2014 brought a new era of securities regulation, with the changing of the guard at the Securities and Exchange Commission (“SEC”) dur-ing 2013, and the appointment of Mary Jo White as Chair. The SEC made clear that 2014, the year of the organization’s 80th anniversary, would feature stricter enforcement, increased examinations and a continued focus on creating and implementing cultures of compli-ance and disclosure throughout the industry. The Financial Industry Regulatory Authority, Inc. (“FINRA”), a self-regulatory organization (“SRO”) regulated by the SEC, similarly promulgated guidance re-flecting a focus on compliance, supervision and disclosure. As detailed below, the regulatory changes and guidance issued by the SEC and FINRA provide a comprehensive overview of important compliance developments throughout 2014, as well as a roadmap for the future of regulation in the securities industry.
