The SEC adopted final rules to expand the scope of Regulation A in order to facilitate smaller companies' access to capital. The final rules, which are often referred to as "Regulation A+," are mandated by Title IV of the JOBS Act and update Regulation A's existing exemption to enable smaller companies to offer and sell up to $50 million in securities within a 12-month period, subject to eligibility, disclosure and reporting requirements. The final rules provide for two tiers of offerings: (i) Tier 1, for offerings of up to $20 million in securities within a 12-month period that do not include

Office of Financial Research ("OFR") Director Richard Berner gave a speech at the Financial Regulation Summit. His remarks concerned the ways in which the development of standards can improve financial data and transparency. According to Director Berner, gaps in analysis, data and policy tools can lead to the inability to address weaknesses in the financial system. He explained that standards, such as the global legal entity identifier ("LEI"), are needed to produce high-quality data, and added that the OFR has asked regulators to require a broader use of the LEI in regulatory reporting, as

The CFTC exemption issued to the Hong Kong Securities and Futures Commission ("HKSFC") was published in the Federal Register. The exemption permits licensed corporations to solicit and accept orders and funds directly from U.S. customers for trading on any exchange that is subject to HKSFC's oversight without having to register with the CFTC as future commission merchants. The exemption became effective on March 25, 2015. See: 80 FR 15680. Related news: CFTC Issues Exemption to HKSFC Permitting U.S. Customers to Deal Directly with Hong Kong FCMs (March 20, 2015).

The SEC provided no-action relief to 16th Amendment Advisors LLC ("the Company") regarding their independent verification and account statement, pursuant to the Advisers Act Section 206(4) and Rule 206(4)-2, also known as the "Custody Rule." The SEC stated that it will not recommend enforcement action against the Company as a result of the Company's specific representations 1) that individuals have plenary access to information (either statutory, contractual or some combination of the two) concerning the management of the Company; 2) that the Funds and each of the Fund's general partners are

The Committee on Agriculture Subcommittee on Commodity Exchanges, Energy and Credit held a hearing titled "Reauthorizing the CFTC: End User Views." The following witnesses testified: Douglas Christie, President of Cargill Cotton, testifying on behalf of the Commodity Markets Council (written testimony); Lael E. Campbell, Director of Regulatory and Government Affairs of Constellation, an Exelon Company, testifying on behalf of the Edison Electric Institute (written testimony); Lisa A. Cavallari, Director of Fixed Income Derivatives of Russell Investments, testifying on behalf of the American