The Basel Committee on Banking Supervision ("BCBS") and IOSCO announced revisions to the uncleared margin framework. The revisions will delay the implementation of the bilateral exchange of margin for uncleared derivatives. The new timeline calls for the requirements to be implemented as follows: Variation Margin September 2016: Covered entities belonging to a group with a notional amount of uncleared derivatives activities during a measuring period ("group notional") that exceeds €3 trillion. March 2017: All other covered entities. Initial Margin September 2016: Covered entities with a group

The CFTC unanimously approved a final rule removing the automatic termination of the phased-in compliance period for the Residual Interest Deadline for futures commission merchants ("FCMs"). The termination was scheduled to occur on December 31, 2018. Under the phased-in compliance schedule in CFTC Rule 1.22 ("Use of Customer Funds Restricted"), an FCM is required to maintain a sufficient amount of its own funds ("residual interest") in customer segregated accounts by the Residual Interest Deadline of 6:00 p.m., Eastern time, on the next business day to cover customers' under-margined amounts

The MSRB published a notice to inform firms of a rule change that it submitted to the SEC. The change increases the development fee for MSRB professional qualification examinations from $60 to $150. The proposal, amends MSRB Rule A-16 and is effective immediately. The MSRB stated that individuals who register for an MSRB-owned exam on or after April 1, 2015 will be charged the new rate. See: MSRB Regulatory Notice 2015-05. Related news: MSRB to Amend Its Rules to Create Professional Qualification Standards for Municipal Advisors (Notice 2015-04) (March 2, 2015); SEC Approves MSRB Proposal to

The SEC order approving FINRA's proposed rule change to the Trade Reporting and Compliance Engine ("TRACE") rules (as modified by Amendment No. 1) and soliciting comments on Amendment No. 1 was published in the Federal Register. FINRA proposed to amend the TRACE Rules 6700 series to (i) add a new contra-party type to be used in TRACE reports to identify a transaction with a nonmember affiliate, and (ii) to require a firm to identify when a transaction with a nonmember affiliate meets specified conditions, so that FINRA can suppress the dissemination of such trade. In response to comments

The SEC requested an extension of a previously approved period to collect information regarding recordkeeping and other requirements for open-end investment companies under the Investment Company Act Section 11(a) and Rule 11a-3. Public comments on the collection of information must be submitted to the Office of Management and Budget within 30 days of the publication of the request in the Federal Register. See: 80 FR 13947.