FINRA released the 2015 Regulatory and Examination Priorities Letter which highlights significant risks and issues that could affect investors and market integrity adversely. According to FINRA, firms face a number of recurring challenges, including (i) putting customers' interests first, (ii) firm culture, (iii) supervision, risk management and controls, (iv) product and service offerings, and (v) conflicts of interest. FINRA stated that addressing these challenges will "enable firms to get ahead of many of the concerns that FINRA raises in this letter." One "particularly troubling" issue

The Federal Deposit Insurance Corporation ("FDIC") appointed Michael J. Dean as Regional Director for the Atlanta Region. See: Press Release.

The Board of Governors of the Federal Reserve System ("FRB") announced the appointment of Thomas Laubach as the director of its Division of Monetary Affairs. Mr. Laubach's appointment will become effective on January 11, 2105. See: Press Release.

The CFTC Division of Swap Dealer and Intermediary Oversight issued conditional no-action relief to a provisionally registered swap dealer ("firm") regarding certain chief compliance officer ("CCO") reporting line requirements under CFTC Rules. Subject to conditions in the letter, the no-action relief permits the firm to: maintain a limited reporting line for the CCO to the "governing body" established pursuant to CFTC Rule 23.600; undertake the CCO consultations required under Rule 3.3 with the governing body instead of the board of directors or senior officer (with summary reports provided to

The SEC approved FINRA-proposed amendments regarding per share estimated values for direct participation program ("DPP"), and unlisted real estate investment trust ("REIT") securities on account statements. Specifically, the SEC approved amendments to NASD Rule 2340 ("Customer Account Statements") to modify the requirements relating to the inclusion of per share estimated values for DPP and REIT securities on account statements. Additionally, the SEC approved amendments to FINRA Rule 2310, which makes corresponding changes to the requirements applicable to members' participation in public