The Chief Counsel of the Division of Investment Management at the SEC issued a no-action letter in response to a request by a New York Insurance Company. The no-action letter concerned the calculation ofICA Rule 24f-2 fees for the registration of investment company securities under the Securities Act of 1933. See: SEC No-Action Letter Response.

FINRA released a podcast summarizing the latest FINRA notices, compliance resources, and news from June 2015. The podcast highlights recent regulatory notices, including: Notice 15-21, which details the SEC's approval of FINRA amendments pertaining to the codes of arbitration procedure. The changes increased the fees for late hearing cancellation or postponement, which applies to cases filed on or after July 6. Notice 15-25, which describes how FINRA updated its list of interpretations of financial and operational rules, based on Exchange Act rule interpretations SEC staff had communicated to

The House Judiciary Subcommittee on Regulatory Reform, Commercial and Antitrust Law held a hearing on "H.R. 2947, the "Financial Institution Bankruptcy Act of 2015." The bill, which is sponsored by Representative Dave Trott (R-MI) would, among other things, create a new Subchapter V of Chapter 11 of the Bankruptcy Code to facilitate the liquidation, reorganization or recapitalization of a "covered financial corporation." Additionally, the bill would suspend customer early termination rights for qualified contracts. The following witnesses testified: Mr. Donald S. Bernstein Esq., Partner, Davis

The House Financial Services Subcommittee on Financial Institutions and Consumer Credit ("Subcommittee") held a hearing that examined how and why bank holding companies are designated as "systemically important financial institutions" ("SIFIs") under Dodd-Frank. The hearing is the first in a series of three hearings that evaluate how Dodd-Frank has impacted the financial regulatory landscape in the five years since it has been enacted. Several significant criticisms were raised by witnesses. These include: Dodd-Frank requires the Federal Reserve Board to apply enhanced prudential standards to

Senator Orrin Hatch (R-UT), Chairman of the Senate Finance Committee, and Senator Ron Wyden (D-OR) released reports from each of the five bipartisan working groups on tax reform. The reports focus on international tax, business income tax, community development and infrastructure, individual tax, and savings and investments. See: Senate International Tax Bipartisan Tax Working Group Report;Senate Business Income Bipartisan Tax Working Group Report; Senate Community Development and Infrastructure Bipartisan Tax Working Group Report; Senate Individual Tax Bipartisan Tax Working Group Report