The SEC approved amendments to FINRA Rule 4553 ("Fees for ATS Data") eliminating access fees to alternative trading system ("ATS") volume information. The SEC Order was published in the Federal Register. See: 80 FR 39811; SEC Notice. Related News: FINRA Proposes Rule Changes to Expand ATS Transparency Initiative (June 25, 2015).

The SEC announced that a federal court granted in part the SEC's motion for a preliminary injunction and continued the freeze of over $2 million in assets in two brokerage accounts whose owners were alleged to be involved in manipulating Avon stock. See: SEC Litigation Release. Related News: SEC Freezes Profits From Scheme to Manipulate Avon Stock (with Lofchie Comment) (June 5, 2015).

SIFMA submitted comments to the United States Trade Representative affirming its support for the inclusion of a framework to discuss financial services regulations in the Transatlantic Trade and Investment Partnership ("TTIP"). Lofchie Comment: It is clear that the CFTC's race to take the lead in imposing regulations on firms providing or receiving financial services, and attempting to force the Europeans to follow them, has failed. The CFTC is presently engaged in a much more reasonable effort to coordinate on requirements such as clearing and margin. These efforts at cooperation ought to be

The SEC filed final rules providing for a federal exemption from registration requirements for offerings of securities of up to $50 million annually as authorized by the JOBS Act of 2012. These rules adopted a definition of "qualified purchaser" pursuant to Securities Act Section 18(b)(3) that extends to "any person to whom securities are offered or sold" in Tier 2 offerings of up to $50 million under federal Regulation A. See: SEC Filing: Regulation A Amendments.

SIFMA Asset Management Group ("SIFMA AMG") submitted comments to the European Supervisory Authorities ("ESAs") on the second Consultation Paper concerning risk-mitigation techniques for OTC-derivative contracts that are not centrally cleared. The SIFMA AMG explained that it did not respond to each of the specific questions posed by the ESAs – rather, it focused on the wider concerns relating to the application of the margin requirements. In particular, the SIFMA AMG stressed that: equivalence decisions should be made in good time prior to the implementation of EU margin requirements so as to