The North American Securities Administrators Association ("NASAA") submitted comments to the SEC urging the agency to make substantial revisions to its Proposed Rule Amendments for Small and Additional Issues Exemptions under Securities Act Section 3(b), or Regulation A ("Reg. A"), to remove potential harm to issuers and investors, "especially those of modest means." According to the comment letter, the SEC's "attempt to preempt state registration in the proposal exceeds the Commission's statutory authority and fails to adequately consider all relevant costs and potential harm to both issuers

CFTC Commissioner Scott O'Malia delivered the keynote address at the SWIFT Institute's Future of Financial Standards Forum in which he discussed how to transform regulatory oversight both domestically and internationally through technological innovation. Commissioner O'Malia addressed the future of financial standards, specifically stating that developing technology and data standards can "increase efficiency and reduce costs for not only the industry, but also regulators." Pointing to SWIFT's success in using technology and data standards to evolve and keep pace with technological innovations

FINRA filed with the SEC its proposed revisions to the content outline and selection specifications for the Investment Company and Variable Contracts Products Principal, or Series 26, Examination Program. The proposed revisions update this material to reflect changes to the laws, rules and regulations covered by the exam, and to incorporate the functions and associated tasks currently performed by an Investment Company and Variable Contracts Products Principal. Additionally, FINRA proposed making changes to the format of the content outline. See: Text of Proposed Rule Change.

FINRA is updating the Regulatory Extension ("REX") system to enable firms to file extension of time requests relating to new Exchange Act Rule 15c3-3(d)(4) ("Customer Protection - Reserves and Custody of Securities"). The new rule, adopted by the SEC in July 2013, requires a broker-dealer to take steps to obtain physical possession or control over securities of the same issue and class as those included "on the broker's or dealer's books or records that allocate to a short position of the broker or dealer or a short position for another person, for more than 30 calendar days." Starting April 2

FinCEN issued an Advisory regarding changes to the Financial Action Task Force's ("FATF") lists of jurisdictions with strategic Anti-Money Laundering and Counter-Terrorist Financing ("AML/CFT") deficiencies. These changes affect the due diligence obligations of U.S. financial institutions. First, the Advisory announced the removal of Kenya and Tanzania from the FATF list of jurisdictions subject to countermeasures or enhanced due diligence. The Advisory explained that the status of these countries was changed because they have made "significant progress to address their FATF-identified