The Committee on Rules for the U.S. House of Representatives announced that it would convene on January 12, 2015 to consider two proposals for regulatory reform: (i) H.R. 37, the Promoting Job Creation and Reducing Small Business Burdens Act (the "Economy Act"); and (ii) H.R. 185, the Regulatory Accountability Act of 2015 (the "Accountability Act"). The Economy Act was first considered by the U.S. House of Representatives on January 7 but failed to secure the necessary two-thirds vote required for passage under House rules applicable at the time. The Economy Act is being re-proposed under

FINRA filed a proposed rule change with the SEC to extend the expiration date of FINRA Rule 0180 ("Application of Rules to Security-Based Swaps") to February 11, 2016. Generally, the extension has the effect of disapplying most of FINRA's rules to security-based swaps, even though such transactions are "securities" for purposes of the Securities Exchange Act. Regarding the extension of its July 2011 order granting temporary exemptive relief, FINRA explained that it is "appropriate and in the public interest" to extend Rule 0180 so as to "avoid undue market disruptions resulting from the change

The MSRB published its 2014 Annual Report, which reviews the organization's 2014 initiatives, as well as its financial highlights, and includes a link to the audited financial statements on the MSRB Web site. The report reviewed MSRB 2014 initiatives, including: the implementation of a comprehensive regulatory framework for municipal advisors, including the advancement of core rules of conduct and a professional qualification program; a focus on enhancing market structure, particularly in the areas of price transparency and fairness; recent and planned enhancements to the display of trade data

An MFA blog post provides a discussion of the new reporting requirements that are applicable under the European Union's Alternative Investment Fund Managers Directive. See: MFA Blog Post.

FINRA released a podcast summarizing the latest notices, compliance resources and news from December 2014. FINRA reminded members of their filing obligations for annual audit and FOCUS Form Custody and Supplemental FOCUS Reports, and of the reports' due dates throughout 2015 and in the first quarter of 2016. FINRA also reminded firms of their obligations to disclose the material risks to customers of extended-hours trading, as described in Regulatory Notice 14-54. FINRA reminded members of an e-mail by Chairman and CEO Rick Ketchum, in which he reviewed rule-making proposals that were approved