New SRO rules and rule proposals were announced by the SEC. Click on the links to view the SEC's notices of exchange rule changes and proposals for the week of January 26 – January 30. Clearance Settlement: BATS: Effective Immediately - Rule Change to Amend Rules 2.5(c)(4) and 11.5 to Harmonize with EDGA and EDGX Rules, its Membership Requirements Applicable to Clearing Agencies that Clear Transactions for Members (see also Exhibit 5) BYX: Effective Immediately - Rule Change to Amend Rules 2.5(c)(4) and 11.5 to Harmonize with EDGA and EDGX Rules, its Membership Requirements Applicable to

The Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the State Liaison Committee of the Federal Financial Institutions Examination Council (the "Regulators") issued joint guidance to provide financial institutions with principles applicable to private student loans that have graduated repayment terms. In addition to encouraging financial institutions to underwrite the loans in a manner consistent with sound lending

President and CEO of the Federal Reserve Bank of Boston, Eric S. Rosengren, delivered remarks at the Bank for International Settlements High-level Meeting for Africa, emphasizing that cybersecurity is an important regulatory priority and a "serious financial stability concern." Mr. Rosengren stated that an immediate cybersecurity threat could focus an attack on payment systems, aiming to disrupt transactions rather than to obtain financial gain. According to Mr. Rosengren, this sort of attack would reduce consumer confidence. Mr. Rosengren encouraged market participants, both private and

The SEC announced that its Advisory Committee on Small and Emerging Companies will hold a public meeting by telephone conference call on February 17, 2015. The advisory committee plans to vote on recommendations regarding the definition of an "accredited investor." See: SEC Press Release.

FSOC seeks comment as to whether asset management products and activities may pose potential risks to the U.S. financial system in the areas of liquidity and redemptions, leverage, operational functions, and resolution. The body of the release is divided into four parts: one dealing with redemption rights, one dealing with leverage, a third with operational risk, and a fourth and final part on insolvency risk. The last part concerns not only the insolvency of the underlying investment funds, but also of the investment manager, suggesting that FSOC may still be considering whether investment