The NFA issued separate enforcement actions against two firms. AMP Global Clearing LLC. The NFA charged AMP Global Clearing ("AMP") and its president and principal with failing to supervise Amp's operations diligently to ensure that they complied with regulatory requirements. The NFA found that AMP had deficiencies in multiple operations – including AML procedures, risk management and the way it accrued for expenses – that resulted from "lax internal controls and oversight." Spencer Capital Management LLC. The NFA charged Spencer Capital Management ("Spencer Capital") with failing to provide

MFA published a position paper titled "Dodd-Frank at 5: The Role of Alternative Investments in Today's Capital Markets." The paper discusses changes in the financial markets since the enactment of the Dodd-Frank Act, and examines the expanded role of alternative investments at the onset of new regulations. In the position paper, MFA argues that hedge funds are no longer mere "tools for high-net worth individuals," and notes that institutional investors currently represent nearly two-thirds of the industry's assets under management. Moreover, MFA contends, as new regulations constrained the

FINRA's Proposal to Amend FINRA Rules Regarding Temporary and Permanent Cease-and-Desist Orders was published in the Federal Register. Comments on the proposal must be submitted by July 28, 2015. See: 80 FR 38783. Related News: FINRA Proposes to Amend Rules Regarding Temporary and Permanent Cease-and-Desist Orders (June 17, 2015).

FINRA's proposal to adopt FINRA Rule 7650A was published in the Federal Register. The proposal concerns the debit process for the collection of fees by the FINRA/Nasdaq Trade Reporting Facility ("FINRA/Nasdaq TRF"). The rule change would require FINRA members that are FINRA/Nasdaq TRF participants to provide clearing account numbers for accounts at the National Securities Clearing Corporation. This change would permit the FINRA/Nasdaq TRF to debit undisputed or final fees due and owing by members under the Rule 7600A Series. Comments on the proposal must be submitted by July 28, 2015. S ee: 80

FINRA issued the second in a six-part series of podcasts about its Regulatory and Examination Priorities for 2015. The second podcast examines FINRA's sales practice priorities when it comes to specific products. Interest-Rate Sensitive Fixed-Income Securities FINRA emphasized that it is critical for firms to discuss the impact of interest-rate changes on prices when marketing fixed-income products. Examiners are looking for concentrated positions and products that are highly sensitive to interest rates, such as high-yield bonds and mortgage-backed securities. FINRA noted that examiners may