The senior financial supervisors from 10 countries who comprise the Senior Supervisors Group ("SSG") issued a report titled "Algorithmic Trading Briefing Note." The report assesses the risks associated with algorithmic trading, and identifies risk-based control principles and questions for supervisors and supervised firms to consider when assessing the current control environment. The report also is intended to "facilitate thoughtful dialogue and action" to improve risk management practices. The report highlights key supervisory concerns, including whether risks associated with algorithmic

The SEC Division of Trading and Markets issued a no-action letter in response to a request from the Royal Bank of Canada ("RBC"). The no-action letter allows RBC and certain of its affiliates to conduct specified transactions outside the United States in RBC shares in connection with a proposed acquisition by RBC. The SEC granted the no-action relief, exempting RBC from Rules 101 and 102 of Regulation M. See: SEC No-Action Letter.

The Federal Reserve Bank of New York announced that Executive Vice President and head of the Financial Institution Supervision Group Sarah Dahlgren will resign at the end of 2015. See: New York Fed. Press Release.

According to a new article published by Mercatus Scholars Eli Dourado and Andrea Castillo, federal agencies that soon may oversee new data extraction and management responsibilities under the proposed Cybersecurity Information Sharing Act reported an "alarming" number of security breaches in Fiscal Year 2014. The article, titled "Agencies Fail 2014 Cyber Report Card and Report Record Number of IT Breaches," uses data from the Office of Management and Budget's FY 2014 Federal Information Security Management Act Compliance Report (the "Report") to analyze each agency's share, type and number of

FINRA's proposal to delay the implementation date of the Trade Reporting and Compliance Engine ("TRACE") rules was published in the Federal Register. The new proposal is effective immediately. In light of the comments received by FINRA from market participants, it proposes to move the TRACE implementation date to July 13, 2015. Previously, the SEC approved FINRA's proposal to amend the TRACE Rules 6700 series to (i) add a new contra-party type to be used in TRACE reports to identify a transaction with a nonmember affiliate, and (ii) require a firm to identify transactions with nonmember