SIFMA elected several new directors who will assume leadership positions in 2016. The new principal officers include: Chair: John F. W. Rogers, Executive Vice President, Chief of Staff and Secretary to the Board, Goldman, Sachs & Co.; Chair Elect: Timothy C. Scheve, President and Chief Executive Officer, Janney Montgomery Scott LLC; Vice Chair: Lisa Kidd Hunt, Executive Vice President, International Services and Special Business Development, The Charles Schwab Corporation; and Treasurer: Gerard McGraw, President, Fidelity Institutional.

IOSCO identified key risks and proposed standards with respect to custody of collective investment scheme (“CSI”) assets. Risks include operations, the misuse of fund assets, fraud or theft, and information technology. IOSCO published its findings in a report titled "Standards for the Custody of Collective Investment Schemes' Assets." The report sets out eight standards, which are divided into two sections, that identify issues that IOSCO maintains should be kept under review in order to ensure that investors' assets are protected effectively. The first section focuses on key aspects relating

Leaders of the financial services industry discussed the state of capital markets today and how those markets can drive capital formation, job creation and economic growth. The discussion, held at SIFMA's annual Capital Markets Conference, covered key initiatives for 2016, including cybersecurity, market structure, senior investors, the development of a best-interest standard and how regulation and the global landscape impact the markets.

George Mason University Mercatus scholars Eli Dourado, Andrea Castillo and Michael Wilt published a paper titled Economic Perspectives: Cybersecurity Policy Reforms for the 21st Century. The authors identify several policy reforms for reporting and defense while supporting strong encryption techniques. Their recommendations include: focusing efforts on reducing federal breaches, supporting strong encryption techniques, repealing or reforming rules that inhibit security research and active defense, and encouraging federal agencies to help the public protect itself.

SEC Commissioner Kara M. Stein called on the SEC and market participants to work "together to surf" the "wave of innovation" occurring in U.S. capital markets. In her remarks at the Harvard Law School Fidelity Guest Lecture Series, Commissioner Stein made the following recommendations to regulators to help them keep up with innovation: Being Proactive: A Competitive Necessity in the New Landscape. Commissioner Stein emphasized that regulators will have to determine how to regulate technological advances such as "robo advisors," bitcoin and "blockchain," which is a "database network where