FINRA proposed by-laws amendments addressing the transition of the Regulatory Element of Continuing Education ("CE") to the FINRA CE Online System®. The proposal includes lowering fees for continuing education sessions.

The SEC requested comments on an MSRB proposal to revise the content outline for the Municipal Advisor Representative Qualification Examination. The proposal was published in the Federal Register for immediate effectiveness.

The SEC solicited comments on FINRA's proposal to extend the implementation date of an interim pilot program with respect to margin requirements for certain credit default swaps. The proposal was published in the Federal Register.

The SEC proposed a new rule that would require SEC-registered investment advisers to implement written business continuity and transition plans, which would be designed to address risks related to significant disruptions in the investment advisers' operations. The proposal was published in the Federal Register.

European Central Bank staff outlined the systemic risks of shadow banking and urged regulators to conduct additional analyses that employ an "activities-based approach."