FINRA filed with the SEC proposed revisions to the content outline and selection specifications for the Registered Options Principal (Series 4) examination program. The proposed revisions would update the material to reflect changes made to the laws, rules and regulations covered by the examination, and to incorporate the functions and associated tasks performed currently by a Registered Options Principal. Additionally, FINRA proposed changes to the format of the content outline. FINRA stated that it is not proposing any textual changes to the By-Laws, Schedules to the By-Laws or Rules of

The CFTC Division of Market Oversight issued a no-action letter to swap dealers ("SDs") and major swap participants ("MSPs") that relieves them of the obligation to report valuation data for cleared swaps as required by CFTC Rule 45.4(b)(2)(ii). CFTC Letter 15-38 extends the previous period of relief provided in CFTC Letter 14-90 until June 30, 2016. The relief applies to (i) all SDs and MSPs that are reporting counterparties under Rule 45.8 and (ii) all cleared swaps for which the SD or MSP has the obligation to report valuation data under Rule 45.4(b)(2)(ii). Lofchie Comment: Obviously

The SEC announced that a United States District Judge for the Southern District of Florida entered a Final Judgment ordering the owner of CRL Management, LLC, and Guarantee Reinsurance, Ltd. to pay a disgorgement, prejudgment interest and a civil money penalty for Regulation M ("Distributions") violations. S ee: SEC Litigation Release; SEC 2013 Complaint.

The Committee on Payments and Market Infrastructures ("CPMI") and the International Organization of Securities Commissions ("IOSCO") published the second update to the Level 1 Assessments of Implementation Monitoring of the Principles for Financial Market Infrastructures ("PFMIs"). The Level 1 assessments are based on self-assessments by individual jurisdictions on how they have adopted, within their regulatory and oversight frameworks, the PFMIs' 24 Principles for FMIs and four of the five Responsibilities for authorities. The second update found that progress has been made by the 28

The Office of Financial Research ("OFR") argued that more transparency is needed for bank capital relief trades. OFR made its case in a paper submitted as part of its Brief Series. Banks have "significant incentives" to reduce their required regulatory capital by transferring credit risk to third parties. OFR argues that there is scant public data to analyze such activities. While international bank regulators, through the Basel III reforms, increased the capital requirements associated with some securitization tranches, and increased banks' capital requirements for exposures to other