SIFMA, along with 14 other financial services trade associations (the "Associations"), provided comments to the U.S. House of Representatives commending them for their commitment to enhancing cybersecurity, and for their efforts to pass cyber threat information-sharing legislation. According to the Associations, the existing bodies of law and regulation "do not do enough to foster information sharing or to establish clear lines of communication with the various government agencies responsible for cybersecurity." The Associations emphasized that it is critical for Congress to pass threat

The Volcker Alliance, a trade association founded by Paul A. Volcker, released a report titled "Reshaping the Financial Regulatory System." The report calls for "long delayed" reforms and outlines recommendations for a "stronger" financial regulatory framework. According to the report, the system for oversight of the financial system is a framework that is riddled with "regulatory gaps, loopholes, and inefficiencies" and developed in a "piecemeal fashion." The report notes that developments in financial markets have outpaced those of the current regulatory framework, causing it to be under

In his remarks at the Annual Fixed Income Conference, SEC Commissioner Piwowar called for reforms to the fixed-income markets. According to Commissioner Piwowar, progress was made recently in reforming the fixed-income space. He encouraged the MSRB and FINRA to continue that momentum by adopting a final rule on the disclosure of markups and markdowns on riskless principal transactions, and stated that the SEC must increase pre-trade transparency incrementally for municipal bonds. He also noted the importance of continuing to question whether the complexity of many municipal bonds serves the

The CFTC announced the unsealing of a civil enforcement action in the U.S. District for the Northern District of Illinois against a futures trader and his company, Nav Sarao Futures Limited PLC (together, the "Defendants"). The CFTC Complaint (the "Complaint") charges the Defendants with unlawfully manipulating, attempting to manipulate and spoofing – all with regard to the E-mini S&P 500 near month futures contract. The Complaint was filed under seal on April 17, 2015 and kept sealed until the April 21, 2015 arrest of the futures trader by British authorities acting at the request of the U.S

Department of the Treasury Office of Foreign Assets Control ("OFAC") Acting Director John E. Smith testified before the Senate Agriculture Committee. His testimony concerned recent amendments to the Cuban Assets Control Regulations and the implications for agricultural trade with Cuba. See: Acting Director John E. Smith's Testimony. Related news: OFAC Updates FAQ about the Cuba Sanctions Program, Limits Travelers' Free Time (with Lofchie Video Selection) (April 20, 2015).