The National Futures Association ("NFA") filed with the CFTC its proposed rule amendments to NFA Rule 203 ("Registration Fees") and Rule 210 ("Deficiencies, Inaccuracies and Changes to Application Information Must Be Reported") regarding late disciplinary disclosure fees. The NFA proposes to add a $1,000 fee for nondisclosure of disciplinary history matters on Forms 7-R, 3-R and 8-R to Rule 203. The proposed amendments to Rule 210 specify that an FCM, RFED, SD, MSP, IB, CPO, LTM or FT shall pay the nondisclosure fee. The NFA stated that it is invoking the ten-day provision and will make the

The MSRB announced that it will host three free educational webinars for municipal market participants on (i) the draft best-execution rule for municipal securities dealers, (ii) the upcoming changes to primary offering practices for municipal securities dealer and (iii) the draft supervision rule for municipal advisors. During these webinars, the MSRB staff will explain key provisions of the drafts or new rules and answer commonly asked questions. The schedule for the webinars is as follows: Webinar on Draft Best-Execution Rule for Municipal Securities Dealers: March 6, 2014, from 3:00 to 4

FINRA filed with the SEC a proposed rule change to amend FINRA Rule 6432 ("Compliance with the Information Requirements of SEA Rule 15c2-11"). The amendments would require members to certify that they will not accept any payment or other consideration for market-making from issuers and related persons. FINRA filed the proposed rule change to be effective immediately. Lofchie Comment: The notion of allowing issuers to support market-making activity in their own securities is an interesting one, if it can be done in a manner that does not encourage the market-maker to pump up the stock, but

SEC Commissioner Michael S. Piwowar gave a speech before the AIMA Global Policy and Regulatory Forum discussing regulators' approaches to international financial regulatory issues. Piwowar stated that, on every cross-border issue, he is a "proponent of the rationalization of the global regulatory framework by seeking convergence and harmonization of rules through bilateral and multilateral dialogue and the mutual recognition of comparable regimes based on principles of international comity."Piwowar explained that broad concepts and "terms of art" not only fail to provide the specificity

CFTC Acting Chairman Mark P. Wetjen testified before the U.S. House Appropriations Subcommittee on Agriculture, Rural Development, Food and Drug Administration and Related Agencies regarding the FY 2015 budget request for the CFTC. Chairman Wetjen stated that, while his testimony may overstate the case for additional resources to the CFTC, he wants to make clear "the potential risks posed by the continued state of funding for the agency." According to Chairman Wetjen, the responsibilities of the CFTC have grown significantly in recent years, and increases in the agency's funding have not kept