FINRA reminded firms of their Annual Audit, Financial and Operational Combined Uniform Single ("FOCUS"), Form Custody and supplemental FOCUS Report filling obligations. The notice provides dates on which filings will be due in 2016 and in the first quarter of 2017.

FINRA released the first podcast in a four-part series on Firm Element training. The series highlights new and updated topics for firms to consider when developing and implementing their Firm Element training plans. The first podcast noted FINRA's guidance in the following areas: Communications rules. Non-promotional communications, institutional communications and a filing exclusion for non-material changes to previously filed retail communications. Cybersecurity. Risk assessment, incident response plans and staff training. Dispute resolution. FINRA amended the codes of arbitration procedure

Eighteen distinguished professors of bankruptcy and corporate law expressed concern that a "proposed omnibus appropriations rider" could amend the Trust Indenture Act of 1939 ("TIA") "without any legislative hearings or opportunity for public comment." In a letter addressed to Senate and House leadership, the professors argued that the "hasty amendment of the Trust Indenture Act could have broad negative unintended consequences in the securities markets." Provisions of the TIA are intended to protect bond investors, they argue "by requiring any restructuring of bonds to occur subject to the

SIFMA expressed its "unequivocal" support of the MSRB's proposed amendments to MSRB Rules G-12 ("Uniform Practice") and G-15 ("Confirmation, Clearance, Settlement and Other Uniform Practice Requirements with Respect to Transactions with Customers"). The amendments would shorten the securities settlement cycle from T+3 to T+2. SIFMA also requested that the MSRB: amend its rules to specify that the electronic delivery of documents is satisfactory, since firms could find it difficult to deliver paper documents within a two-day settlement period; and finalize related changes to MSRB Rules G-12 and

The Investment Company Institute (ICI) updated the framework for its Financial Intermediary Controls and Compliance Assessment (FICCA). The framework provides guidance for financial intermediaries that engage independent accountants to report on control and compliance environments, as well as for mutual fund complexes that use such reports as part of their due diligence programs. The updated framework is intended to improve oversight and increase efficiency, transparency and flexibility for intermediaries. A review of the framework's 17 areas of focus by a working group of ICI member firms