United States 

US financial regulators discuss Volcker Rule. CNBC reported that US financial regulators are tackling one of Wall Street’s biggest concerns by discussing the Volcker Rule governing banks’ proprietary trading. Rich Foster, senior vice president at the Financial Services Roundtable trade group, called this “a good sign that the [Trump] administration is taking a fresh look at something that has had negative impacts on our industry.” (5/9/2017)

House Financial Services Committee approves bill to undo certain financial services rules. Reuters reported that the House Financial Services Committee has approved a bill that would remove significant parts of Dodd-Frank and place new restrictions on Wall Street regulators. (5/4/2017) 

Canada 

OSC announces roundtable on proposed business conduct rules for derivatives dealers and advisers. The OSC announced that it will hold a roundtable to discuss stakeholder input on the CSA Notice and Request for Comment on Proposed National Instrument 93-101 Derivatives: Business Conduct. The roundtable will take place on May 29, 2017, from 9am to 12pm at the OSC’s offices in Toronto, Ontario. (5/9/2017)

Canadian securities regulators outline steps to support transition to T+2. The CSA announced that it has published two notices outlining amendments to support the transition from a three-day settlement cycle (T+3) for trades in Canada to two days (T+2) on September 5, 2017, consistent with the U.S. The CSA published final amendments to National Instrument 24-101 Institutional Trade Matching and Settlement (NI 24-101) and its companion policy to support a smooth transition to T+2 for equity and long-term debt market trades. These amendments will apply to registered dealers and advisers, clearing agencies and matching service utilities. Because of the interconnectedness of Canadian and U.S. capital markets, final amendments to NI 24-101 will come into force on September 5, 2017 or on any other target date for US capital markets. The CSA, other than the British Columbia Securities Commission, also published Notice and Request for Comment: Adoption of a T+2 Settlement Cycle for Conventional Mutual Funds, along with proposed amendments to National Instrument 81-102 Investment Funds (NI 81-102)The proposed amendments shorten the settlement cycle for conventional mutual funds to T+2. (4/27/2017) 

Canadian securities regulators propose to ban advertising, offering, selling and trading in binary options. The CSA announced that it has published for comment National Instrument 91-102 Prohibition of Binary Options, which would prohibit advertising, offering, selling or otherwise trading a binary option to an individual. The comment period is open until May 29, 2017 in Alberta and Québec, until June 28, 2017, in Manitoba and Saskatchewan, and until July 28, 2017, in all other participating jurisdictions. The CSA encourages comments by May 29, 2017. (4/26/2017)