In a public statement, SEC Commissioner Luis A. Aguilar called for "sufficiently detailed facts" in orders by the SEC ("Commission Orders") to ensure that "there is no doubt as to why the Commission brought an enforcement action, why the respondent deserved to be sanctioned, and why the Commission imposed the sanctions it did." Specifically, Commissioner Aguilar requested greater clarity concerning federal securities law violations by Chief Compliance Officers ("CCOs") and the resulting enforcement actions. More clarity, he said, will allow the "larger CCO community" to "take notice and try to

In remarks before the Federal Home Loan Bank of Chicago, titled "Leading Toward the Future; Ideas and Insight for a New Era," Comptroller of the Currency Thomas J. Curry discussed the future of the financial industry, including how responsible innovation can benefit the financial system, the risk management involved, the role the banks play, and what the OCC is doing to better understand the benefits and risks of innovative products and services identified by banks. See: OCC Press Release; OCC Comptroller Curry Remarks on Responsible Innovation and Risk Management. R elated News: OCC Hires

SIFMA recommended modifications to SEC-proposed rules on security-based swap dealers. SIFMA stated that its modifications are intended to harmonize the SEC-proposed rules with the CFTC guidance. SIFMA made clear the importance of consistency with already existing CFTC EBC Rules, because many swap dealers and their counterparties have already invested significant resources to comply with the CFTC guidance. Therefore, the recommendations are intended to speed implementation, minimize counterparty confusion and lead to lower costs for dealers and their counterparties. Lofchie Comment : Firms have

The SEC ordered MSRB to begin an additional phase of rulemaking for the MSRB-proposed Rule G-42 process to "establish core standards of conduct for municipal advisors." See: SEC Order Instituting Proceedings Whether to Approve or Disapprove Proposed Rule G-42; MSRB Press Release Announcing Additional Phase of Rulemaking. Related News: SIFMA Submits Additional Comments Regarding Proposed Changes to MSRB Rule G-42(June 3, 2015); SIFMA Submits Comments to MSRB on Revised Proposal Regarding Duties of Non-Solicitor Municipal Advisors (August 26, 2014 ); SIFMA Submits Comments to MSRB on Duties of

IOSCO analyzed the potential impact of mandatory post-trade transparency in the credit default swaps ("CDS") market. IOSCO defined the term "post-trade transparency" as referring to "a regulatory system that mandates disclosure of information, widely accessible to the public, about the price and volume of each relevant transaction" rather than "regulatory structures that allow for voluntary or selective disclosure of data." IOSCO concluded in the report that "greater post-trade transparency in the CDS market – including making the price and volume of individual transactions publicly available