The SEC approved amendments to FINRA Rule 6730(d)(2) to require firms to report to TRACE the factor for each transaction in an asset-backed security (ABS) (except an ABS traded To Be Announced (TBA)), in the limited instances when firms effect such transactions as agent and charge a commission. The amended rule text is set forth in Attachment A of the attached notice. Effective Date: July 22, 2013. Click hereto view regulatory notice in full (links externally to FINRA website).

The Securities Industry/Regulatory Council on Continuing Education (the Council) released the semi-annual Firm Element Advisory (FEA) (see FINRA Regulatory Notice 13-14). FINRA has made available the following online training resources: E-Learning Courses: Online training featuring assessment tests, scenarios, real-time completion tracking and certificates of completion (see www.finra.org elearning). Podcasts: Short audio recordings on specific targeted topics, which can be heard online or downloaded to a portable media player (see www.finra.org podcasts). The Council produces the FEA to

On April 12th, CFTC Chairman Gary Gensler and CFTC Commissioner Scott O'Malia testified before the House Appropriations Committee on the Fiscal Year 2014 budget request for the CFTC. The chairman of the subcommittee, Robert Aderholt, stated that the CFTC had received six consecutive annual increases in funding, an overall increase of 85 percent since the 2008 Financial Crisis, which he indicated was disproportionate to increases in federal spending generally. He then went on to say that the CFTC's focus on hiring additional staff was "disconnected to the reality"; that most activity under CFTC

The CFPB published a Small Entity Compliance Guide for the Ability-to-Repay and Qualified Mortgage Rule. The purpose of the guide is to provide a comprehensive, accessible rule summary in FAQ format for a broad array of industry constituents, especially smaller businesses with limited legal and compliance staff. Cross-Reference(s): Dodd-Frank Act Title XIV [Mortgage Reform and Anti-Predatory Lending Act]. View Guide in full here (links externally to CFPB website). Related News Items: "CFPB Issues "Ability-to-Repay" Final Rule Regarding Mortgage Lending" (January 10, 2013); "Ability-to-Repay

At the request of the Kansas City Board of Trade Clearing Corporation ("KCBTCC"), the CFTC has issued an Order, pursuant to CEA Section 7, vacating the registration of KCBTCC as a derivatives clearing organization. This order will become effective in connection with the transfer of open interest on the clearing corporation to the Chicago Mercantile Exchange Inc. ("CME"). KCBTCC, together with CME, also requested the transfer to CME of the 4d Order originally issued to KCBTCC that permits the commingling of customer funds used to margin, guarantee, or secure cleared-only wheat swaps with other