The SEC announced that the next meeting of its Advisory Committee on Small and Emerging Companies will take place on June 3, 2015. The meeting will focus on public company disclosure effectiveness, intrastate crowdfunding, venture exchanges and the treatment of "finders." The Advisory Committee also is expected to vote on a recommendation to the SEC regarding the "Section 4(a)(1½) exemption," which is used by shareholders to resell privately-issued securities privately. See: SEC Press Release.

The NFA announced that its Board of Directors approved a budget of $85 million for FY 2016. The NFA's FY 2016 budget reflects a 7.7 percent increase over its projected FY 2015 operating expenses. According to the NFA, a major portion of the increase is due to the continued expansion of the NFA's swaps regulatory programs and the growth in its technology staffing. S ee: NFA Press Release.

The NFA filed a proposal with the CFTC to amend NFA Compliance Rule 2-36. The amendments involve forex transactions and financial requirements, and would create a risk management program for forex dealer members. Specifically, the amendments to Compliance Rule 2-36 would require each forex dealer member ("FDM") to designate a principal to serve as chief compliance officer ("CCO"). Each CCO would be required to prepare annual reports to be distributed to the NFA and the FDM's board of directors or senior officer. Additionally, the amendments direct FDMs to establish risk management programs

FINRA filed a proposed rule change with the SEC to amend FINRA Rule 2210 ("Communications with the Public"). The amendment would require each of the Web sites of a FINRA member firm ("member") to include a "readily apparent reference" and hyperlink to BrokerCheck. According to the proposed rule, the reference and hyperlink to BrokerCheck must be on (i) the initial Web page that the member intends to be viewed by retail investors; and (ii) any other Web page that includes a professional profile of one or more registered persons who conduct business with retail investors. These requirements

In the latest installment of the Energy Metro Desk series "Drums along the Potomac," editor-in-chief John Sodergreen reports on recent discussions with CFTC Commissioner Chris Giancarlo on matters being considered by the CFTC. Mr. Sodergreen notes that several policy and rule changes are "coming down" the regulatory pipeline and will have a "direct impact" on the energy sector. His recent count of SEC and CFTC congressional initiatives, bills, proposed rules and comment periods yielded 129 different measures. In his interview, Commissioner Giancarlo discussed this CFTC activity, from position