The MSRB filed amendments to MSRB Rule A-12 ("Registration") and MSRB Rule A-13 ("Underwriting and Transaction Assessments for Brokers, Dealers, and Municipal Securities Dealers"). The purpose of the proposed rule change is to adjust certain existing MSRB fees applicable to dealers and municipal advisors that engage in municipal securities and municipal advisory activities. Comments must be submitted by September 18, 2015. Comments must be submitted by September 18, 2015. See: 80 FR 52352: MSRB Filing of Amendments to MSRB Rule A-12 and MSRB A-13. Related News: MSRB Adjusts Underwriting

Concerned with the integrity of customer accounts, ISDA CEO Scott O'Malia criticized the Basel Committee on Banking Supervision for using a leverage ratio that doesn't take client margin protections into account when determining the exposures that banks face as a result of their client clearing businesses. O'Malia posted his opinion titled "Client Margin Protections Should Be Recognized" on the ISDA blog, derivatiViews. Mr. O'Malia discussed what he asserts is a major shortcoming of the Basel Committee on Banking Supervision's "leverage ratio"; i.e., that margin provided by customers in

The FDIC released a Statement of Policy outlining principles for the development and distribution of stress test scenarios to assess the potential impact of economic conditions on covered banks' earnings, losses, and capital. Stress tests help both banks and the FDIC ensure sufficient capital to absorb losses under adverse economic conditions, with scenarios based on baseline, adverse, and severely adverse financial conditions. The FDIC collaborates with other regulatory bodies to develop these scenarios, which are distributed annually to covered banks by November 15th.

Effective October 1, 2015, fees that public companies and other issuers pay to register their securities with the Commission will be set at $100.70 per million dollars. The fee decreases were made pursuant to Section 6(b) ("Registration of securities - Registration fee") of the Securities Act of 1933, Section 13(e) ("Periodical and other reports - Purchase of securities by issuer") and Section 14(g) ("Proxies - Filing fees") of the Securities Exchange Act. S ee: SEC Press Release. R elated news: NFA Approves Fiscal Year 2016 Budget (May 28, 2015).

The Futures Industry Association ("FIA") FIA Europe and FIA Asia formalized their merger efforts and will begin operating as a single global organization in the first quarter of 2016. FIA Global Chair Michael Dawley stated that this announcement marks "the culmination of a long process of international expansion and engagement and a great step forward for the organization and its members." Related news: FIA Global Holds First Board Meeting, Names Jackie Mesa as Executive Director (November 8, 2013); FIA, FOA and FIA Asia Complete Formation of FIA Global (August 23, 2013).