The NFA submitted a proposed rule to the CFTC to amend NFA Bylaw 1301, which currently requires major swap participants ("MSP") to pay NFA annual membership dues. According to the NFA, due to the nature of MSP swap activities and the fact that a number of the CFTC Part 23 rules are inapplicable to MSP activities, the NFA will spend less regulatory resources overseeing MSPs than originally anticipated. Therefore, the proposed amendments to NFA Bylaw 1301 would reduce the MSP annual dues to $150,000. The NFA invoked the "ten-day" provision of the CEA, and intends to make the proposed amendments

The NFA submitted a proposed rule to the CFTC to amend NFA Financial Requirements Section 14 regarding daily confirmation of funds covering liabilities to retail forex customers. The NFA is amending Section 14 to require each Forex Dealer to instruct each qualifying institution that holds assets used to cover its liabilities to retail forex customers to report the daily balances in accounts to the NFA or a third party designated by the NFA. Additionally, the proposed rule specifies that in order to be an acceptable qualifying institution to hold such assets, the qualifying institution must

The International Monetary Fund ("IMF") released a report outlining, in detail, the implementation of IOSCO Objectives and Principles regarding securities regulation in Switzerland. According to the IMF, Switzerland made major improvements in order to supervise, enforce and comply with audit quality and independence requirements. Additionally, the report notes that Switzerland is preparing to introduce a new legislative framework to comply with the G-20 over-the-counter derivatives commitments. The IMF report found that the Swiss Financial Market Supervisory Authority ("FINMA") enhanced its

FINRA announced that Linda Feinberg, FINRA's Dispute Resolution President and Chief Hearing Officer, is planning to retire in November. Se e: Press Release.

FINRA issued two election notices regarding the upcoming nomination and election processes to fill vacancies on FINRA District Committees, as well as its Small Firm Advisory Board. The nomination deadline for both elections is October 3, 2014. See: FINRA District Committee Election Notice; Small Firm Advisory Board Election Notice.