SEC proposals to amend (i) Form ADV and Investment Advisers Act rules, and (ii) rules and forms to modernize the reporting and disclosure of information by registered investment companies were published in the Federal Register. The Form ADV amendments are designed to provide additional information regarding advisers, including information about their separately managed account business. The amendments are also designed to incorporate a method for private fund adviser entities operating a single advisory business to register using a single Form ADV. The amendments make clarifying, technical and

The SEC announced that it is seeking public comment to help inform its review of the listing and trading of new, novel, or complex exchange-traded products ("ETPs"). The SEC is examining key issues that arise when exemptions are sought by a market participant to trade a new ETP or when a securities exchange seeks to establish standards for listing new ETPs. Specifically, the request for comment addresses arbitrage mechanisms and market pricing for ETPs, legal exemptions and other regulatory positions related to the trading of ETPs, and securities exchange listing standards for ETPs. In

SIFMA Executive Vice President Randy Snook discussed issues impacting fixed income market structure and liquidity and "market-based" solutions. He delivered his remarks at the SIFMA Fixed Income Market Structure Conference. Mr. Snook explained that not all liquidity issues can be attributed to regulation. He advocated for market-based solutions to enhance liquidity and promote transparency in capital markets. He mentioned that PWC was undertaking a study regarding market liquidity, which may provide "a more comprehensive review of how our markets are functioning and how many aspects of

The Financial Services Roundtable, American Bankers Association, and SIFMA (collectively, the "Associations") issued a statement urging Senate lawmakers to immediately proceed to consideration of the Cybersecurity Information Sharing Act ("CISA"). The Associations contended that the CISA would allow financial firms and other sectors to better protect American consumers and businesses by sharing critical information about cyberattacks with each other, the government, law enforcement and other institutions. Se e: SIFMA Press Release. Related news: SIFMA Urges Passage of Senate Cybersecurity

The Treasury Market Practices Group ("TMPG"), a group of market professionals sponsored by the Federal Reserve Bank of New York, updated the guidance document: Best Practices for Treasury, Agency Debt, and Agency Mortgage-Backed Securities Market. TMPG updated the guidance for market participants by incorporating recommendations related to automated trading in covered markets. The TMPG proposed a set of recommendations around automated trading based on the work done by its working group, which was formed to explore the scope of algorithmic and high frequency trading in TMPG covered markets