The National Futures Association ("NFA") approved and submitted to the CFTC for review proposed amendments to Interpretive Notice 9021, titled "Compliance Rule 2-9: Enhanced Supervisory Procedures." The amendments are minor modifications in response to the NFA Telemarketing Procedures Waiver Committee's recent request to provide limited additional relief to a limited number of individual principals who would currently be subject to enhanced supervisory requirements based on their previous affiliation with a member firm that was subject to the requirements, but who had not been personally the

The National Futures Association ("NFA") announced that its Board approved and submitted to the CFTC for review a ban on the use of credit cards to fund retail forex and futures accounts. The prohibition, which is reflected in the proposed adoption of an Interpretive Notice to NFA Compliance Rules 2-4 and 2-36 ("Prohibition on the Use of Certain Electronic Funding Mechanisms"), is a result of a study by the NFA of forex dealer members' business practices. In the study, the NFA examined over 15,000 retail forex accounts and found that a number of these accounts were funded by small retail

FINRA issued a regulatory notice announcing updates to two interpretations, both of them relating to extensions of time in connection with audits. See: FINRA Reg. Notice 14-25.

FINRA filed with the SEC proposed amendments to FINRA Rule 4240 ("Margin Requirements for Credit Default Swaps") to extend the current rule requirements until July 17, 2015. In the absence of an extension, the rule would expire July 17, 2014. See: Text of the Proposed Rule Change.

ESMA published its latest updated Q&As regarding the implementation of EMIR. In particular, the updated Q&As address the reporting of collateral and outstanding positions, among other topics. See: Updated ESMA Q&As.