The Asset Management Group of SIFMA ("SIFMA AMG") submitted a letter to the Basel Committee on Banking Supervision ("BCBS") expressing concerns with the potential market impact of the Net Stable Funding Ratio ("NSFR") outlined in the BCBS January 2014 Consultative Document. SIFMA AMG requested that the BCBS consider the impact that the proposal will have on all potential participants in the markets for equities, repurchase agreements and corporate debt, including funds and clients managed by SIFMA AMG members. SIFMA AMG recommended that the BCBS conduct a Quantitative Impact Study to adopt a

SIFMA submitted a comment letter to the SEC requesting further relief from the recently imposed requirement under the Financial Responsibility Rules that a broker-dealer obtain prior written consent from a customer before placing customer funds into a sweep program (the "Rule"). On February 26, 2014, SIFMA requested and obtained a no-action letter from the SEC providing relief from the requirement to obtain prior written affirmative consent from a customer to participate in a sweep program. SIFMA stated that it believes this is the appropriate time to address whether a more permanent solution

SEC Commissioner Daniel M. Gallagher delivered remarks at Georgetown University, calling for analysis and reforms in the equities and fixed income markets. Commissioner Gallagher began by calling for a holistic review of equity market structure as soon as possible, with particular focus on the laws and regulations that underlie the structure. He focused on three "big picture" items that the equity market structure review should include, beginning with Regulation NMS. "One of the many elements" of Reg. NMS that Commissioner Gallagher said should be reviewed is the "trade-through" rule, which he

SEC Chair Mary Jo White delivered remarks at the Johns Hopkins School of Advanced International Studies regarding the need to increase boardroom diversity. The SEC Chair drew on her personal experiences and on studies of corporate America. Specifically, Chair White discussed gender diversity in boardrooms, stating that gender and minority diversity brings "a richness and variety of experiences and perspectives that benefit companies and shareholders." According to Chair White, gender diversity in boardrooms has not received sufficient attention. All too frequently, Chair White noted, female

The North American Securities Administrators Association ("NASAA") announced that William Beatty began his one-year term as president of the organization. Mr. Beatty explained that he intends to expand NASAA's ongoing initiatives to protect senior investors, particularly those with diminished capacity and technology, and emphasize the upcoming launch of electronic state filing of Form D in connection with private placements. Mr. Beatty also expressed that he will continue to work closely with the SEC to "preserve the regulatory oversight authority" of state securities regulators regarding Reg