The SEC Division of Investment Management issued guidance that is intended to clarify regulations and obligations regarding mixed and shared funding orders. Specifically, the guidance addresses whether (i) a mutual fund that offers its shares as an investment option under a variable life and/or variable annuity contract is required to obtain a so-called "mixed and shared funding" SEC order prior to making such an offer, and (ii) a mutual fund that has obtained a mixed and shared funding order previously must, under all circumstances, comply with the terms and conditions of that order. Se e

The Board of Governors of the Federal Reserve System's final rule to amend capital planning and stress testing rules was published in the Federal Register. The final rule adjusts the due date for bank holding companies ("BHCs") with total consolidated assets of $50 billion or more to submit their capital plans and stress test results. For the 2015 capital plan cycle, such BHCs are required to submit capital plans on or before January 5, 2015, unchanged from prior years. For subsequent cycles beginning in 2016, participating BHCs will be required to submit their capital plans and stress testing

The Board of Governors of the Federal Reserve System ("FRB") issued a final rule amending Regulation HH risk-management standards for financial market utilities that have been designated as systemically important by the Financial Stability Oversight Council, and over which the FRB has standard-setting authority pursuant to Dodd-Frank. The FRB also announced final revisions to Part I of the Federal Reserve Policy on Payment System Risk, which applies to financial market infrastructures more generally, including those that are operated by Federal Reserve Banks. Key amendments to the rule and

North American Securities Administrators Association ("NASAA") President William Beatty and Ohio Securities Commissioner and former NASAA President Andrea Seidt discussed NASAA news initiatives and committees. Mr. Beatty began by announcing NASAA's new Board of Directors and Section Chairs. He went on to explain that one of NASAA's priorities will be to address issues involving senior citizens. Specifically, Mr. Beatty would like to develop guidance concerning how to handle senior citizens with declining short-term memory and other signs of diminished mental capacity. He also announced the

The FIA ("Futures Industry Association") issued a notice ("Notice") regarding privately negotiated off-exchange futures or option on futures transactions, which are known as exchange for related positions ("EFRP"). The Notice provides a short summary of certain common requirements of the rules and guidance issued by CME Group and ICE Futures. In the Notice, FIA explained that customers are subject to the jurisdiction of the exchange through which the EFRP transaction is entered into; therefore, they could be required to produce records and otherwise cooperate with any inquiry that exchanges