The SEC approved a proposal by the NYSE that makes permanent the new market model pilot ("NMM") and the supplemental liquidity providers pilot ("SLP"). The SEC's approval of the proposal was published in the Federal Register. The SEC proposed the NMM "in response to the increased prevalence of electronic trading and the aforementioned shift in informational advantages among the Exchange's market participants." The NMM has, among other things: (1) eliminated the function of NYSE's specialists and created a new category of market participant - Designated Market Makers ("DMMs") - under NYSE Rule

The Office of the Comptroller of the Currency ("OCC") named Linda Cunningham as its first Chief Risk Officer and Stephen Warren as its next Chief Information Officer. Ms. Cunningham will lead the agency's newly created Office of Enterprise Risk Management as well as its Enterprise Risk Committee. She also will participate in the OCC Executive Committee, National Risk Committee and other significant committees in order to promote a broader view of enterprise risks. Mr. Warren will lead all of the OCC's information technology programs. He also will support the agency's mission of ensuring the

The SEC issued an interpretive rule to clarify, for purposes of employment retaliation protections, an individual's status as a whistleblower. The interpretive rule clarified that: "for purposes of the employment retaliation protections provided by Section 21F of the Securities Exchange Act of 1934 ('Exchange Act'), an individual's status as a whistleblower does not depend on adherence to the reporting procedures specified in Exchange Act Rule 21F-9(a) [('Procedures for Submitting Original Information')], but is determined solely by the terms of Exchange Act Rule 21F-2(b)(1) [('Whistleblower

The SEC adopted a final rule that requires a public company to disclose the ratio of the compensation of its CEO to the median compensation of its employees, as mandated under Section 953(b) of the Dodd-Frank Act. The adopted rule requires any such company to disclose (i) the median of the annual total compensation of all its employees, except the CEO; (ii) the annual total compensation of its CEO; and (iii) the ratio of those two amounts. Although the rule allows the company to choose a methodology based on its own facts and circumstances to identify the "median employee," this same

The Global Legal Entity Identifier ("LEI") Foundation announced that it launched a "financial company reference database envisioned by the Dodd-Frank Act." Members of the public can use the database to look up a financial company's "business card" information, such as its legal name, address, country and business registry. The database also utilizes a unique 20-digit LEI code to pinpoint a company's counterparties in financial market transactions and eliminate confusion when corporate subsidiaries have similar names. See: Office of Financial Research Press Release; General Information about