SIFMA, ISDA and the Institute of International Bankers (the "Associations") submitted a response to the CFTC's second notice of supplemental authority, which brought the Court's attention to the July 11, 2014 decision in National Mining Association v. McCarthy (" NMA"). According to the CFTC's second notice of supplemental authority, the analysis of NMA reiterates that established law and general statements of policy are not subject to pre-enforcement judicial review under the Administrative Procedure Act, and concludes that the legal effect on regulated entities must be established to

FINRA filed two separate proposals with the SEC to revise the content outline and selection specifications for the General Securities Principal Sales Supervisor Module ("Series 23") and the General Securities Principal ("Series 24") examination programs. The proposed revisions to both of the examination programs would update the material to reflect changes to the laws, rules and regulations covered by the examination and to incorporate the functions and associated tasks currently performed by a General Securities Principal. In addition, FINRA is proposing to make changes to the format of the

On July 29, 2014, both the United States and Europe announced additional sanctions against Russia, including sectoral sanctions designed to target companies in the Russian financial, energy and arms industries. The U.S. Department of Treasury announced sectoral sanctions against three Russian financial institutions, as well as an asset freeze against a company in the Russian arms sector. The newly designated financial institutions named to the Sectoral Sanctions Identifications List under Directive 1 to Executive Order 13662 are the Bank of Moscow, the Russian Agricultural Bank and VTB Bank.

Representative Scott Garrett (R-NJ), Chair of the House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, held an equity market structure roundtable at the Library of Congress in Washington, D.C. that featured panels containing a range of market participants. The panelists included: Panel 1: Matt Andresen: Co-Chief Executive Officer, Headlands Technologies LLC The Honorable Kenneth E. Bentsen, Jr.: President and Chief Executive Officer, Securities Industry and Financial Markets Association Daniel B. Coleman: Chief Executive Officer, KCG Joseph Gawronski

The CFTC issued an Order to file and simultaneously settle charges against J.P. Morgan Securities LLC ("JPMS"), a registered futures commission merchant, for submitting inaccurate large trader reports. Se e: CFTC Order.