The SEC approved a rule change to amend FINRA Rule 6271 ("Registration as an ADF Market Maker or ADF ECN") and Rule 6272 ("Character of Quotations") regarding requirements for members seeking registration as FINRA Alternative Display Facility ("ADF") Market Participants. The SEC approved FINRA's rule proposal to consolidate FINRA Rule 6272 into Rule 6271 and combine the existing requirements that a member must meet to register as an ADF Market Participant. Additionally, the new rule introduces requirements that potential ADF Market Participants must meet to participate on the ADF. See: SEC

Linked below is an article titled "CFTC Off to a Good Start" featured in the Energy Metro Desk series, "Drums along the Potomac," which focuses on the CFTC priorities in 2014, including how the CFTC will approach data collection in the new year and the two Memoranda of Understanding ("MOUs") between the CFTC and FERC. According to the article, CFTC Commissioner O'Malia called for the CFTC to review its existing rules regarding market data and make necessary changes, stating that the CFTC "didn't ask for the right material, the right data, in the right format." The article also noted that CFTC

The CFTC Division of Market Oversight ("DMO") certified TW SEF LLC's ("Tradeweb") self-certification of certain interest rate swap and credit default swap ("CDS") contracts that have been made available-to-trade ("MAT Determinations"). The CFTC stated that swaps subject to MAT Determinations, whether offered by trueEx or any other swap execution facility ("SEF") or designated contract market ("DCM"), will become subject to the trade execution requirement under CEA Section 2(h)(8) ("Jurisdiction of Commission; Liability of Principal for Act of Agent; Commodity Futures Trading Commission

The SEC issued a no-action letter stating that it will not take action against any investment adviser who is registered pursuant to Advisers Act Section 203 ("Registration of Investment Advisers") and pays to Ms. Stephanie Hibler a cash solicitation fee for the solicitation of advisory clients in accordance with Rule 206(4)‑3 ("Cash Payments for Client Solicitations"). The no-action relief applies notwithstanding an SEC administrative order that would have otherwise precluded such an investment adviser from paying the fee to Ms. Hibler. Lofchie Comment: While waivers of the disqualification

SEC Commissioner Daniel M. Gallagher delivered a speech at the Forum for Corporate Directors, focusing on reforms for the corporate disclosure system and the proxy advisory industry. Commissioner Gallagher stated that, while the SEC is a disclosure agency, and it is important for information about public companies to be made available to the public, there is such a thing as too much disclosure. According to Commissioner Gallagher, the complexity of today's disclosure requirements gives the SEC cause for self-examination, and he would "prefer to address discrete issues now rather than risk