European states involved in the development of a Financial Transaction Tax ("FTT") agreed to make January 1, 2016 its target launch date. The FTT is designed to oblige banks to aid in rebuilding Europe's post-crisis finances. In its initial proposal, the European Commission tried to introduce a tax of 0.1 percent for trading in shares and on bonds, and a 0.01 percent tax on derivatives such as options, futures, and contracts for difference or interest rate swaps when at least one of the parties was based in the EU. In December 2014, the member states were unable to reach an agreement. However

The CFTC Division of Market Oversight issued a no-action letter (Letter 15-03) providing additional time for reporting parties to comply with certain reporting requirements of the ownership and control final rule ("OCR Final Rule"). The OCR Final Rule requires the electronic submission of trader identification and market participant data on new and updated reporting forms. The no-action letter extends certain relief provided in Letter 14-95 to dates ranging from September 30, 2015 to February 13, 2017. The relief is subject to certain terms and conditions, including the condition that

The CFTC announced that Chair Massad will testify before the U.S. House Committee on Agriculture, and before the U.S. House Committee on Appropriations, Subcommittee on Agricultural, Rural Development, and Food and Drug Administration. Chair Massad will present the CFTC's outlook for 2015 before the Agriculture Committee. The hearing is scheduled for February 12, 2015. Additionally, Chair Massad will discuss the CFTC's 2016 budget request before the Appropriations Subcommittee at a hearing on February 11, 2015. See: CFTC Event Announcement: Agriculture Committee; CFTC Event Announcement

SIFMA issued a statement that summarized the recent joint conference held by SIFMA and FINRA regarding cybersecurity issues for brokerage and advisory firms. The joint conference focused on cybersecurity issues and regulatory perspectives. Practice Leader of Cyber and Technology Risk Management for PricewaterhouseCoopers LLP Stephen Russell outlined six actionable steps that firms should take to achieve cyber resiliency: establish cyber risk governance and oversight; understand the cyber organizational boundary; identify critical business processes and related assets; identify, assess and

The SEC proposed rules to enhance the corporate disclosure of company hedging policies for directors and employees. The proposal requires an issuer to disclose whether it permits directors and employees to hedge their exposure to the company's securities that they own or that are granted to them as compensation. The proposal amends Regulation S-K to require annual proxy disclosures about whether directors and employees are permitted to hedge or offset any decrease in the market value of equity securities granted by a company as compensation or otherwise held by them, as well as the equity