The National Futures Association ("NFA") updated its Self-Examination Questionnaire. The new questionnaire focuses on a firm's regulatory responsibilities and solicits information concerning whether the firm's internal procedures are adequate for meeting those responsibilities. The questionnaire is used by future commission merchants, introducing brokers, commodity pool operators, commodity trading advisors and forex dealer members. It satisfies a required annual supervisory review pursuant to NFA Compliance Rules 2-9("Supervision"), 2-36 ("Requirements for Forex Transactions") and 2-39 (

FINRA proposed the adoption of Funding Portal Rules 100, 110, 200, 300, 800, 900 and 1200 (collectively, the "Funding Portal Rules") and related forms. The new rules were promulgated pursuant to the 2012 JOBS Act which "prohibits funding portals from a variety of activities, including offering investment advice or recommendations, soliciting transactions for securities displayed on their websites, compensating employees for securities solicitations, and holding investor funds or securities." As part of its plan, FINRA also proposed the adoption of new FINRA Rule 4518 ("Notification to FINRA in

The SEC Division of Corporation Finance issued interpretive advice regarding the application of the exemptions provided by Securities Exchange Act Rule 16b-3 ("Transactions between an Issuer and Its Officers or Directors") to directors of an adviser to a business development company and to officers of the business development company. Subject to the procedural requirements set out in the letter, such person would be eligible for the exemptions provided by Rule 16b-3. The SEC emphasized that these views only apply to the specific representations made by this specific request for guidance. See

In a white paper titled "Liquidity and Flows of U.S. Mutual Funds," the SEC Division of Economic and Risk Analysis examined the U.S. mutual fund industry with particular attention paid to: (i) fund flows; (ii) the liquidity of fund portfolios; and (iii) the interaction of these characteristics. The white paper emphasized that liquidity risk management is a primary concern for mutual funds due to: (i) the possibility of so-called asset "fire sales;" (ii) the exacerbation of these sales by how a fund's net asset value is determined for redeeming investors; and (iii) the significant growth in

IOSCO's Board of Directors (the "Board") focused on three activities in key priority areas identified in the IOSCO 2020 Strategic Direction: (i) identifying and responding (by providing guidance) to global market risks, (ii) providing assistance to IOSCO members and (iii) supporting G20 efforts to promote stability in the global financial system. The Board also discussed IOSCO's work in other key areas, including: the risks posed by central counterparty clearinghouses; market conduct; cyber resilience and audit quality; publishing a report on liquidity risk management in collective investment