A bill was introduced in the House of Representatives that would amend the Dodd-Frank Act to "improve the transparency, accountability, governance and operations" of the Office of Financial Research ("OFR"). According to a SIFMA statement about the legislation, the bill would, inter alia, require annual updates by the OFR on financial regulators' progress in adopting the Legal Entity Identifier.

Kevin Stiroh, senior vice president of the Federal Reserve Bank of New York's Integrated Policy Analysis Group, was named executive vice president and head of the New York Federal Reserve Bank Financial Institution Supervision Group, effective on October 26, 2015. Mr. Stiroh also will serve on the New York Federal Reserve Bank Management Committee.

The SEC solicited comments on a proposed rule change by FINRA that would merge FINRA's dispute resolution subsidiary, FINRA Dispute Resolution, Inc., "into and with" its regulatory subsidiary, FINRA Regulation, Inc. Comments on the FINRA proposal must be submitted by November 3, 2015.

The SEC Division of Corporation Finance issued interpretive advice regarding the application of the exemptions provided by Securities Exchange Act Rule 16b-3 ("Transactions between an Issuer and Its Officers or Directors") to directors of an adviser to a business development company and to officers of the business development company. Subject to the procedural requirements set out in the letter, such person would be eligible for the exemptions provided by Rule 16b-3. The SEC emphasized that these views only apply to the specific representations made by this specific request for guidance. See

In a white paper titled "Liquidity and Flows of U.S. Mutual Funds," the SEC Division of Economic and Risk Analysis examined the U.S. mutual fund industry with particular attention paid to: (i) fund flows; (ii) the liquidity of fund portfolios; and (iii) the interaction of these characteristics. The white paper emphasized that liquidity risk management is a primary concern for mutual funds due to: (i) the possibility of so-called asset "fire sales;" (ii) the exacerbation of these sales by how a fund's net asset value is determined for redeeming investors; and (iii) the significant growth in