📈FDIC Proposes Rule for Regulatory Threshold Adjustments
The Federal Deposit Insurance Corporation (FDIC) is inviting comment on a proposed rule that would amend certain regulatory thresholds in the FDIC's regulations to reflect inflation. Specifically, the proposal would generally update such thresholds to reflect inflation from the date of initial implementation or the most recent adjustment, and provide for future adjustments pursuant to an indexing methodology. The changes set forth in this proposal would provide a more durable regulatory framework by helping to preserve, in real terms, the level of certain thresholds set forth in the FDIC's regulations, thereby avoiding the undesirable and unintended outcome where the scope of applicability for a regulatory requirement changes due solely to inflation rather than actual changes in an institution's size, risk profile or level of complexity.
Learn More💰Proposed Rule Change for Bitcoin and Ethereum ETFs by Cboe BZX
The Cboe BZX Exchange has filed a proposed rule change with the SEC to allow in-kind creations and redemptions for the Invesco Galaxy Bitcoin and Ethereum ETFs. This amendment aims to enhance liquidity and market efficiency, promoting a flexible trading environment for authorized participants and benefiting investors.
Learn More🏦Proposed Amendments to Community Reinvestment Act Regulations
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) propose to amend their Community Reinvestment Act (CRA) regulations by rescinding the final rule titled "Community Reinvestment Act" published in the Federal Register on February 1, 2024, and replacing it with the agencies' CRA regulations in effect on March 29, 2024, with certain conforming and technical amendments. The agencies are also proposing technical amendments to their regulations implementing the CRA sunshine requirements of the Federal Deposit Insurance Act, and the OCC is proposing technical amendments to its Public Welfare Investments regulation.
Learn More🏦FDIC Proposes Rule to Streamline Branch Establishment Processes
The Federal Deposit Insurance Corporation (FDIC) proposes to amend the processes for an insured State nonmember bank to establish a branch or relocate a main office or branch by eliminating certain filing requirements, reducing processing timelines, and updating public notice procedures, and by making corresponding changes to the procedures applicable to the relocation of an insured branch of a foreign bank. The FDIC seeks comment on all aspects of the proposed rule.
Learn More📉Removal of Annuity Provider Regulation
This direct final rule (DFR) removes 29 CFR 2550.404a-4 from the Code of Federal Regulations, which is a regulation published in 2008 that provides a fiduciary safe harbor for the selection of annuity providers for the purpose of benefit distributions from individual account retirement plans covered by title I of the Employee Retirement Income Act of 1974 (ERISA). The regulatory safe harbor became unnecessary in 2019 when Congress amended ERISA to add a more streamlined fiduciary safe harbor covering the same activity. Although the statutory safe harbor did not technically nullify or repeal the regulatory safe harbor, its existence offers an unnecessary and inefficient alternative and may inadvertently be a trap for the unwary. This action improves the daily lives of the American people by reducing unnecessary, burdensome, and costly Federal regulations.
Learn More📜DOL Finalizes Removal of Obsolete Insurance Regulation
This DFR removes 29 CFR 2550.401c-1 from the Code of Federal Regulations, which the Department of Labor (DOL) believes is obsolete. The regulation applies only to certain insurance policies or contracts issued to (or on behalf of) employee benefit plans on or before December 31, 1998. Given the unlikelihood that any of these policies or contracts remain in effect, the DOL believes the regulation is no longer needed and, if left on the books, could add confusion and unnecessary complexity. Removing obsolete regulations eliminates the burden on the public of having to determine whether they need to comply with the regulations. This action is being taken pursuant to Executive Order 14192, titled Unleashing Prosperity Through Deregulation.\1\ This action improves the daily lives of the American people by reducing unnecessary, burdensome, and costly Federal regulations. ---------------------------------------------------------------------------
Learn More🌎SEC Concept Release on Foreign Private Issuer Eligibility Overview
The Securities and Exchange Commission ("Commission") is publishing this concept release to solicit comments on the definition of a foreign private issuer ("FPI"). There have been several developments within the FPI population since the Commission last conducted a broad review of reporting FPIs and the eligibility criteria for FPI status. These developments have prompted us to consider whether the current FPI definition should be revised so that it better represents the issuers that the Commission intended to benefit from current FPI accommodations while continuing to protect investors and promote capital formation.
Learn More📈SEC Reviews Grayscale Ethereum Trust ETF Staking Proposal
The SEC is considering a proposed rule change by NYSE Arca to amend the listing and trading rules for the Grayscale Ethereum Trust ETFs, allowing staking of ether held by the trusts. The proposal aims to allow the Trusts to potentially enhance returns while maintaining existing compliance standards. The SEC invites public comments to further analyze the implications of this change.
Learn More📈SEC Notice on Proposed Rule for Canary Staked TRX ETF
The Securities and Exchange Commission published a notice regarding the proposed rule change for Cboe BZX Exchange to list and trade shares of the Canary Staked TRX ETF. The proposed ETF aims to provide investors with regulated access to TRX, a significant cryptocurrency, fostering innovation and market development within the financial landscape.
Learn More💹SEC Reviews Proposed Rule for In-Kind Bitcoin and Ethereum Funds
The SEC is assessing a proposed rule change by Cboe BZX Exchange to amend the listing and trading rules for Fidelity's Bitcoin and Ethereum Funds. This proposal seeks to enable in-kind creations and redemptions, which are critical for fund management strategies and compliance within the cryptocurrency market. The Commission is inviting public comments on these changes.
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