The White House announced that Cheryl A. LaFleur will serve as Chair of the Federal Energy Regulatory Commission ("FERC"), effective July 30, 2014. Additionally, Norman C. Bay was designated Chair of FERC effective April 15, 2015. See: FERC Press Release.

The SEC announced that the Division of Enforcement modified its Municipalities Continuing Disclosure Cooperation ("MCDC") Initiative. In order to allow issuers and obligors more time to complete their reporting requirements, the SEC extended the deadline to self-report potential violations by changing it from September 10, 2014 to December 2, 2014. The SEC noted that the September 10, 2014 deadline for underwriters remains unchanged. S ee: Press Release; MCDC Initiative; MCDC Questionnaire. Related news: SIFMA and Other Associations Submit Comments to SEC on Structure of MCDC (July 25, 2014).

Senator Kirsten Gillibrand (D-NY) introduced a bill, titled "The Cyber Information Sharing Tax Credit Act," which is intended to address cyber security vulnerabilities and incentivize businesses of all sizes to join sector-specific information-sharing organizations that provide refundable tax credits for all costs associated with joining. According to Senator Gillibrand, "Businesses should take the same precautions to defend their data as they do with their buildings and inventory. Just as they purchase insurance and security systems, they should enter into agreements with information sharing

The U.S. Government Accountability Office ("GAO") issued a report examining how financial reforms have altered market expectations of the potential government rescue of a failing large bank. The report examines whether funding advantages remain for the largest bank holding companies due to an expectation that these banks would receive government support if they were ever to fail. "Too big to fail" is the notion that the federal government would intervene to prevent the failure of large, complex financial institutions to avoid destabilizing the broader economy. According to GAO, expectations

The SEC published a request from Automated Matching Systems Exchange, LLC ("AMSE") seeking a limited volume exemption from registering as a national securities exchange under Exchange Act Section 6. The SEC published the request in the Federal Register to solicit the views of any interested persons on AMSE's exemption request, even though publication of such a request is not required by the Exchange Act. AMSE seeks to operate as a centralized market place for alternative trading systems ("ATS") without maintaining its own centralized order book. Instead, each of the ATS members would maintain