Energy Metro Desk reviewed regulatory developments and noted recent speeches given by SEC and CFTC Commissioners. Highlights include: CFTC Commissioner Luis A. Aguilar's "helpful tips" memo for future CFTC commissioners on choosing legal counsel wisely. The memo quotes Cadwalader attorney Robert Zwirb's recommendation that a new commissioner should be aware that the agency they are joining "has a culture of its own," and his warning that "members of the agency may be more inclined to perpetuate that culture rather than to challenge it." CFTC Commissioner J. Christopher Giancarlo's lecture on

The NFA issued new requirements for Forex Dealer Members ("FDMs") to report additional information in their daily Forex Financial Report. The NFA also is adding new line items to the supplementary information section of the monthly form 1-FR-FCM ("FOCUS Filing II"). These informational requirements, in conjunction with the changes to FDM capital requirements, will take effect on January 4, 2016.

FINRA reminded firms of their obligation to provide consolidated quotation information to customers. In a regulatory notice, FINRA asserted that firms are obliged to provide information under NMS Rule 603(c) ("Distribution, Consolidation and Display of Information with Respect to Quotations for and Transactions in National Market System Stocks"), also known as the "Vendor Display Rule." FINRA referenced SEC guidance specifying that a salesperson who provides a customer with a quotation that can be used to assess the current market must provide a consolidated display of market data; i.e., a

FINRA filed a proposed rule change with the SEC to adopt FINRA Rule 6732 ("Exemption from Trade Reporting Obligation for Certain Transactions on an Alternative Trading System"). The purpose of the change is to provide FINRA with the authority to exempt certain transactions by a member alternative trading system that meet specific criteria from the transaction-reporting obligations that would apply otherwise under FINRA Rule 6730 ("Transaction Reporting"). Additionally, FINRA proposed a related change to FINRA Rule 9610 to specify FINRA's exemptive authority.

The CFTC will hold an open meeting to consider (i) a proposed rule for Division of Clearing and Risk ("DCR") safeguards, (ii) a proposed rule for Division of Market Oversight ("DMO") safeguard-testing requirements and (iii) its final rule on the margin for uncleared swaps. The meeting will take place on December 16, 2015 at 10:30 a.m.