FINRA Executive Vice President and Chief Information Officer Steven J. Randich delivered a presentation at the SIFMA Tech 2014 Conference regarding FINRA technology updates and developments in securities regulation. Mr. Randich explained that FINRA's technology is "vital" to protecting investors and is also important because of its ability to oversee and monitor firms, detect fraud and keep investors informed. Mr. Randich noted that FINRA's CARDS technology is an important development that will allow FINRA to conduct ongoing "birds-eye-view surveillance," which Mr. Randich said will complement

FINRA filed a proposed rule change with the SEC to amend the Code of Arbitration Procedure for Customer Disputes and the Code of Arbitration Procedure for Industry Disputes. The rule change proposes to amend the definitions of "non-public" arbitrator and "public" arbitrator. The amendments would, among other things, provide that persons who worked in the financial industry for any length of time during their careers would always be classified as non-public arbitrators, and persons who represented investors or the financial industry as a significant part of their business also would be

Conyers Dill Pearman issued a client alert regarding the Contracts (Rights of Third Parties) Law ("the Law"). The Law, which was published and became immediately effective on May 21, 2014, allows for the enforcement of contractual rights by a third party. Additionally, the Law permits a variation in the preexisting position under Cayman Islands law based upon the common law doctrine of privity of contract. The alert from Conyers provides an overview of, among other things, the rights of a third party, the limitations on the third party, the variation and rescission of a contract, and defenses

SIFMA submitted comments to FINRA in response to a proposed rule change to amend FINRA Rule 2210 to require a hyperlink to BrokerCheck in online retail communications that are produced by a FINRA member firm. SIFMA stated that the proposed rule's imposition of mandatory content and linking requirements on third-party sites not controlled by member firms continues to raise necessity and feasibility concerns. Specifically, SIFMA voiced concerns with issues that included: space constraints and BrokerCheck link placement within third-party social media sites, since member firms do not control the

At the SIFMA Tech Conference, SIFMA CEO and President Kenneth Bentsen delivered opening remarks about cybersecurity issues and the state of the U.S. equity markets. Mr. Bentsen explained that, as cyber risks grow, Congress must take action and pass legislation that "removes some of the red tape and makes it easier for the private sector and government agencies to work together and share information that promotes resiliency of our markets." Additionally, Mr. Bentsen stated, while many investors benefited from the adoption of Reg. NMS in 2006, the continued evolution of the U.S. equity market