ISDA announced that its Board of Directors appointed Scott O'Malia as Chief Executive Officer and Director. Mr. O'Malia will be leaving the CFTC where he is currently serving as Commissioner. Mr. O'Malia will formally depart the CFTC on August 8, 2014, and begin his position at ISDA on August 18, 2014. He succeeds Robert Pickel as ISDA's CEO, who had announced in April that he was stepping down as CEO after nearly 17 years with ISDA. S ee: ISDA Press Release. See also: CFTC Commissioner O'Malia to Leave CFTC (with Lofchie Comment) (July 21, 2014).

The SEC adopted amendments to the rules that govern money market mutual funds. According to the SEC, these amendments build on the reforms adopted in March 2010, and make structural and operational reforms to address mitigating the risks of investor runs on money market funds while preserving the benefits of the funds. Specifically, the new rules require a floating net asset value ("NAV") for institutional prime money market funds, which allows the daily share prices of these funds to fluctuate along with changes in the market-based value of fund assets. The rules also provide non-government

The MSRB released for public comment a revised draft rule to establish the core duties of municipal advisors when providing advice on municipal securities transactions and related products. The revised draft MSRB Rule G-42 addresses a number of issues raised by commenters on the initial draft rule published in January 2014. Specifically, the initial draft prohibition on principal transactions has been revised to apply only to transactions with municipal entity clients, not with obligated persons. In addition, to clarify the narrow scope of the prohibition, the revised draft rule defines

MSRB announced the topics that will be discussed at its upcoming board meeting on July 30 - August 1, 2014: pay-to-play rule for municipal advisors; municipal advisor qualifications; gifts rule for municipal advisors; matched trades; and enhancements to pre- and post-trade price transparency. See: Press Release.

MFA, the Investment Adviser Association, and the Alternative Investment Management Association (the "Associations") collectively submitted a petition to the CFTC to amend certain CPO/CTA recordkeeping requirements. Specifically, the Associations' petition proposes to: amend CFTC Rule 1.31 in order to provide relief regarding certain electronic recordkeeping requirements for CPOs and CTAs, including the requirement to use a third-party technical consultant; amend CFTC Rule 4.7(b) and Rule 4.23, recordkeeping requirements generally applicable to CPOs, to expand the list of permissible third