In a decision with potentially wide implications, a FINRA hearing panel recently ruled that Charles Schwab Company Inc. could include a provision in its customer agreements prohibiting customers from bringing class action claims against Schwab and requiring customers to arbitrate their claims. The decision should prompt other firms to review their arbitration agreements and to consider whether to amend their customer agreements to include similar clauses. Click here to view all PDF of this article by Brad Bondi and Jason Halper. The online version may be found at http://www.law360.com/m

SIFMA submitted comments to the Rhode Island State Senate Majority Leader and Judiciary Committee expressing its concerns about proposed social media legislation, SB 493, as currently drafted. This legislation would prohibit employers from requiring that current or prospective employees provide employers with access to their personal social media accounts. SIFMA believes that SB 493 would, if enacted, conflict with the duty of broker-dealers to supervise, record and maintain business-related communications as required by both FINRA and state law. See: SIFMA Submits Comments to the Rhode Island

The Public Company Accounting Oversight Board ("PCAOB") is proposing a framework for reorganizing the existing interim and PCAOB-issued auditing standards into a topical structure with a single integrated numbering system. The PCAOB is also proposing certain conforming amendments to Rule 3101, Certain Terms Used in Auditing and Related Professional Practice Standards, and Rule 3200T, Interim Auditing Standards. Certain related amendments to the PCAOB auditing standards are also being proposed, as well as a proposal to rescind certain interim auditing standards which the PCAOB believes are no

Linked below is a brief article appearing in the Energy Metro Desk which quotes CFTC Commissioner O'Malia on the possibility of legislative changes to Dodd-Frank. Click here to view the article in full.The above link is to an excerpt from the most recent issue of Energy Metro Desk, which is published biweekly by Scudder Publishing Group, an energy trade news publishing company based in the Washington, D.C. metropolitan area. Those interested in learning more about the Energy Metro Desk may do so by linking to www.energymetro.com or emailing johns@scudderpublishing.com.Reprinted with permission

The NFA has released a Notice to Members to remind Member FCMs of their supervisory responsibilities with respect to Guaranteed Introducing Brokers' ("GIBs") promotional material and communications with the public. NFA Compliance Rule 2-9 ("Supervision") and the related Interpretive Notice ("Supervision of Branch Office and Guaranteed Introducing Brokers") outline an FCM's supervisory responsibilities with respect to the activities of its GIBs. The Interpretive Notice requires that NFA Members adopt written procedures regarding the use of promotional material and communications with the public