U.S. Senators Pat Toomey (R-PA) and Mark Warner (D-VA) (the "Senators") sent a letter to SEC Chair Mary Jo White in which they urged the SEC to lengthen the time period of the Tick Size Pilot Program (the "Pilot"). The Pilot would change the minimum price increments at which certain small capitalization stocks are traded on U.S. exchanges in an attempt to encourage research on and investment in these stocks, as well as ensure adequate liquidity in secondary trading. The Senators applauded the SEC for its "proactive work" on the Pilot, stating that it "has the potential to create new

The North American Securities Administrators Association ("NASAA") issued an advisory emphasizing the importance to investors of understanding how financial firms protect personal information. According to the advisory, in September 2014, NASAA found that only 62 percent of the state-registered investment adviser firms that participated in a pilot survey had undergone a cybersecurity risk assessment, while 77 percent had established policies and procedures related to technology or cybersecurity. The advisory also includes a list of questions that investors should ask their investment

IOSCO published a final report, titled "Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives," which outlines standards that are intended to reduce risk in the non-centrally cleared OTC derivatives markets. The risk mitigation standards in the report were developed in consultation with the Basel Committee on Banking Supervision and the Committee on Payments and Market Infrastructures. They stem from a proposed standards report that was published in September 2014. The final report focuses on a number of ways in which risk standards can be applied in key areas to reduce risks in

FINRA published its Quarterly Disciplinary Review Podcast, which reviews specific FINRA rule violations by registered representatives. The podcast discussed cases in which specific kinds of misconduct led to disciplinary actions, including the following: a representative's failure to disclose that he was selling a company's stock while soliciting customers to buy it; causing a customer to sign blank investment documents; altering a Series 7 Exam score; a registered representative's conversion of customer funds for his own use and benefit; a registered representative's engagement in outside

The SEC announced that Erin E. Schneider was named Associate Regional Director for enforcement in the San Francisco office. See: SEC Press Release.