The SEC filed final rules providing for a federal exemption from registration requirements for offerings of securities of up to $50 million annually as authorized by the JOBS Act of 2012. These rules adopted a definition of "qualified purchaser" pursuant to Securities Act Section 18(b)(3) that extends to "any person to whom securities are offered or sold" in Tier 2 offerings of up to $50 million under federal Regulation A. See: SEC Filing: Regulation A Amendments.

SIFMA Asset Management Group ("SIFMA AMG") submitted comments to the European Supervisory Authorities ("ESAs") on the second Consultation Paper concerning risk-mitigation techniques for OTC-derivative contracts that are not centrally cleared. The SIFMA AMG explained that it did not respond to each of the specific questions posed by the ESAs – rather, it focused on the wider concerns relating to the application of the margin requirements. In particular, the SIFMA AMG stressed that: equivalence decisions should be made in good time prior to the implementation of EU margin requirements so as to

FINRA released a podcast summarizing the latest FINRA notices, compliance resources, and news from June 2015. The podcast highlights recent regulatory notices, including: Notice 15-21, which details the SEC's approval of FINRA amendments pertaining to the codes of arbitration procedure. The changes increased the fees for late hearing cancellation or postponement, which applies to cases filed on or after July 6. Notice 15-25, which describes how FINRA updated its list of interpretations of financial and operational rules, based on Exchange Act rule interpretations SEC staff had communicated to

Senator Orrin Hatch (R-UT), Chairman of the Senate Finance Committee, and Senator Ron Wyden (D-OR) released reports from each of the five bipartisan working groups on tax reform. The reports focus on international tax, business income tax, community development and infrastructure, individual tax, and savings and investments. See: Senate International Tax Bipartisan Tax Working Group Report;Senate Business Income Bipartisan Tax Working Group Report; Senate Community Development and Infrastructure Bipartisan Tax Working Group Report; Senate Individual Tax Bipartisan Tax Working Group Report

The House Judiciary Subcommittee on Regulatory Reform, Commercial and Antitrust Law held a hearing on "H.R. 2947, the "Financial Institution Bankruptcy Act of 2015." The bill, which is sponsored by Representative Dave Trott (R-MI) would, among other things, create a new Subchapter V of Chapter 11 of the Bankruptcy Code to facilitate the liquidation, reorganization or recapitalization of a "covered financial corporation." Additionally, the bill would suspend customer early termination rights for qualified contracts. The following witnesses testified: Mr. Donald S. Bernstein Esq., Partner, Davis