FINRA published a notice to remind firms engaging in municipal securities transactions that their written supervisory procedures should identify the firms' methodologies for detecting, resolving and preventing the consequences of short firm positions and fails-to-receive in municipal securities. FINRA also emphasized the need for written procedures to identify controls for ensuring that communications with customers regarding municipal securities transactions, including communications about the tax status of interest payments, are not false or misleading. FINRA also noted its discovery that

Members from both parties of the U.S. House of Representatives called for a newly revised proposal of the DOL's fiduciary rule, and asserted that the current proposed rule would "greatly expand the regulatory definition of a 'fiduciary' under ERISA. In a letter to the Secretary of Labor, a bipartisan group of representatives asserted that the current proposal is "significantly different than the 2010 version," and that "there is a strong possibility that a final rule may widely differ in its substance from the initial proposal or contain provisions that were not part of the proposed regulation

The SEC announced that Daniel M. Hawke, Chief of the Division of Enforcement's Market Abuse Unit and former Director of the Philadelphia Regional Office, is leaving the agency after 16 years of service. Mr. Hawke headed the Market Abuse Unit from its inception in January 2010. See: SEC Chief to Leave Commission.

In a recent report, IOSCO found that jurisdictions have made "significant progress" in adopting legislation, regulation and policies regarding derivatives market intermediaries ("DMIs") ( e.g., swap dealers). Specifically, IOSCO reported progress in the six areas addressed in its International Standards for DMI Regulation: (i) the scope of regulatory reform – including the framework for the regulation and definition of DMIs, (ii) registration and licensing standards, (iii) capital standards or other financial resource requirements for non-prudentially regulated DMIs, (iv) business conduct

The House Committee on Agriculture considered expert testimony on the progress of global derivatives reforms made during the years that followed the enactment of the Dodd-Frank Act. Committee Chair K. Michael Conaway (R-TX) stated that the testimony from the hearing "confirm[ed] the committee's concerns over the lack of coordination and harmonization that jeopardizes the implementation of reforms to global swaps markets." The following witnesses testified: Mr. Terrence A. Duffy, Executive Chairman and President, CME Group, Chicago, IL Mr. Scott O'Malia, Chief Executive Officer, International