FINRA filed with the SEC several rule amendments pertaining to TRACE-eligible securities. The following proposed amendments were made: (1) FINRA Rule 6750 ("Dissemination of Transaction Information") and the Trade Reporting and Compliance Engine ("TRACE") dissemination protocols regarding the dissemination of transactions in TRACE-Eligible Securities that are effected pursuant to Rule 144A ("Private Resales of Securities to Institutions") under the Securities Act of 1933; (2) FINRA Rule 7730 to establish real-time and historic data sets for Rule 144A transaction data; and (3) FINRA Rule 7730

SIFMA released its response to a data request by the SEC to help inform the agency's cost-benefit analysis of a uniform fiduciary standard for broker-dealers and investment advisers under Dodd-Frank Section 913. For the first time, the industry provided estimates on the cost of complying with a uniform fiduciary standard. In its letter, SIFMA: Stated its support for a uniform fiduciary standard of conduct, though it also stated that such a uniform standard must take account of the fact that broker-dealers provide a different service to customers than to investment advisers ( e.g., broker

The SEC announced that it will hold an Open Meeting to discuss proposed rules and amendments. The following items will be addressed: To eliminate the prohibition against general solicitation and general advertising in various types of private placements as mandated bySection 201 of the JOBS Act; To consider whether to propose amendments to Regulation D, Form D, and Rule 156 under the Securities Act; and To consider whether to adopt amendments that disqualify securities offerings which involve certain "felons and other bad actors" from relying on the registration-exemption provided under the

New York Attorney General Eric Schneiderman announced that publisher Thomson Reuters has agreed to discontinue the practice of providing high-frequency traders with certain consumer survey results prior to the release of that information to other subscribers. The announcement was, according to the release issued by the Attorney General, prompted by an ongoing investigation into whether or not the University of Michigan's consumer survey results, released to high-frequency traders two seconds earlier than other Thomson Reuters subscribers, provided an unfair advantage, causing market distortion

The GAO examined the costs of the rule requiring investment advisers that have custody of client assets to submit to annual surprise examinations by public accountants. In addition, the study found that the SEC rule requiring a qualified custodian who is a related person to obtain an internal control report also produced varied costs across custodians based on their size and services. Finally, the GAO examined the exception which the SEC offers from surprise examinations for investment advisers deemed to be "operationally independent" from their clients, and the associated costs with that