Fifty-eight members of Congress ("Members") signed a letter to SEC Chair Mary Jo White urging the SEC to finalize its proposal regarding executive compensation disclosure. According to the Members, the SEC's proposal, which implements Dodd-Frank Section 953(b), "reflects the legislative intent of Dodd-Frank" and "effectively addresses any concerns regarding compliance costs." The Members argued that disclosure will provide information that can help investors to (i) cast informed "say-on-pay" advisory votes by allowing them to evaluate the "reasonableness" of CEO pay levels relative to those of

The Basel Committee on Banking Supervision ("BCBS") and IOSCO announced revisions to the uncleared margin framework. The revisions will delay the implementation of the bilateral exchange of margin for uncleared derivatives. The new timeline calls for the requirements to be implemented as follows: Variation Margin September 2016: Covered entities belonging to a group with a notional amount of uncleared derivatives activities during a measuring period ("group notional") that exceeds €3 trillion. March 2017: All other covered entities. Initial Margin September 2016: Covered entities with a group

The CFTC unanimously approved a final rule removing the automatic termination of the phased-in compliance period for the Residual Interest Deadline for futures commission merchants ("FCMs"). The termination was scheduled to occur on December 31, 2018. Under the phased-in compliance schedule in CFTC Rule 1.22 ("Use of Customer Funds Restricted"), an FCM is required to maintain a sufficient amount of its own funds ("residual interest") in customer segregated accounts by the Residual Interest Deadline of 6:00 p.m., Eastern time, on the next business day to cover customers' under-margined amounts

The SEC order approving FINRA's proposed rule change to the Trade Reporting and Compliance Engine ("TRACE") rules (as modified by Amendment No. 1) and soliciting comments on Amendment No. 1 was published in the Federal Register. FINRA proposed 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) to require a firm to identify when a transaction with a nonmember affiliate meets specified conditions, so that FINRA can suppress the dissemination of such trade. In response to comments

SEC Commissioner Michael Piwowar delivered remarks at the 2015 Mutual Funds and Investment Management Conference. He spoke about the "continuing efforts" of prudential banking regulators and quoted Daniel Tarullo in characterizing their goal: "to 'broaden the perimeter of prudential regulation' to regulate the activities of non-bank participants in the capital markets." According to Commissioner Piwowar, it is "ironic" that prudential banking regulators are pushing for more oversight of capital markets and non-bank participants, since they themselves are "responsible for creating the dominant