FINRA's proposal to extend the implementation of FINRA Rule 4240 ("Margin Requirements for Credit Default Swaps") was published in the Federal Register. The rule change extends the implementation of Rule 4240 until July 18, 2016. Rule 4240 implements an interim pilot program with respect to margin requirements for certain transactions in credit default swaps that are security-based swaps. The proposal is effective immediately, but comments may be submitted until June 25, 2015. See: 80 FR 31931. Related news: FINRA Proposes to Further Extend Implementation of Rule 4240 Involving Margin

The European Commission ("EC") adopted an implementing act that extends the transitional period for capital requirements for EU banking groups' exposures to central counterparties ("CCPs") under the Capital Requirements Regulation. According to EU Commissioner Jonathan Hill, the decision to adopt the act "will give the market the legal certainty it needs for the next six months," while the EC continues to attempt to solve the "underlying issues." The current transitional period expires on June 15, 2015. The implementing act extends it for an additional six months, at the end of which the

The SEC held a meeting of its Advisory Committee on Small and Emerging Companies ("Advisory Committee"). The meeting concerned public company disclosure effectiveness, intrastate crowdfunding, venture exchanges and the treatment of "finders." The Advisory Committee also approved its written recommendation to the SEC regarding the "Section 4(a)(1½) exemption," which is sometimes used by shareholders to resell privately issued securities. Click here for a meeting summary prepared by Delta Strategy Group. See: Meeting Agenda; Chair White's Opening Remarks. Related news: SEC Announces Agenda for

SIFMA President and CEO Kenneth Bentsen announced a proposed best-interests standard for broker-dealers who serve retail clients. According to Bentsen, SIFMA's proposed best-interests standard is a feasible regulatory response to the DOL's proposed rule relating to the definition of fiduciary under ERISA and Section 4975 of the Code. SIFMA stated that for over six years, it has strongly supported FINRA and the SEC's efforts to establish a uniform best-interests standard. According to SIFMA, whenever the DOL considers the adoption of a best-interests standard, that standard should be consistent

SIFMA provided comments to the SEC regarding proposed changes to MSRB Rule G-42 on the duties and standards of conduct of municipal advisors when engaging in advisory activities other than solicitations. SIFMA stated that it believes the MSRB to have "made important strides" in effecting the workability of the proposed rule "without compromising protections to municipal entities, obligated persons, or investors," but still has significant concerns regarding certain aspects of the proposal that "render it unreasonably burdensome and anti-competitive." SIFMA also asserted that the proposed rule