SIFMA submitted comments to FINRA in response to a proposed rule change to amend FINRA Rule 2210 to require a hyperlink to BrokerCheck in online retail communications that are produced by a FINRA member firm. SIFMA stated that the proposed rule's imposition of mandatory content and linking requirements on third-party sites not controlled by member firms continues to raise necessity and feasibility concerns. Specifically, SIFMA voiced concerns with issues that included: space constraints and BrokerCheck link placement within third-party social media sites, since member firms do not control the

Senator Sherrod Brown (D-OH), Chair of the Banking Subcommittee on Financial Institutions and Consumer Protection, sent a letter to SEC Chair White urging the SEC to stop granting exemptions from certain securities laws to financial institutions subject to civil or criminal settlements or enforcement actions. Under the exemptions, financial institutions with civil or criminal settlements or enforcement are able to maintain certain "privileges" through waivers, which include acting as investment advisors to mutual funds and serving as well-known seasoned issuers of securities. Senator Brown

At the SIFMA Tech Conference, SIFMA CEO and President Kenneth Bentsen delivered opening remarks about cybersecurity issues and the state of the U.S. equity markets. Mr. Bentsen explained that, as cyber risks grow, Congress must take action and pass legislation that "removes some of the red tape and makes it easier for the private sector and government agencies to work together and share information that promotes resiliency of our markets." Additionally, Mr. Bentsen stated, while many investors benefited from the adoption of Reg. NMS in 2006, the continued evolution of the U.S. equity market

The House Financial Services Committee scheduled a markup on June 19, 2014 of two bills regarding the authority and transparency of the Financial Stability Oversight Council ("FSOC"). Bills that are being considered include: H.R. ____, which would suspend for six months the ability of FSOC to make a determination that a nonbank financial company shall be supervised by the Board of Governors of the Federal Reserve System ("FRB") and subjected to heightened prudential standards; and H.R. 4387, the "FSOC Transparency and Accountability Act," which would amend Dodd-Frank Section 111 to subject

Seven additional countries reached an agreement in substance with the United States as to the terms of an Intergovernmental Agreement ("IGA") under FATCA. Antigua and Barbuda, Belarus, Georgia, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines have all agreed to terms with the United States with respect to a Model 1 form of IGA. Additionally, Paraguay has reached an agreement in substance with respect to a Model 2 form of IGA. This brings the total number of countries with either signed IGAs or agreements in substance to 78. Agreements in substance that are reached prior to