The Office of the Comptroller of the Currency ("OCC") issued an updated booklet, titled "Lease Financing," that is part of the Comptroller's Handbook. The booklet provides an overview of the leasing business, its associated risks, and sound risk management processes that can be utilized in supervisory activities. See: Lease Financing Booklet.

The SEC proposed an amendment to Investment Advisers Act Rule 206(3)-3T to extend the date as to when the rule would sunset. The proposed extension is from December 31, 2014 to December 31, 2016. Rule 206(3)-3T is a 2007 temporary rule establishing an alternative means for investment advisers registered with the SEC as broker-dealers to meet the requirements of Investment Advisers Act Section 206(3) ("Prohibited Transactions by Investment Advisers"). The rule applies when these advisers act in a principal capacity in transactions with certain advisory clients. The comment deadline will occur

ISDA issued its 2014 ISDA Credit Derivatives Definitions, which is an updated and revised version of the 2003 ISDA Credit Derivatives Definitions – a document that contains the basic terms used in the documentation of most credit derivatives transactions. Trading that makes use of the new definitions is scheduled to begin on September 22, 2014. See: ISDA Press Release; 2014 Credit Derivatives Definitions Standard Reference Obligations FAQ.

The MSRB announced that it will distribute a discretionary technology fee rebate of $3.6 million to eligible brokers, dealers and municipal security dealers. Payments are expected to be processed before September 30, 2014. Lofchie YouTube Selection: " Money Back." See : Press Release.

The SEC announced securities fraud charges against the State of Kansas stemming from a nationwide review of bond offering documents. The review was undertaken to determine whether municipalities were properly disclosing material pension liabilities and other risks to investors. According to the SEC order, the Kansas Development Finance Authority ("KDFA") did not properly disclose the existence of "significant" unfunded liability in the Kansas Public Employees Retirement System when it issued a series of bond offerings. Additionally, the documents did not describe the effect of such an unfunded