House Financial Services Committee Chair Jeb Hensarling (R-TX) wrote a letter to Federal Reserve Board ("FRB") Chair Janet Yellen and FDIC Chair Martin Gruenberg regarding the regulators' approach toward changing derivatives termination rights. Chair Hensarling explained that, at a September 9, 2014 hearing, Chair Gruenberg and Governor Daniel Tarullo of the FRB testified that the FRB and FDIC are working with international counterparts to make changes to the ISDA Master Agreement, which is designed to limit the early termination rights of derivatives counterparties. According to Chair

IOSCO announced that it reelected Greg Medcraft as Chair of the IOSCO Board. Additionally, the Board reelected Howard Wetson, Chair of the Ontario Securities Commission, as its Vice Chair. See: IOSCO Press Release.

MFA published policy recommendations on equity market structure issues and shared these recommendations with the SEC and other regulators. The recommendations concern three specific areas: improving market resilience and risk management; increasing disclosure and transparency; and implementing careful and controlled pilot programs. See: Equity Market Structure Reform Recommendations; Cover Letter for Recommendations; MFA Press Release.

IOSCO published its Securities Markets Risk Outlook 2014-2015, a report intended to identify future potential risks in securities markets. The Outlook is divided into two parts: Part I describes selected global trends and potential vulnerabilities in securities markets, and Part II identifies potential systemic risks in or related to securities markets. Some of the potential systemic risks identified include: the search for yield and the return of leverage in the financial system; the search for yield and volatility affecting emerging markets; risks in central clearing; the increased use of

FINRA released a podcast summarizing the latest FINRA notices, compliance resources and news from September 2014. The podcast highlighted recent regulatory notices, including: Notice 14-35, requesting comments on a revised proposal to combine NASD and NYSE customer account statement rules into one consolidated FINRA rule; Notice 14-36, announcing that FINRA will no longer provide historical research reports for over-the-counter bulletin board securities and will add fees for OTC reporting facility trade reporting and data when it moves to the multi-product platform on November 17, 2014; and