FINRA released the 2015 Regulatory and Examination Priorities Letter which highlights significant risks and issues that could affect investors and market integrity adversely. According to FINRA, firms face a number of recurring challenges, including (i) putting customers' interests first, (ii) firm culture, (iii) supervision, risk management and controls, (iv) product and service offerings, and (v) conflicts of interest. FINRA stated that addressing these challenges will "enable firms to get ahead of many of the concerns that FINRA raises in this letter." One "particularly troubling" issue

The MSRB issued a Regulatory Notice announcing that its Electronic Municipal Market Access ("EMMA") service will begin to collect and disseminate disclosures related to municipal asset-backed securities on January 9, 2015. The MSRB announced that it will provide updated documentation reflecting the new category of disclosures that will be accepted by EMMA. Se e: MSRB Regulatory Notice 2015-02. Related news: MSRB to Publish Disclosures about Municipal Asset-Backed Securities (MSRB Regulatory Notice 2014-21) (November 25, 2014).

The Federal Deposit Insurance Corporation ("FDIC") appointed Michael J. Dean as Regional Director for the Atlanta Region. See: Press Release.

The CFTC Division of Swap Dealer and Intermediary Oversight issued conditional no-action relief to a provisionally registered swap dealer ("firm") regarding certain chief compliance officer ("CCO") reporting line requirements under CFTC Rules. Subject to conditions in the letter, the no-action relief permits the firm to: maintain a limited reporting line for the CCO to the "governing body" established pursuant to CFTC Rule 23.600; undertake the CCO consultations required under Rule 3.3 with the governing body instead of the board of directors or senior officer (with summary reports provided to

The SEC issued an Investor Bulletin, titled "15 Investment Tips for 2015," which provides 15 tips to help investors make "informed" financial decisions and avoid common investment scams in 2015. The tips include the following: always check the backgrounds of investment professionals; promises of high returns with little or no risk could be red flags for fraud; diversification can help to reduce overall risk; mutual funds and similar investments are not guaranteed or insured by the FDIC or any other government agency; active trading can undermine investment performance; and certain investments