IOSCO highlighted major crowdfunding risks and urged regulators to consider measures to address them. In a survey and report issued by the Committee for the Regulation of Market Intermediaries, IOSCO stated that "crowdfunding regimes are in their infancy" and "IOSCO has not proposed a common international approach to the oversight or supervision of crowdfunding at this stage." Based on the results of its survey, IOSCO emphasized the following crowdfunding risks: Heightened financial risks: A high risk of default or failure is often associated with startup businesses. Fraud, money laundering /

Commissioner Aguilar shared his perspective on SEC regulatory developments and highlighted unfinished business that should be a priority in 2016. He offered a brief history of SEC developments since the beginning of his tenure in the "late summer of 2008." Further, he offered perspective on these events "as the only Commissioner remaining from those who were here when Lehman Brothers fell." Commissioner Aguilar recommended that the SEC address the following issues: complete the rulemakings mandated by Title VII of the Dodd-Frank Act; establish a better environment for the secondary trading of

CFTC Chair Timothy Massad criticized the failure of the 2016 budget agreement to provide "even a small increase" for the CFTC's "critical work" in a market with a budget of $1.1 trillion. Chair Massad asserted that "[t]he failure to provide the CFTC even a modest increase in the fiscal year 2016 budget agreement sends a clear message that meaningful oversight of the derivatives markets, and the very types of products that exacerbated the global financial crisis, is not a priority."

FINRA announced the individuals elected or appointed by its Board of Governors to fill seats on the Small Firm Advisory Board, the National Adjudicatory Council and the District Committees. The elected and appointed individuals will begin their terms on January 1, 2016.

The Board of Governors of the Federal Reserve System (FRB) approval of a final rule specifying its procedures for emergency lending under Federal Reserve Act Section 13(3) (Discounts for Individuals, Partnerships and Corporations). The FRB action was published in the Federal Register. The final rule is effective on January 1, 2016.