SIFMA submitted a comment letter to the SEC regarding MSRB-proposed amendments to Rule G-14 RTRS Procedures. In the letter, SIFMA commended MSRB on the "methodical manner" in which it obtained input on the proposed rule changes. However, SIFMA expressed concern about the costs of certain proposed changes relative to their assumed benefits – particularly changes to methods of flagging certain dealer compensation arrangements and the ATS indicator. Additionally, SIFMA emphasized that the benefits of the proposal will not "measure up" to the costs and burdens that it could impose on broker

The Volcker Alliance, a trade association founded by Paul A. Volcker, released a report titled "Reshaping the Financial Regulatory System." The report calls for "long delayed" reforms and outlines recommendations for a "stronger" financial regulatory framework. According to the report, the system for oversight of the financial system is a framework that is riddled with "regulatory gaps, loopholes, and inefficiencies" and developed in a "piecemeal fashion." The report notes that developments in financial markets have outpaced those of the current regulatory framework, causing it to be under

SIFMA, along with 14 other financial services trade associations (the "Associations"), provided comments to the U.S. House of Representatives commending them for their commitment to enhancing cybersecurity, and for their efforts to pass cyber threat information-sharing legislation. According to the Associations, the existing bodies of law and regulation "do not do enough to foster information sharing or to establish clear lines of communication with the various government agencies responsible for cybersecurity." The Associations emphasized that it is critical for Congress to pass threat

The CFTC announced the unsealing of a civil enforcement action in the U.S. District for the Northern District of Illinois against a futures trader and his company, Nav Sarao Futures Limited PLC (together, the "Defendants"). The CFTC Complaint (the "Complaint") charges the Defendants with unlawfully manipulating, attempting to manipulate and spoofing – all with regard to the E-mini S&P 500 near month futures contract. The Complaint was filed under seal on April 17, 2015 and kept sealed until the April 21, 2015 arrest of the futures trader by British authorities acting at the request of the U.S

The SEC issued a notice denying a no-action relief request by the Clough Global Equity Fund (the "Fund"). The request asked for Opportunity Partners L.P.'s shareholder proposal and supporting statement (the "Proposal") to be omitted from the proxy materials for the Fund's 2015 Annual Meeting of Shareholders. The proposal would require the Fund to conduct a self-tender and, potentially, to liquidate. The SEC explained that it does not share the Fund's view that the Proposal may be excluded under Rule 14a-8(i)(3), nor does it believe that the Proposal "is so inherently vague or indefinite that