014, the European Banking Authority published an opinion proposing a potential regulatory regime for virtual currencies and advising national regulators to “discourage” financial institutions from buying, holding or selling them until a regulatory regime is in place.

View the call for evidence.

The Council of the EU approved a new directive and regulation aimed at strengthening rules against money laundering and terrorist financing. The new set of laws, when in effect, aim to bring the EU in line with approaches currently taken internationally, and follow the recommendations made by the Financial Action Task Force which is deemed to be a global reference for anti-money laundering and terrorist financing. The final text of the regulation and directive is yet to be published in the Official Journal of the European Union. Once published, member states will have two years to transpose the directive into national law. The regulation will be directly applicable in EU Member States without the need for any further transposition. The new laws will repeal the current European regulation and directive on anti-money laundering and terrorist financing.
 

View the proposed texts of the regulation and directive and press release.

The Financial Stability Board chair wrote a letter to the G20 Financial Ministers and Central Bank Governors on the FSB’s progress on the financial regulation agenda. The letter includes information on continuing work to finalize post-crisis reforms in two major areas: (i) ending too-big-to-fail for financial institutions; and (ii) emerging vulnerabilities, specifically, financial stability risks, especially those from asset managers, and misconduct risks and withdrawal from correspondent banking.

View the letter.

President Obama announced the nomination of the US Office of Foreign Assets Control’s Director, Adam Szubin, for the role of Undersecretary of the Treasury for Terrorism and Financial Crimes.

View the press release.

On April 16 and 17, 2015, the G20 Finance Ministers and Central Bank Governors held their second meeting under Turkish presidency in Washington, DC. Further to the meeting, a communiqué was published which detailed the conclusions of the group as well as its goals for the future. The G20 stated, amongst other things, that (i) the commitment remains to finalize the total loss absorbing capacity standard for global financial institutions by November 2015; (ii) gaps in the recovery and resolution of CCPs will be identified and addressed; (iii) the G20 roadmap for the regulation of shadow banking is being implemented; and (iv) that cross-border cooperation will be enhanced to ensure more effective regulations, particularly for resolution and OTC derivative market reforms. The G20 Finance Ministers and Central Bank Governors will meet again in September 2015. The next G20 summit is in November 2015.
 

View the communiqué.

The US Office of the Comptroller of the Currency issued the “Real Estate Settlement Procedures Act” booklet of the Comptroller’s Handbook. The revised booklet replaces a similar booklet issued in October 2011 and provides updated information resulting from recent changes in Regulation X (12 CFR 1024) related to mortgage servicing and loss mitigation. Additionally, on April 15, 2015, the OCC issued the “Trade Finance and Services” booklet of the Comptroller’s Handbook. The revised booklet replaces the “Trade Finance” and “Bankers’ Acceptances” booklets issued in November 1998 and September 1999, respectively.
 

View the OCC press release.
View the "Trade Finance and Services" booklet.
View the OCC bulletin for the "Real Estate Settlement Procedures Act" booklet.

The OCC named Maryann H. Kennedy and Kris A. McIntire Deputy Comptrollers for Large Bank Supervision. In this role, Ms. Kennedy and Mr. McIntire will oversee the supervision of a portion of the OCC’s large bank portfolio.

Richard Taft was named as Deputy Comptroller for Credit Risk at the OCC, starting in May. As a principal advisor on credit risks facing the banking system, he will oversee the Commercial and Retail Credit Policy units.

The European Securities and Markets Authority announced the launch of two centalized data projects relating to obligations under the European Market Infrastructure Regulation, the Markets in Financial Instruments Regulation and the Market Abuse Regulation. The projects are:

• The Instrument Reference Data Project which will provide a central facility for instrument and trading data and the calculation of transparency and liquidity thresholds. This facility is expected to go live in early 2017.
• The Trade Repositories Project which will provide a single access point to trade repository data under EMIR. This data facility is expected to go live in 2016.

ESMA has agreed to develop the centralized data solutions following requests from EU national regulators. The projects will allow ESMA to collect data directly from trading venues and trade repositories and make that data publicly available through a centralized system.
 

View ESMA’s announcement.

The Bank of England announced that non-executive Prudential Regulation Authority board member, Iain Cornish, would be stepping down with immediate effect.

