The SEC solicited comments on a proposed rule change by FINRA to amend Rule 7650A (Collection of Fees). The proposed rule would require FINRA members that are FINRA/Nasdaq Trade Reporting Facility participants to submit billing disputes within sixty days of receipt of the invoice to the FINRA/Nasdaq Trade Reporting Facility. Comments must be submitted prior to July 31, 2015. See: 80 FR 39818. Related News: FINRA Proposes Rule to Amend Debit Process for the Collection of Trade Reporting Facility Fees (Fed. Reg.) (July 7, 2015).

The SEC approved amendments to FINRA Rule 4553 ("Fees for ATS Data") eliminating access fees to alternative trading system ("ATS") volume information. The SEC Order was published in the Federal Register. See: 80 FR 39811; SEC Notice. Related News: FINRA Proposes Rule Changes to Expand ATS Transparency Initiative (June 25, 2015).

The SEC announced that a federal court granted in part the SEC's motion for a preliminary injunction and continued the freeze of over $2 million in assets in two brokerage accounts whose owners were alleged to be involved in manipulating Avon stock. See: SEC Litigation Release. Related News: SEC Freezes Profits From Scheme to Manipulate Avon Stock (with Lofchie Comment) (June 5, 2015).

The Chief Counsel of the Division of Investment Management at the SEC issued a no-action letter in response to a request by a New York Insurance Company. The no-action letter concerned the calculation ofICA Rule 24f-2 fees for the registration of investment company securities under the Securities Act of 1933. See: SEC No-Action Letter Response.

SIFMA submitted comments to the United States Trade Representative affirming its support for the inclusion of a framework to discuss financial services regulations in the Transatlantic Trade and Investment Partnership ("TTIP"). Lofchie Comment: It is clear that the CFTC's race to take the lead in imposing regulations on firms providing or receiving financial services, and attempting to force the Europeans to follow them, has failed. The CFTC is presently engaged in a much more reasonable effort to coordinate on requirements such as clearing and margin. These efforts at cooperation ought to be