The North American Securities Administrators Association ("NASAA") issued a legislative agenda highlighting the policy priorities of state securities regulators for the 114th Congress. NASAA's legislative agenda includes four overarching principles: Expand and Strengthen Protections for Senior Investors:o Establish Senior Investor Protection Partnership Grant Programo Reduce Reliance on Payment Systems Most Conducive to Fraudo Adopt Diminished Capacity Legislation Promote Investor Confidence through Effective Regulation:o SEC Examination of Federally Registered Investment Adviserso Sustained

SEC Investor Advocate Rick Fleming discussed steps the SEC should take to ensure that investors receive meaningful disclosures.

SEC Chair Mary Jo White and Commissioners Luis Aguilar, Kara Stein, and Daniel Gallagher spoke about SEC priorities for 2015. Chair White stated that enhancing market structure will be a key focus at the SEC for 2015. She reported that the staff is currently developing recommendations to: (i) enhance the transparency of alternative trading system operations, (ii) expand investor understanding of broker routing decisions, (iii) address the regulatory status of active proprietary traders, and (iv) mitigate market stability concerns through a targeted anti-disruptive trading rule. Another

The SEC is requesting comment on various issues relating to topics discussed at the February 19, 2015 Proxy Roundtable. The SEC is interested in comments on topics including: the state of contested director elections; whether changes should be made to the federal proxy rules to facilitate the use of universal proxy ballots by management and proxy contestants; strategies for increasing retail shareholder participation in the proxy process, including how technology might affect retail participation; whether the format of disclosure could be improved to increase the engagement of shareholders

The Board of Directors of NFA re-elected Christopher Hehmeyer to serve a one-year terms as Chair. The Board also re-elected Michael Dawley to serve as Vice Chair, as well as multiple other individuals to serve as public directors and on NFA's Executive Committee. See: NFA Press Release.