United States

Accenture and Microsoft band together to build digital ID network using Blockchain technology. Reuters reported that Accenture Plc and Microsoft Corp. are working together to build a digital ID network using blockchain technology, which was originally developed as a public ledger of all transactions in the digital currency bitcoin but has also been used to securely track data in other fields. This initiative between Accenture and Microsoft comes as part of a UN-supported project to provide legal identification to 1.1 billion people worldwide who have no official documents. (6/19/2017)

Mnuchin report calls for sweeping changes to Dodd-Frank reforms. The US Department of the Treasury announced that it has issued a report entitled A Financial System That Creates Economic Opportunities, in which Treasury Secretary Steven T. Mnuchin proposed sweeping changes to the strict Dodd-Frank regulations put in place following the 2008 financial crisis. According to the Los Angeles Times, the report includes proposals to reduce the power of the CFPB and lessen oversight of large financial institutions. (6/12/2017)

Canada

OSC announces new Chair, members of Investor Advisory Panel. The OSC announced seven new members of its independent Investor Advisory Panel, as well as the appointment of a new Chair. (6/19/2017)

OSC announces roundtable on the option of discontinuing embedded commissions. The OSC announced that it will be hosting a roundtable to facilitate further stakeholder input on Canadian Securities Administrators (CSA) Consultation Paper 81-408 Consultation on the Option of Discontinuing Embedded Commissions. The roundtable will take place on September 18, 2017, from 12:30 p.m. to 4:30 p.m. at the OSC’s offices in Toronto, Ontario, and will include panel discussions on the themes emerging from the consultation. (6/19/2017)

OSC publishes report on exempt market activity. The OSC announced that it has published OSC Staff Notice 45-715 2017 Ontario Exempt Market Report, which provides a snapshot of the current state of Ontario’s exempt market and a preliminary assessment of recent regulatory reforms. The report summarizes capital raising activity by corporate (non-investment fund) issuers in Ontario’s exempt market during 2015 and 2016. The report also examines capital formation by small Canadian issuers in Ontario’s exempt market, as well as the impact of recently introduced prospectus exemptions. (6/15/2017)