OMB Proposes Changes to Data Collection Form
The Office of Management and Budget (“OMB”) is currently accepting feedback on proposed changes to the Data Collection Form (DCF) and its instructions. Published in a December 9th Federal Register notice, the proposed changes are necessary due to the Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards at 2 CFR 200 (Uniform Guidance). As a result, the new DCF and instructions will be effective for fiscal periods starting on or after December 26, 2014, in line with the Uniform Guidance’s effective date. Please note that any audits performed under OMB Circular A-133, Audits of States, Local Governments, and. Read More.
SEC Seeks to Enhance Alternative Trading Systems Oversight
Last month, the Securities and Exchange Commission (“SEC”) proposed new rules to improve the transparency and regulatory oversight of alternative trading systems (ATSs) that trade stocks listed under a national securities exchange (NMS stocks). Per the agency’s proposal, an NMS stock ATS would be required to file in depth disclosures on the newly proposed Form ATS-N regarding its operations, as well as the actions of its broker-dealer operator and affiliates, and execution priority procedures. The proposal would also make Form ATS-N disclosures available on the SEC website, which could help market participants when deciding whether to conduct business with an. Read More.