FINRA released the first podcast in its three-part series on regulatory and sales practice topics for Firm Element Training plans. The podcast discussed SEC-approved rule amendments to create professional qualification standards for municipal advisors and two new registration classes: (i) Municipal Advisor Representatives, for those who do the advising, and (ii) Municipal Advisor Principals, for those who manage, direct or supervise municipal advisory activities of others. The new professional qualification rules also require certain registered people to take annual firm training on municipal

FINRA's proposal to adopt Rule 2272 to govern the sales or offers of sales of securities on the premises of any military installation to members of the U.S. Armed Forces or their dependents was published in the Federal Register. According to FINRA, the adoption of Rule 2272 complies with the statutory requirements of the Military Act. Comments on the proposed rule are due no later than June 2, 2015. See: 80 FR 27220. Related news: FINRA Proposes Rule Regarding Sales or Offers of Sales of Securities to Military Members or Dependents (May 7, 2015).

FDIC Chairman Martin J. Gruenberg spoke at the American Association of Bank Directors. His speech focused on the role of bank directors in promoting the safety and soundness of the banking system. Chairman Gruenberg stated that bank directors are tasked with overseeing the framework of objectives, policies and risk limits within which a bank's executive officers operate, in addition to monitoring the extent to which those executive officers comply with applicable laws and regulations. In addition, he explained, the FDIC's expectations for directors are based on "basic common sense principles,"

CFTC Commissioner J. Christopher Giancarlo delivered a speech before the USA EnergyRisk Summit. The speech focused on whether the proposed CFTC position limits rulemaking is necessary in the energy markets. According to Commissioner Giancarlo, evidence presented at the CFTC's recent Energy and Environmental Markets Advisory Committee ("EEMAC") meeting suggests that (i) the "run up in oil prices before the financial crisis did not bear any of the signs of excessive speculation," and (ii) "speculators are not responsible for the significant declines in oil prices over the last nine months."

In a public statement titled "U.S. Equity Market Structure: Making Our Markets Work Better for Investors," Commissioner Aguilar asserted that the SEC must undertake a holistic review of the United States' current equity market structure in order to reconcile competing claims by experts and market participants that U.S. equity markets are not only "the most liquid, transparent, efficient and competitive [markets] in the world," but also "broken," "a complete mess" and "rigged." Hierarchy of Policy Goals According to Commissioner Aguilar, the SEC's review should begin with the simple realization