Search Results for keywords:"Regulatory compliance"

The Financial Crimes Enforcement Network (FinCEN) is working to renew a rule that lets banks designate certain customers as "exempt persons" so they don’t have to report large cash transactions over $10,000 with them. The rule aims to help banks reduce paperwork and make it easier to manage these accounts. FinCEN is asking for public comments on the process and its impact on banks' workload to ensure it is effective and not unnecessarily burdensome. This is part of a broader effort to comply with the Paperwork Reduction Act of 1995, which seeks to minimize paperwork burdens on the public.

The Federal Aviation Administration (FAA) has issued a new airworthiness directive (AD) for certain models of General Electric (GE) engines. This directive was prompted by a manufacturer evaluation suggesting that a lower life limit may be needed for specific compressor rotor spools, stages 6-10, to ensure safety. The AD mandates a one-time inspection of these spools to check for compliance with updated repair limits and requires their replacement if they do not meet the necessary standards. The rule is intended to prevent potential engine failures and ensure flight safety.

The Securities and Exchange Commission (SEC) is reviewing a proposed rule change by the Cboe Exchange to introduce new options based on the Cboe Bitcoin U.S. ETF Index and the Mini-Cboe Bitcoin U.S. ETF Index. These options would settle at the end of the day and have various expiration frequencies, including daily, weekly, and monthly. The proposed rule change aims to give investors more options for hedging their bets and managing risk by providing more flexibility with the timing of their trades. The SEC is inviting public comments on this proposal to ensure it aligns with the regulations and benefits the investment community.

The Securities and Exchange Commission (SEC) has been notified that Nasdaq ISE, LLC has filed a proposal to allow options trading for various Bitcoin-related exchange-traded funds (ETFs) on their exchange. The proposed rule aims to include Bitcoin-backed commodity ETFs, such as the Fidelity Wise Origin Bitcoin Fund and the ARK21Shares Bitcoin ETF, among others, as appropriate for options trading. The rule sets specific conditions and standards that these ETFs must meet to be eligible for options trading, ensuring they are widely held and actively traded. The SEC is seeking public comments on this proposal and has also considered waiving the 30-day operative delay to allow the rule to take effect immediately after filing.

OIKO Energy Inc. has applied to the Department of Energy for permission to export electric energy from the United States to Canada. This application, submitted on October 31, 2024, is for a five-year term. OIKO, a company based in Quebec, Canada, is looking to work as a power marketer and has stated that its operations will not affect the energy supply or reliability in the U.S. The public can submit comments or objections regarding this application until January 21, 2025, and a decision will be made after assessing environmental impacts and energy supply concerns.

Blue Diamond Mining, LLC has submitted a petition to the Mine Safety and Health Administration (MSHA) seeking to modify existing safety regulations. They propose using certain powered air purifying respirators (PAPRs), which are not currently MSHA-approved, near pillar workings or longwall faces in their Bear Branch 2 mine in Kentucky. The company argues that these PAPRs offer effective and comfortable protection against coal dust and are necessary as other approved options are unavailable. They commit to training miners, maintaining safety records, and inspecting equipment to ensure safety compliance.

The Department of the Treasury's Office of Foreign Assets Control (OFAC) has introduced a final rule that changes some parts of the Code of Federal Regulations. This rule updates the way payments for legal services, originating from outside the United States, are handled. OFAC is now requiring recordkeeping instead of reporting requirements and has revised general licenses, so payments for certain legal services can be made from external funds. This rule is effective from December 19, 2024, and applies starting March 12, 2025.

The Federal Aviation Administration (FAA) has issued a new rule requiring the replacement of certain chemical oxygen generators on a variety of Airbus planes, due to failures they experienced in service and maintenance. This rule follows a similar directive by the European Union Aviation Safety Agency (EASA) and aims to address potential safety risks from these malfunctions. Under the directive, affected parts need to be replaced, and while operators must report inspection results, they are not required to return the parts to the manufacturer. The directive will take effect from March 11, 2025, and affects multiple Airbus models registered in the U.S.

NYSE Arca, Inc. has submitted a proposed rule change to the Securities and Exchange Commission (SEC) to amend its "NYSE Arca Equities Fees and Charges" schedule. The amendment introduces a routing fee for the "Midpoint Ping" strategy, which allows market participants to route orders to other exchanges within the NYSE Group to access midpoint liquidity. The fee will be $0.0030 per share for securities priced at or above $1.00, or 0.30% of the dollar value for those priced below $1.00. The rule change is now effective, and the SEC is inviting public comments on this proposal until May 7, 2025.

The Options Clearing Corporation (OCC) proposed a rule change to adjust their rules in alignment with recent updates to Part 39 of the Commodity Futures Trading Commission (CFTC) regulations. These changes include amendments to OCC Rule 602, addressing customer-level margin requirements, and OCC Rule 1103, concerning the suspension of clearing members. The revisions aim to make margin requirements commensurate with the risk of each customer account and incorporate an exception for futures commission merchants that meet certain CFTC conditions. These rules were filed with the Securities and Exchange Commission and became effective immediately to ensure compliance by the January 27, 2021 deadline.