A revised Global Preamble: Codes of Best Practice and Shared Global Principles was published by eight FX committees which sit in the major financial centres — Australia, Canada, Frankfurt, Hong Kong, London, New York, Singapore and Tokyo. FX market participants are expected to incorporate the guidance into their FX policies in a timely manner. The Global Preamble, last revised in 2013, covers standards of personal conduct, execution and dealing practices, confidentiality and market conduct.

View the revised Global Preamble.

The Federal Reserve Bank of New York appointed Michael Strine first Vice President, effective July 1, 2015. The appointment was approved by the Federal Reserve Board.

The SEC adopted final rules to allow smaller companies better access to capital and provide investors with more investment choices. The new rules update and expand Regulation A, an existing exemption from registration for smaller issuers of securities and will enable smaller companies to offer and sell up to $50 million of securities in a 12-month period, subject to eligibility, disclosure and reporting requirements. The rules are mandated by Title IV of the Jumpstart Our Business Startups Act and will attempt to provide investors with more investment choices, especially among smaller companies. The rules will be effective 60 days after publication in the Federal Register.

View the Final Rules.

The Financial Conduct Authority published its business plan for 2015/2016 which indicates upcoming focus areas for the regulator and announces upcoming priorities. Key issues include: (i) conflicts of interest in dark pools; (ii) investor charges in asset management; (iii) the wholesale market study into competition in investment and corporate banking; (iv) poor culture and controls which threaten market integrity; and (v) systems and controls for financial crime.
 

View the FCA business plan.

HM Treasury and the Financial Conduct Authority issued a joint consultation on the Implementation of the Transparency Amending Directive that entered into force on November 26, 2013 and which amends the Transparency Directive, the Transparency Directive Implementing Directive and the Prospectus Directive. The directives aim to harmonize the information disclosure requirements of companies, and the consultation sets out the proposed amendments to be implemented by HM Treasury to the Financial Services and Markets Act and by the FCA to the FCA’s Disclosure and Transparency Rules, including: (i) the extension of the deadline to publish half-yearly reports and the period of time for which financial reports are publicly available; and (ii) changes to the definition of an issuer. The Transparency Amending Directive must be implemented by EU Member States before November 26, 2015. Comments on the consultation may be submitted until May 20, 2015.

View the consultation paper

The Department for Business Innovation & Skills published guidance for employers and prescribed persons regarding whistleblowing. The documents lay out various policies and procedures for employers regarding whistleblowing. A prescribed person is an organization or individual that a worker may approach outside their workplace to report suspected or known wrongdoing. The Prescribed Persons Order 2014 sets out a list of over 60 such organizations and individuals that have been designated as prescribed persons because they have an authoritative or oversight relationship with the sector, often as a regulatory body.

View the guidance for employers and the code of practice

View the guidance for prescribed persons

HM Treasury published a report detailing the outcome of its consultation on the criteria for the designation of payments for oversight by the Payment Systems Regulator. HM Treasury is responsible for designating the payment systems that will be subject to regulation and proposals in its consultation suggested the designation of seven payment systems: Bacs, CHAPS, Faster Payment Service, LINK, Cheque and Credit Clearing, Northern Ireland Cheque Clearing, MasterCard and Visa. HM Treasury confirms in its outcome report that only those seven payment systems will be subject to regulation at this stage.

View the report

HM Treasury published a report detailing the outcome to its call for evidence on the benefits of open data and data sharing in banking. The report specifies the actions that will be taken by the government to deliver an open standard for APIs. APIs will allow different pieces of software to interact with each other, making it easier for customers or fintech companies on behalf of customers to determine if customers can, for example, get a better deal with a different bank elsewhere. The report states that the government aims to set out a detailed framework for an open API standard by the end of 2015.

View the report

The European Securities and Markets Authority published a report reviewing how national regulators across the EU have implemented its guidelines on automated trading. The guidelines aim to increase levels of supervision on automated trading activities. ESMA’s review found that the majority of EU national regulators have integrated the guidelines into their supervisory practices. However, the report also identified areas for improvement such as the need for regulators to: (i) increase their IT expertise; (ii) allow sufficient resources to be available so that proper supervision can take place; and (iii) coordinate between themselves so that ring fencing programs can be set up to prevent cyber-attacks.

