MFA published a position paper titled "Dodd-Frank at 5: The Role of Alternative Investments in Today's Capital Markets." The paper discusses changes in the financial markets since the enactment of the Dodd-Frank Act, and examines the expanded role of alternative investments at the onset of new regulations. In the position paper, MFA argues that hedge funds are no longer mere "tools for high-net worth individuals," and notes that institutional investors currently represent nearly two-thirds of the industry's assets under management. Moreover, MFA contends, as new regulations constrained the

FINRA issued the second in a six-part series of podcasts about its Regulatory and Examination Priorities for 2015. The second podcast examines FINRA's sales practice priorities when it comes to specific products. Interest-Rate Sensitive Fixed-Income Securities FINRA emphasized that it is critical for firms to discuss the impact of interest-rate changes on prices when marketing fixed-income products. Examiners are looking for concentrated positions and products that are highly sensitive to interest rates, such as high-yield bonds and mortgage-backed securities. FINRA noted that examiners may

FINRA's proposal to adopt FINRA Rule 7650A was published in the Federal Register. The proposal concerns the debit process for the collection of fees by the FINRA/Nasdaq Trade Reporting Facility ("FINRA/Nasdaq TRF"). The rule change would require FINRA members that are FINRA/Nasdaq TRF participants to provide clearing account numbers for accounts at the National Securities Clearing Corporation. This change would permit the FINRA/Nasdaq TRF to debit undisputed or final fees due and owing by members under the Rule 7600A Series. Comments on the proposal must be submitted by July 28, 2015. S ee: 80

FINRA's Proposal to Amend FINRA Rules Regarding Temporary and Permanent Cease-and-Desist Orders was published in the Federal Register. Comments on the proposal must be submitted by July 28, 2015. See: 80 FR 38783. Related News: FINRA Proposes to Amend Rules Regarding Temporary and Permanent Cease-and-Desist Orders (June 17, 2015).

Energy Metro Desk editor-in-chief John Sodergreen writes that "wholesale" changes to Dodd-Frank or "any other big financial re-reform" are unlikely given the current political climate and upcoming election year. The SEC and CFTC will continue to focus on "tweaks and fixes" and there will be continued jockeying between the GOP and White House to fill the final seat on the CFTC. Briefly, Mr. Sodergreen discusses the delayed closure of certain CME futures pits due to an "11th-hour legal challenge" from a small group of traders. Lawyers for the group of traders sent a letter to the CFTC requesting