FINRA has released a podcast featuring a discussion with Executive Vice President Dan Sibears and Senior Vice President Mike Rufino about examination approaches, common findings and effective practices for complying with FINRA Rule 2111 ("Suitability"). The suitability rule, which became effective on July 9, 2012, "requires a firm or associated person to have a reasonable basis to believe that a recommended transaction or investment strategy involving a security is suitable for a customer" based on information obtained through "reasonable diligence" to acquire a customer's investment profile

FINRA has released a podcast summarizing the latest FINRA notices, news and compliance resources for December 2013. See the links below for topics in the FINRA podcast that were previously covered in the Cabinet News. See: FINRA Podcast. Related news: FINRA Files Amendment to Proposed Rule Change Relating to Wash Sale Transaction, Self-Trades and FINRA Rule 5210 (December 4, 2013); FINRA Files Proposed Rule Change to Update Rules Governing ADF (December 20, 2013); FINRA Fines Broker-Dealer Firm for Sales of Non-Traditional ETFs and Mutual Fund Switching (with Lofchie Comment) (December 5, 2013

Chairman Gary Gensler sent a final note to the CFTC thanking the staff and congratulating the agency for its efforts during Gensler's time as Chairman. As of noon on January 3, 2014, Mark Wetjen became acting CFTC Chairman. Subject to Senate confirmation, Tim Massad will become the CFTC Chairman in the coming months. See: Gensler's Final Note to CFTC Staff. Related news: Chairman Gensler's Departing Remarks (with Lofchie Comment) (December 27, 2013); CFTC Names Mark P. Wetjen as Its Acting Chairman (with Lofchie Comment) (December 16, 2013); Timothy Massad Nominated for CFTC Chairman (with

The SEC's approval of amendments to FINRA Rule 8312 ("FINRA BrokerCheck Disclosure") has been published in the Federal Register. The amendments permanently make publicly available in BrokerCheck information about former associated persons of a member firm who has been the subject of an investment-related civil action brought by a state or foreign financial regulatory authority that has been dismissed pursuant to a settlement agreement. See: 79 FR 417. See generally: Lofchie's Guide to Broker-Dealer Regulation; Employees Chapter (accessible to Cabinet subscribers only). Related news: SEC

The SEC announced that George S. Canellos, co-director of its Enforcement Division, will leave the agency later this month after four-and-a-half years of service in senior leadership positions. See: Press Release.