The Investment Company Institute ("ICI") voiced concerns regarding the Department of Labor's rule proposal defining the term "fiduciary" under ERISA. The ICI called the proposed rule "unworkable." In two more of what has been a series of comment letters, ICI raised numerous areas of concern including: the proposal would restrict the ability of investors to get the basic information they need to make informed investment choices – for example, by leaving key terms ambiguous and by revising current law to restrict the type of investment education that can be provided without triggering fiduciary

SEC Commissioners Daniel Gallagher and Michael Piwowar urged the SEC to prioritize the finalization of its rules governing the security-based swap market. In a public statement released by the SEC, and echoing a recent statement by Commissioner Aguilar, the Commissioners pointed to the wide range of rules remaining to be finalized, including those related to clearing and execution facilities, capital, margin, segregation, recordkeeping, and business conduct. They argued that finalization of these rules is important because the derivatives markets need regulatory certainty. Additionally, they

FINRA filed a proposed rule change to amend FINRA Rule 4210 to establish margin requirements for "To-Be-Announced" transactions ("TBAs") and other forward-settling transactions in agency securities. The proposal follows on recommendations for margining in these transactions made by the New York Federal Reserve Bank's Treasury Market Practice Group ("TMPG"). The new requirements would apply to: (i) TBA transactions, inclusive of adjustable rate mortgage transactions; (ii) Specified Pool Transactions; and (iii) certain transactions in Collateralized Mortgage Obligations (collectively "Covered

The NFA announced notification procedures for the terms of Director positions at the Board of Director's 2015 regular annual meeting. Still under review by the CFTC, the NFA's proposed new Board structure would be effective at its Annual Meeting in February 2016.

The North American Securities Administrators Association's ("NASAA") Non-Traded Real Estate Investment Trust ("REIT") Task Force settled charges against a broker-dealer for failing to (i) implement an adequate supervisory system and (ii) enforce its written procedures regarding its sale of non-traded REITs. Specifically, the firm, through its agents, (i) sold non-traded REITs in excess of the REITs' prospectus standards, various state concentration limits or the firm's own guidelines, and (ii) failed to implement a supervisory system that was reasonably designed to achieve compliance with