The SEC Office of Compliance Inspections and Examinations ("OCIE") issued a Risk Alert to provide additional information regarding the Cybersecurity Initiative. The alert states that the OCIE will be conducting examinations of more than 50 registered broker-dealers and investment advisers to assess firms' governance, identification and assessment of cybersecurity risks. Additionally, the OCIE will evaluate the security of networks and information, including risks associated with customer access to fund information, transfer requests, and working with vendors or third parties. The OCIE's Risk

The European Parliament voted to adopt updated rules for markets in financial instruments (MiFID II). In response to the vote, Internal Market and Services Commissioner Michel Barnier stated that the new rules will establish "a safer, more transparent and more responsible financial system and restore investor confidence in the wake of the financial crisis." Key elements of the MiFID II include: a market structure framework that closes loopholes and ensures that trading, wherever appropriate, takes place on regulated platforms; increased equity market transparency and, for the first time, an

The Republic of Estonia announced that it has signed an Intergovernmental Agreement ("IGA") with the United States to implement FATCA. The IGA is a Model 1A IGA (Reciprocal) under which financial institutions that are organized under the laws of Estonia, and branches of non-Estonian financial institutions located in Estonia, will be required to provide identifying and account information on accounts directly or indirectly held by U.S. persons to the Estonian Ministry of Finance or its delegate for automatic transmittal to the U.S. Internal Revenue Service. In addition to typical exclusions for

The SEC granted Nasdaq an extension to the limited exemption from Regulation NMS Rule 612(c) ("Sub-Penny Rule") in connection with the operation of the Retail Price Improvement ("RPI") Program. The exemption was granted coterminous with the effectiveness of the pilot program; both the RPI pilot program and exemption were scheduled to expire on March 28, 2014. The SEC extended the exemption until September 30, 2014. See: SEC Extension.

The SEC announced the appointment of David J. Gottesman as deputy chief litigation counsel in the Division of Enforcement. Prior to joining the SEC, Mr. Gottesman was a trial attorney in the Commercial Litigation Branch of the Civil Division of the U.S. Department of Justice, as well as a partner at the law firm of Rosenthal and Schanfield, P.C. in Chicago. See : Press Release.