The SEC approved a FINRA rule change to update the Discovery Guide used in customer arbitration proceedings. According to FINRA, the Guide supplements the discovery rules contained in the FINRA Code of Arbitration Procedure for Customer Disputes. The rule change to amend the Guide provides general guidance on electronic discovery issues and product cases, and clarifies the existing provision relating to affirmations made when a party does not produce documents specified in the Guide. See: SEC Order of Approval. See also: FINRA Proposed Rule Change to Amend the Discovery Guide Used in Customer

Saying that it was acting in response to the CFTC's focus on the liquidity of resources available to central counterparties, ICE Clear U.S. ("ICUS") announced it would be increasing the amount of the Clearing Member contributions for the Guaranty Fund that must be kept in cash. Effective December 31, all Clearing Members will be required to maintain 50% of their Guaranty Fund requirements in cash. ICUS Rules and Risk Policies Bylaw 5.4(c) currently requires Clearing Members to maintain the first $50,000 of a Guaranty Fund deposit in cash, and states that the balance may be met with cash, U.S

The National Futures Association ("NFA") announced that it will hold a webinar on October 3 to help CTAs understand their new quarterly reporting requirements under NFA Compliance Rule 2-46 and CFTC Rule 4.27 ("Additional Reporting by Advisors of Certain Large Commodity Pools"). During the 60-minute webinar, NFA staff will discuss the new rules and provide a walk-through of the filing process for CTAs. The first quarterly Form PR filing under NFA Compliance Rule 2-46 will be due November 14. See: Webinar Announcement and Registration Information. See also: New Quarterly Filing Requirements for

FINRA filed a proposed rule change to adopt an interpretation to clarify the classification and reporting of certain securities to FINRA. The proposed rule change aims to address the appropriate classification of "hybrid" securities for trade reporting purposes. According to FINRA, the hybrid securities have both debt and equity-like features, making their classification unclear. FINRA proposes an interpretation regarding the classification and reporting of the following two categories of hybrid securities: Depositary shares, which FINRA proposes to treat as OTC Equity Securities, as long as

FINRA issued an Investor Alert titled "Private Placement - Evaluate the Risks before Placing Them in Your Portfolio" to caution investors that placing money in private placement portfolios can be a risky investment that has the potential to tie up money for a long time. In the alert, FINRA explains that a private placement is an offering of a company's securities that are not registered with the SEC, and are not offered to the public at large. Private placements are offered pursuant to Securities Act Regulation D ("Rules Governing the Limited Offer and Sale of Securities without Registration