The CFTC solicited public comment on the proposed collection of certain information regarding whistleblower submissions. The announcement was published in the Federal Register. Generally, the CFTC is seeking comment on: Whether the proposed collection of information is necessary for the proper performance of the functions of the CFTC; The accuracy of the CFTC's estimate of the burden of the proposed collection of information; Ways to enhance the quality, usefulness and clarity of the information to be collected; and Ways to minimize the burden of the collection of information on those who are

The Board of Governors of the Federal Reserve System ("FRB") published a report regarding the Independent Foreclosure Review ("IFR") and the subsequent Payment Agreement. Separately, the FRB released action plans for Goldman Sachs and Morgan Stanley to correct deficiencies in the firms' third-party vendor management procedures. The report provides information on the process for the review of the foreclosure files during the IFR, as well as file review results – including servicer error rates – up to the time the IFR was replaced by the Payment Agreement. The report also contains updated

The SEC updated its Compliance and Disclosure Interpretations "Questions and Answers of General Applicability". The new additions include Q&As regarding Securities Act Rule 501 ("Definitions and Terms Used in Regulation D"), as well as Rule 506 ("Exemption for Limited Offers and Sales Without Regard to Dollar Amount of Offering"). More specifically, the questions updated or added include 255.48, 255.49, 260.35, 260.36, 260.37, and 260.38. See: SEC Compliance and Disclosure Interpretations: Updated Questions and Answers of General Applicability.

FINRA and national securities exchanges, including the NYSE, NASDAQ, BATS Exchange, Inc., and others (collectively, the "SROs"), began distributing a cost study questionnaire to gather information to assess and manage the anticipated financial impact of the Consolidated Audit Trail ("CAT") reporting requirements on the broker-dealer community. Rule 613 ("Consolidated Audit Trail") of Regulation NMS, adopted by the SEC in July 2012, requires that the SROs submit to the SEC a national market system ("NMS") plan to create, implement, and maintain an audit trail (the CAT) that will allow

The FINRA proposal amending the definitions of "non-public arbitrator" and "public arbitrator" was published in the Federal Register. The amendments provide that persons who worked in the financial industry for any duration during their careers would always be classified as non-public arbitrators, and persons who represent investors or the financial industry as a significant part of their business would also be classified as non-public arbitrators, but could become public arbitrators after a cooling-off period. Comments on the proposed amendments must be submitted by July 24, 2014. See: 79 FR