The CFTC named Christopher J. Kirkpatrick as its new Secretary. In his new role, Mr. Kirkpatrick will manage the processes by which matters are brought to the CFTC for consideration and action with regard to ongoing enforcement and market oversight activities. Mr. Kirkpatrick will also play a key role in the preservation and management of the CFTC's records. Lofchie Video Selection: One of Jean Arthur's Finest, Voted as among the 8,769 Best Romantic Comedies of All Time. Se e: Press Release.

SIFMA submitted comments to the SEC regarding the MSRB-proposed rule change to amend supervisory and compliance obligations of municipal advisors. In the letter, SIFMA commended the MSRB for proposing a supervisory regime that will create a "level regulatory playing field" for municipal advisors. SIFMA stated that that the draft MSRB Rule G-44 follows a widely accepted model in the securities industry for a reasonable supervisory system. Additionally, SIFMA stated that if adopted, the MSRB should provide for a reasonable implementation period which would be no less than six months before the

SIFMA submitted two comment letters to the SEC regarding two proposed rule changes filed by the Options Clearing Corporation ("OCC") on (i) curtailing the use of the "dividend plays" trading strategy, and (ii) price reasonableness checks on confirmed trades. Regarding dividend plays, the OCC proposed to add an interpretation and policy to Rules 801 and 805, respectively, stating that the "OCC will process all sales of options in a Market-Maker's account prior to the exercise of any long call options in the account to ensure that only net long positions in a particular series may be exercised."

The Second Circuit held that forum selection clauses in broker-dealer agreements that require "all actions and proceedings" to be brought in federal court superseded a Financial Industry Regulatory Authority ("FINRA") rule mandating arbitration in disputes involving FINRA members. The Court decided the case, Goldman, Sachs Co. v. Golden Empire Schools Financing Authority, on Thursday, August 21, 2014. The Second Circuit affirmed lower court decisions in two separate cases, Goldman, Sachs Co. v. Golden Empire Schools Financing Authority and Citigroup Global Markets Inc. v. North Carolina

SIFMA submitted comments and a petition for disapproval to the SEC on the proposal by BATS Exchange Inc. to establish a new market data product and associated fees. According to SIFMA, BATS Exchange's actions are "inconsistent with the decisions of the U.S. Court of Appeals for the District of Columbia Circuit in NetCoalition v. SEC." SIFMA stated that the SEC should not approve the rule change as the filing "on [its] face [is] unlawful," asserting that the rule change "fail[s] to comport" with the Exchange Act as interpreted by the Court in NetCoalition. See: SIFMA Letter to the SEC.