The SEC Office of the Chief Accountant and Division of Corporation Finance released its Staff Accounting Bulletin No. 115 rescinding portions of the interpretive guidance included in its Staff Accounting Bulletin ("SAB") Series for "pushdown" accounting. In order to reflect private sector developments in U.S. Generally Accepted Accounting Principles, Staff Accounting Bulletin No. 115 rescinds SAB Topic 5.J., "New Basis of Accounting Required in Certain Circumstances." The new bulletin brings existing guidance into conformity with Accounting Standards Update No. 2014-17, which was ratified by

SIFMA, along with 527 other associations, nonprofit groups and coalitions, signed letters to the House of Representatives and the Senate urging Congress to extend expired tax provisions. The letters exhort Congress to act in the lame-duck session to extend, enhance or make permanent the expired and expiring tax provisions, which SIFMA stated it believes are "critically important to U.S. jobs and the broader economy." See: Letter to the House of Representatives; Letter to the Senate; SIFMA Press Release.

The SEC Office of the Whistleblower ("OWB") published its 2014 Annual Report to Congress on the Dodd-Frank Whistleblower Program, which presents information on the OWB's activities and whistleblower award program for fiscal year 2014. Pursuant to Dodd-Frank Section 924(d) ("Implementation and Transition Provisions for Whistleblower Protection"), the OWB must report annually to Congress on OWB's activities, whistleblower complaints and the SEC's response to such complaints. Additionally, Exchange Act Section 21F(g)(5) ("Securities Whistleblower Incentives and Protection") requires the SEC to

The International Organization of Securities Commissions ("IOSCO") published a consultation report, titled " Post-Trade Transparency in the Credit Default Swaps Market," which analyzes the potential impact of mandatory post-trade transparency in the credit default swaps ("CDS") market. The report is based on a review of relevant works of academic literature and by international standards-setting bodies, as well as an examination of publicly available transaction-level post-trade data about CDS transactions before and after the introduction of mandatory post-trade transparency in certain CDS

At the Cumberland Lodge Financial Services Policy Summit, CFTC Commissioner Mark Wetjen spoke about various issues relating to trade execution, principally in the cross-border context. Commissioner Wetjen stated that of all the recent changes in the derivatives markets, the trading mandate presents some of the "most novel" issues for global regulators. In particular, he noted that, in the current regulatory landscape, many trading decisions were made based on how to comply with or avoid rules instead of on the basis of the liquidity profile of a given marketplace. He said that he believes it