The MSRB filed a revised proposal with the SEC to require dealers to provide annual municipal securities training for registered persons who are regularly engaged in or who supervise municipal securities activities. In December 2013, the MSRB requested public comment on draft changes to the "Firm Element Continuing Education" requirement in MSRB Rule G-3 ("Classification of Principals and Representatives; Numerical Requirements; Testing; Continuing Education Requirements"). The MSRB modified the proposed new requirement to remove the specified one-hour minimum amount of training. It also

FINRA's amendment ("Amendment No. 1") to its proposed rule change regarding per share estimated valuations for unlisted DPP and REIT Securities was published in the Federal Register. The amendment eliminates, among other things, the voluntary or "no priced" option proposed in the original rule filing, as well as the "no reason to believe that the per share estimated value is unreliable" standard from the general provision in proposed NASD Rule 2340(c) ("Customer Account Statements"). Additionally, FINRA revised the net investment methodology to remove the "over distribution" deduction from the

FIA Europe published a report, titled "Reporting Valuation and Collateral Data under EMIR for 12 August 2014," which sets out the views of the exchange-traded derivatives ("ETDs") industry with regard to the reporting of valuations and collateral data under EMIR. According to FIA Europe, it has been working with members since 2013 to interpret EMIR's reporting requirements for ETDs, while encouraging ESMA staff to discuss how best to apply the collateral and valuations rules to ETD markets to ensure unified interpretation between ESMA and market participants. In the report, FIA Europe

The Alternative Investment Fund Managers Directive ("AIFMD") transitional period ended on July 22, 2014. The transitional period allowed an additional 12-month period for certain managers and funds before seeking the necessary variation of permission, authorization or registration. The transitional period also allowed non-European Economic Area alternate investment fund managers ("AIFMs") of existing alternative investment funds ("AIFs") to market such AIFs in the UK without being subject to the requirements deriving from AIFMD. See: Non-U.S. Funds Page (available to Cabinet subscribers only).

The CFTC Division of Market Oversight ("DMO") published the results of a rule enforcement review of ICE Futures U.S. ("ICE"). The DMO assessed ICE's market surveillance program's compliance with elements of Core Principles 4 and 5, as outlined in CEA Section 5(d) ("Designation of Boards of Trade as Contract Markets"), regarding the prevention of market disruption and position limits or accountability. The DMO found that ICE has "appropriate tools for monitoring daily trading activity and large trader positions," and that ICE has "adequate" procedures for monitoring the deliverable supply of