The SEC approved an MSRB rulemaking to adopt standards of professional conduct for municipal advisors. New Rule G-42 sets forth the standards for the fiduciary duty of municipal advisors to municipal entity clients. In addition, adopted amendments to MSRB Rule G-8 ("Books and Records to Be Made by Brokers, Dealers and Municipal Securities Dealers") require a municipal advisor to keep documentation that was material to its review of recommendations, or that memorialized its basis for any suitability determination. Rule G-42 sets forth broadly the requirements that will apply to the relationship

The SEC corrected the Regulation Crowdfunding final rule implementing Title III of the JOBS Act. The correction added an effective date (May 16, 2016) for subpart U of the regulations relating to the Form Funding Portal. The correction was posted in the Federal Register.

The SEC approved the merger of FINRA Dispute Resolution, Inc. into and with FINRA Regulation, Inc. The SEC action was published in the Federal Register.

FINRA proposed to adopt new Rule 6732 ("Exemption from Trade Reporting Obligation for Certain Transactions on an Alternative Trading System") to provide FINRA with the authority to exempt certain transactions by a member alternative trading system ("ATS") that meet specified criteria from the transaction reporting obligations under FINRA Rule 6730 ("Transaction Reporting"). The proposed rule change was published in the Federal Register. FINRA also proposed a conforming change to FINRA Rule 9610 ("Procedures for Exemptions - Application") to specify that FINRA has exemptive authority under Rule

The SEC's proposal to require resource extraction issuers to disclose payments made to the U.S. federal government or foreign governments for the commercial development of oil, natural gas or minerals was published in the Federal Register. Proposed Securities Exchange Act Rule 13q-1 and an amendment to Form SD ("Specialized Disclosure Report") implement Section 13(q) of the Securities Exchange Act, which was added by Section 1504 ("Disclosure of Payments by Resource Extraction Issuers") of the Dodd-Frank Act. Initial comments on the SEC's proposal must be submitted by January 25, 2016. Reply