President and CEO of the Federal Reserve Bank of New York William C. Dudley discussed the evolution and growing influence of the Committee on Payments and Market Infrastructure ("CPMI"). He delivered his remarks at the CPMI 25th Anniversary Conference in Basel, Switzerland, on June 30, 2015. Mr. Dudley outlined three major trends during his tenure as chair of the CPMI: (i) the development of a global financial system and the subsequent need for harmonization between national regulatory regimes, (ii) the increasing importance of financial market infrastructures ("FMIs") that corresponds to the

The Federal Financial Institutions Examination Council ("FFIEC") released a new Cybersecurity Assessment Tool ("Assessment") to aid institutions in identifying risks and evaluating their preparedness for challenges to cybersecurity. In addition to the Assessment, the FFIEC provided other resources, including an executive overview, a user's guide, an online presentation explaining the Assessment, and appendices mapping the Assessment's baseline maturity statements to the FFIEC Information Technology Examination Handbook. See: Press Release; Cybersecurity Assessment Tool Web Site.

Commissioner Michael S. Piwowar and Commissioner Kara M. Stein issued a joint statement regarding an industry white paper proposal to shorten the trade settlement cycle to two days ("T+2"). Commissioners Piwowar and Stein applauded the T+2 Industry Steering Committee's "leadership in seeking changes to mitigate risks and improve capital efficiency" by creating the white paper. The paper outlines the actions and timeline required to move from a three-day ("T+3") trade settlement cycle to a T+2 trade settlement cycle for securities transactions in the United States. Commissioners Piwowar and

IOSCO issued a second questionnaire to help its Committee 6 on Credit Rating Agencies ("C6") gain a "better understanding of the credit rating industry" and other CRA products and services. The first questionnaire was released on February 4, 2015. Responses to the second questionnaire must be submitted to IOSCO by July 31, 2015. See: Second Questionnaire. Related news: IOSCO Announces Project Analyzing Credit Rating Agencies (February 4, 2015).

FINRA issued a regulatory notice announcing updates to the Interpretations of Financial and Operational Rules. FINRA's updated interpretations reflect amendments that were adopted by the SEC to Exchange Act Rules 15c3-1 (Net Capital Requirements for Brokers or Dealers) and 15c3-3 (Customer Protection Reserves and Custody of Securities). The regulatory notice lists the interpretations that have been added, revised and rescinded, respectively. See: FINRA Reg. Notice 15-25. Related news: FINRA Announces Updates of the Interpretations of Financial and Operational Rules (Regulatory Notice 14-12)