FINRA had recently launched a as to recommendations to purchase certain share classes issued by mutual funds.  It may be expected that firms that fail to self-report will risk disciplinary actions.  See, e.g., .  

This is a warning signal.  Firms running an ATS should consider the implications of the report for any ATS it runs, in terms of attracting business, regulatory risk relating to conflicts of interest, and customer risk in terms of disclosure and best execution.

The list contains a number of important big-picture concerns. It is not a list, however, likely to generate much political or press excitement. In this environment, it is an open question whether Chair Waters will take up any of the items on Representative McHenry's list.  

While there is general consensus that the concept behind Rule 10b5-1 plans is very sensible (i.e., insiders should be given a means to liquidate their holdings in a controlled fashion without becoming subject to Rule 10b-5 liability), there also have long been assertions that insiders seem to affect their trading with results that are better than those that would result from a random walk down Wall Street. This is a material issue that has the potential to create real distrust as to…