SIFMA submitted a comment letter to FINRA regarding the latter's proposal to expand the dissemination of TRACE data to include additional securitized products. Specifically, these products would include the collateralized mortgage obligations ("CMOs"), commercial mortgage-backed securities ("CMBSs") and collateralized debt obligations ("CDOs") that were outlined in FINRA Regulatory Notice 15-04. In the letter, SIFMA acknowledged the possible benefits to price discovery of disseminating trade information on securitized products. However, SIFMA asserted, the proposal could impact market

The U.S. House Agriculture Subcommittee on Commodity Exchanges, Energy and Credit held a hearing titled "Reauthorizing the CFTC: Commissioners' Perspectives." CFTC Commissioners Sharon Bowen, Christopher Giancarlo and Mark Wetjen testified at the hearing. The Commissioners expressed views on a number of issues facing the CFTC. To increase volume on swap execution facilities ("SEFs"), Commissioners Bowen and Wetjen called for the elimination of post-trade name give-up on order books. Commissioner Giancarlo suggested measures that include amendments to SEFs' core principles. Commissioner Wetjen

The U.S. Department of Labor ("DOL") issued a proposed rule relating to the definition of fiduciary under ERISA and Section 4975 of the Code. The proposed rule, if adopted, would replace certain long-standing regulations relating to the definition of fiduciary with respect to the provision of investment advice and would expand the number of persons who would be fiduciaries in connection with providing investment advice or recommendations. According to the DOL, under the proposed changes, "retirement advisors will be required to put their clients' best interests before their own profits." In

The SEC issued a no-action letter in response to a request by Harris Harris Group, Inc. (the "Company") to omit Aegis Capital Corp.'s shareholder proposal and supporting statement from the Company's proxy materials. The relevant proposal required the Company to conduct a mandatory buy-back of its own stock under certain conditions. The Company asserted that the proposal and supporting statement could be omitted, in reliance on Exchange Act Rule 14a-8, on the grounds that the proposal (i) is not a proper subject for action by shareholders under the laws of the jurisdiction of the Company's

The NFA fined four commodity trading advisors ("CTAs"), one futures commission merchant ("FCM") and their respective associated persons separately for failing to maintain "objective and specific" audit trails of bunched customer order allocations. According to the NFA, the firms' audit trails were not specific enough to permit independent verification of the fairness of the allocations, nor were they sufficient to demonstrate that the firms used a defined methodology. Specifically, the complaints alleged that the firms failed to enact required procedures regarding allocations from bunched