The CFTC settled charges against Foremost Trading LLC, a registered Introducing Broker, for violating CFTC Rule 166.3 by failing to diligently supervise the handling of certain trading accounts that had been referred to the firm by three entities that mass-marketed trading strategies. According to the CFTC, Foremost Trading had received a significant number of complaints from individual investors that the trading strategies were sold by means of fraudulent advertising, and that Foremost Trading ignored these complaints in continuing to open new accounts for clients referred to them by the

This is an updated version of the Delta Strategy Group's estimated implementation timeline for the various CFTC rules, including the "Made Available to Trade" Rule. Click here for the updated Implementation Timeline from Delta Strategy Group. See also: Previous Implementation Timeline; Trading Timeline; Timeline for CFTC Implementation of Key Provisions of Dodd-Frank (Provided by Delta Strategy Group) (May 30, 2013); Core Principles and Other Requirements for Swap Execution Facilities (Final Rule; Fed. Reg. Version) (June 4, 2013); Process for a Designated Contract Market or Swap Execution

SIFMA released a study conducted by IHS Global (which was founded by Daniel Yergin, author of The Prize: The Epic Quest for Oil, Money and Power), which is intended to describe and support the role of banks in the physical commodities market. SIFMA stated that the study aims to explain and illustrate the important business role that banks play in the commodity sectors of the U.S. economy. Additionally, according to SIFMA, the study demonstrates how the role of banks and other financial intermediaries in physical commodities is beneficial in providing business access to capital and related risk

The SEC approved a FINRA-proposed rule amending the Code of Arbitration Procedure for Customer Disputes to simplify arbitration panel selection procedures. More significantly, it allows the customer to select a panel that has no members from the financial industry. Lofchie Comment: Is there evidence that panels from the securities industry are systematically biased against customers, or that panels with industry members are more likely to reach a result that is both unfair to the customer and arguably incorrect? In the absence of such evidence, it is odd to exclude from an arbitration panel

MSRB filed a proposed rule change with the SEC to amend Rule G-11 ("Primary Offering Practices"). The proposed rule amendment would prohibit, with carefully defined exceptions, broker-dealers and municipal securities dealers from providing consents to changes in a bond authorizing document. Additionally, the proposed rule change would enhance protections for existing owners of bonds by prohibiting changes to authorizing documents consented to by a dealer in lieu of bond owners. See: Text of Proposed Rule Change. See also: MSRB Releases Report on Municipal Bond Continuing Disclosure Documents