SIFMA submitted a comment letter to the SEC regarding the MSRB draft amendments to establish professional qualification requirements for municipal advisors. SIFMA explained that persons who are qualified currently to perform municipal securities activities also should be qualified to perform municipal advisor activities. According to SIFMA, the proposed MSRB requirement for separate qualification examinations is unnecessary, since the two qualifications have "substantial overlap" in their functions. Accordingly, SIFMA recommended that, if the MSRB proceeds with developing a new qualification

The SEC issued an Investor Bulletin, titled "15 Investment Tips for 2015," which provides 15 tips to help investors make "informed" financial decisions and avoid common investment scams in 2015. The tips include the following: always check the backgrounds of investment professionals; promises of high returns with little or no risk could be red flags for fraud; diversification can help to reduce overall risk; mutual funds and similar investments are not guaranteed or insured by the FDIC or any other government agency; active trading can undermine investment performance; and certain investments

The NFA issued a Notice reminding its members of the immediately effective amendment to NFA Compliance Rule 2-4 ("Just and Equitable Principles of Trade") regarding swap-related activities. The amendment extends the NFA's ethical standards to NFA Member Swap Dealers and Major Swap Participants, as well as the swap activities of FCMs, IBs, CPOs and CTAs. These ethical standards require NFA members to observe "high standards of commercial honor" and "just and equitable principles of trade" in their conduct of the commodity futures business. Lofchie Comment: The requirements to observe high

The MSRB announced that it is seeking applicants to fill seven positions on its Board of Directors. Each of the seven positions will last for a three-year term starting on October 1, 2015. According to the MSRB, applicants should be knowledgeable about the municipal market to be able to assist in crafting policies on the regulation of financial professionals, market structure and the MSRB's EMMA Web site. Individuals who seek more information are encouraged by the MSRB to consult Rule A-3, which outlines requirements for applicants. Subsequently, the MSRB announced a webinar on January 13

FINRA issued a Regulatory Notice regarding Final Renewal Statements for broker-dealers and investment adviser firms and representatives, as well as reports that are now available on FINRA's Web CRD/IARD. The Final Renewal Statements include the following fees: Web CRD system processing fees; FINRA branch office processing fees; exchange maintenance fees; state broker-dealer firm, branch and agent renewal fees; state investment adviser firm, branch and investment adviser representative renewal fees; and FINRA annual statutory disqualification fees for registered individuals. FINRA noted that