The House Financial Services Committee passed the Federal Reserve Accountability and Transparency Act, which increases transparency and accountability at the Federal Reserve. The Federal Reserve Accountability and Transparency Act ( H.R. 5018) is legislation developed as part of the Committee's Federal Reserve Centennial Oversight Project launched at the end of last year. Under the bill, the Board of Governors of the Federal Reserve System ("FRB") would be required to adopt a more predictable rules-based monetary policy. The bill also requires the FRB to disclose to the public whatever rules

The North American Securities Administrators Association ("NASAA") announced it is seeking public comment on a proposed model rule and guidance requiring investment advisers to create and implement written procedures to address business continuity and succession planning under the Uniform Securities Act of 1956 and 2002. According to NASAA, the responsibility to maintain business continuity, protect clients from interruptions in an investment adviser's business, and mitigate client harm in the event of a business interruption stems from an investment adviser's recordkeeping and fiduciary duty

MFA issued an update on the status of the CFTC reauthorization legislation (H.R. 4413) and further reported that Senate Agriculture Committee Chair Debbie Stabenow (D-MI) is seeking to include a "user fees" measure in the potential bill. According to the MFA Update on CFTC Reauthorization, attention is on the Senate Agriculture Committee for possible legislative action. Notably, the Update stated that there are indications that Chair Stabenow's staff put together an unreleased draft of CFTC Reauthorization legislation that they have reportedly shared with Ranking Member Thad Cochran (R-MS) and

MFA submitted a response regarding the European Securities and Markets Authority ("ESMA") consultation paper and discussion paper on the implementation of the Markets in Financial Instruments Directive ("MiFID II") and the Markets in Financial Instruments Regulation ("MiFIR"). MFA's responses focused on ESMA's questions regarding the derivatives trading obligation, straight-through processing, transparency requirements, the definitions of algorithmic and high frequency trading, position limits, and inducements. See: MFA's Response. Related news: ESMA Announces Consultation Period for

The Futures Industry Association of Europe ("FIA Europe") filed responses to the European Securities and Markets Authority ("ESMA") regarding its consultation paper and discussion paper on the implementation of the Markets in Financial Instruments Directive ("MiFID II") and the Markets in Financial Instruments Regulation ("MiFIR"). . Related news: ESMA Announces Consultation Period for Implementation of the Revised MiFID II MiFIR (May 22, 2014).