View the report

The Agency for the Cooperation of Energy Regulators published the European register of market participants on its designated portal together with its list of standard contracts and the fourth edition of ACER’s Q&As on the Regulation on Energy Market Integrity and Transparency. This is further to ACER finalizing its preparatory work on supporting documentation under REMIT, the EU Regulation that aims to prevent market manipulation and trading on inside information in the wholesale energy market, and more generally improves integrity in this market. On March 20, 2015, ACER also published a recommendation to the European Commission on wholesale energy derivative contracts that must be physically settled under Markets in Financial Instruments Directive II. ACER’s recommendation states that wholesale energy products that must be physically settled and that are in the scope of REMIT include futures, options on futures, options on swaps and any other type of derivative that must be physically settled. ACER also proposes, amongst other recommendations, that the Commission clarifies in its delegated acts that a wholesale energy derivative contract traded on an Organized Trading Facility must be physically settled if it cannot be settled in cash.

View the ACER’s designated REMIT portal, Q&As and recommendation.
 

HM Treasury published the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2015 together with a corresponding explanatory memorandum. The Order amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 to create a new type of regulated activity of advising on the conversion or transfer of pension benefits which are safeguarded benefits. Safeguarded benefits are defined to mean any benefits other than money purchase benefits and cash balance benefits. This means that the activity cannot generally be carried on in the UK except by an authorised person or pursuant to an exemption. Concurrently, HM Treasury published the Financial Services and Markets Act 2000 (Regulated Activities) (Transitional Provisions) Order 2015, which makes transitional provision in connection with this new regulated activity. This instrument provides that advisors previously permitted to advise on an equivalent class of transfer are automatically authorised to advise under the new activity. Both Orders enter into force on April 6, 2015.

View the Orders and explanatory memoranda

View the Orders and explanatory memoranda 2

View the Orders and explanatory memoranda 3

View the Orders and explanatory memoranda 4

The FCA published an updated timetable relating to the implementation of the Markets in Financial Instruments Directive II and Markets in Financial Instruments Regulation. The timetable sets out the key dates for the implementation and transposition of the Directive and Regulation into domestic law. The deadline for transposing MiFID II into domestic law is July 3, 2016. MiFID II and MiFIR enter into force on January 3, 2017. The FCA aims to publish its main consultation paper on the implementation of MIFID II and MIFIR in December 2015. The final rules are to be published in June 2016.

View the FCA’s timetable

The European Banking Authority published its opinion on lending-based crowdfunding, recommending that the applicability of existing EU law to the activity be clarified. The EBA considers that such clarification is necessary to avoid regulatory arbitrage across the EU and to ensure a level playing field as EU Member States have adopted different approaches to regulating lending-based crowdfunding. The opinion is addressed to the European Commission, the European Parliament and the EU Council.

View the EBA opinion

The European Securities and Markets Authority published the results of its peer review of supervision and enforcement of the best execution provisions in the Market in Financial Instruments Directive by national regulators. Investment firms are required to provide best execution for their clients when executing their client’s orders. ESMA’s review found that implementation of the best execution provisions in MiFID I varied across the EU. To address the issue, ESMA recommends several improvements, including: (i) prioritization of best execution by national regulators; (ii) the allocation of supervisory resources; and (iii) the adoption of a proactive approach to monitoring compliance with best execution requirements, including through onsite inspections. ESMA intends to work with national regulators to give effect to the recommendations.

View the peer review

The Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency, as members of the Financial Literacy and Education Commission (“FLEC”), together with the Financial Crimes Enforcement Network for the US Department of the Treasury, jointly issued guidance to encourage federally insured depository institutions to offer youth savings programs to develop the financial aptitude of young people. The guidance also provides answers to frequently asked questions related to the establishment of these programs. The guidance does not create any new regulatory policy or establish new industry expectations. This effort is consistent with the “Starting Early for Financial Success” focus of the FLEC. Congress created FLEC in 2003 to improve financial capability and education in the United States.

View the guidance

Luc Coene, currently Governor of the Nationale Bank van België, has been appointed as one of four European Central Bank representatives to the Supervisory Board of the Single Supervisory Mechanism. The other ECB representatives are Sirkka Hämäläinen, Julie Dickson and Ignazio Angeloni.

Sandra C. Krieger, executive vice president of the Risk Group and chief risk officer of the Federal Reserve Bank of New York, announced her intention to retire from the bank in the second quarter of 2015.

View the notice.

The US Commodity Futures Trading Commission announced the members of the CFTC’s Market Risk Advisory Committee. MRAC, first chartered in 2014, is intended to support the CFTC’s efforts to identify and mitigate risks within the market to industry participants, consumers and the broader financial community.

View the full list of MRAC members.