Senator Ron Wyden (D-OR), ranking member of the Senate Committee on Finance, issued a report challenging the fairness of tax benefits provided by certain financial products and questioning their continued utility. The report, "How Tax Pros Make the Code Less Fair and Efficient: Several New Strategies and Solutions," asserts that disparate tax treatment decreases economic efficiency by providing incentives to sophisticated taxpayers to spend resources on tax arbitrage scenarios, which undermines the vertical equity (also known as "progressivity") of the tax system. The report identifies various

The NFA issued a notice to swaps dealers ("SDs") and major swap participants ("MSPs") regarding changes to the NFA's EasyFile Registration Documentation Submission System ("RDSS"). SDs and MSPs are required to submit documentation to EasyFile that demonstrates their ability to comply with CFTC rules implementing CEA Section 4s. Effective March 9, 2015, SDs and MSPs will be able to view all NFA written communications regarding 4s submissions to the RDSS. The RDSS Filing Index, which identifies the status of each 4s submission, will now distinguish between active and historical 4s submissions

The MSRB announced that it promoted Deputy General Counsel Lawrence Sandor to the position of Chief Compliance Officer. In his new position, Mr. Sandor will be responsible for managing the MSRB's corporate governance, regulatory support, and internal legal and compliance activities. See: MSRB Press Release.

Due to inclement weather, the CFTC postponed the public roundtable discussion on the recovery and orderly wind-down of derivatives clearing organizations ("DCOs") originally scheduled for March 5, 2015. The CFTC will announce the rescheduled date of the roundtable discussion. See: CFTC Press Release. Related news: CFTC to Host Public Roundtable Discussion on Recovery and Orderly Wind-down of DCOs (with Lofchie Comment) (February 20, 2015).

The SEC held a meeting of its Advisory Committee on Small and Emerging Companies (the "Committee"). Regulators discussed ways to increase opportunities for investors in small and emerging companies to resell their shares (a process known as "secondary market liquidity"). The Committee also addressed Regulation A+ and voted on recommendations regarding the definition of "accredited investor." In her opening remarks at the meeting, Chair White explained that SEC divisions have been looking at various means to facilitate the secondary market trading of securities issued by small businesses. She