Three CFTC commissioners addressed recently proposed changes to rules relating to transacting on swap execution facilities.

The MSRB announced August 23, 2019 as the effective date for previously approved amendments to MSRB Rule G-21 and Rule G-40 (collectively, the "advertising rules"). ( See SEC Approves Three MSRB Advertising Rule Proposals.) In related actions, the MSRB filed for immediate effectiveness (i) guidance (issued in the form of FAQs) on the use of social media and (ii) additional amendments to the advertising rules, and a related technical amendment to MSRB Rule G-8, as to recordkeeping requirements. The additional amendments to the advertising rules concern the requirement of principal pre-approval

In a comment letter to the SEC, the Financial Information Forum ("FIF") offered an alternative approach to address the challenges of reporting "downstream order execution data" under Regulation NMS Rule 606 ("Disclosure of Order Routing Information"). According to the FIF, the amended NMS Rule 606 obligates Introducing Brokers ("IBs") to report information concerning execution data that is not in the hands of an IB. In order for them to report the required execution data to the end customer, IBs would have to obtain information from the executing brokers and trading centers. The FIF states

The CFTC will not appeal a decision against the agency for failing to prove that a Chicago firm had attempted to manipulate the price of certain interest rate swaps. CFTC Director of Public Affairs Erica Elliott Richardson asserted that while the CFTC will not proceed with this particular case, it will continue to enforce its anti-manipulation provisions and prosecute cases through trial where warranted.

As part of its retrospective rule review, the MSRB requested comments on the "CUSIP Requirement" ( i.e., MSRB Rule G-34(a)(i)(A)(3)). The CUSIP Requirement obligates municipal advisors advising issuers on the "competitive sale of a new issue of municipal securities to apply for the assignment of a CUSIP number or numbers with respect to such issues within a specified time frame." Comments must be submitted by May 28, 2019.