The MSRB announced that it is seeking applicants to fill seven positions on its Board of Directors. Each of the seven positions will last for a three-year term starting on October 1, 2015. According to the MSRB, applicants should be knowledgeable about the municipal market to be able to assist in crafting policies on the regulation of financial professionals, market structure and the MSRB's EMMA Web site. Individuals who seek more information are encouraged by the MSRB to consult Rule A-3, which outlines requirements for applicants. Subsequently, the MSRB announced a webinar on January 13

The North American Securities Administrators Association ("NASAA") is requesting the opinions of financial industry professionals on a job analysis study of the various examinations that may be required for securities professionals in order for them to be registered with the states (the Series 63/65/66 exams). NASAA is requesting financial industry professionals' input on a content survey designed to help determine the necessary knowledge for securities professionals who are required to pass one of these exams. Surveys must be submitted by 8:00 p.m. ET on February 13, 2015. See: Content Survey

The Federal Deposit Insurance Corporation ("FDIC") issued guidance in the form of a list of frequently asked questions ("FAQs") regarding brokered bank deposits. The FAQs cover various topics, such as identifying brokered deposits, accepting deposits, listing services, interest rate restrictions and other brokered deposit-related matters. See: Guidance on Identifying, Accepting, and Reporting Brokered Deposits – Frequently Asked Questions.

The SEC approved a FINRA-proposed rule change to incorporate NASD Rule 3010(e) ("Supervision – Qualifications Investigated") regarding background investigations into new FINRA Rule 3110(e) ("Responsibility of Member to Investigate Applicants for Registration"). The new rule change, as modified by Amendment No. 1, would streamline and clarify rule language, and add a provision to require members to adopt written procedures that are "reasonably designed" to verify the accuracy and completeness of the information contained in an applicant's Form U4 ("Uniform Application for Securities Industry

The SEC approved a FINRA-proposed rule change to FINRA Rule 0190 ("Effective Date of Revocation, Cancellation, Expulsion, Suspension or Resignation") and FINRA Rule 2040 ("Payments to Unregistered Persons"), and to amend FINRA Rule 8311 ("Effect of a Suspension, Revocation, Cancellation, or Bar"). The new FINRA Rule 2040 governs members' payment of transaction-based compensation to unregistered persons, which incorporates NASD Rule 1060(b) ("Persons Exempt from Registration") and streamlines the provisions of NASD Rules 2410 ("Net Prices to Persons Not in Investment Banking or Securities