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The Financial Services and General Government Subcommittee of the U.S. Committee on Appropriations held a hearing titled "FY16 Budget Requests for the SEC CFTC." SEC Chair White and CFTC Chair Massad each testified about their agency's funding request and budget justification. In her testimony, Chair White indicated that security-based swaps, crowdfunding and executive compensation rulemakings are priorities for the SEC in 2015. She also stated that the SEC is discussing the creation of public guidelines on whether enforcement cases should be brought to administrative law judges or federal

The SEC issued a notice in the Federal Register announcing that it will hold an open meeting on April 29, 2015 to discuss (i) foreign security-based swap dealers and (ii) executive compensation rulemaking. Specifically, meeting attendees will consider: whether to propose amendments and repropose a rule under the Exchange Act concerning the requirements for a security-based swap transaction connected with a non-U.S. person's dealing activity that is arranged, negotiated or executed by personnel located in a U.S. branch or office or in the U.S. branch or office of an agent; and whether to

In Chairman Schapiro's opening statement, she provided some high-level background as to the SEC's proposed new rules that would establish capital, margin, and segregation for security-based swap dealers and major security-based swap participants. She noted that the new rules were intended to be modeled after the SEC's existing capital rules, but conceded that a lack of experience in establishing capital regulation as to swaps made this an inherently uncertain exercise. Chairman Schapiro notes that these proposals place heavy importance on requiring security-based swap dealers to hold liquid