In this issue:

- Federal Deposit Insurance Corporation Seeks Comment on Potential New Deposit Account Records Requirements for Banks with a Large Number of Deposit Accounts

- Basel Committee Removes Selected National Discretions and Replies to Frequently Asked Question on Funding Valuation Adjustment

- Commodity Futures Trading Commission Issues No Action Letters for Erroneous Swap Trades and Swap Trade Confirmations

- Commodity Futures Trading Commission Issues Guidance for Swap Execution Facilities on the Calculation of Projected Operating Costs

- Merrill Lynch International Fined for Transaction Reporting Failures

- US and UK Regulators and Authorities Fine Deutsche Bank $2.5 Billion for Failings related to IBOR and LIBOR

- European Securities and Markets Authority Calls for Evidence on Virtual Currencies

- European Securities and Markets Authority Consults on Draft Guidelines on Knowledge and Competence under MiFID II

- Statement by Mark Carney Chairman of the Financial Stability Board to the International Monetary and Financial Committee

- Upcoming Events

- Contacts

- Excerpt from Federal Deposit Insurance Corporation Seeks Comment on Potential New Deposit Account Records Requirements for Banks with a Large Number of Deposit Accounts:

On April 21, 2015, the US Federal Deposit Insurance Corporation issued an advanced notice of proposed rulemaking (“ANPR”), seeking input on potential new recordkeeping standards for certain FDIC-insured institutions with more than two million deposit accounts. The FDIC is required to provide depositors with access to their insured accounts as soon as possible after an institution fails. For a bank with a large number of deposit accounts, payments might be delayed if the bank’s records are unclear or incomplete, making it difficult to determine what is insured and what is not. Generally, the FDIC seeks input on whether banks with a large number of deposit accounts should be required to have a greater responsibility in the deposit insurance determination process.