The CFTC announced its agenda for the upcoming Market Risk Advisory Committee ("MRAC") meeting on June 2, 2015. The MRAC meeting will focus on issues related to (i) the appropriate industry response to current and potential cybersecurity threats, and (ii) the concentration of Futures Commission Merchants, and the effect of that and other factors on market liquidity. See: MRAC Meeting Agenda. Related news: CFTC Announces Upcoming Market Risk Advisory Meeting (May 5, 2015).

FINRA filed a proposed rule change with the SEC to amend FINRA Rule 6710. The proposed amendment is intended to narrow the scope of the definition of "Asset-Backed Security" to facilitate reporting to FINRA's Trade Reporting and Compliance Engine ("TRACE") system. Specifically, the proposed amendment would make clear that home equity loans and lines of credit are not within the scope of the defined term "Asset-Backed Security." FINRA has filed the rule amendment for immediate effectiveness. The implementation date of the proposed rule is June 1, 2015. See: Text of Proposed Rule Change. Related

FINRA's proposal to amend FINRA Rule 4530 ("Reporting Requirements") was published in the Federal Register. The amendment would provide an exception to requirements that deal with a member or associated person subject to statutory disqualification. The exemption would apply if such a member or associated person was approved (or was otherwise permitted pursuant to FINRA rules and the federal securities laws) to be a member or to be associated with a member. The proposal was deemed noncontroversial and the amendments are effective immediately. Comments on the proposal must be submitted by June 9

The SEC announced that SEC Chief of Staff Lona Nallengara will be leaving the agency at the end of June. Currently, Mr. Nallengara is the lead advisor to the Chair on all issues involving the SEC, including policy development, rulemaking, strategy and management of the agency. He also serves as SEC deputy to the Financial Stability Oversight Council and is the primary SEC liaison with other financial regulators. See: Press Release.

The Futures Industry Association ("FIA") issued guidance to help market participants prepare for the "leap second" event that will realign Coordinated Universal Time ("UTC") with mean solar time. The guidance is intended to help market participants prepare not only for the event but also for potential disruptions to trading systems and operations. Additionally, FIA explained, it is collecting information on how exchanges around the world accommodate this extra second and will publish recommendations in the upcoming weeks. The event, like the additional second to be added to the UTC day to