FSOC meeting. The Financial Stability Oversight Council’s readout from its most recent meeting indicates it may not seek to designate individual asset manager firms as systemically important. Instead, it has directed its staff to review industry practices to assess potential risk. (7/31/2014) FSOC readout.
Beneficial ownership amendments. The Financial Crimes Enforcement Network proposed amendments to its Bank Secrecy Act regulations. The amendments would clarify customer due diligence obligations of banks and other financial institutions, including brokers, dealers, mutual funds, futures commission merchants, and introducing brokers). The amendments would require firms to know and verify the identities of the beneficial owners of accounts. Comments should be submitted by October 3, 2014. (7/30/2014) Treasury Department press release.