The European Securities Markets Authorities ("ESMA") published a peer review report on best execution under MiFID. The report found that the implementation level of best-execution provisions and of convergence of supervisory practices by national competent authorities ("NCAs") was "relatively low." ESMA called on NCAs to streamline their oversight of investment firms' application of best-execution rules for client trades by making a number of improvements, including the following: prioritizing best execution as a key business conduct requirement; allocating sufficient resources to supervise

The CFTC announced that it is seeking public comments on an application submitted by CME Clearing Europe Limited for registration as a derivatives clearing organization. Comments must be submitted by March 27, 2015. S ee: CFTC Press Release; click here to submit comments.

SEC Director of the Division of Enforcement Andrew Ceresney delivered remarks about AML compliance practices and the value of Suspicious Activity Reports ("SARs"). Mr. Ceresney stressed that legal and compliance departments must not be kept in "silos" and should be treated as "full partners in the business." In general, he noted, firms that avoid regulatory problems tend to prioritize legal and compliance issues. Mr. Ceresney identified Suspicious Activity Reports ("SARs") as a critical component of AML compliance and stated that they provide the SEC with the information to "initiate cases

IOSCO published a report titled " Review of the Implementation of IOSCO's Principles for Financial Benchmarks." The report sets out IOSCO's findings as to the implementation of its " Principles for Financial Benchmarks" ("Principles"). IOSCO's review consisted of surveying Administrators, who provided samples of Benchmarks across a range of geographical areas and asset classes, and reviewing Administrator public statements on compliance. Widespread efforts to implement the Principles were reported by the majority of administrators surveyed. The responses received from administrators also show

Mercatus Scholar and former Congressional and SEC staff attorney Hester Peirce posted a commentary titled " No, Mr. Tarullo, We're Not All Macroprudentialists Now." The commentary examines the effects of a macroprudential approach to financial regulation, particularly in the asset management industry. According to Ms. Peirce, a macroprudential approach, which would pinpoint the financial system as a whole and not just the well being of individual firms, "could undermine financial stability." In particular, she explained, adding a macroprudential regulatory layer to asset management would