The SEC issued approved two FINRA Rule changes and FINRA reproposed one other. The SEC approved the FINRA-proposed rule change to amend the Uniform Branch Office Registration Form ("Form BR") which is used by firms to register their branch office with FINRA, the NYSE, and participating states via the Central Registration Depository. FINRA filed Amendment No. 1 and the SEC granted accelerated approval of the proposed amendments to the rules governing the reporting of: (i) over-the-counter ("OTC") transactions in equity securities to the FINRA facilities, and (ii) orders in NMS stocks and OTC

On February 26, the Chairman of the House Ways Means Committee, Dave Camp (R-Mich), released a draft Tax Reform proposal that would cut tax rates for both individuals and corporations and eliminate or modify many deductions and other tax expenditures. The proposal would set the maximum individual rate at 35% for individuals currently taxed at the 39.6% rate, and 25% for individuals who file jointly with income above $74,800 and below $464,200. The current 20% rate for most long-term capital gains and qualified dividends of individuals would be repealed but only 60% of such capital gains and

The CFTC Division of Market Oversight ("DMO") reissued the FAQs on commodity options in an effort to address questions it has received regarding the Trade Option Form ("Form TO") filing process and the circumstances which trigger the filing requirement. The FAQ covers matters such as: (i) whether commodity options are "swaps" (generally yes), (ii) which commodity options qualify for the trade option exemption, (iii) what the regulatory requirements are that apply to trade options, and (iv) information as to completing Form TO. The CFTC noted certain trade option participants are required to

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued two separate no-action letters providing relief to two commodity pool operators ("CPOs") that requested exemptions regarding annual reports. CFTC Letter 14-22 provided no-action relief to a CPO of a commodity pool from CFTC Rule 4.7(b)(3) ("Relief Available to CPOs"), which requires that the CPO distribute to its participants, and file with the National Futures Association ("NFA"), an Annual Report within 90 days of the close of the Pool's fiscal year. Instead, CPO proposed to file a 13-month Annual Report for the Pool

The SEC approved an MSRB proposal to consolidate its multiple registration rules and forms for municipal securities dealers and municipal advisors into a single MSRB registration rule, Rule A-12, and into new Form A-12. The rule change details the process of registering with the MSRB, and of updating certain key information pertaining to categories of registration, types of business and contact personnel. Additionally, the new rule would amend Rule G-14 ("Reports of Sales or Purchases") and would delete MSRB Rules A-14, A-15, and G-40 ("Electronic Mail Contacts"), and Forms RTRS and G-40. The