At the North American Trading Architecture Summit, SEC Associate Director of the Office of Analytics and Research (Division of Trading and Markets) Gregg E. Berman delivered a speech discussing market complexity, market speed, and research that the Division of Trading and Markets has done to inform both of these topics. Technological advances, Mr. Berman noted, "allow market participants to submit many thousands of quotes in less than a second on our national equity and options exchanges." With the events of the past year in mind, Mr. Berman said, he asked whether the current market structure

The SEC approved FINRA's proposed rule change, as modified by Amendment No. 1, clarifying how certain securities are classified and reported to FINRA. The proposed amendments are designed to clarify how members are required to report two classes of securities - "depositary shares" and "capital trust" (or "trust preferred") securities - under these rules. Both classes are "hybrid" securities, in that each has debt and equity-like features. The SEC received two comment letters on the original proposal that expressed concerns with FINRA's proposed guidance regarding the trade reporting of hybrid

In his remarks before a CES Government meeting, Comptroller of the Currency Thomas J. Curry discussed cybersecurity and the Office of the Comptroller of the Currency's ("OCC") recent guidance on managing third-party relationships. Comptroller Curry stated that, while the financial industry is not the only sector at risk for cyber-attacks, it is one of the most attractive targets for terrorists and criminals alike. Comptroller Curry stressed that he is not trying to discourage the use of third-party vendors, but added that they pose significant risks in the realm of IT systems and information

The Republic of Estonia announced that it has signed an Intergovernmental Agreement ("IGA") with the United States to implement FATCA. The IGA is a Model 1A IGA (Reciprocal) under which financial institutions that are organized under the laws of Estonia, and branches of non-Estonian financial institutions located in Estonia, will be required to provide identifying and account information on accounts directly or indirectly held by U.S. persons to the Estonian Ministry of Finance or its delegate for automatic transmittal to the U.S. Internal Revenue Service. In addition to typical exclusions for

The European Parliament voted to adopt updated rules for markets in financial instruments (MiFID II). In response to the vote, Internal Market and Services Commissioner Michel Barnier stated that the new rules will establish "a safer, more transparent and more responsible financial system and restore investor confidence in the wake of the financial crisis." Key elements of the MiFID II include: a market structure framework that closes loopholes and ensures that trading, wherever appropriate, takes place on regulated platforms; increased equity market transparency and, for the first time, an