The Fair and Effective Markets Review (the "Review") published its final report which sets out 21 recommendations "to help restore trust" in the wholesale Fixed Income, Currency and Commodity ("FICC") markets. The Review was established by the Chancellor of the Exchequer and Governor of the Bank of England in June 2014 to aid FICC markets "in the wake of a number of high profile abuses." The Review is centered on four principles: (i) individuals must be held accountable for their own conduct, (ii) firms must take greater collective responsibility for market practices, (iii) regulators should

CFTC amendments to rules relating to suspension or disbarment of an accountant from appearance and practice before the CFTC were published in the Federal Register. The amendments clarify the standard used for determining when an accountant has engaged in "unethical or improper professional conduct," which are grounds for a temporary or permanent denial of the privilege to practice before the CFTC. The amendment enhances transparency by codifying the standard used in CFTC adjudications of accountant conduct. The rule is effective on July 10, 2015. See: 80 FR 32855.

The New York Department of Financial Services ("NYDFS") released a final "BitLicense" framework that establishes a licensing and regulatory regime for New York businesses engaged in activities related to Bitcoin and other virtual currencies. According to NYDFS, the rules will apply to persons located in New York that engage in activities related to virtual currency, as well as persons outside of New York that engage in activities related to virtual currency with persons located in New York. The rules define a "person" as an individual, partnership, corporation, association, joint stock

The SEC fined a trader residing in Canada for shorting U.S. stocks in companies that planned follow-on offerings, and for improperly buying shares in the follow-on offerings afterward. An SEC investigation found that the trader, acting through his firm, Maritime Asset Management, violated anti-manipulation provisions of Rule 105 of Regulation M by short selling an equity security during a restricted period, and then purchasing that same security through the offering. See: SEC Complaint.

The House of Representatives approved the "Commodity End-User Relief Act" ( H.R. 2289). This legislation would reauthorize the CFTC until 2019 and make material amendments to the Commodity Exchange Act. The "Commodity End-User Relief Act" was introduced by House Agriculture Committee Chair K. Michael Conaway (R-TX), Rep. James Austin Scott (R-GA) and Rep. David Albert Scott (D-GA). It passed by a vote of 246 to 141, which demonstrates a moderately high degree of bipartisan support. As passed by the House, the bill was amended in a variety of ways that made it different from the version that