Members from both parties of the U.S. House of Representatives called for a newly revised proposal of the DOL's fiduciary rule, and asserted that the current proposed rule would "greatly expand the regulatory definition of a 'fiduciary' under ERISA. In a letter to the Secretary of Labor, a bipartisan group of representatives asserted that the current proposal is "significantly different than the 2010 version," and that "there is a strong possibility that a final rule may widely differ in its substance from the initial proposal or contain provisions that were not part of the proposed regulation

An Office of Financial Research working paper concluded that "Form PF submissions may obscure reporting funds' actual risks". The paper examined the precision of the SEC's Form PF as an instrument for measuring market risk exposures. The SEC requires private fund investors to use Form PF to report regulatory assets under management.

The MSRB filed a rule change with the SEC that revised the information facilities for the three market transparency systems: the Electronic Municipal Market Access System, the Real-Time Transaction Reporting System and the Short-Term Obligation Rate System. The purpose of the revisions is to better align the rules' language with the MSRB's administration of the three systems. The rule change also adds references to the MSRB's core operational hours and the "24/7 availability of many aspects of its systems." The rule change became effective when filed and will be made operative on August 24

The House Committee on Agriculture considered expert testimony on the progress of global derivatives reforms made during the years that followed the enactment of the Dodd-Frank Act. Committee Chair K. Michael Conaway (R-TX) stated that the testimony from the hearing "confirm[ed] the committee's concerns over the lack of coordination and harmonization that jeopardizes the implementation of reforms to global swaps markets." The following witnesses testified: Mr. Terrence A. Duffy, Executive Chairman and President, CME Group, Chicago, IL Mr. Scott O'Malia, Chief Executive Officer, International

In a recent report, IOSCO found that jurisdictions have made "significant progress" in adopting legislation, regulation and policies regarding derivatives market intermediaries ("DMIs") ( e.g., swap dealers). Specifically, IOSCO reported progress in the six areas addressed in its International Standards for DMI Regulation: (i) the scope of regulatory reform – including the framework for the regulation and definition of DMIs, (ii) registration and licensing standards, (iii) capital standards or other financial resource requirements for non-prudentially regulated DMIs, (iv) business conduct