FINRA released the fifth podcast in a five-part series about FINRA's new Consolidated Supervision Rules. This podcast focused on rules relating to new FINRA Rule 3110, as well as rules relating to supervisory control systems, holding customer mail, and tape-recording registered people. The podcast discussed FINRA Rule 3120, which requires firms to identify principal(s) that are responsible for setting up, maintaining, and enforcing supervisory controls. FINRA reminded firms that the control policies must: (i) test and verify that the firm's supervisory procedures are "reasonably designed" to

The SEC announced that it named Steven J. Levine as the Associate Director for the Investment Adviser/Investment Company ("IA/IC") examination program in its Chicago office. In his new role, Mr. Levine will oversee the IA/IC examination program in nine Midwestern states, employing a staff of approximately 65 examiners, accountants and attorneys. See: Press Release.

The SEC Division of Investment Management issued guidance that is intended to clarify regulations and obligations regarding mixed and shared funding orders. Specifically, the guidance addresses whether (i) a mutual fund that offers its shares as an investment option under a variable life and/or variable annuity contract is required to obtain a so-called "mixed and shared funding" SEC order prior to making such an offer, and (ii) a mutual fund that has obtained a mixed and shared funding order previously must, under all circumstances, comply with the terms and conditions of that order. Se e

North American Securities Administrators Association ("NASAA") President William Beatty and Ohio Securities Commissioner and former NASAA President Andrea Seidt discussed NASAA news initiatives and committees. Mr. Beatty began by announcing NASAA's new Board of Directors and Section Chairs. He went on to explain that one of NASAA's priorities will be to address issues involving senior citizens. Specifically, Mr. Beatty would like to develop guidance concerning how to handle senior citizens with declining short-term memory and other signs of diminished mental capacity. He also announced the

The Board of Governors of the Federal Reserve System ("FRB") issued a final rule amending Regulation HH risk-management standards for financial market utilities that have been designated as systemically important by the Financial Stability Oversight Council, and over which the FRB has standard-setting authority pursuant to Dodd-Frank. The FRB also announced final revisions to Part I of the Federal Reserve Policy on Payment System Risk, which applies to financial market infrastructures more generally, including those that are operated by Federal Reserve Banks. Key amendments to the rule and