SIFMA published a set of recommendations on equity market structure for "enhancing fairness, stability, and transparency" in the U.S. stock market. According to the press release, SIFMA has long called for a comprehensive review of equity market structure. SIFMA stated that the recommendations are designed to "promote fair and timely access to market data, address the complexity and fragmentation caused by the current order system, and enhance transparency for retail and institutional investors." The recommendations include changes to current business practices, as well as proposals for

SIFMA, the Financial Services Forum, the Financial Services Roundtable and the Institute of International Finance (the "Associations") issued a statement urging that the next round of negotiations of the Transatlantic Trade and Investment Partnership ("TTIP") include financial services regulatory coordination. The Associations stated that it is imperative to include a financial services regulatory framework as a "key component" of TTIP. According to the Associations, "a framework for coordination of financial services regulation between the US and EU would reduce conflict and complexity" and

The SEC charged Ernst & Young LLP with violations of auditor independence rules that require firms to maintain their objectivity and impartiality with regard to clients. According to the SEC's order, an Ernst & Young subsidiary lobbied congressional staff on behalf of two audit clients, which the SEC found violated the auditor independence rules by putting the firm in the position of being an advocate for its audit clients. See: SEC Order; SEC Press Release.

The Public Company Accounting Oversight Board ("PCAOB") filed with the SEC proposed amendments to certain PCAOB auditing standards regarding significant unusual transactions and other amendments. Additionally, the PCAOB requested the SEC's approval of the application of the proposed rules to audits of emerging growth companies ("EGCs"), as defined in Exchange Act Section 3(a)(80). The JOBS Act provides that any additional rules adopted by the PCAOB subsequent to April 5, 2012, do not apply to the audits of EGCs unless the SEC "determines that the application of such additional requirements is

Ukraine On July 9, 2014, Senator Robert Menendez (D-NJ) chaired a Senate Foreign Relations Committee hearing on developments in Ukraine and the potential for future sanctions against Russia. Witnesses at the hearing included Victoria Nuland (Assistant Secretary of State for European and Eurasian Affairs, U.S. Department of State); Daniel Glaser (Assistant Secretary for Terrorist Financing, U.S. Department of the Treasury); Derek Chollet (Assistant Secretary of Defense for International Security Affairs); Dr. Zbigniew Brzezinski (former U.S. National Security Advisor; now Counselor and Trustee