U.S. House Representatives Mike Conaway (R-TX) and Colin Peterson (D-MN) urged Board of Governors of the Federal Reserve ("FRB") Chair Janet L. Yellen to (i) "recognize the exposure-reducing effect of segregated margin in the context of the off-balance sheet exposures of the Basel III Leverage Ratio" and (ii) "provide an explanation for why segregated customer margin does not reduce the bank's actual off-balance sheet exposure, especially as CFTC regulations circumscribe the manner in which it may be invested." Representatives Conaway and Peterson expressed their concern that "if the leverage

ISDA published the 2015 ISDA Universal Resolution Stay Protocol (the "2015 ISDA Protocol") which "enables parties to amend the terms of their Protocol Covered Agreements to contractually recognize the cross-border application of special resolution regimes applicable to certain financial companies and support the resolution of certain financial companies under the United States Bankruptcy Code." In addition, SIFMA, the International Capital Market Association ("ICMA") and the International Securities Lending Association ("ISLA"), in coordination with ISDA and the Financial Stability Board

Patrick Sweeney, former Senior Vice President and Manager of the Municipal Securities Department at Fidelity Capital Markets, joined MSRB’s 21-member Board of Directors.

The CFTC solicited comments on required notices of intent regarding mandated information collection. The information includes (i) certain recordkeeping and reporting requirements imposed on the following entities: swap dealers, major swap participants and swap counterparties that are neither swap dealers nor major swap participants; and (ii) the collection of certain other information mandated by CFTC Rule 3.3 ("Chief Compliance Officer"). Comments must be submitted by January 11, 2016.

The MSRB issued its 2016 Compliance Advisory for Municipal Advisors. The advisory highlights compliance risks for municipal advisors and provides examples of conduct that could result in violations of various MSRB Rules, including the following: MSRB Rule A-12 ("Failure to Register with the MSRB") MSRB Rule G-3 ("Failure to Ensure That Associated Persons Are Properly Qualified") MSRB Rule G-44 ("Failure to Implement an Appropriate Compliance Program") MSRB Rules A-12, G-3, G-32 and G-34 ("Failure to Recognize When Placement Agent Activity May Be Brokerage Activity") MSRB Rule G-17 ("Failure to