The National Futures Association ("NFA") announced that it will hold a regulatory conference for its members at The Conference Center in Chicago on September 5, 2014. The half-day conference will include discussions on (i) the current state of the industry, (ii) the NFA's examination process, including common deficiencies identified on exams of FCMs, IBs, CPOs and CTAs, (iii) performance reporting, and (iv) financial reporting requirements, among other topics. See: NFA Press Release.

ICE Futures U.S. and ICE Clear U.S. announced that they will participate again in the industry-wide Futures Industry Association-sponsored Disaster Recovery Test scheduled for October 25, 2014. On this day, futures exchanges, clearinghouses, FCMs and service providers will test connectivity and functionality simultaneously between backup sites. See: ICE Clear U.S. Notice 14-067.

In an online commentary, University of Houston Finance Professor Craig Pirrong discussed Law Professor Stephen J. Lubben's recent article arguing for the nationalization of failing clearinghouses ("CCPs"). Professor Pirrong agreed with many (though not all) of Professor's Lubben's points, particularly the idea that temporary nationalization, with a preestablished procedure for subsequent privatization, is reasonable and would ensure the continued operations of a CCP. Professor Pirrong went on to argue, however, that it is important not to exaggerate the benefits of nationalization, and

The North American Securities Administrators Association ("NASAA") announced the formation of a new Board-level committee to tackle a wide range of challenges confronting senior investors, regulators and security industry professionals. According to the NASAA press release, at least a third of NASAA members' enforcement actions involve senior investors. The new Committee on Senior Issues and Diminished Capacity will be chaired by Montana Deputy Securities Commissioner Lynne Egan and will include representatives from the NASAA Board of Directors and from each NASAA section, as well as Canadian

The SEC issued a letter to registered municipal advisors announcing the launch of a new examination initiative that is to be directed by the SEC Office of Compliance Inspections and Examinations ("OCIE"). According to the letter, the new examinations are designed to "establish a presence" with municipal advisors that are registered with the SEC but are not FINRA members. Areas targeted by the examinations will include: the municipal advisor's compliance with its fiduciary duty to its clients; books and recordkeeping obligations; disclosure; fair dealing; supervision; and employee