FINRA reported an update to the "Interpretations of Financial and Operational Rules." To help firms comply with SEC rules with regard to financial and operational matters, FINRA periodically updates specific interpretations provided by the SEC's Division of Trading and Markets. According to FINRA, this particular update concerns Exchange Act Rule 15c3-1(c)(2)(viii) (Open Contractual Commitments).

The Consumer Financial Protection Bureau ("CFPB") issued a report on veterans' "financial well-being." According to the " National Financial Well-Being Survey," which gauged the financial literacy and welfare of Americans, veterans demonstrated a correlation between "financial skill" and "financial well-being." As one might expect, veterans with higher education and homeownership are more likely to have financial comfort. Veterans, like many other Americans, also show lower financial well-being levels when they use short-term credit products, are regularly contacted by debt collectors, or

SEC Commissioner Hester Peirce voiced concern that certain agency guidance may have turned into a "body of secret law" due to a lack of transparency and accountability. In remarks at the "SEC Speaks" Conference, Ms. Peirce acknowledged that staff guidance can aid market participants "navigate the complexity" of the federal securities laws. Staff-level guidance, according to Ms. Peirce, performs several important functions, which include helping to ensure that the SEC is responsive to the markets and that market participants are able to satisfy their regulatory obligations. However, she warned

SEC Investor Advocate Rick Fleming called on the SEC to refrain from imposing new regulations on proxy advisors. In a speech at the "SEC Speaks" Conference, Mr. Fleming said proxy advisors have given asset managers an "efficient way to exercise much closer oversight" of the companies in their portfolios and the companies "don't like it." He said that the SEC should not prioritize creating a rule that could potentially affect the independence of proxy advice. He noted that while some people have criticized proxy advisors, investors who are paying for this service are not the ones expressing

SEC Chair Jay Clayton reported on the status of the agency's operations, rulemakings and enforcement efforts. In an address at the "SEC Speaks" Conference, Mr. Clayton offered an agency overview through the “eyes of management,” and likened his report to the disclosures required by public companies in the “Management’s Discussion and Analysis” section of SEC filings. On SEC operations, Mr. Clayton said that several factors and trends affect results. These factors include the ability to retain and recruit talented staff, planning for the consequences of Brexit, and the ability to invest in