IOSCO issued a report titled Implementation of the Principles for Oil Price Reporting Agencies, which reviews the implementation of the IOSCO Oil Price Reporting Agencies ("PRA") Principles during the 18 months after their publication in October 2012. IOSCO's report found that the implementation of the IOSCO Oil PRA Principles remains an ongoing process, but that good progress was made during the first year of implementation. The report found that certain aspects of the implementation warrant further examination, including additional monitoring of the risks relating to the quality and quantity

The Asset Management Group of SIFMA ("SIFMA AMG") submitted comments to IOSCO regarding its consultation paper on good practices for reducing investment advisers' reliance on credit rating agencies ("CRAs") (the "Report"). In its letter, SIFMA AMG addressed one primary aspect of the Report: "the picture it paints of the asset management business and its operations." SIFMA AMG stated that the way in which the Report portrays the asset management business is "fundamentally inaccurate." The letter explained that the Report's position is based on the assumption that credit ratings have "financial

The North American Securities Administrators Association ("NASAA") released the results of a pilot project designed to survey the cybersecurity practices of state-registered investment advisers, who account for more than half of the registered investment advisers conducting business in the United States. The project surveyed 440 registered investment advisers with assets under management of less than $100 million. The results indicated that 4.1 percent of responding firms indicated that they had experienced a cybersecurity incident, and 1.1 percent indicated that they had experienced theft

The MSRB announced that John A. Bagley will join the MSRB as Chief Market Structure Officer on September 15, 2014. Mr. Bagley will lead the newly created Market Structure department, which is dedicated to ensuring that the MSRB's activities are "informed by economic analysis and understanding of current market practices, and reflect market activity based on data." See: MSRB Press Release.

FINRA filed a proposed rule change with the SEC to adopt FINRA Rule 2040 and amend FINRA Rule 8311. FINRA proposed to adopt FINRA Rule 2040 regarding members' payment of transaction-based compensation to unregistered persons, which incorporates NASD Rule 1060 and streamlines the provisions of NASD Rules 2410 and 2420 and NYSE Rules 353 and 345. In addition, FINRA proposed to amend Rule 8311 in order to eliminate duplicative provisions of NASD IM-2420-2, and to adopt the requirements of NASD IM-2420-1(a) as FINRA Rule 0190. S ee: Text of Proposed Rule Change.