In response to the SEC's recent Order Instituting Proceedings ("Order"), SIFMA submitted supplemental comments on FINRA's proposed changes to the definitions of "non-public" and "public" arbitrator. In the Order, the SEC invited comment on whether FINRA's proposal is consistent with Exchange Act Section 15A(b)(6) and Section 15A(b)(9). SIFMA stated that it "strongly believes" the FINRA proposal to be consistent with the Exchange Act because it "appropriately and necessarily addresses the interests of both claimants and respondents in ensuring the neutrality of FINRA arbitrators, thereby

SIFMA announced newly elected members to its Board of Directors. The new principal officers include: Chair: William A. Johnstone, chair and chief executive officer, D.A. Davidson Companies; Chair-Elect: John F. W. Rogers, executive vice president, Goldman, Sachs Co.; Vice Chair: Timothy C. Scheve, president and chief executive officer, Janney Montgomery Scott; and Treasurer: Gerard McGraw, president, Fidelity Institutional. See: Press Release.

FERC accepted the Southwest Power Pool, Inc.'s ("SPP's") proposal to integrate the Western Area Power Administration – Upper Great Plains Region, the Basin Electric Power Cooperative and the Heartland Consumers Power District into SPP. The approval expands the "geographic footprint" of regional power to include a portion of the Upper Great Plains and the Eastern and Western Interconnections of the U.S. electric grid. FERC Chair Cheryl LaFleur stated that the order "is a positive step that greatly expands customer access to organized markets, particularly in the upper-Midwest region, and

In an interview with Stephanie Ruhle for Bloomberg News, SEC Chair Mary Jo White spoke about high-frequency trading ("HFT") and the SEC's regulatory priorities. She also commented on a recent academic paper that found that the SEC's filing process provides possible advantages to certain traders. Regarding HFT, Chair White explained that, although the markets have benefited from technological changes, wrongdoing continues. To ensure a level playing field, Chair White stated, new rules might be necessary. Chair White also discussed the SEC's response to the recent academic paper, " Run EDGAR Run

Sears Holding Corp. ("Sears"), the parent of Sears and Kmart, announced in a recent SEC filing that it is actively considering monetizing some of its real estate holdings by selling and leasing back certain of its real estate assets to a newly formed Real Estate Investment Trust ("REIT"). Sears' proposal could reduce its U.S. tax bill while creating a stream of rental income earned by the REIT that could escape corporate level tax. Other companies used tax-free spin-offs to move real estate off their tax books and into more tax-efficient structures, such as REITS, but House Ways and Means