The Public Investors Arbitration Bar Association released a study asserting that FINRA's arbitrators were too willing to permit the expungement of complaints against a firm or representative in connection with the settlement of a customer's claims. Following the PIBA study, FINRA released a statement that was generally supportive of PIABA's concerns. FINRA noted that it has recently provided expanded guidance to assist arbitrators in the proper performance of their responsibilities with expungement and to enhance arbitrator training. FINRA stated that it is reviewing rules and interpretations

The CFTC issued an Order and settled charges against JPMorgan Chase regarding the employment of a "manipulative device" in connection with JPM's trading of certain credit default swaps ("CDS"). The CFTC alleges that, when JPM sold a "staggering volume" of these swaps in a concentrated period, JPM, acting through its traders, recklessly disregarded prices that are established on "legitimate forces of supply and demand." According to the Order, JPMorgan violated CEA Section 6(c)(1) ("Enforcement Powers of the Commission") and CFTC Rule 180.1 ("Prohibition on the Employment, or Attempted

SEC Chair Mary Jo White spoke at the National Association of Corporate Directors Leadership Conference, focusing on the importance of disclosure and the need to update the disclosure system to better fit today's securities markets. According to Chair White, the core purpose of disclosure is to provide investors with the information they need to make informed investment and voting decisions. Chair White discussed information that companies are required to disclose, such as how their businesses are operated, how much money they've made over the past few years, and specific details about large

The Committee on Payment and Settlement Systems ("CPSS") and IOSCO published for public comment a consultative document titled "Public Quantitative Disclosure Standards for Central Counterparties" ("CCP"). The consultative paper complements a previous paper by the CPSS and IOSCO from 2012 which provided guidance on what should be disclosed by central counterparties and other financial market infrastructures. The proposed disclosures in this document are intended to provide a means for enabling stakeholders, authorities, participants, and the public to: compare CCP risk controls; have a clear

FINRA has filed with the SEC a proposal to amend rules regarding the reporting requirements for alternative trading systems ("ATS"). FINRA proposed to adopt amendments to FINRA Rule 4552 which would require each ATS to report weekly volume information and the number of trades regarding securities transactions to FINRA. FINRA also proposed to amend rules 6160, 6170, 6480 and 6720 to require each ATS to acquire and use unique market participant identifiers ("MIPD") when reporting information to FINRA. FINRA would then make the reported volume and trade count information publicly available on its