The SEC approved FINRA's proposed rule change, as modified by Amendment No. 1, clarifying how certain securities are classified and reported to FINRA. The proposed amendments are designed to clarify how members are required to report two classes of securities - "depositary shares" and "capital trust" (or "trust preferred") securities - under these rules. Both classes are "hybrid" securities, in that each has debt and equity-like features. The SEC received two comment letters on the original proposal that expressed concerns with FINRA's proposed guidance regarding the trade reporting of hybrid

In his remarks before a CES Government meeting, Comptroller of the Currency Thomas J. Curry discussed cybersecurity and the Office of the Comptroller of the Currency's ("OCC") recent guidance on managing third-party relationships. Comptroller Curry stated that, while the financial industry is not the only sector at risk for cyber-attacks, it is one of the most attractive targets for terrorists and criminals alike. Comptroller Curry stressed that he is not trying to discourage the use of third-party vendors, but added that they pose significant risks in the realm of IT systems and information

SIFMA announced that it supports a move to shorten the settlement cycle to trade date plus two days (T+2) from the current plus three days (T+3) for U.S. equities, corporate bonds and municipal bonds. SIFMA stated that shortening the settlement cycle on a timeframe that is workable for all market participants "can meaningfully benefit investors by reducing systemic risk." See: SIFMA Press Release.

HSBC asked the Treasury and the IRS to provide permanent or at least transitory relief from a rule that could prevent certain HSBC entities from being compliant with FATCA as of July 1, 2014. Under the Final FATCA Regulations, Foreign Financial Institutions ("FFIs") in non-IGA countries may only be compliant under FATCA if all members of their Expanded Affiliated Group are compliant under FATCA. According to HSBC, some of its affiliates or branches are located in countries that have not yet signed an Intergovernmental Agreement ("IGA") with the United States or reached substantial agreement as

The Asset Management Group of SIFMA ("SIFMA AMG") submitted comments to the National Futures Association ("NFA") in response to its comment request ( NTM I-14-03) concerning possible capital requirements and other customer protection measures for registered CPOs and CTAs. In the comment letter, SIFMA AMG stated that, while it agrees with the NFA insofar as MRAs do present legitimate concerns about fraud and mismanagement of client assets, it believes that those concerns cannot be mitigated by a capital requirement or the other measures discussed in its recent Notice to Members. See : SIFMA