The Senate Banking, Housing and Urban Affairs Committee scheduled a hearing titled "The Role of Regulation in Shaping Equity Market Structure and Electronic Trading" for July 8, 2014. The hearing will consist of two witness panels that include representatives from multiple exchanges and other financial institutions, including Citadel LLC, Intercontinental Exchange Inc. and BATS Global Markets, Inc. See: Senate Banking Committee Press Release.

The Customer Protection and End User Relief Act, which reauthorizes and makes other reforms to the CFTC, passed in the House on June 24, 2014, and was referred to the Senate for consideration. The text of the bill as of June 25, 2014 is linked below. To view a summary of the bill, please see the Cabinet news story from June 24. See: H.R. 4413. Related news: House Votes to Reauthorize the CFTC, but with New Obligations as to Its Exercise of Authority (with Lofchie Comment) (June 24, 2014); House Committee on Rules Releases Amended Customer Protection and End User Relief Act (June 12, 2014)

FINRA announced that it is soliciting comments on a proposal to make a repository of Form 211 filings publicly available through FINRA's website. Firms are required to complete FINRA's Form 211 to demonstrate compliance with the specific information review requirements under Exchange Act Rule 15c2-11 prior to initiating a quotation in a non-exchange-listed security. Comments must be submitted by September 2, 2014. The text of the proposed rule is attached to the Regulatory Notice. See: FINRA Reg. Notice 14-29.

FINRA filed with the SEC proposed amendments to Rule 9120 and the definition of "hearing officer" to include former employees of FINRA who previously worked as FINRA hearing officers. See: Text of the Proposed Rule.

FINRA announced that it barred a former equity trader at First New York Securities L.L.C. for trading Japanese securities on the basis of material, non-publicized information that he received from a corporate insider. FINRA's investigation determined that the broker created a short position in shares of the Japanese Company, Tokyo Electric Power Company Inc. ("TEPCO"), while he was in possession of material, non-public information that TEPCO was close to announcing a secondary public offering. The information was said to be obtained from a consultant whose source was a Tokyo-based employee of