The CFTC's proposed rules regarding margin requirements for uncleared swaps for swap dealers and major swap participants were published in the Federal Register. The proposed rules implement CEA Section 4s(e) ("Registration and Regulation of Swap Dealers and Major Swap Participants"), which requires the CFTC to adopt initial and variation margin requirements for certain swap dealers ("SDs") and major swap participants ("MSPs"). Additionally, the proposed rules would establish initial and variation margin requirements for SDs and MSPs, but would not require SDs and MSPs to collect margin from

At the National Association of Plan Advisors, SEC Commissioner Michael Piwowar delivered remarks in which he discussed the debate over the appropriate standard of care for those who provide investment advice to retail investors. According to Commissioner Piwowar, the SEC issued a study that found investors to be confused about the titles, duties and fees of broker-dealers and investment advisers. The study recommends that regulators impose a "uniform fiduciary duty" so that a client being given investment advice would receive the same standard of care whether the advice came from a broker

The Office of the Comptroller of the Currency ("OCC") issued a bulletin making certain OCC guidance applicable to federal savings associations ("FSAs"), as well as reaffirming certain interagency guidance as applicable to FSAs. Additionally, the OCC rescinded several Office of Thrift Supervision ("OTS") documents. With the issuance of this bulletin, the OCC applied to FSAs certain guidance issued before the OTS integration date, listed in the bulletin in Appendix A. Appendix B lists interagency guidance issued before the OTS integration date that continues to apply to FSAs, and Appendix C

The SEC, the MSRB and FINRA announced the opening of registration for the first Compliance Outreach Program for Municipal Advisors, which will take place in Chicago on November 3, 2014. The municipal advisor program will provide a forum for municipal advisor professionals and regulators to discuss risk management, regulatory issues and compliance practices. See: SEC Press Release.

The Financial Stability Board ("FSB") released the final version of its report on foreign exchange ("FX") rate benchmarks. In conjunction with this report, IOSCO published a report reviewing the implementation of its Principles for Financial Benchmarks with regard to the administrator of the rate, WM/Reuters 4 p.m. Closing Spot Rate ("WMR"). The FSB report sets out a number of recommendations to reform the FX markets and benchmark rates that have been identified as preeminent by market participants, including the WMR. The recommendations fall into the following broad categories: the