FINRA released the first podcast in a five-part series that provides an overview of FINRA's 2014 examination priorities. The podcast primarily focuses on FINRA's business conduct priorities regarding suitability. In this podcast, FINRA stated it remains concerned about the suitability of recommendations to retail investors for complex products whose risk-return profiles (including their sensitivity to interest rate changes, underlying product or index volatility), fee structures or complexity may be challenging for investors to understand. FINRA also stated that examinations will include a

The MSRB filed an immediately effective rule proposal with the SEC relating to the MSRB's Electronic Municipal Market Access ("EMMA") system, Real-time Transaction Reporting System ("RTRS"), and Short-Term Obligation Rate Transparency System ("SHORT System"). The proposed rule change consists of (i) fee increases for several of the MSRB's subscription services, (ii) revisions to the EMMA, RTRS, and SHORT System facilities language to clarify or otherwise provide that the MSRB may waive fees for these subscription services for non-profit organizations and for organizations providing approved

SIFMA submitted comments to the CFTC, SEC, the Board of Governors of the Federal Reserve System ("FRB"), the Office of the Comptroller of the Currency ("OCC"), FDIC, the Federal Housing Finance Agency ("FHFA") and the Farm Credit Administration ("FCA") (collectively, the "Agencies") on margin requirements for non-centrally cleared swaps and security-based swaps ("SBS"). SIFMA stated that it understands the Agencies are considering modifications to the proposed margin requirements for non-centrally cleared swaps and SBS in order to harmonize U.S. margin requirements with the final policy

SIFMA submitted comments to the U.S. House Financial Services Committee, urging the Committee to approve the Restoring Proven Financing for American Employers Act (H.R. 4167). According to SIFMA, the drafting of the final Volcker Rule called into question whether or not debt securities issued by collateralized loan obligations ("CLOs") are prohibited ownership interests in covered funds. H.R. 4167, introduced by Congressmen Andy Barr (R-KY), would provide an "important clarification" of how the Volcker Rule should affect the securitization of commercial loans. SIFMA stated that if the

SIFMA submitted comments to the MSRB regarding the draft best execution rule, including the exception for transactions with sophisticated municipal market professionals. SIFMA stated that it supports an execution standard for the municipal market that is structurally similar to FINRA Rule 5310 ("Publication of Transactions and Quotations"). In the letter, SIFMA disagrees with applying equity-based execution standards to the municipal market. Instead, SIFMA argued that rules and standards involving execution should reflect their "fundamental limitations and objects to rules that implicitly or