The NFA issued a notice to remind swap dealers ("SDs") and major swap participants ("MSPs") that, beginning with the quarterly Risk Exposure Reports as of September 30, 2014, SDs and MSPs will be required to submit all quarterly and interim Risk Exposure Reports to the NFA and CFTC through the WinJammer system. The recent amendments to NFA Compliance Rule 2-49, which are effective as of September 30, 2014, provide that the NFA be authorized to require SDs and MSPs to submit identified reports or other documentation to the NFA and CFTC in the form and manner prescribed by the NFA. See: NFA

MFA announced its 2014/2015 Board of Directors ("Board"). According to the press release, the Board unanimously reelected John R. Torell IV, Tudor Investment Corporation's managing director and chief financial officer, as its Chair. The Board also elected the following officers to serve with Mr. Torell: David C. Haley, president, managing director, HBK Capital Management, as Vice Chair; Bruce S. Darringer, member and chief operating officer, King Street Capital Management, as Secretary; and Mikael A. Johnson, senior lead partner, alternative investments, KPMG LLP, as Treasurer. See: MFA Press

FINRA issued a regulatory notice requesting comment on a proposed rule to implement the Comprehensive Automated Risk Data System ("CARDS"). Initially, FINRA released CARDS as a concept proposal in Regulatory Notice 13-42. CARDS is intended to enhance investor protection and ensure market integrity by allowing FINRA to identify and quickly respond to high-risk areas and suspicious activities not identified through its current surveillance and examination programs. The proposed rule reflects comments received on the concept proposal. According to FINRA, the rule proposal would be implemented in

The Board of Governors of the Federal Reserve System ("FRB") announced that it will begin a quantitative impact study ("QIS") of the potential effect of its revised regulatory capital framework on savings and loan holding companies and non-bank financial companies that are "substantially engaged" in insurance underwriting activity ("Insurance Holding Companies"). The FRB finalized its revised regulatory capital framework to implement Basel III capital rules for bank holding companies, certain savings and loan holding companies, and state member banks in July 2013, but excluded Insurance

The Futures Industry Association Principal Traders Group ("FIA PTG") released a position paper detailing its targeted improvements to equity market structure. The paper follows the framework laid out by SEC Chair Mary Jo White in her policy speech on June 5, 2014. In the paper, FIA PTG shares recommendations on several points addressed by Chair White, including issues such as the securities information processor, co-location, timestamps, order protection and pilot programs. The paper concludes that Regulation NMS has contributed to undue market fragmentation. See: FIA PTG Position Paper; FIA