The SEC approved a request by BATS Global Markets ("BATS") to launch its second options market ("EDGX Options"). BATS plans to open EDGX Options on November 2, 2015. BATS stated that the launch of EDGX Options will enable it to compete for a new segment of order flow that does not trade on the price-time markets that BATS currently operates. BATS expressed its expectation that all of the industry's multiply listed options will be available for trading on EDGX Options, and that EDGX Options will "leverage BATS' state-of-the-art technology, including customer connectivity, messaging protocols

In a public statement, SEC Commissioner Luis A. Aguilar called for "sufficiently detailed facts" in orders by the SEC ("Commission Orders") to ensure that "there is no doubt as to why the Commission brought an enforcement action, why the respondent deserved to be sanctioned, and why the Commission imposed the sanctions it did." Specifically, Commissioner Aguilar requested greater clarity concerning federal securities law violations by Chief Compliance Officers ("CCOs") and the resulting enforcement actions. More clarity, he said, will allow the "larger CCO community" to "take notice and try to

The SEC issued a no-action letter confirming that the quality of the relationship between an issuer and an investor is the most important factor in determining whether a substantive relationship exists between the two, and that such a relationship affects compliance with the general solicitation or general advertising requirements within the meaning of Rule 502(c) of Regulation D. In response to a request by an online venture capital firm that facilitates indirect investment by pre-qualified, accredited and sophisticated Members, the SEC stated that the policies and procedures, as detailed in

SIFMA recommended modifications to SEC-proposed rules on security-based swap dealers. SIFMA stated that its modifications are intended to harmonize the SEC-proposed rules with the CFTC guidance. SIFMA made clear the importance of consistency with already existing CFTC EBC Rules, because many swap dealers and their counterparties have already invested significant resources to comply with the CFTC guidance. Therefore, the recommendations are intended to speed implementation, minimize counterparty confusion and lead to lower costs for dealers and their counterparties. Lofchie Comment : Firms have

The SEC ordered MSRB to begin an additional phase of rulemaking for the MSRB-proposed Rule G-42 process to "establish core standards of conduct for municipal advisors." See: SEC Order Instituting Proceedings Whether to Approve or Disapprove Proposed Rule G-42; MSRB Press Release Announcing Additional Phase of Rulemaking. Related News: SIFMA Submits Additional Comments Regarding Proposed Changes to MSRB Rule G-42(June 3, 2015); SIFMA Submits Comments to MSRB on Revised Proposal Regarding Duties of Non-Solicitor Municipal Advisors (August 26, 2014 ); SIFMA Submits Comments to MSRB on Duties of