House Representative Scott Garrett (R-NJ) introduced H.R. 3557, a bill that would require greater transparency at the Financial Stability Oversight Council (FSOC). Among other provisions, the bill would require the FSOC to comply with a number of existing laws applicable to U.S. government agencies that promote accountability. Representative Garrett stated that his proposed legislation would: (i) subject FSOC to the Government in the Sunshine Act (which generally requires that meetings of an agency be subject to public observation); (ii) subject FSOC to the Federal Advisory Committee Act

The CFTC requested comment on a petition by Japan Securities Clearing Corporation for exemption from registration as a derivatives clearing organization ("DCO"). CEA Section 5b(h) grants the CFTC the authority to exempt a clearing organization from DCO registration for the clearing of swaps to the extent that it determines that such clearing organization is subject to comparable, comprehensive supervision by appropriate government authorities in the clearing organization's home country. Comments must be submitted by October 2, 2015.

The SEC charged an adviser and its affiliated distributor with improperly using mutual fund assets to pay for the marketing and distribution of fund shares. The SEC said that the case is the first arising out of a recent SEC initiative, called the "Distribution-in-Guise Initiative." Under this initiative, the SEC is seeking to determine whether mutual fund advisers are improperly using fund assets to pay for marketing by masking the payments as payments to a service provider.

SIFMA addressed several troubling concerns raised by the rule changes proposed in the MSRB's Notice 2015-13 (MSRB Adjusts Fees to Align Revenues with Operational and Capital Expenses). In a comment letter to the SEC, SIFMA argued that making the Technology Fee permanent, proposed in MSRB Rule A-13, contradicts the MSRB's characterization of the Fee in 2010. The Technology Fee was initially designed solely to raise a capital reserve, a technology renewal fund, to finance needed technology investments and was not intended to be a permanent source of revenue to fund both capital and operating

The CFTC Division of Clearing and Risk ("DCR") issued an interpretation harmonizing regulations applicable to derivatives clearing organizations ("DCOs") under CFTC Part 39, with risk management standards under the CPMI-IOSCO Principles for Financial Market Infrastructures ("PFMIs"). The PFMI risk management standards address, among other things, risks associated with: (i) exchange-of-value settlement services; (ii) DCOs' link arrangements; (iii) the requirement to use central bank services (where available and practicable); and (iv) requirements regarding the conduct of due diligence on