SEC Commissioner Kara Stein called for greater transparency in the capital markets. She argued that even though a "new digital age" has transformed the way in which securities are traded, "opaque" areas of the market remain and must be addressed. Commissioner Stein remarked that in order to ensure that investors are given enough accurate information to make informed decisions, "dramatic reforms" must be adopted in the Alternative Trading Systems ("ATS") markets, which are also called "dark pool" markets. She warned that it is unclear whether dark pools continue to "perform the functions that

FINRA proposed extending the TRACE pilot program under FINRA Rule 6730(e)(4)("Transaction Reporting") until October 27, 2017. The Pilot Program exempts transactions in TRACE-eligible securities from TRACE reporting when such transactions are executed on a facility of the New York Stock Exchange, subject to specified conditions.

The SEC appointed a new head of the examination program in its Atlanta Regional Office. William Royer will oversee staff consisting of approximately 40 examiners, accountants and attorneys who are responsible for examining broker-dealers, investment advisers, investment companies, transfer agents and other SEC registrants. Mr. Royer previously served as Acting Associate Director of the Atlanta office's examination program since June 2015.

SIFMA's managing director and associate general counsel Lisa Bleier voiced her concerns with the DOL's fiduciary proposal. Ms. Bleier expressed her support for a best-interest standard, but argued that "the DOL's proposal is far too complex and prescriptive – establishing a myriad of new requirements that will be difficult if not impossible to implement, and will result in less education, fewer choices and greater costs to investors which is not in their best interests." Ms. Bleier's concerns were expressed at the "Focus on Fiduciary" event, which was hosted by the Investment Management

The CFTC extended the no-action relief granted in CFTC Letter 14-156 to Eurex Clearing and its U.S. clearing members ("Eurex"). The purpose of the extension is to allow the CFTC to review Eurex's application for registration. This extension will expire at the earlier of the date on which the clearing company becomes registered as a derivatives clearing organization with respect to its IRS clearing business or on January 31, 2016. The no-action relief is subject to several of the conditions that are outlined in the letter.