FINRA released a podcast summarizing the latest FINRA notices, compliance resources, and news from May 2015. The podcast highlights recent regulatory notices, including: Notice 15-13, which requests comments on FINRA-proposed rules to provide a trading fee exemption for proprietary trading firms. Comments close on June 19, 2015; Notice 15-14, which outlines the recently SEC-approved TRACE rule amendments that require firms to identify transactions with non-member affiliates in TRACE trade reports, and requires firms to separately identify transactions with non-member affiliates within the same

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued no-action relief to market participants from the requirement to register as an introducing broker ("IB") or a commodity trading advisor ("CTA"). The relief applies to activities involving swaps for international financial institution ("IFI") customers located within the United States. (The term "IFI" generally covers institutions such as the World Bank and similar multilateral development banks.) According to the DSIO, granting this request treats IFIs in a manner similar to that in which the CFTC has treated IFIs in

The SEC's correction to an instruction in the original version of the "Amendments for Small and Additional Issues Exemptions under the Securities Act (Regulation A)" was published in the Federal Register. The correction amends an instruction for the authority to Part 200 in the final rule that was published in the Federal Register on April 20, 2015. The correction will become effective on June 19, 2015. See: 80 FR 31836. Related news: SEC's Regulation A+ Amendments Published in Federal Register (April 20, 2015); Washington State Securities Division Issues Preproposal Statement of Inquiry

SEC Commissioner Daniel M. Gallagher published an updated chart that depicts all of the rules that are applicable to a U.S. financial services holding company in the wake of Dodd-Frank's enactment. The chart can be found on the SEC website. The chart was updated to reflect the FINRA rules and amendments that have been implemented since July 2010. Originally, the chart was published along with a transcription of a March 2, 2015 speech by Commissioner Gallagher. Accordingly, the chart was intended to "help the public fully grasp the breadth of recent rulemaking." Lofchie Comment: In case you

The SEC Division of Economic and Risk Analysis issued an additional analysis related to the proposed rules for pay ratio disclosure. The new analysis considers the potential effects of excluding different percentages of employees from the pay ratio calculation. The analysis is posted on the SEC's Web site as part of a comment file on rules proposed by the SEC in September 2013. These rules would require the disclosure of the median of (i) the annual total compensation of all employees of the issuer, (ii) the annual total compensation of the chief executive officer of the issuer, and (iii) the