In a speech before the US House of Representatives Committee on Financial Services on November 18, 2015, Mary Jo White, chair of the Securities and Exchange Commission, said staff of the SEC is currently working on proposals for an anti-disruptive trading rule and to require registration “of certain active proprietary traders and improvements of firms’ risk management of trading algorithms.” Ms. White also indicated that staff is considering new requirements related to the use of derivatives by registered investment funds, and for investment advisers to be subject to third-party compliance reviews. Ms. White said the proposal related to funds using derivatives would include measures to limit the leverage such instruments might create and to enhance risk management programs for such investments. Ms. White also indicated that staff is considering proposals to enhance the disclosure obligations of brokers regarding their order routing practices. Ms. White provided no time frames regarding these proposals. Separately, the Commodity Futures Trading Commission is expected to propose on November 24, 2015, rules mandating safeguards to automated trading systems – known as Regulation AT – and possibly requiring proprietary traders to register with the CFTC if they access CFTC-regulated markets directly and use ATSs. According to a speech given by CFTC Chairman Timothy Massad on November 18 before the Exchequer Club in Washington, DC, the CFTC-proposed rules related to ATS safeguards “will be largely consistent with the best practices followed by many firms already.”