Reflecting on Unprecedented Times & Updates from the Hill

SEC Adopts Amendments to the CAT NMS Plan to Improve Transparency and Financial Accountability – May 15 The Securities and Exchange Commission today voted to adopt amendments to the national market system plan governing the consolidated audit trail (the “CAT NMS Plan”) to bring additional transparency, governance, oversight, and financial accountability to its implementation.

SEC Directs Equity Exchanges and Financial Industry Regulatory Authority to Improve Governance of Market Data Plans – May 6 The Securities and Exchange Commission today issued an order directing the equity exchanges and the Financial Industry Regulatory Authority (FINRA) (the participants) to submit a new National Market System plan (NMS plan) with a modernized governance structure for the production of public consolidated equity market data and the dissemination of trade and quote data from trading venues.

SEC Announces Meeting of Fixed Income Market Structure Advisory Committee Notice is being provided that the Securities and Exchange Commission FixedIncome Market Structure Advisory Committee will hold a public meeting on Monday, June 1, 2020, by remote means. The meeting will begin at 9:30 a.m. (ET) and will be open to the public via webcast on the Commission’s website at

FINRA Execs Battle Market Manipulation, Fraud Amid Virus Top executives with the Financial Industry Regulatory Authority said on Tuesday they have seen significant upticks in market manipulation alerts and fraud reports amid the COVID-19 pandemic, noting that letters and notices from the regulator are forthcoming as they look to keep abuses in check.

SEC Issues Agenda for May 27 Meeting of Asset Management Advisory Committee The meeting will include updates from the Private Investments Subcommittee and the ESG Subcommittee.

Read May newsletter here