The SEC staff of the Division of Economic and Risk Analysis published analyses of data and academic literature related to money market fund ("MMF") reform. The analyses, which are available for review and comment, examine: the spread between same-day buy-and-sell transaction prices for certain corporate bonds from January 2, 2008, to January 31, 2009; the extent of government MMF exposure to nongovernment securities; academic literature reviewing recent evidence on the availability of "safe assets" in the U.S. and global economies; and the extent to which various types of MMFs are holding in

The National Futures Association ("NFA") issued two revised Interpretive Notices titled NFA Compliance Rule 2-10: The Allocation of Bunched Orders for Multiple Accounts and NFA Compliance Rule 2-10: The Allocation of Bunched Retail Forex Orders for Multiple Accounts. The proposed amendments to the Interpretive Notices were filed with the CFTC on December 13, 2013. NFA Compliance Rule 2-10 ("Recordkeeping") adopts by reference CFTC Rule 1.35 ("Records of Commodity, Interest and Related Cash or Forward Transactions"), which, among other things, imposes on futures commission merchants ("FCMs")

The National Futures Association ("NFA") announced that the amendments to Financial Requirements Section 8 became effective on March 21, 2014. The rule amendments provide that: if requested by the NFA, a Member futures commission merchant ("FCM"), retail foreign exchange dealer ("RFED") or introducing broker ("IB") must promptly submit such additional reports and supplemental financial information which the NFA deems necessary; and each FCM for which the NFA is the designated self-regulatory organization ("DSRO") and each forex dealer member ("FDM") must file the financial, operational, risk

FINRA fined LPL Financial LLC ("LPL") for supervisory deficiencies related to the sales of alternative investment products, including non-traded real estate investment trusts ("REITs"), oil and gas partnerships, business development companies ("BDCs"), hedge funds, managed futures and other illiquid pass-through investments. FINRA found that, from January 1, 2008 to July 1, 2012, LPL failed adequately to supervise the sales of alternative investments that violated concentration limits. According to the Action, LPL used a manual process to review whether an investment complied with suitability

FINRA updated the embedded text of the Exchange Act financial responsibility rules in the Interpretations of Financial and Operational Rules to reflect amendments that became effective on March 3, 2014. The updated embedded text relates to EA Rules: 15c3-1 ("Net Capital Requirements for Brokers or Dealers"); 15c3-3 ("Customer Protection - Reserves and Custody of Securities"); 15c3-3a ("Exhibit A - Formula for Determination of Customer and PAB Account Reserve Requirements of Brokers and Dealers under §240.15c3-3"); 17a-3 ("Records to Be Made by Certain Exchange Members, Brokers and Dealers")