The Asset Management Group of SIFMA ("SIFMA AMG") submitted comments to the CFTC regarding its request for review of CFTC Rules Parts 43, 45, 46 and 49 (the "Swap Reporting Rules"), which collectively set forth requirements for swap data recordkeeping and reporting, as well as swap data repository ("SDR") operations and data. SIFMA AMG highlighted its concerns with the Swap Reporting Rules as implemented to date, stating first that, as a basic principle, asset managers should, but do not, have access to swap trade information reported to an SDR by a dealer for clients on whose behalf a manager

The National Futures Association ("NFA") filed a proposed rule change with the CFTC to reduce assessment fees from $.02 per side to $.01. The rule change would amend NFA Bylaw 1301 to reduce the assessment fees that FCM Members are required to pay to the NFA. If approved by the CFTC, the new fees will be effective as of October 1, 2014. See: NFA Notice to Members 1-14-12; Text of Proposed Rule Change.

A FINRA proposal to adopt FINRA Rule 2121 ("Fair Prices and Commissions") and Supplementary Material .01 and .02 (relating to mark-ups) was published in the Federal Register. The proposal would adopt current NASD Rule 2440 and Interpretive Material ("IM") 2440-1 and IM-2440-2 as FINRA Rule 2121 and Supplementary Material, without making any substantive changes to the rules. FINRA also proposed to update references and cross-references within the Supplementary Material and other FINRA rules accordingly. Comments on the proposal are due by June 18, 2014. See: 79 FR 30675. Related news: FINRA

FINRA issued an investor alert, titled "High-Yield CDs: Red Flags That Signal a Scam," that warns investors to be wary of promotions advertising certificates of deposit ("CDs") that promise "substantially higher" interest rates than current averages. The alert enumerates flags that could signal a scam, including: interest rates that are significantly higher than average; promotions that claim to be from a U.S. financial institution that has aligned with an international bank; emails with addresses that do not originate from and were not sent by the financial institution that is cited in the

The Futures Industry Association ("FIA") issued an updated version of its guide to the rules and regulations of customer fund protections in the United States. The guide, which was first issued in February 2012, explains the protections for customer funds held as collateral for futures and options traded on U.S. and foreign exchanges, as well as collateral for cleared swaps. The updated guide reflects the amendments to the CFTC's rules that were adopted in November 2013 to enhance customer protections. It also reflects new rules governing the protection of collateral for cleared swaps that