The SEC requested comment on FINRA's proposed rule amendments to allow it to gather information in connection with the Tick Size Pilot Program. More specifically, FINRA's proposal to adopt FINRA Rule 6191(b) ("Compliance with Regulation NMS Plan to Implement a Tick Size Pilot Program") and to amend FINRA Rule 7440 ("Recording of Order Information") was published for comment in the Federal Register. Separately, FINRA published for comment in the Federal Register its proposal to adopt FINRA Rule 6191(a) to implement the quoting and trading requirements of the Regulation NMS Plan to Implement a

New SRO rules, rule proposals and NMS plans were announced by the SEC. Click on the links below to view the SEC's notices of exchange rule changes and proposals from November 23 to November 25. Business Continuity: NSX: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Adopt Rule 2.13, Mandatory Participation in Testing of Backup Systems (Release No. 34-76497; File No. SR-NSX-2015-06; November 20, 2015); see also Exhibit 5 Clearance Settlement: DTC: Notice of Filing of Proposed Rule Change Regarding the Acknowledgment of End-of-Day Net-Net Settlement Balances by Settling

The Committee on Financial Services of the U.S. House of Representatives issued a report alleging that the Consumer Financial Protection Bureau ("CFPB") engaged in an "aggressive effort" to enforce the Equal Credit Opportunity Act ("ECOA") against vehicle finance companies using a controversial theory of liability known as "disparate impact." The report, titled "Unsafe at Any Bureaucracy: CFPB Junk Science and Indirect Auto Lending,” includes internal CFPB documents that were obtained by the committee during its investigation of the CFPB’s “pressure campaign” against the vehicle finance

The Board of Governors of the Federal Reserve System ("FRB") will be implementing several recommendations for the enhancement of its internal procedures for supervising large banking organizations. The recommendations follow an extensive review of Reserve Bank procedures for supporting consistent and sound supervisory decisions, as well as methods used by Reserve Banks to resolve differing staff opinions on the supervision of large and complex firms. As a re As a result of the review: i) the FRB will develop policies and practices intended to encourage the exchange of and response to divergent

The Federal Financial Institutions Examination Council ("FFIEC") provided new guidance in the form of a booklet titled Management. The guidance is intended to assist examiners in their evaluations of information technology ("IT") governance at financial institutions and service providers. The revised booklet is part of the FFIEC Information Technology Examination Handbook. The FFIEC Management booklet includes examination procedures and has been revised substantially. It outlines the principles of sound governance, specifically, IT governance. It also explains how IT risk management relates to