SIFMA submitted two parallel comment letters to FINRA regarding proposed amendments to FINRA Rule 4210 ("Margin Requirements") to establish margin requirements for transactions in the "to-be-announced" ("TBA") market. Both letters express SIFMA's opposition to the proposed maintenance margin requirement and note that, if implemented, it could lead to a fragmented market that put FINRA member firms at a disadvantage. Additionally, both letters make similar recommendations regarding the scope of the new requirements and suggest, among other things, a compliance date that is at least 18 months

SIFMA and the Financial Services Roundtable ("FSR") submitted comments to the SEC on its February 25, 2014, staff memorandum ("Memorandum") regarding dissemination of asset-level data as to asset-backed securities ("ABS"). The Memorandum suggested that issuers might use their websites to disseminate asset-level data and other offering information to investors and potential investors, as required under the SEC's proposed offering, disclosure and reporting requirements for ABS. SIFMA and FSR supported the disclosure of asset-level data with respect to some ABS asset classes; however, they urged

The SEC issued an Investment Management ("IM") Guidance Update regarding the application of Investment Advisers Act Section 206(4) and Rule 206(4)-1(a)(1) (the "testimonial rule"), which generally prohibits investment advisers from using testimonials in their advertisements. The Guidance answers questions concerning investment advisers' use of social media and discusses the situations in which investment advisers may tout their "likes." See: SEC IM Guidance Update.

According to a recent blog post by the Managed Funds Association ("MFA"), the CFTC is planning to require European swaps trading platforms to implement a series of new compliance measures. MFA noted (citing an article in the Wall Street Journal) that the new compliance measures are in exchange for exemption from having to register with the CFTC, and are aimed to ensure that U.S. firms trading swaps offshore adhere to rules like those in the U.S. See : MFA Blog Post; Wall Street Journal Article. Related News: CFTC Issues No-Action Relief for Swaps Trading on Multilateral Trading Facilities

Mercatus Scholars and Senior Research Fellows Hester Peirce and Jerry Ellig published a study titled "SEC Regulatory Analysis: 'A Long Way to Go and a Short Time to Get There,'" which explores the SEC's use of economic analysis in seven major final rules before, and one major rule after, the issuance of its March 2012 staff economic analysis guidance. According to the study, Congress requires the SEC to conduct economic analysis to determine whether new rules are in the public interest. The study mentions that Federal appeals courts recently vacated several SEC rules due to inadequate economic