Office of Financial Research (OFR) Director Richard Berner highlighted recent efforts by the OFR to (i) define, analyze and monitor vulnerabilities that arise from financial interconnectedness; (ii) establish data to monitor and evaluate these vulnerabilities; and (iii) determine the policy tools needed to mitigate and calibrate these vulnerabilities. Director Berner stated that OFR's current initiatives are meant to: holistically examine securities financing transactions (noting a recent OFR publication, Reference Guide to U.S. Repo and Securities Lending Markets); assist the CFTC in

The SEC approved amendments to FINRA Rule Series 9100 ("Application and Purpose"),9200 ("Disciplinary Proceedings"), 9300 ("Review of Disciplinary Proceeding by National Adjudicatory Council and FINRA Board; Application for SEC Review"), 9550 ("Expedited Proceedings") and 9800 ("Temporary Cease and Desist Orders") regarding temporary and permanent cease and desist orders. The approved amendments will become effective on November 2, 2015.

The CFTC removed Part 36 ("Exempt Markets") regulations that implemented CEA provisions that established exempt boards of trade ("EBOTs") and exempt commercial markets ("ECMs") – two categories of derivatives-trading platforms that were eliminated from the CEA by Title VII ("Wall Street Transparency and Accountability") of the Dodd-Frank Act. The final rule will also remove various cross-references in other CFTC regulations regarding EBOTs and ECMs. The final rule is effective on October 2, 2015.

The EU Commissioner for Financial Services Lord Jonathan Hill discussed details of the European Commission's recently released Capital Markets Union ("CMU") Action Plan at an event hosted by the MFA. Lord Hill emphasized that the CMU Action Plan is intended to (i) help European businesses, particularly small and medium enterprises, have a wider range of funding sources and (ii) increase investments and choices for retail and institutional investors.

The SEC approved the adoption of FINRA Rule 2272 ("Sales and Offers of Sales of Securities on Military Installations") to govern sales and offers of sales of securities by firms to members of the U.S. Armed Forces or their dependents on the premises of any military installation. The final rule will be effective on March 30, 2016.