At a symposium celebrating the 75th anniversary of the Investment Company and Investment Advisers Acts (the "1940 Acts"), SEC Commissioner Daniel Gallagher discussed the "misguided quest" of the U.S. Financial Stability Oversight Council ("FSOC") and the Financial Stability Board ("FSB") to regulate asset managers. Commissioner Gallagher stated that the 1940 Acts have enabled the SEC to successfully oversee the asset management industry, though that success has been overlooked. According to Commissioner Gallagher, the attempts of prudential regulators, particularly the FSOC and the FSB, to

BATS Global Markets announced the successful operation of its U.S. markets from its Kansas City-area disaster recovery site. The announcement marked the results of a test of its Business Continuity Planning process. See: BATS Press Release.

The SEC announced that Marc Wyatt will serve as Acting Director of the Office of Compliance Inspections and Examinations. He is to succeed Andrew Bowden, who announced that he will leave the SEC at the end of April. See: SEC Press Release. Related news: Compliance Inspections and Examinations Director to Leave SEC (April 7, 2015).

The U.S. Government Accountability Office issued a report on the Federal Deposit Insurance Corporation's implementation of numerous information security controls intended to protect its key financial systems. According to the report, weaknesses in the security controls place confidentiality, integrity, and availability of financial systems and information at risk. See: GAO Report.

The Board of Governors of the Federal Reserve System ("FRB") issued a final rule to raise the asset threshold and expand the applicability of its Small Bank Holding Company Policy Statement. The final rule raises the asset threshold of the policy statement from $500 million to $1 billion in total consolidated assets, and widens the applicability of the policy statement to include certain savings and loan holding companies. The final rule will become effective 30 days after its publication in the Federal Register. See: FRB Press Release.