October 27, 2017

SEC Guidance on Non-GAAP Financial Measures

On October 17, 2017, the SEC Division of Corporation Finance issued new guidance on the use of non-GAAP financial measures.

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October 26, 2017

SEC STAFF RELEASES GUIDANCE FOR U.S. MARKET PARTICIPANTS REGARDING U.S. REGULATED ACTIVITIES AND COMPLIANCE WITH MIFID II

The U.S. regulatory framework has presented challenges to market participants that must also structure their practices to comply with the implementation of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU ("MiFID II"), which takes effect on January 3, 2018. On October 26, 2017, the staff of the U.S. Securities and Exchange Commission (SEC) issued three related no-action letters that are designed to provide market participants with greater certainty regarding their U.S. regulated activities as they engage in efforts to comply with the MiFID II.

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October 24, 2017

New Customer Due Diligence Requirements for Financial Institutions

In May 2016, the Financial Crimes Enforcement Network (FinCEN), U.S. Department of the Treasury, issued final rules under the Bank Secrecy Act (BSA) to clarify and strengthen customer due diligence requirements. These new rules generally apply to financial institutions, including brokers or dealers in securities and mutual funds. The rules explicitly require certain due diligence efforts, as well as require the identification and verification of the identity of all beneficial owners of legal entity customers, subject to certain exceptions.

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October 24, 2017

October 2017 Compliance Flash

Please click here to read the October 2017 edition of Compliance Flash.

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