FINRA is updating the Regulatory Extension ("REX") system to enable firms to file extension of time requests relating to new Exchange Act Rule 15c3-3(d)(4) ("Customer Protection - Reserves and Custody of Securities"). The new rule, adopted by the SEC in July 2013, requires a broker-dealer to take steps to obtain physical possession or control over securities of the same issue and class as those included "on the broker's or dealer's books or records that allocate to a short position of the broker or dealer or a short position for another person, for more than 30 calendar days." Starting April 2

FINRA filed with the SEC its proposed revisions to the content outline and selection specifications for the Investment Company and Variable Contracts Products Principal, or Series 26, Examination Program. The proposed revisions update this material to reflect changes to the laws, rules and regulations covered by the exam, and to incorporate the functions and associated tasks currently performed by an Investment Company and Variable Contracts Products Principal. Additionally, FINRA proposed making changes to the format of the content outline. See: Text of Proposed Rule Change.

FinCEN issued an Advisory regarding changes to the Financial Action Task Force's ("FATF") lists of jurisdictions with strategic Anti-Money Laundering and Counter-Terrorist Financing ("AML/CFT") deficiencies. These changes affect the due diligence obligations of U.S. financial institutions. First, the Advisory announced the removal of Kenya and Tanzania from the FATF list of jurisdictions subject to countermeasures or enhanced due diligence. The Advisory explained that the status of these countries was changed because they have made "significant progress to address their FATF-identified

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued two no-action letters providing relief to the CPOs of commodity pools that are organized as series of Delaware statutory trusts; the letters generally allow each series of a trust to be treated as a separate legal entity for purposes of fulfilling the regulatory requirements applicable to commodity pools. The DSIO granted the relief from CFTC Rule 4.21 ("Required Delivery of Pool Disclosure Document"), Rule 4.24 ("General Disclosures Required") and Rule 4.25 ("Performance Disclosures"), stating that it would accept

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued a no-action letter to a CPO requesting relief from the requirement that a CPO file and distribute to its participants a certified Annual Report within 90 days of the close of a pool's fiscal year. In support of its request, the CPO submitted waivers from the pool's sole nonproprietary participant evidencing their consent to the relief requested. The DSIO granted the relief from CFTC Rule 4.7(b)(3) ("Relief Available to Commodity Pool Operators") and Rule 4.22(d) ("Reporting to Pool Participants"), conditioned upon (i)