CFTC Chair Timothy Massad and Commissioner Sharon Bowen delivered remarks before the Futures Industry Association Expo where they discussed the CFTC's priorities. Chair Massad stated that, although the CFTC has written nearly all of the rules required by Dodd-Frank, some rules have yet to be completed, including those on margin for uncleared swaps, capital and position limits. He also said the CFTC staff will soon issue a letter extending the no-action relief provided previously in order to phase in the requirement to trade MAT package transactions on swap execution facilities ("SEFs")

The MSRB released two podcasts, the first titled "Being a Regulated Municipal Advisor," and the second, "Providing Disclosure Information to Investors." Both podcasts offer an overview of municipal advisor basics, including registration, the structure of MSRB rules and the disclosure of information. In the first podcast, the MSRB stated that the "key obligation" of a municipal advisor is registration. Any municipal advisor that is engaged in a municipal advisory activity is required to register with the SEC and MSRB by completing Form A-12. Firms that utilize municipal securities dealers

Speaking at the George Washington University Law School, Federal Deposit Insurance Corporation ("FDIC") Vice Chair Thomas Hoenig offered recommendations as to how systemically important financial institutions ("SIFIs") should structure living wills in order to satisfy their obligations under Dodd-Frank. Title II of Dodd-Frank requires all SIFIs to submit plans, which are called "living wills," to the FDIC and the Board of Governors of the Federal Reserve System to demonstrate how they could be successfully unwound and enter bankruptcy in the event of failure. The speech was given in response

The CFTC's notice of intent to renew the collection of certain information regarding financial resource requirements for derivatives clearing organizations was published in the Federal Register. Comments regarding this notice must be submitted by January 5, 2015. See: 79 FR 65643.

The SEC issued and requested public comment on a tick test pilot program, as proposed by FINRA and the exchanges. The details of the pilot program include: a one-year pilot period; three test groups and one control group, with 400 pilot securities in each group (for a total of 1600 pilot securities): control group pilot securities will be quoted and traded at any price increment that is permitted; Test Group One pilot securities will be quoted in $0.05 minimum increments but may continue to trade at any permitted price increment; Test Group Two pilot securities will be quoted and may only be