The National Futures Association ("NFA") announced the results of a survey sent to its members in August 2013 that requested feedback on all of the key areas in which members interact with the NFA. The topics included the NFA's examination process, disclosure document review, Information Center, website, educational resources and various filing systems. According to the NFA, respondents had generally positive feedback but voiced some concerns regarding: a lack of knowledge among NFA examiners about areas of risk and critical issues facing firms; disclosure documents being too detailed

The MSRB-proposed rule to create a consolidated registration rule and form was published in the Federal Register. The proposed rule would amend MSRB Rule A-12 and Rule G-14 ("Reports of Sales or Purchases") regarding reports of sales or purchases and the Facility for Real-Time Transaction Reporting and Price Dissemination ("RTRS Facility"). Additionally, the MSRB proposed to adopt a new single, consolidated electronic registration form called Form A-12. Comments for the amendments must be submitted by February 4, 2014. See: 79 FR 2483. See generally: MSRB Rule Calendar (available to Cabinet

The MSRB announced that it will host a webinar on February 6, 2014, at 3:00 p.m. regarding its proposed rule on core standards of conduct for municipal advisors.

The Board of Governors of the Federal Reserve System ("FRB"), the CFTC, the FDIC, the Office of the Comptroller of the Currency and the SEC (the "Agencies") published in the Federal Register an interim final rule permitting banking entities to retain interests in certain collateralized debt obligations ("CDOs") backed primarily by trust preferred securities ("TruPS"), notwithstanding the investment prohibitions of Dodd-Frank Section 619 (the "Volcker Rule"), provided that the TruPS securities in the CDO in question consist predominantly of TruPS issued by a bank with less than $15 billion in

The Board of Governors of the Federal Reserve System ("FRB") requested comments regarding physical commodity activities conducted by financial holding companies, including current authorizations of these activities and the appropriateness of further restrictions. The FRB is seeking public comment as part of a review of these activities, including the unique and significant risks that physical commodities activities may pose to financial holding companies, their insured depository institution affiliates and U.S. financial stability. The activities under review include (i) the nature of risks