FINRA released the first podcast in its three-part series on regulatory and sales practice topics for Firm Element Training plans. The podcast discussed SEC-approved rule amendments to create professional qualification standards for municipal advisors and two new registration classes: (i) Municipal Advisor Representatives, for those who do the advising, and (ii) Municipal Advisor Principals, for those who manage, direct or supervise municipal advisory activities of others. The new professional qualification rules also require certain registered people to take annual firm training on municipal

FINRA's proposal to adopt Rule 2272 to govern the sales or offers of sales of securities on the premises of any military installation to members of the U.S. Armed Forces or their dependents was published in the Federal Register. According to FINRA, the adoption of Rule 2272 complies with the statutory requirements of the Military Act. Comments on the proposed rule are due no later than June 2, 2015. See: 80 FR 27220. Related news: FINRA Proposes Rule Regarding Sales or Offers of Sales of Securities to Military Members or Dependents (May 7, 2015).

The NFA issued a notice to members reminding them that when a firm first applies for registration, the applicant must provide the address of its main office location and telephone number, and also may provide its general e-mail address. The NFA also reminded members that the applicant must list the names, addresses and telephone numbers of the individuals whom it designates as its contacts for a variety of functions, such as compliance, membership and enforcement. Additionally, the NFA stated that on an annual basis, registered firms must review the information on the NFA's Online Registration

The Office of Financial Research ("OFR") issued a working paper that examines the relationship between banks' credit default swaps ("CDS") spreads and possible measures of systemic importance. In the paper, the OFR finds banks perceived as too big to fail to have CDS spreads that are 44 to 80 points lower than other banks, depending on the asset-size threshold and controls used. Additionally, the study suggests that market participants pay more attention to asset size than to more complex measures, such as the designation of a globally systemically important bank. See: The Influence of

FDIC Chairman Martin J. Gruenberg spoke at the American Association of Bank Directors. His speech focused on the role of bank directors in promoting the safety and soundness of the banking system. Chairman Gruenberg stated that bank directors are tasked with overseeing the framework of objectives, policies and risk limits within which a bank's executive officers operate, in addition to monitoring the extent to which those executive officers comply with applicable laws and regulations. In addition, he explained, the FDIC's expectations for directors are based on "basic common sense principles,"