SIFMA Asset Management Group ("SIFMA AMG") submitted a comment letter expressing concerns with the second public consultation document on Assessment Methodologies for Identifying Non-Bank Non-Insurer Global Systemically Important Financial Institutions. The document was published by the Financial Stability Board ("FSB") and the International Organization of Securities Commissions ("IOSCO") (collectively, the "Organizations"). In the letter, SIFMA AMG "strongly" encouraged the Organizations to stop their efforts to create a methodology to designate asset managers and funds as systemically

The CFTC announced that Jeffrey M. Bandman will serve as Acting Director of the Office of International Affairs (OIA). Current OIA Director Sarah E. Josephson will be returning to the Division of Clearing and Risk as Deputy Director. See: CFTC Press Release.

The SEC charged a compliance director with "fleecing investors" and stealing money from the brokerage firm where he worked. The SEC alleged that the compliance director opened three brokerage accounts in order to misappropriate investor funds, including a secret account with his then-employer, Trident Partners Ltd. According to the SEC, the compliance director would solicit investors to buy stock in well-known companies or supposed start-ups on the verge of going public. However, the securities were never actually purchased. Instead, after investors wired their funds to bank and brokerage

The SEC announced that Andrew J. "Buddy" Donohue was named Chief of Staff. Mr. Donohue served previously as the Director of the Division of Investment Management at the SEC. Mr. Donohue will replace Lona Nallengara who will leave the agency in June. S ee: Press Release.

At SIFMA's 2015 Leaders and Experts Forum, industry leaders provided their perspective on the rest of the year's regulatory and enforcement initiatives for compliance and legal professionals. SIFMA Executive Vice President and General Counsel Ira Hammerman delivered the opening remarks, which highlighted recent and upcoming regulatory and enforcement initiatives. Mr. Hammerman commented on the reproposal by the Department of Labor ("DOL") of its "conflicts of interest" rule. If "done improperly," he said, the rule could hurt investors saving for retirement and "make the process that much more