The SEC announced that David Grim was named as Acting Director of the Division of Investment Management (the "Division"). He will replace Norm Champ, the Division's former director, who left the SEC last January. See: Press Release. Related news: Investment Management Director Norm Champ to Leave SEC (with Lofchie Comment) (January 21, 2015).

FINRA released a podcast summarizing the latest notices, compliance resources and news from January 2015. FINRA reminded members that final renewal statements for broker-dealers and investment advisers are available on FINRA's Web CRD and IARD, and that more information is outlined in FINRA Regulatory Notice 15-01. FINRA also reminded members of new amendments regarding customer account statements, direct participation programs and real estate trust securities in FINRA Regulatory Notice 15-02. Additionally, FINRA noted that, starting on February 14, 2015, the Section 31 fee will be reduced to

BATS Global Markets ("BATS") filed a petition for rulemaking with the SEC regarding Regulation NMS market structure reform, and issued a letter to market participants asking them to participate in a "constructive dialogue" intended to improve U.S. equity markets. The petition, which was sent to the SEC on January 21, 2015, requests that the SEC adopt amendments to Regulation NMS Rules 600, 605, 606 and 610, as well as the consolidated tape plan in Rule 608. The petition focuses on three measures that BATS believes will improve the equity markets: (i) reducing access fees generally, (ii)

President Barack Obama unveiled his 2016 budget in a proposal titled Budget of the U.S. Government, Fiscal Year 2016. If the proposed budget is approved, then the SEC will receive $1.7 billion, a 15-percent increase from FY 2015, and the CFTC will receive $322 million, a 29-percent increase from FY 2015.

The Clearing House, SIFMA, the American Bankers Association and the Financial Services Roundtable (collectively, the "Associations") provided comments in response to a proposal by the Financial Stability Board ("FSB") to impose a total loss-absorbing capacity ("TLAC") requirement on global systemically important banking groups ("G-SIBs"). In the letter, the Associations expressed their support for a TLAC requirement for G-SIBs, stating that it is a "critical step" toward ending "Too Big to Fail." However, the Associations indicated that a number of aspects of the proposal require modification