FINRA filed with the SEC a proposed rule change to revise the implementation date for the Supplemental Inventory Schedule from December 31, 2014 to January 30, 2015. The proposed rule change would be effective immediately. See: Text of Proposed Rule Change; FINRA Rule Filing. Related news: SEC Approves FINRA Proposal to Adopt Supplementary Schedule for Inventory Positions (Fed. Reg.) (September 29, 2014); FINRA-Proposed Rule Amendment Regarding Supplemental Schedule for Inventory Positions (Fed. Reg.) (June 26, 2014); FINRA Proposes to Adopt Supplemental Schedule for Inventory Positions (June

FINRA released the Fall 2014 Firm Element Advisory ("FEA"), which identifies topics for regulatory and sales practices that firms should consider in creating training plans. The Fall 2014 FEA provides updates that are intended to aid firms in developing and updating their Firm Element needs analysis and written training plans. Among other items, the updated FEA addresses: amendments to FINRA Rule 5110 ("Corporate Financing Rule – Underwriting Terms and Arrangements"), which permit termination fees and rights of first refusal in addition to exempting filing requirements for certain collective

The CFTC held a Global Markets Advisory Committee meeting that focused on issues relating to the mandatory clearing of FX non-deliverable forwards ("NDFs") and the digital currency Bitcoin. The first panel discussed whether a clearing mandate is appropriate for NDFs, with a particular focus on how a mandate would impact foreign exchange contracts. The second panel discussed the CFTC's jurisdiction with respect to derivatives contracts that involve Bitcoin. C lick here to view a summary of the meeting prepared by Delta Strategy Group. See also: CFTC Global Markets Advisory Committee Meeting

The SEC published a Risk Alert and FAQs reminding broker-dealers of their obligations when engaging in unregistered transactions on behalf of their customers. The Risk Alert identifies a number of deficiencies that the SEC staff observed regarding compliance to certain obligations related to sales of securities of microcap companies. These include: insufficient policies and procedures for monitoring customer-initiated sales to identify potential red flags; inadequate controls to evaluate how customers acquired securities and whether the securities could be lawfully resold without registration

SIFMA provided the Board of Governors of the Federal Reserve System ("FRB") with preliminary data on the categories of covered fund activities and investments. SIFMA expects its members to submit requests for one-year extensions of the conformance period under the Volcker Rule. According to SIFMA, while its members are working to conform their activities and investments to the Rule's requirements by July 21, 2015, certain categories of covered fund activities and investments "pose major challenges to the realization of this effort." According to SIFMA's members, conforming existing fund