In the March 2014 letter of the Federal Reserve Bank of Chicago, Senior Policy Advisor Carol L. Clark discusses the policy implications of high-speed trading. See also, Bloomberg.

On February 18th, the Federal Reserve Board approved a final rule which establishes a number of enhanced prudential standards for large U.S. bank holding companies and foreign banking organizations. These standards address liquidity, risk management, and capital. They also require a foreign banking organization with a significant U.S. presence to establish an intermediate holding company over its U.S. subsidiaries. Federal Reserve Board Press Release.

On February 18th, the Federal Deposit Insurance Corporation ("FDIC") extended to March 20, 2014, the date by which comments should be submitted in response to the FDIC's proposal for the Single Point of Entry strategy for the resolution of systemically important financial institutions. FDIC Press Release.

On February 14th, the Office of the Comptroller of the Currency ("OCC") issued guidance to clarify the agency's supervisory expectations for national banks and federal savings associations regarding secured consumer debt discharged in Chapter 7 bankruptcy proceedings. OCC Bulletin.

The OCC will host two workshops in Richmond, Virginia on March 25-26, 2014 for directors of national community banks and federal savings associations. The "Compliance Risk" and "Credit Risk: A Director's Focus" workshops are designed exclusively for directors of institutions supervised by the OCC. The compliance risk workshop focuses on major compliance risks and consumer protection regulations, such as the Qualified Mortgage Rule and Bank Secrecy Act, along with key elements of an effective compliance risk management program. The credit risk workshop focuses on the roles of the board and bank management, current events, emerging industry trends, and a range of credit issues, from structuring credit to collections. OCC Press Release.

On February 14th, the Financial Crimes Enforcement Network, in coordination with the Department of Justice, issued guidance that clarifies customer due diligence expectations and reporting requirements for financial institutions seeking to provide services to marijuana businesses. The guidance provides that financial institutions can provide services to marijuana-related businesses in a manner consistent with their obligations to know their customers and to report possible criminal activity. The Unbanked.

On February 21st, Securities and Exchange Commission ("SEC") Chair Mary Jo White noted, among other things, the 2014 priorities of the SEC's divisions. The Division of Corporation Finance will be reviewing public company disclosures; the Division of Investment Management will consider expanded stress testing, robust data reporting, and increased oversight of the largest asset management firms; and the Office of Risk Assessment and Surveillance is developing new technologies to cull additional red flags from internal and external data and information sources. The agency will also implement a pilot program to test tick sizes that would widen the quoting and trading increments for stock prices and test whether such a change improves liquidity and market quality. White Remarks.

On February 21st, Reuters summarized the remarks of SEC Commissioner Luis Aguilar concerning the cybersecurity risks faced by transfer agents. Transferring Risk.

On February 20th, the SEC's Office of Compliance Inspections and Examinations launched an initiative directed at investment advisers who have been registered with the SEC for at least three years but have never been examined. These examinations will concentrate on the advisers' compliance programs, filings and disclosure, marketing, portfolio management, and safekeeping of client assets. SEC Press Release; Industry Letter.

On February 20th, the SEC filed an amicus brief with the Second Circuit in a Dodd-Frank Act whistleblower lawsuit. The SEC contends that its rule which interprets the Dodd-Frank Act's anti-retaliation protections to include any individual who engages in the whistleblowing activities described by the Act, irrespective of whether the individual makes a separate report to the Commission, is entitled to deference.

The SEC has published two investor bulletins. One on how fees and expenses affect an investment portfolio and the other on variable annuities.

The SEC will host a roundtable on March 26, 2014 to discuss cybersecurity and the issues and challenges it raises for market participants and public companies. SEC Press Release.

The SEC announced that Elizabeth Murphy has been named an associate director in its Division of Corporation Finance; Sharon Binger has been named director of the Philadelphia Regional Office, where she will oversee enforcement and examinations in the Mid-Atlantic region; Stephen Luparello has been named director of the Division of Trading and Markets, and John Ramsay, acting director of the Division of Trading and Markets, will leave the agency next month.

On February 18th, a divided three-judge panel of the Second Circuit held that an insider trading tipper can be required to disgorge all the improper gains obtained by the tippees. After Joseph Contorinis, managing director at Jeffries & Company, was convicted of having engaged in insider trading for the benefit of the fund he co-managed, the district court granted the SEC's motion for summary judgment in the parallel civil suit. The order also required Contorinis to disgorge all profits made from the illegal trading, including that amassed by the fund. SEC v. Contorinis.

On February 21st, Bloomberg summarized the objections smaller banks have to proposed data collection rules that would require them to disclose what they earn from checking-account fees. Objections.

On February 16th, Reuters profiled David Wasinger. Described as the sole partner in a five-lawyer, St. Louis, Missouri firm, Wasinger has brought two of the most high-profile whistleblower lawsuits against financial firms. The Rainmaker.

We are pleased to bring you the third installment of The Real Deal, a webinar series addressing current trends, challenges, and legal topics pertinent to M&A and securities professionals. The next topic, "Practical Guidance on Securities and Initial Public Offerings in a Changing Environment," will be held on March 18, 2014 at 12:00-1:00 p.m. (Central). eLunch.

Winston & Strawn is pleased to announce a webinar addressing the latest strategies for resolving Consumer Financial Protection Bureau actions, based on a two-year investigation that was recently closed by a Winston team without any enforcement action. The webinar will be held on Wednesday, March 5, 2014 at 1:15-2:45p.m. (Eastern). eLunch.

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Antitrust and Competition — The EU Weekly Briefing is designed to provide timely updates on recent European Union competition law by including a short description of, and links to, recent developments. EU Weekly Briefing.

Antitrust and Competition — The EU Weekly Briefing is designed to provide timely updates on recent European Union competition law by including a short description of, and links to, recent developments. EU Weekly Briefing.