The SEC issued an order extending exemptive relief to New York Stock Exchange LLC ("NYSE") and NYSE MKT LLC ("NYSE MKT" and, together with the NYSE, the "Exchanges") from the requirements of Rule 612 of Regulation NMS (the "Sub-Penny Rule") regarding the Exchanges' Retail Liquidity Programs (the "Programs"). The Programs allow designated market participants, known as Retail Liquidity Providers, to provide price improvement to retail orders in sub-penny increments and subsequently for such orders to receive price-time priority over the Exchanges' otherwise protected best bids or offers. The

The Board of Governors of the Federal Reserve System ("FRB") announced its proposal to require banking organizations to include their existing legal entity identifiers ("LEIs") on certain regulatory reporting forms. According to the FRB press release, the proposal builds on the framework introduced by the Financial Stability Board, which is intended to implement a global identifier system that would identify parties to financial transactions. LEIs are unique reference codes that enable easier identification of a firm's legal entities. They are assigned by Local Operating Units of the Global

MFA CEO and President Richard H. Baker authored a commentary titled "Strengthening Capital Markets to Work for All Investors." The article outlines principles that are "critical for preserving and strengthening" capital markets as well as protecting investors. In his commentary, Mr. Baker advocated more detailed disclosures of order reporting to facilitate better understanding among investors of how entities operate ( cf. alternative trading systems). Additionally, Mr. Baker stated, it is important to give all investors access to newly mandated trading platforms. According to Mr. Baker

The CFTC issued an order to file and settle charges against ICE Futures U.S., Inc. ("ICE"), a designated contract market ("DCM"), for submitting inaccurate and incomplete data and reports to the CFTC. In addition to imposing a $3 million civil monetary penalty, the CFTC ordered ICE to improve its regulatory reporting. These improvements include (i) the creation and maintenance of the new senior position of Chief Data Officer (the appointee will be directly responsible for systems and procedures relating to regulatory reporting), and (ii) the hiring of at least three additional members of its

The SEC Division of Corporation Finance ("Division") issued a guidance statement clarifying waivers of disqualification under Regulation A and Regulation D Rules 505 and 506. The guidance explains that disqualification provisions of Securities Act Rules 262 and 505 provide for certain exemptions from registration under Regulation A and Rule 505 of Regulation D. These disqualification provisions are unavailable for an offering if an issuer, any of its predecessors, or any affiliated issuer is subject to certain administrative orders, industry bars, an injunction involving certain securities law