The SEC issued an order directing FINRA, BATS Exchange, BATS Y-Exchange, the Chicago Stock Exchange, EDGA Exchange, EDGX Exchange, the Nasdaq Stock Market Inc., Nasdaq OMX BX, Nasdaq OMX Phlx, the National Stock Exchange, the New York Stock Exchange, NYSE Arca, and NYSE MKT (collectively referred to as the "Exchanges") to jointly develop and file a national market system plan to implement a pilot program ("Pilot Program"). The Pilot Program would, among other things, widen the quoting and trading increments for certain small cap stocks, with one test group incorporating a "trade-at"

FINRA released the final podcast in a two-part series that discusses topics for firms to consider when planning their firm element training, as identified in the CE Council's Spring 2014 Firm Element Advisory. The podcast focused on: municipal securities updates, including the SEC's approval of new multiple MSRB rules and rule amendments, which include the rules that address time of trade disclosure obligations and sophisticated market professionals, amendments to MSRB Form A12, a new MSRB rule on reporting information on municipal fund securities and other changes; registration and disclosure

The CFTC issued two separate no-action letters extending relief from CFTC Letters 13-52 and 13-53 to derivatives clearing organization ("DCO") LCH.Clearnet Limited ("LCH"), and designated contracts market ("DCM") Nodal Exchange LLC ("Nodal"). In letter 14-85, the CFTC extended the no-action relief provided in Letter 13-52 from CEA Section 5b ("Derivatives Clearing Organizations"). The letter specifies that it will continue not to recommend enforcement against LCH for clearing certain swaps executed on DCMs or swap execution facilities. In letter 14-86, the CFTC extended the no-action relief

At the Stanford Directors College, SEC Chair Mary Jo White delivered a speech about director responsibilities and the SEC's whistleblower program. Chair White explained that directors play a "crucially important" role in overseeing a company by preventing, detecting and stopping violations of federal securities laws. She emphasized that directors must set the standard for good corporate governance and rigorous compliance in order to create a strong corporate culture throughout an organization, noting that, often, deficient corporate culture is the cause of the "most egregious" securities law

SIFMA issued guidance to registered broker-dealers and investment advisers on verification methods that they could use to comply with the requirements of the safe-harbor method of accredited investor verification permitted by Rule 506 under the Securities Act. The guidance is intended to help members apply the "reasonable verification" requirement in Rule 506(c) ("Exemption for Limited Offers and Sales without Regard to Dollar Amount of Offering") offerings in three situations: registered broker-dealers and investment advisers verifying natural persons as accredited investors based on the