The House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises (the "Subcommittee") held a hearing titled "Legislative Proposals to Enhance Capital Formation and Reduce Regulatory Burdens." Witnesses discussed 12 legislative proposals on capital formation for small businesses, including the "Small Business Investment Advisers Relief Act of 2015" (H.R. 432) and a bill to amend the CEA and the Securities Exchange Act to specify how clearing requirements apply to certain transactions between affiliates (H.R. 1317). North American Securities Administrators

In the latest installment of the Energy Metro Desk series "Around the Desk," editor-in-chief John Sodergreen discusses the recent charges against Navinder Singh Sarao and the whistleblower award given by the SEC to a compliance officer. Regarding recent CFTC charges against Navinder Singh Sarao, Mr. Sodergreen noted the differences between the government press release and the actual complaint. According to Mr. Sodergreen, the government release did not blame Mr. Sarao explicitly for the flash crash (the "Crash"). It merely stated that his actions "essentially tossed additional high octane fuel

FIA Global issued a report titled "CCP Risk Position Paper." The report addresses the risks that central counterparties ("CCPs") "bring to clearing members, their clients, and the market generally". The report refers to this as "CCP Risk," and makes recommendations for managing those risks. Noting that the clearing members of a CCP ("CMs") face "credit, liquidity, operational and legal enforceability risks that they are unable to identify, let alone manage," the report recommends a number of reforms to ensure that such members are "not exposed to unquantifiable and unmanageable risk." These

The American Council of Life Insurers ("ACLI") submitted a statement to the House Financial Services Housing and Insurance Subcommittee regarding a hearing titled "The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers." According to ACLI, the Board of Governors of the Federal Reserve System ("FRB") is developing insurance capital standards that are "likely to have significant impacts on life insurance companies and the families who depend on them for financial and retirement security." ACLI stated that, in order to ensure the best outcome for policyholders

The Alternative Investment Management Association ("AIMA") published an updated Fund Directors' Guide (the "Guide"). The Guide, last published in 2008, takes account of regulatory and tax reforms since the financial crisis. These reforms include the Alternative Investment Fund Managers Directive ("AIFMD") and FATCA which amended the roles and responsibilities of fund directors and boards. According to the AIMA, the Guide is designed to be used by investment managers, fund promoters, and existing and prospective fund directors. The updated Guide includes new sections that cover: the general