In this issue:

- PCAOB Adopts New Auditing Standard relating to Communications Between Auditors and Audit Committees, Subject to SEC Approval

- FINRA Rule Change Relating to Private Placements of Securities

- CFTC Staff Issues Guidance on Timing of Swap Dealer Registration Rules

- CFTC Seeks Comments on ICE Clear Europe Petition

- District Court Rejects SEC Argument that General Partnership Interests in Joint Ventures Are Securities

- District Court Rejects Claim of Presumptive Lead Plaintiff’s Inadequacy in Securities Class Action

- FDIC Releases Participation Guidance

- FSA Consults on Rules Changes Linked to Handover to PRA and FCA

- European Commission Proposes Single Supervisor for Eurozone Banks

- ESMA Publishes Short Selling Regulation Q&A

An excerpt from "FDIC Releases Participation Guidance"

On September 12, the Federal Deposit Insurance Corporation (FDIC) released a financial institution advisory letter related to effective credit risk management practices for purchased loan participations (Advisory). The Advisory applies to all FDIC-supervised banks and savings associations, including community institutions.