IOSCO met in Madrid to discuss its work on market-based finance and key initiatives to support the G20-FSB's efforts to restore stability in the global financial system. The initiatives discussed included: methodologies for identifying non-bank global systemically important financial institutions or activities in the areas of asset management and market intermediaries; the role capital markets and securities regulators can play in supporting long-term finance, including infrastructure investment and SME financing; and the implementation of IOSCO Principles on Financial Benchmarks, IOSCO

The SEC Division of Corporation Finance issued no-action relief to Group 1 Automotive Inc. from Exchange Act Rules 13e-4(d)(1) ("Disclosure of Tender Offer Information to Security Holders"), 13e-4(f)(1)(ii) ("Manner of Making Tender Offer") and 14e-1(b) ("Unlawful Tender Offer Practices") if Group 1 Automotive should conduct a tender offer using the Volume Weighted Average pricing mechanism, as described in the incoming letter. See: SEC Letter to Group 1 Automotive Inc.

After being confirmed by the U.S. Senate on June 3, 2014, J. Christopher Giancarlo was officially sworn in to serve as Commissioner of the CFTC. Mr. Giancarlo joins the CFTC from the GFI Group Inc., an interdealer broker based in New York, where he was executive vice president. See: CFTC Press Release. See also: Senator Cochran Reminds New CFTC Members of Commitments to Agriculture Sector (in his letter, Senator Cochran says that Commissioner Giancarlo indicated that he would be responsible particularly for focusing on concerns of interest to the agriculture industry).

FINRA filed a proposed rule with the SEC to adopt a supplemental schedule to financial reports for disclosures relating to inventory positions. See: Text of the Proposed Rule Change.

FINRA announced that it fined Merrill Lynch, Pierce, Fenner Smith, Inc. ("Merrill Lynch") for failing to waive mutual fund sales charges, as it had promised to do previously, for certain charities and retirement accounts. See: FINRA News Release; FINRA Letter of Acceptance, Waiver and Consent.