FINRA released the fourth podcast in a five-part series about FINRA's new Consolidated Supervision Rules. This podcast focuses on transaction review and reporting under new FINRA Rule 3110. FINRA explained that firms must review transactions in certain categories of accounts that include (i) firms' accounts; (ii) accounts introduced or carried by a firm in which a person associated with that firm has a beneficial interest or the authority to make investment decisions; (iii) any associated person accounts; and (iv) covered accounts. FINRA noted that, although there is no obligation for firms to

The SEC announced that Director of the Office of Municipal Securities John J. Cross III will leave the agency in November. Mr. Cross is expected to rejoin the Office of Tax Policy at the U.S. Treasury Department in November. See: Press Release.

SIFMA President and CEO Ken Bentsen delivered opening remarks at the EU Regulatory Symposium. The Symposium, which was held by SIFMA and the Association for Financial Markets in Europe, was intended to provide a forum to discuss EU market regulatory reform. Mr. Bentsen recommended that both U.S. and EU regulators adopt a "top-down approach" to leverage IOSCO and other "global standard setters" to develop and "consistently implement international regulatory standards that obviate the need for overlapping regulation or protectionist measures." See: Mr. Bensten's Speech.

The SEC order granting approval of an MSRB proposal to amend Rule G-3 ("Professional Qualification Requirements") to improve the rule's "Firm Element" continuing education requirement was published in the Federal Register. According to the MSRB, the amendments will improve the Firm Element requirement of Rule G-3 by requiring brokers, dealers and municipal securities dealers to conduct annual municipal securities training for registered representatives who regularly engage in, and municipal securities principals who regularly supervise, municipal securities activities. The rule amendments also

The Asset Management Group of SIFMA ("SIFMA AMG") wrote a letter to the General Counsel of the Board of Governors of the Federal Reserve System ("FRB") requesting guidance with respect to the treatment of foreign public funds and foreign non-covered funds under the Volcker Rule. Specifically, SIFMA AMG requested guidance to the effect that (i) in certain circumstances, foreign public funds and foreign non-covered funds will not be treated as "banking entities" under the Volcker Rule, and (ii) extensions of the initial one-year seeding period for foreign public funds will be available in a