SIFMA expressed support for proposed rules to require the delivery of a FINRA-created educational communication to the customers of transferring representatives. In particular, SIFMA expressed support for FINRA's efforts to craft simple disclosures in plain English that would permit investors to make more informed choices. SIFMA also made the following suggestions: FINRA should address various operational challenges in order to better align the proposal's direct and indirect costs with FINRA's stated goals. The proposal's supplementary material should include exceptions in order to narrow the

SIFMA supports FINRA's proposed amendment to NASD Rule 1032(f), which would replace the Equity Trader registration category and qualification examination (Series 57) with those of a Securities Trader. SIFMA also supports the proposed amendment to NASD Rule 1022(a), which would establish a Securities Trader Principal registration category. SIFMA suggested that (i) the timeline for implementing them should be flexible enough to allow for other regulatory actions that use firms' resources and (ii) FINRA should coordinate its Series 57 proposal and the Algorithmic Trading Proposal. See: SIFMA's

The SEC published amendments in the Federal Register to regulations under the Freedom of Information Act. The amendments would allow the SEC to collect fees that reflected its actual costs, add an appeals timeframe, and clarify other matters. These adopted amendments will be effective on August 14, 2015. See: 80 FR 41432. Related news: SEC Proposes Rules under Freedom of Information Act (June 20, 2014).

SEC Chair Mary Jo White discussed the purpose of the annual Broker-Dealer Compliance Outreach Program. She stated that the program is intended to offer insights into the SEC's initiatives and priorities. Chair White emphasized the importance of transparency and discussed past and recent risk alerts that were released by the Office of Compliance Inspections and Examinations. Chair White delineated her examination priorities for the next year. They included the following: fee structures, suitability, order-routing conflicts, recidivist representatives, microcap activity, excessive trading

The SEC charged 34 individuals for their involvement in alleged schemes to manipulate microcap stock trading. The six firms that were involved allegedly acted as unregistered broker-dealers. See: SEC Press Release; SEC Complaint.