The National Futures Association ("NFA") issued a notice indicating that the proposed changes to integrate swap dealers and major swap participants into the composition of the Board and the Executive Committee were reviewed and unanimously ratified at the Special Committee on NFA Governance meeting on February 20, 2014. The changes to the NFA's Articles of Incorporation provide that: the Executive Committee would have two representatives from the FCM/IB, CPO/CTA, Swap Participant/RFED and exchange categories. In addition, the Chairperson would be a member of the Executive Committee in his or

The SEC issued a no-action letter to provide relief to broker-dealers with respect to certain requirements under amendments to Exchange Act Rule 15c3-3 ("Customer Protection - Reserves and Custody of Securities") that become effective on March 3, 2014. The relief relates to the requirement that broker-dealers obtain prior written consent from a customer for programs ("sweep programs") where a customer's free credit balances in a securities account are "swept" to a money market mutual fund of an account at a bank where deposits are FDIC-insured. The amendments adopted on July 30, 2013 to the

The SEC issued a no-action letter stating that it will not take action against broker-dealers holding cash in a reserve account at a non-affiliated U.S. branch of a foreign bank in determining whether it maintains the minimum deposits required under new paragraph (e) of Exchange Act Rule 15c3-3 ("Customer Protection - Reserves and Custody of Securities"). On July 30, 2013, the SEC adopted amendments to the broker-dealer financial responsibility rules, including new paragraph (e)(5) to Rule 15c3-3, which places limitations on banks where a broker-dealer can deposit cash to meet its customer or

The MSRB announced that it will host a free educational webinar on primary offering practices as amended in MSRB Rule G-11 ("Primary Offering Practices"). The webinar is scheduled for Thursday, March 13, 2014, at 3:00 p.m. EST, and will address the new provisions of Rule G-11 for those who are seeking to understand them.Recent revisions to the rule establish certain basic regulatory standards for municipal securities dealers relating to the use of retail order periods in the primary offering of municipal securities and the priority provisions in that offering of municipal securities. The

Chairwoman of the U.S. Senate Committee on Agriculture, Nutrition and Forestry, Debbie Stabenow (D-MI), announced that the Committee will hold a hearing to consider pending nominations for the CFTC. The hearing is scheduled to be held on Thursday, March 6, 2014, at 10:00 a.m.The nominees are: Timothy G. Massad, to be Chair and a Commissioner of the CFTC; Sharon Y. Bowen, to be a Commissioner of the CFTC; and J. Christopher Giancarlo, to be a Commissioner of the CFTC. See: Committee Announcement.