The North American Securities Administrators Association ("NASAA") reported a significant increase in the amount of prison time to which securities law violators were sentenced in 2013 as a result of enforcement action initiated by state securities regulators. According to NASAA's annual enforcement survey, the prison sentences of criminal defendants in cases stemming from enforcement actions by state securities regulators increased 33 percent in 2013 compared to prison sentences in 2012. NASAA also reported that the average sentence for a securities law violator increased by more than 53

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") announced that swap dealers ("SDs") and major swap participants ("MSPs") may now furnish risk exposure reports to the CFTC through the NFA's online filing system, WinJammer. See : CFTC Press Release.

The FINRA-proposed rule to adopt a supplementary schedule for inventory positions pursuant to FINRA Rule 4524 ("Supplemental FOCUS Information") was approved by the SEC, as modified by Amendment No. 1, and published in the Federal Register. According to FINRA, the supplementary inventory schedule ("SIS") to the Financial and Operational Combined Uniform Single Report and the Report on Finances and Operations of Government Securities Brokers and Dealers (specifically, FOCUS Report Part II, FOCUS Report Part IIA and FOGS Report Part I) would provide more detailed information about inventory

The MSRB announced that its Electronic Municipal Market Access ("EMMA") Web site now provides free public access to public finance ratings from the Kroll Bond Rating Agency ("KBRA"). See: MSRB Press Release.

The CFTC Division of Market Oversight ("DMO") issued an extension to No-Action Letter 13-86. CFTC Letter 13-86 provides time-limited relief relating to certain occasional, off-facility, cleared credit default swaps ("CDS") that are entered into pursuant to the rules of a derivative clearing organization ("DCO") related to its price submission process for determining end-of-day settlement prices for cleared CDS. Letter 14-119 provides, subject to certain specified conditions, the following relief: the DMO will not recommend enforcement against a DCO for failure to register as an SEF pursuant to