British regulators announced the launch of a consultation document to solicit views on fixed income, currency and commodity ("FICC") markets. The consultation document is part of the Fair and Effective Markets Review ("FEMR"), which is led by Deputy Governor of the Bank of England Minouche Shafik, CEO of the Financial Conduct Authority ("FCA") Martin Wheatley, and UK Treasury Director General of Financial Services Charles Roxburgh. The document begins with an overview of a number of major trading and manipulation violations in FICC markets, including the manipulation of benchmarks in interest

The SEC announced that it named Steven J. Levine as the Associate Director for the Investment Adviser/Investment Company ("IA/IC") examination program in its Chicago office. In his new role, Mr. Levine will oversee the IA/IC examination program in nine Midwestern states, employing a staff of approximately 65 examiners, accountants and attorneys. See: Press Release.

SIFMA provided comments to the SEC about two FINRA-proposed rule changes regarding (i) payments to unregistered persons and (ii) background checks. In the first letter, SIFMA stated that it has long been a supporter of enhanced clarity in the rules applicable to dealings with unregistered persons. According to SIFMA, however, some aspects of the proposal would benefit from additional specificity. SIFMA also noted that certain interpretive challenges remain with respect to the foreign finders exception "for which further guidance is necessary to enact a final rule that is efficient and

At the Annual Securities Regulation Seminar in Los Angeles, SEC Commissioner Daniel Gallagher delivered remarks in which he discussed the "incredible burden imposed" by Dodd-Frank and which initiatives the SEC should prioritize going forward. According to Commissioner Gallagher, the SEC is on a "precipice, teetering on the edge of irrelevancy as we devote a wildly disproportionate amount of resources to implementing an agenda that is no less political than other, more widely discussed pieces of single party legislation." Commissioner Gallagher explained that the principles upon which Dodd

FINRA announced that it censured and fined Merrill Lynch Professional Clearing Corp. ("Merrill Lynch PRO") for violating Regulation SHO. Additionally, FINRA censured and fined the firm's affiliate for failing to establish, maintain and enforce supervisory systems and procedures related to Regulation SHO and other areas. FINRA found that Merrill Lynch PRO did not take any action to close out certain fail-to-deliver positions, and did not have systems and procedures in place to address the closeout requirements of Reg. SHO. Additionally, FINRA found that its affiliate's supervisory systems and