Week InReview: January 9, 2015

EU Reworks Financial Benchmarks after U.S. Objects | (Jan. 9) The European Union's work on a draft law that seeks to tackle manipulation of key rates will deal with U.S. Treasury & CFTC concerns that the rules for benchmarks set outside the EU go too far. Read more. 


Chamber Group Releases Update Detailing Approaches to SEC Proxy Firm Guidance | (Jan. 7) The U.S. Chamber of Commerce's Center for Capital Markets Competitiveness released a corporate governance update that describes several actions that public companies can take in light of the SEC's 2014 staff guidance on proxy advisory firms. Read more. 


As of 1/9, EMMA to Handle Muni ABS Disclosures | (Jan. 6) The Municipal Securities Rulemaking Board's ("MSRB") Electronic Municipal Market Access ("EMMA") service will begin collecting and disseminating disclosures related to municipal asset-backed securities pursuant to 1934 Securities Exchange Act Rule 15Ga-1. Read more.


2015 FINRA Priorities | (Jan. 6) Some brokers might not be getting the best prices for clients when they send stock orders to exchanges that offer rebates. Recent brokerage inspections found that some firms don't have active "best-execution committees" or other supervisors to ensure that clients get the best price, as securities rules require. FINRA also said it will start a pilot program to examine how brokers use electronic bond-trading platforms. The SEC and FINRA began a campaign last year to force more transparency of bond prices and markups on sales to retail customers. Read more.


Swap Dealers Now Subject To NFA Ethics Code | (Jan. 5) National Futures Association members engaged in the swaps business now are subject to the self-regulatory organization's basic ethical standards, including "high standards of commercial honor" and "just and equitable principles of trade." Read more.



This is not an all-inclusive list of congressional, agency and market participant actions related to these issues. It is a snap-shot of what we believe is of most interest to institutional investors. Some links are to subscriber-only sites. 


Be sure to check our website for this InReview, upcoming events, and all our INVESTORS updates.  www.association.institutionalINVESTORS.org