Compliance Newsflash – April 26, 2017

April 27, 2017

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House Financial Services Committee Releases Revised “Financial CHOICE Act”
On April 24, 2017, APKS announced that republicans on the House Financial Services Committee, led by Chairman Jeb Hensarling (R-TX), released the text of their revised FCA legislation on April 19. The draft bill represents the House Republicans’ opening position in the coming debate on financial regulatory reform, and updates the legislation reported out of the Committee in September 2016. The bill would make major, comprehensive changes to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (DFA), as well as other financial regulatory laws. A committee hearing on the bill is scheduled for Wednesday, April 26, and it is likely that Republicans will try to push the bill through the Committee and onto the House floor in the coming weeks.
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FINRA Requests Comment on Rules Impacting Capital Formation
On April 25, 2017, ValuBit News announced that Attorney General Jeff Sessions delivered the keynote address Monday to a major professional group, emphasizing his department’s continued commitment to prosecuting white collar crime. The Ethics and Compliance Initiative (ECI), an association of lawyers, academics, and other professionals in the world of corporate compliance, invited the new attorney general to address their annual conference in Washington, DC. Sessions was introduced by Larry Thompson, the organization’s board chairman. Thompson served as deputy attorney general under president George W. Bush, and would even share rooms with Sessions when the two came to Washington as fellow U.S. Attorneys in the 1980s.
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