The Federal Financial Institutions Examination Council ("FFIEC") released a new Cybersecurity Assessment Tool ("Assessment") to aid institutions in identifying risks and evaluating their preparedness for challenges to cybersecurity. In addition to the Assessment, the FFIEC provided other resources, including an executive overview, a user's guide, an online presentation explaining the Assessment, and appendices mapping the Assessment's baseline maturity statements to the FFIEC Information Technology Examination Handbook. See: Press Release; Cybersecurity Assessment Tool Web Site.

Commissioner Michael S. Piwowar and Commissioner Kara M. Stein issued a joint statement regarding an industry white paper proposal to shorten the trade settlement cycle to two days ("T+2"). Commissioners Piwowar and Stein applauded the T+2 Industry Steering Committee's "leadership in seeking changes to mitigate risks and improve capital efficiency" by creating the white paper. The paper outlines the actions and timeline required to move from a three-day ("T+3") trade settlement cycle to a T+2 trade settlement cycle for securities transactions in the United States. Commissioners Piwowar and

The SEC charged an investment firm with violating the market access rule in connection with a trading incident that resulted in the erroneous execution of options contracts. An SEC investigation found that Goldman Sachs did not have adequate safeguards to prevent it from sending approximately 16,000 mispriced options orders to various options exchanges in less than an hour once the firm implemented new electronic trading functionality designed to match internal options orders with client orders. Lofchie Comment: This kind of enforcement action is puzzling and ill-considered. In this case, a

The Office of the Comptroller of the Currency released a report providing an overview of various risks facing the banking industry. The report, "Semiannual Risk Perspective for Spring 2015," contains an analysis of data in four key areas: the operating environment, bank conditions, key risk issues and regulatory actions. Highlights from the report include the following: for the banking industry to identify and mitigate their associated risks, evolving cyber threats and information technology vulnerabilities require heightened awareness and appropriate controls; competition for limited lending

IOSCO issued a second questionnaire to help its Committee 6 on Credit Rating Agencies ("C6") gain a "better understanding of the credit rating industry" and other CRA products and services. The first questionnaire was released on February 4, 2015. Responses to the second questionnaire must be submitted to IOSCO by July 31, 2015. See: Second Questionnaire. Related news: IOSCO Announces Project Analyzing Credit Rating Agencies (February 4, 2015).