Federal Register

• Compliance professionals from Wolters Kluwer Compliance Solutions will host a webinar this month to discuss key definitional changes under the final rule amending the Community Reinvestment Act (CRA) regulations.
• Regulatory compliance professionals Jason Keller and Kris Stewart of the Wolters Kluwer Financial & Corporate Compliance division will provide an overview of these definitional changes to help guide CRA practitioners through their organizations’ updated rule implementation processes.
• Reporters wishing to arrange an interview on navigating CRA compliance obligations with Wolters Kluwer experts, such as Keller and Stewart, are invited to contact David Feider , Associate Director, External Communications, Wolters Kluwer FCC.
• Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. banks, credit unions, insurers and securities firms.

The Federal Trade Commission today announced a final rule extending telemarketing fraud protections to businesses and updating the rule’s recordkeeping requirements in light of developments in technology and the marketplace. The Commission also announced a proposed rule that would provide the agency with significant new tools to combat tech support scams.

• Both actions are part of the Commission’s current review of the Telemarketing Sales Rule (TSR), which includes the Do Not Call Registry (DNC) rules and provisions banning nearly all telemarketing robocalls to consumers.
• Importantly, the FTC also affirms the TSR’s prohibitions on robocalls using voice cloning technology.

The Current Regulatory Review

Both the final rulemaking and notice of proposed rulemaking announced today stem from the Commission’s regulatory review of the TSR and address public comments received as part of that review. In April 2022, the FTC proposed extending telemarketing protections to businesses and strengthening safeguards against other pernicious telemarking tactics plaguing consumers. The final rule announced today implements updates that:

The Tech Support Notice of Proposed Rulemaking

• The notice of proposed rulemaking announced today proposes amending the TSR to extend its coverage to inbound telemarketing calls involving technical support services.
• The proposed amendment is needed due to the widespread deception and consumer injury caused by tech support scams, including those in which consumers call supposed tech support operations in response to advertising.
• The Commission also is seeking comments on a proposed definition of tech support scams.

• Rule 605 was adopted in 2000 to help the public compare and evaluate execution quality at different market centers.
• The amendments expand the scope of entities that must produce monthly execution quality reports to include broker-dealers with a larger number of customer accounts and single dealer platforms.
• The amendments will capture more relevant execution quality information for certain order types by requiring statistics to be reported from the time such orders become “executable.”
  Further, the amendments change how orders are categorized by order size as well as how they are categorized by order type.
• As part of the changes to the order size categories, the amendments modify Rule 605 to capture execution quality information for fractional share orders, odd-lot orders, and larger-sized orders.

• LAKE MARY, Fla., March 7, 2024 /PRNewswire/ -- The Institute of Internal Auditors (The IIA) – the internal audit profession's leader in standards, certifications, education, research, and technical guidance worldwide – is currently reviewing the U.S. Securities and Exchange Commission (SEC)'s newly-issued Climate Change Disclosure Rule.
• Following publication of the SEC's draft rule in March 2022, The IIA submitted a comment letter, in which it highlighted the need for effective governance over climate disclosures.
• For internal auditors, the final rule involves new areas of review and assurance to the board regarding compliance with the new rule.
• For more information on ESG-related resources for the internal audit profession, please visit The IIA's ESG Knowledge Center.