The Futures Industry Association ("FIA") and FIA Europe published a report on MiFID II technical advice issued by the European Securities Markets Authorities ("ESMA"). The report focused on high-frequency and algorithmic trading and provided proposed definitions of those terms. According to the report, MiFID II aims to develop "considerably stronger rules" concerning high-frequency trading and algorithmic trading to ensure that firms conducting these activities are subject to appropriate controls and oversight. The report also obligates firms to follow a consistent set of rules regarding

The SEC-proposed rules to require an issuer to disclose whether it permits directors and employees to hedge their exposure to the company's securities that they own or that are granted to them as compensation were published in the Federal Register. The proposal amends Regulation S-K to require annual proxy disclosures about whether directors and employees are permitted to hedge or offset any decrease in the market value of equity securities granted by a company as compensation or otherwise held by them, as well as the equity securities of their employer's parent, any subsidiary of the company

The SEC announced that an open meeting of the SEC Advisory Committee on Small and Emerging Companies will be held on Wednesday, March 4, 2015. (A telephone meeting had been scheduled for February 17, 2015, but was canceled due to weather.) The meeting will focus on matters relating to rules and regulations affecting small and emerging companies under the federal securities laws. Patel Video Selection. See: 80 FR 8374.

The MSRB issued a regulatory notice announcing that the SEC-approved new MSRB Rule G-45 and electronic Form G-45 authorizes the MSRB to collect more information regarding 529 plans underwritten by brokers, dealers or municipal securities dealers. Rule G-45 requires said brokers and dealers, when acting in the capacity of an underwriter for a 529 plan, to submit information on a semi-annual or, in the case of performance data, annual basis, to the MSRB electronically through new Form G-45. Related amendments to Rules G-8 and G-9 require underwriters obligated to submit information to the MSRB

SEC Commissioner Luis Aguilar made a wide-ranging statement in which he discussed the current state of the municipal securities market and various ways to make it more transparent, liquid and fair. Commissioner Aguilar explained that municipal securities are subject to far less regulation and transparency than other segments of capital markets and, therefore, are "excessively opaque, illiquid, and decentralized." Commissioner Aguilar suggested that the SEC remove various exemptions for municipal securities from certain registration requirements that necessitate reporting components in order to