The SEC granted a temporary conditional exemption to a Japanese credit rating agency from certain provisions under Exchange Act Section 15E (Registration of Nationally Recognized Statistical Rating Organizations)("NRSRO"). The credit rating agency sought relief from rule duplications and potential conflicts with its' compliance obligations under Japanese law. The conditional exemption was granted subject to the rating agency conforming to policies established in paragraph (t) of Section 15E related to corporate governance, organization, and management of conflicts of interest. Further, the

The SEC designated FINRA to administer professional qualification tests for associated persons of registered municipal advisors pursuant to the amendments made to Section 15B (Municipal Securities) of the Exchange Act bySection 975 (Regulation of municipal securities and changes to the board of the MSRB) of Dodd-Frank. This designation will be effective August 17, 2015. See: 80 FR 50883 - Designation of the Financial Industry Regulatory Authority To Administer Professional Qualification Tests for Associated Persons of Registered Municipal Advisors.

SIFMA expressed concern that the Federal Housing Finance Agency ("FHFA") will not have a strong enough role in maintaining the policy and practice alignment of the operations of Fannie Mae and Freddie Mac ("GSE") regarding the processes used to issue a single form of mortgage-backed security ("MBS"). In response to FHFA's Update on the Structure of the Single Security ("Update"), SIFMA stated that the alignment of policy, practice and performance should be FHFA's top priority, and that the Update does not offer enough detail regarding the process to create and maintain such alignment. SIFMA

SIFMA's Asset Management Group ("SIFMA AMG") recommended amendments to CFTC regulations on Made-Available-to-Trade ("MAT") determinations. The amendments are intended to fix "serious flaws" that could cause disruptions in liquidity and increase operational risk. SIFMA AMG recommended that (i) Commission Regulation 37.10 be amended to require all Six MAT Factors to be satisfied as part of any MAT submission; (ii) the Commission consider certain additional factors when assessing any MAT application; (iii) new MAT applications be treated as novel and complex and, accordingly, be subject to a full

CME Clearing will effectuate amendments to CME Rule 8G07 ("IRS Financial Safeguards and Guaranty Fund Deposit") that will reduce the minimum Interest Rate Swap ("IRS") contribution to the IRS Guaranty Fund for Clearing members. T he IRS Guaranty Fund ensures robust financial safeguards for IRS products. In a recent review of the requirements for Clearing membership, CME Clearing determined that it will reduce the minimum Interest Rate Swap Clearing Member contribution to the IRS Guaranty Fund from $50,000,000 to $15,000,000. The change is intended to encourage more entities to apply for