FINRA has filed a proposed rule with the SEC to amend FINRA Rule 6700, which governs the dissemination of information on Asset-Backed Securities transactions. The major import of the rule changes is to reduce the time between trade execution and report. The proposed rules changes would also make a good number of technical changes to the relevant trade reporting rules. As part of these changes, FINRA proposes to rename the broad group of securities currently defined as "Asset-Backed Securities" to "Securitized Products." FINRA would then more narrowly define "Asset-Backed Securities"

The CFTC has published a correction that shortens the comment period for the proposed rule requiring that CFTC-registered firms become members of a registered futures association; i.e., the National Futures Association. Comments should be submitted by January 7, 2014 (not January 17, as originally stated). See: 78 FR 67985. Related news: CFTC Proposed Rule: Membership in a Registered Futures Association (Fed. Reg. Version) (with Lofchie Comment) (November 8, 2013).

The Office of the Comptroller of the Currency ("OCC") published a bulletin providing guidance and establishing the standards which the OCC uses when requiring national banks, federal savings associations, or federal branches or agencies to employ independent consultants as part of an enforcement action to address significant fraud, violations of law, or harm to consumers. Highlights of the bulletin include: the OCC's assessment of the need to require a bank to hire an independent consultant in an enforcement action; the OCC's expectations for a bank's due diligence process when retaining an

U.S. Treasury Department official Timothy Massad has been nominated by President Obama to serve as the Chairman of the CFTC. If confirmed by the Senate, Massad will succeed Gary Gensler, who plans to step down at the end of his term in January. Chairman Gensler released a statement (linked below) regarding the nomination in which he congratulates Mr. Massad and states that he looks forward to their working together to ensure a smooth transition. SIFMA also released a statement (linked below) of congratulations, saying that Mr. Massad "has an impressive background in law and public service at

SIFMA submitted comments to the SEC regarding the proposed changes to MSRB Rule G-47 ("Time of Trade and Disclosure Obligations") and Rule G-19 ("Suitability of Recommendations and Transactions; Discretionary Accounts"), and proposed new MSRB Rules D-15 and G-48 (on sophisticated municipal market professionals) and the deletion of the interpretive guidance that is being superseded by these rule changes. According to the letter, SIFMA supports the MSRB's efforts to clarify its rules by reorganizing or eliminating the interpretive guidance associated with Rule G-17 into new or revised rules that